Market Surge Shows South Africa Merits Rating Upgrade, JSE Says

South Africa’s sovereign credit rating doesn’t reflect improved investor sentiment, the head of the country’s stock exchange said, pitching for an upgrade from S&P Global Inc. as its markets and listings pipeline show signs of a recovery.

“The markets are essentially the canary in the coal mine,” Johannesburg Stock Exchange Chief Executive Officer Leila Fourie said in an interview. S&P is scheduled to review South Africa’s high yield ‘BB-’ sovereign credit rating on Friday, and economists including Andrew Matheny at Goldman Sachs Group Inc. expect an upgrade.