00:00Fish ratings has raised South Africa's credit rating on Friday, citing stronger fiscal discipline and lower-than-expected debt, marking
00:09its first upgrade of the country in more than two decades.
00:13The agency lifted the rating one notch to BB from BB negative, keeping it below investment grade.
00:20Africa's largest economy has posted primary fiscal surpluses, averaging about 1% of the gross domestic product over the past
00:29four years.
00:30Debt was also expected to stabilize over the next two years at around 80% of the GDP.
00:37The government of South Africa also welcomed the move, saying it was a first upgrade from the New York-based
00:42agency in almost 21 years.
00:45In November, South Africa secured its first major credit upgrade in over 16 years after S&P Global lifted the
00:53country's sovereign assessment to BB from BB negative.
00:57Last month, Moody's revised his outlook on its credit rating for South Africa to positive from stable.
01:03The country's inflation stood at 4% in April on higher fuel prices, triggered by the U.S.-Israel war against
01:10Iran, while employment remains above 32%.
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