The government takes notice of Fitch’s decision to maintain a stable outlook and affirm South Africa’s long-term foreign and local currency debt ratings at ‘BB-‘.

The government takes notice of Fitch’s decision to maintain a stable outlook and affirm South Africa’s long-term foreign and local currency debt ratings at ‘BB-‘.

Fitch claims that the affirmation takes into account recent improvements in numerous important credit measures, such as the current account balance, as well as the fact that the government’s debt trajectory is lower than originally predicted.

However, the agency believes that maintaining debt stabilization will be difficult.

By reducing the budget deficit and significant debt, the government will continue to demonstrate its dedication to fiscal sustainability and promote long-term growth.

Better-than-expected revenue collection in the current fiscal year supports South Africa’s strong commitment to reestablishing the sustainability of public finances.

The agency claims that South Africa’s ratings are supported by a solid monetary policy framework as well as a favorable debt structure with extended maturities and primarily in local currency.