Goldman sees SA ratings upgrade this week

Goldman Sachs Group expects an improvement in South Africa's public finances to pave the way for a sovereign credit-rating upgrade on Friday, after Finance Minister Enoch Godongwana delivers a budget update.

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S&P Global Ratings, which assesses SA's long-term foreign debt at BB-, three notches below investment grade with a positive outlook, is scheduled to review the nation's credit assessment at the end of the week.

"We think they're quite likely to upgrade," Andrew Matheny, an economist at Goldman Sachs said in an interview.

A ratings upgrade would mark a significant milestone for the country, improving sentiment toward the country and its assets.