Goldman Sees More Upgrades Coming as SA Revenue Surges

South Africa's revenue outperformance has set the stage for further credit-ratings upgrades over the next year, according to Goldman Sachs Group Inc.

The country's corporate tax collections grew by about 5.5% to R385-billion on a semi-annualised basis in June, beating both the R345-billion achieved in the 2025-26 fiscal year and the R364-billion projected for the 2026-27 fiscal year.

Goldman Sachs economist Andrew Matheny stated that the continued strength in these fiscal data reinforces their expectation that Moody's and S&P will upgrade their credit ratings over the next year.