Fitch Ratings has raised South Africa's sovereign credit rating one notch to 'BB' from 'BB-', citing stronger fiscal discipline and lower-than-expected debt levels — the agency's first upgrade of the country in more than 21 years. The move follows a similar upgrade by S&P Global in November and a positive outlook revision by Moody's last month, signalling a broad shift in international confidence in South Africa's fiscal trajectory. Treasury officials welcomed the news, noting that improved credit ratings reduce borrowing costs for the government, businesses, and households, though they cautioned the country still has some way to go before regaining investment-grade status.