South Africa : S&P Global Ratings upgrades debt outlook from stable  to positive

S&P Global Ratings has upgraded South Africa’s debt outlook from stable to positive, citing increased political stability and reforms following the formation of the national unity government (GNU). Although the Treasury expects a larger budget deficit for 2024/25, debt is projected to stabilize at 75.5% of GDP by 2025/26. These improvements open up prospects for an upgrade of the long-term credit rating, currently at BB-.