Fitch on Wednesday upgraded the outlook on South Africa's long-term foreign-currency issuer default rating to "stable" from "negative", citing a faster-than-expected economic recovery. "A recovery is underway and GDP now seems on track to return to pre-pandemic levels during 2022" Fitch said. The rating agency affirmed the country's sovereign debt rating at 'BB-', constrained by high and rising government debt, low trend growth, and high inequality.
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