Goldman Sachs reports South Africa’s 2025/26 revenue beat budget by 0.2% of GDP, keeping deficit at 3.7% of GDP.
The firm expects fiscal improvements to lift sovereign rating from BB median to BB+ within a year.
Moody’s likely to change Ba2 outlook to positive at its May 22 review, while S&P may upgrade BB rating on May 29.
South African bond yields: 5‑yr RR -0.79%, 10‑yr -0.73%, 20‑yr -0.74%; US‑linked up 1.81% and 1.59% respectively.