SA’s rating outlook revised from stable to positive

Ratings agency Standard & Poor Global has revised South Africa's credit rating outlook from stable to positive.

Credit rating agency Standard & Poor's. Picture: AFP

JOHANNESBURG - Ratings agency Standard & Poor Global has revised South Africa's credit rating outlook from stable to positive.

It's also affirmed the long term foreign and local currency debt ratings at BB- and BB, respectively.

Government has reacted by saying it welcomes S&P's decision.

According to the ratings agency, recent favourable terms of trade in South Africa have improved the external and fiscal trajectory.

S&P also notes some improvement in the implementation of key reform targets under Operation Vulindlela.

The operation was established in October 2020 as a joint initiative of the presidency and national treasury to accelerate the implementation of structural reforms.

There is also higher than expected tax revenue with a focus now on debt stabilisation.