Moody's affirms Johannesburg rating and lifts South Africa outlook

Moody's Investors Service affirmed the City of Johannesburg's long‑term issuer rating at Ba3 on 4 July 2026 and changed its outlook to positive, citing improving governance, budgeting and financial oversight. City officials said the decision recognises the municipality’s reform programme and removes immediate downgrade risk.

In a related move, Moody's revised South Africa’s sovereign credit rating outlook to positive on 22 May 2026 while keeping the Ba2 rating, marking the agency’s first positive outlook for the country since 2007. The agency highlighted gradual fiscal consolidation and structural reforms. Separately, Fitch Ratings upgraded South Africa’s long‑term foreign and local currency issuer default ratings from BB‑ to BB on 5 June 2026, maintaining a stable outlook and noting prudent fiscal management and a falling debt‑to‑GDP ratio.