South Africa: Fitch upgrades debt rating for first time in 20 years

Fitch Ratings upgraded South Africa's debt rating from BB- to BB on Friday, the first upgrade in 20 years. The agency cited prudent budget management and progress on fiscal consolidation. South Africa's debt is expected to stabilize around 80% of GDP over the next two years. The government welcomed the revision and reaffirmed its commitment to maintaining sound public finances.