S&P Global upgrades South Africa’s long-term foreign currency rating to ‘BB’

(Reuters) -S&P Global on Friday upgraded South Africa’s foreign currency long-term sovereign credit rating to “BB” from “BB-“, citing stronger growth prospects, an improving fiscal outlook and lower contingent liabilities following performance improvements at the state-owned electricity utility, Eskom.

South Africa is now two notches below investment grade on the foreign currency rating.

(Reporting by Aatrayee Chatterjee in Bengaluru and Kopano Gumbi; Editing by Tasim Zahid)