Every rated African sovereign, by S&P, Moody's and Fitch.
The latest long-term foreign-currency rating S&P, Moody's and Fitch give every rated African sovereign in Anansi's record, with the outlook, the date of the last action, the median and how far the agencies disagree. Ghana's median is B-. Free to download as a CSV.
- Updated
- Format
- CSV download, free
- Source
- Source: S&P Global Ratings, Moody's Ratings and Fitch Ratings, as recorded by Anansi
- Sovereigns with a rating
- 35
- From at least one of the three agencies
- Investment grade on the median
- 2
- Botswana and Mauritius
- Ghana, median
- B-
- S&P B- · Moody's B3 · Fitch B
- Latest action
- 16 Oct 2026
- Fitch on Ethiopia: RD, affirmed
Where each sovereign sits on the scale.
Each row runs from the lowest to the highest of the agencies' ratings; the square is the median.
Chart of the latest long-term foreign-currency ratings of each rated African sovereign on one scale, highest median first: Botswana BBB-/BBB, Mauritius BBB-, Morocco BB+, Cote d'Ivoire BB, Seychelles BB, South Africa BB, Benin BB-, Namibia B+/BB-, Guinea B+, Rwanda B+, Tanzania B+, Cabo Verde B/B+, Egypt B, Eswatini B, Lesotho B, Nigeria B, Togo B, Angola B-, Cameroon B-, Chad B-, Democratic Republic of the Congo B-, Ghana B-, Kenya B-, Madagascar B-, Uganda B-, Tunisia CCC+/B-, Burkina Faso CCC+, Republic of the Congo CCC+, Zambia CCC+, Mali CCC, Gabon CCC-/CCC, Mozambique CCC-, Niger CCC-, Senegal CCC-, Ethiopia D. The table below has each agency's rating.
The ratings, country by country.
Highest median first. Under each rating is the agency's outlook at its last action.
Download the CSV| Sovereign | S&P | Moody's | Fitch | MedianS&P/Fitch scale | Spreadnotches | Last action |
|---|---|---|---|---|---|---|
| Botswana | BBB-Negative | Baa2Stable | Not held | BBB-/BBB | 1 | 25 Sep 2026 |
| Mauritius | Not held | Baa3Negative | Not held | BBB- | n/a | 30 Jan 2025 |
| Morocco | BBB-Stable | Ba1Positive | BB+Stable | BB+ | 1 | 17 Sep 2026 |
| Cote d'Ivoire | BBStable | Ba2Stable | BBStable | BB | 0 | 12 Jun 2026 |
| Seychelles | Not held | Not held | BBStable | BB | n/a | 3 Sep 2026 |
| South Africa | BBPositive | Ba2Stable | BBStable | BB | 0 | 5 Jun 2026 |
| Benin | BB-Stable | Ba3Stable | B+Positive | BB- | 1 | 7 Aug 2026 |
| Namibia | Not held | B1Positive | BB-Stable | B+/BB- | 1 | 15 May 2026 |
| Guinea | B+Positive | Not held | Not held | B+ | n/a | 13 Mar 2026 |
| Rwanda | B+Stable | B2Stable | B+Stable | B+ | 1 | 11 Sep 2026 |
| Tanzania | Not held | B1Stable | B+Positive | B+ | 0 | 21 Aug 2026 |
| Cabo Verde | B+Positive | Not held | BPositive | B/B+ | 1 | 7 Aug 2026 |
| Egypt | BStable | Caa1Positive | BStable | B | 2 | 9 Oct 2026 |
| Eswatini | Not held | B2Stable | Not held | B | n/a | 25 Nov 2024 |
| Lesotho | Not held | Not held | BStable | B | n/a | 4 Jun 2026 |
| Nigeria | BStable | B3Positive | BPositive | B | 1 | 9 Oct 2026 |
| Togo | B+Stable | B3Positive | Not held | B | 2 | 25 Sep 2026 |
| Angola | B-Stable | B3Positive | B-Stable | B- | 0 | 25 Sep 2026 |
| Cameroon | B-Stable | Caa1Stable | BNegative | B- | 2 | 18 Sep 2026 |
| Chad | B-Stable | Not held | B-Stable | B- | 0 | 8 Oct 2026 |
| Democratic Republic of the Congo | B-Positive | B3Stable | Not held | B- | 0 | 24 Jul 2026 |
| Ghana | B-Stable | B3Stable | BPositive | B- | 1 | 9 Oct 2026 |
