South Africa Already Upgraded by Bond Market as Rating Firms Lag

South African authorities are focused on hitting budget targets rather than pleasing credit-rating firms, according to the government’s top finance official — and the reward is a bond market that’s already pricing the country’s debt as investment grade. South African authorities are focused on hitting budget targets rather than pleasing credit-rating firms, according to the government’s top finance official — and the reward is a bond market that’s already pricing the country’s debt as investment grade.