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[File Image]: Global ratings agency Standard & Poor’s Global Ratings downgraded South Africa’s currency to junk status on Friday.
Chief Economist at Efficient Group, Dawie Roodt, says more work still needs to be done to improve South Africa’s economic conditions.
This comes after the global rating agency, Standard and Poor’s (S&P), raised South Africa’s credit ratings on Friday.
The agency gave the country a positive outlook, upgrading it to ‘BB’ from ‘BB-‘.
The agency cited stronger growth prospects and an improving fiscal outlook, among other things.
Roodt says, “We are still junk, we have to understand that. But a positive outlook is a good thing, especially on local bonds – and that’s part of the reason why we saw such a nice run on the capital market recently, and of course, in the currency as well. There’s a lot of hard work still ahead of us.”
BREAKING NEWS | S&P Global Ratings upgraded SA’s long-term foreign currency sovereign credit rating to ‘BB’ from ‘BB-‘ pic.twitter.com/5BQ1lvXr2M
— SABC News (@SABCNews) November 14, 2025
