
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.

The ratings agency says long-awaited reforms could finally lift South Africa onto a firmer growth path, with momentum expected to build steadily from 2026.

Life insurers are expected to maintain steady profitability, but policy surrenders and competition-driven pricing pressures could impact long-term growth.

The rating upgrade is likely to have profound implications for investment portfolios.