Fitch has upgraded SA for the first time in 21 years

Fitch has upgraded South Africa’s credit rating for the first time in almost 21 years, lauding its “prudent” management of government finances and progress in reining in state debt.

Fitch hiked South Africa’s Long-Term Issuer Default Ratings to “BB” from “BB-”, with a stable outlook. Treasury noted in a statement that South Africa is now only the second G20 country to be upgraded by Fitch this year.

Fitch noted that South Africa has achieved fiscal primary surpluses of 1% of GDP, on average, over the last four years. In addition, the US ratings agency expects stronger local economic growth.