Fitch ups South Africa view to stable

Fitch Ratings said it revised South Africa's outlook to stable from negative, and affirmed its long-term foreign-currency issuer default ratings at BBB+, long-term local issuer default rating at A, short-term foreign-currency issuer default rating at F2 and country ceiling at A.

South Africa's post-global crisis adjustment process has been smoother than originally thought and the economy is emerging from the global recession with its credit fundamentals roughly in line with or slightly better than its peers, the agency said.

After falling 1.7% in 2009, Fitch said it expects real GDP growth to have recovered to 2.8% in 2010, Fitch said.

The recovery is slightly faster than originally projected by the government and has aided fiscal consolidation, the agency added.

Monetary policy is supporting South Africa's economic recovery and imbalances in the economy continue to improve, Fitch said.

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