Ratings agencies Fitch, Moody’s and S&P Global all applauded South Africa’s budget where the Treasury raised value added tax for the first time in over two decades and announced plans to dramatically reduce its debt, a senior official said on Thursday.

“We engaged with Fitch and Moody’s and S&P. Their preliminary view was that we did well,” Director General Dondo Mogajane told a parliamentary committee, saying the department had spoken telephonically to the agencies after the budget speech was delivered on Wednesday.

Fitch and S&P’s cut the country’s local debt rating to subinvestment in 2017, while Moody’s is due to announce a decision in March.