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Treasury notes Fitch's BB- rating on South Africa

Fitch said that it took into consideration the recent over-performance of revenue and government’s strong efforts to control expenditure.

Picture: Supplied.

JOHANNESBURG – Treasury said it had noted rating agency Fitch’s decision to affirm South Africa’s long-term foreign and local currency debt ratings at BB- and maintaining a stable outlook.

The agency has kept South Africa in sub-investment grade.

Fitch said that it took into consideration the recent over-performance of revenue and government’s strong efforts to control expenditure.

The agency, however, said that it expected GDP growth to slow from 1.6% this year to 1.1% next year.

The ongoing public sector wage demands have been viewed by Fitch as pointing to increased upward pressure on spending.

Government said that it was working to improve the efficiency of spending and remained committed to returning public finances on a sustainable path.

S&P Global rating agency recently maintained its positive outlook on South Africa.

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