(MENAFN) Major international rating agencies have displayed a “bias” against African nations by assigning them lower credit ratings than countries with comparable fiscal conditions, South Africa’s finance minister told a media outlet.

Enoch Godongwana made these remarks a day after presenting a budget that showed an improved fiscal outlook. Despite this positive development, he told the news outlet that he is not anticipating an immediate upgrade in the country’s credit rating.

“My sense is that it’s not a foregone conclusion… It’s going to be a bonus if they give us a better rating,” Godongwana said in an interview ahead of the upcoming review by S&P Global Ratings.

Currently, S&P rates South Africa’s long-term foreign debt at BB minus, which is three levels below investment grade.

The agency has maintained a positive outlook since November of last year, suggesting the potential for an upgrade. Competing agencies Moody’s and Fitch also categorize the nation’s debt as sub-investment grade.

Godongwana criticized the agencies for being “behind the curve,” arguing that South Africa’s improved debt management over the past five years has not been fully acknowledged in their evaluations.

He emphasized that “countries with the same fiscal metrics get a better rating than Africans,” even though default rates across the continent remain relatively low.

He added, “It may not be conscious,” but “there is already a bias against the African continent by multinational institutions, by the investing community, by rating agencies.”

The minister noted that an expert panel report to be presented at next week’s G20 summit in Johannesburg will supply “data to prove that,” reinforcing his concerns about systemic bias.

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