Sanisha Packirisamy, Chief Economist at Momentum Investments
Ratings agency S&P Global upgraded South Africa’s (SA) foreign currency long-term sovereign credit rating from BB- to BB and its local currency long – term sovereign credit rating from BB to BB+, importantly maintaining their positive outlook on the rating on 14 November 2025.
This represents the first credit rating upgrade for SA in two decades, returning the country’s rating to the level initially assigned by S&P in 1994.
At this level, SA’s foreign -currency rating sits two notches below investment grade, placing it in the same ratings tier as Albania, Brazil, Colombia, Costa Rica, the Dominican Republic, Georgia, the Ivory Coast and Jamaica.
Read the full note here.
ENDS