| Kenya | BStable | B3Stable | B-Stable | B- | 1 | 21 Aug 2026 |
| Madagascar | B-Stable | Not held | Not held | B- | n/a | 23 Jan 2026 |
| Uganda | B-Positive | B3Stable | BStable | B- | 1 | 7 Aug 2026 |
| Tunisia | Not held | Caa1Stable | B-Stable | CCC+/B- | 1 | 8 Sep 2026 |
| Burkina Faso | CCC+Stable | Not held | Not held | CCC+ | n/a | 8 May 2026 |
| Republic of the Congo | CCC+Stable | Caa2Positive | CCC+No outlook | CCC+ | 1 | 14 Aug 2026 |
| Zambia | CCC+Stable | Caa2Positive | B-Stable | CCC+ | 2 | 8 Jun 2026 |
| Mali | Not held | Caa2Negative | Not held | CCC | n/a | 29 May 2026 |
| Gabon | Not held | Caa2Negative | CCC-No outlook | CCC-/CCC | 1 | 24 Jun 2026 |
| Mozambique | CCCNegative | Caa3Stable | CCNo outlook | CCC- | 2 | 25 Sep 2026 |
| Niger | Not held | Caa3Stable | Not held | CCC- | n/a | 3 Jul 2025 |
| Senegal | CCNegative | Caa2Negative | Not held | CCC- | 2 | 4 Sep 2026 |
| Ethiopia | SDNo outlook | Caa3Stable | RDNo outlook | D | 3 | 16 Oct 2026 |
- Sources: the agency's own release (linked in the table) and the agency, via the ESMA European Rating Platform. The CSV gives the source of each rating.
- A blank cell means Anansi holds no current rating from that agency. Spread n/a: one agency only.
How the data is built.
Each rating is the agency's latest long-term foreign-currency issuer rating on the sovereign, on its international scale. Local-currency, short-term and national-scale ratings are left out, and so is any rating the agency has withdrawn. The outlook is the one in force at the agency's last action.
The ratings are S&P Global Ratings', Moody's Ratings' and Fitch Ratings' own. Anansi records each rating with where it came from: the ESMA European Rating Platform (the EU's public register of ratings by registered agencies), an agency's SEC Rule 17g-7 disclosure, or the agency's release. A rating Anansi has only seen in the news is never shown as the agency's statement.
To compare the three alphabets, every rating sits on one scale of notches: AAA and Aaa are 21, BBB- and Baa3 are 12 (the lowest investment grade) and default is 0, which covers SD, RD and D. The median is the middle rating of the agencies shown, written on the S&P and Fitch scale; the spread is the gap in notches between the highest and lowest.
A blank cell means Anansi holds no current rating from that agency, not that the agency does not rate the country.
Sources
- 1
European Securities and Markets Authority · 18 Oct 2026
European Rating Platform - 2
S&P Global Ratings · 11 Sep 2026
Botswana: BBB-, affirmed - 3
Fitch Ratings · 11 Sep 2026
Rwanda: B+, affirmed - 4
S&P Global Ratings · 11 Sep 2026
Chad: B-, affirmed - 5
S&P Global Ratings · 4 Sep 2026
Senegal: CC, downgraded - 6
S&P Global Ratings · 14 Aug 2026
Angola: B-, affirmed - 7
Fitch Ratings · 14 Aug 2026
Republic of the Congo: CCC+, affirmed
Get the full dataset.
The CSV has every rating in the table, with the date and source of each.
- Every rated African sovereign in Anansi's record, one row each
- S&P, Moody's and Fitch: rating, outlook, watch, the last action and its date
- The source of each rating, worded as Anansi attributes it
- Median notch, median rating and spread
africa-sovereign-ratings.csv · One row per sovereign · Free · Updated 18 Oct 2026
Questions about this data.
See what moved a rating, with the sources.
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