S P Global on Friday upgraded South Africa s foreign currency long-term sovereign credit rating to BB from BB-, citing stronger growth prospects, an improving fiscal outlook and lower contingent liabilities following performance improvements at the state-owned electricity utility, Eskom.
South Africa is now two notches below investment grade on the foreign currency rating.
Government welcomes S P's decision to upgrade South Africa's foreign currency long-term sovereign credit rating to BB from BB- and local currency long-term sovereign credit rating to BB from BB.
