S&P lifts South Africa's credit rating to BB — highest since 2019
S&P sovereign credit rating for South Africa, October 1994 to November 2025. Dashed line marks the investment-grade threshold (BBB−).
BB
S&P rating, Nov 2025 (positive outlook)
BBB+
peak rating, sustained 2005–2012
South Africa held investment-grade status for over a decade, peaking at BBB+, before a sustained slide saw it cut to sub-investment grade in 2017 and hit a low of BB− in 2020. Four years of stable and positive outlooks culminated in a one-notch upgrade to BB in November 2025 — the first upgrade since 2019.
Daily Maverick · Source: S&P Global Ratings, supplied data
