
SA’s ratings revival comes with a warning: don’t ignore the ‘uglies’
Fitch’s first upgrade in 21 years caps a remarkable turnaround, but hidden liabilities, weak growth, and structural problems stand between the country and investment-grade status.

Fitch’s first upgrade in 21 years caps a remarkable turnaround, but hidden liabilities, weak growth, and structural problems stand between the country and investment-grade status.

Mika Adsetts, global chief investment officer of Momentum Multi-management, says that while PPPs are crucial for advancing infrastructure goals, an array of investments is key to scaling these projects.

SA received foreign direct investment inflows of nearly R100bn in 2023 as non-residents maintained a ‘moderately positive’ view of the country’s business ecosystem.

Reducing regulation, lowering the cost of doing business, and tapping into the infrastructure asset class can position SA to attract FDI, says Izak Odendaal.