South Africa’s Credit Outlook Raised to Stable by Moody’s

Moody’s Investors Service upgraded its outlook on South Africa’s credit rating as high commodity prices support the government’s efforts to rein in debt and reduce budget deficits.

The company kept the nation’s foreign- and local-currency ratings at Ba2, two levels below investment grade, and changed the outlook to stable from negative. The move reflects an improved fiscal outlook that raises the likelihood of the government’s debt burden stabilizing over the medium term, Moody’s said in a statement Friday.