Ratings agency Standard and Poor's has upgraded South Africa's long term foreign currency rating and affirmed a stable outlook for the country, citing good fiscal management as a major reason for the decision.
The South African National Treasury confirmed that S&P has raised its long term foreign currency rating from BBB- to BBB with local currency ratings improving to A/A-1 from A/A-2.
According to Treasury spokesman Logan Wort, the agency found "South Africa's track record on fiscal management as the key factor underpinning improvements in South Africa's credit," with the government's policies of broadening the tax base and improving tax efficiency combining to create higher revenues in recent times.
S&P also praised South Africa's monetary policy and the gradual relaxation of exchange controls which have improved the nation's external position.
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