South Africa Weapons Manufacturer DENEL has received a B(zaf) rating from Fitch Ratings and is set to be profitable by 2023.

This follows an injection of R1, 8 Billion by the South African government.

CEO, Danie Du Toit, says they are happy that Fitch has noted the positive aspects of their turnaround strategy.

DENEL appointed a new board in 2018 which has made great strides in addressing the corporate governance issues at the manufacturer.