Media Statements

The African National Congress welcomes the decision by S&P Global Ratings to upgrade South Africa’s sovereign credit ratings following the tabling of the Medium-Term Budget Policy Statement (MTBPS). This marks the first upgrade by a major ratings agency in more than 16 years, and is a firm endorsement of the progress made by the ANC-led government in stabilising the economy, restoring fiscal credibility, and fixing South Africa’s network industries.

S&P’s revision of South Africa’s long-term foreign currency rating to BB from BB-, and the local currency rating to BB+ from BB, with a positive outlook, reflects the country’s improving growth prospects, stronger revenue performance, and the decisive reforms under way at key state-owned enterprises. The turnaround at Eskom, including the posting of its first profit in eight years, has significantly reduced contingent liabilities and strengthened confidence in the broader reform agenda.

This upgrade affirms the direction taken by the ANC government in implementing disciplined fiscal management, expanding infrastructure investment, and driving structural reforms that support inclusive growth. The government’s continued achievement of a primary surplus, together with improved tax administration and rising VAT and corporate tax receipts, demonstrates that South Africa is on a credible path towards debt stabilisation and lower borrowing costs.

The ANC is encouraged that the global investment community recognises the positive momentum generated by the 2025 MTBPS, including the commitment to accelerate the R1 trillion infrastructure investment drive. These efforts will support higher growth, job creation, and improved confidence, benefiting households, workers, and businesses across the country.

The ANC calls for continued determination in strengthening macroeconomic stability, deepening structural reforms, enhancing public-sector capacity, and ensuring clean, accountable governance. This progress must be protected and accelerated so that the gains made translate into a better life for all South Africans.

.

END//