Fitch rates South Africa sukuks BB-

Fitch Ratings said it assigned South Africa's rand-denominated trust certificates (sukuk) issued through the RSA Domestic Sukuk Trustee (RF) Proprietary Ltd., a 'BB-' rating.

“The proposed sukuk's rating is driven solely by South Africa's issuer default rating (IDR), which we affirmed at BB- with a stable outlook in January 2024. This reflects our view that a default of the senior unsecured obligations would reflect a default of South Africa, in accordance with our rating definitions,” Fitch said in a press release.

The proceeds received by South Africa are intended to constitute borrowings and will be paid into the national revenue fund.

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