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Data · Sovereign credit

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
Chart

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.

Long-term foreign-currency issuer ratings on one notch scale, S&P and Fitch symbols. The dashed line is the investment-grade threshold, BBB- or Baa3. Sources: S&P Global Ratings, Moody's Ratings and Fitch Ratings.
The data

The ratings, country by country.

Highest median first. Under each rating is the agency's outlook at its last action.

Download the CSV
Latest long-term foreign-currency ratings of African sovereigns by S&P, Moody's and Fitch, as held by Anansi on 18 October 2026, with median and spread in notches.
SovereignS&PMoody'sFitchMedianS&P/Fitch scaleSpreadnotchesLast action
BotswanaBBB-NegativeBaa2StableNot heldBBB-/BBB125 Sep 2026
MauritiusNot heldBaa3NegativeNot heldBBB-n/a30 Jan 2025
MoroccoBBB-StableBa1PositiveBB+StableBB+117 Sep 2026
Cote d'IvoireBBStableBa2StableBBStableBB012 Jun 2026
SeychellesNot heldNot heldBBStableBBn/a3 Sep 2026
South AfricaBBPositiveBa2StableBBStableBB05 Jun 2026
BeninBB-StableBa3StableB+PositiveBB-17 Aug 2026
NamibiaNot heldB1PositiveBB-StableB+/BB-115 May 2026
GuineaB+PositiveNot heldNot heldB+n/a13 Mar 2026
RwandaB+StableB2StableB+StableB+111 Sep 2026
TanzaniaNot heldB1StableB+PositiveB+021 Aug 2026
Cabo VerdeB+PositiveNot heldBPositiveB/B+17 Aug 2026
EgyptBStableCaa1PositiveBStableB29 Oct 2026
EswatiniNot heldB2StableNot heldBn/a25 Nov 2024
LesothoNot heldNot heldBStableBn/a4 Jun 2026
NigeriaBStableB3PositiveBPositiveB19 Oct 2026
TogoB+StableB3PositiveNot heldB225 Sep 2026
AngolaB-StableB3PositiveB-StableB-025 Sep 2026
CameroonB-StableCaa1StableBNegativeB-218 Sep 2026
ChadB-StableNot heldB-StableB-08 Oct 2026
Democratic Republic of the CongoB-PositiveB3StableNot heldB-024 Jul 2026
GhanaB-StableB3StableBPositiveB-19 Oct 2026
KenyaBStableB3StableB-StableB-121 Aug 2026
MadagascarB-StableNot heldNot heldB-n/a23 Jan 2026
UgandaB-PositiveB3StableBStableB-17 Aug 2026
TunisiaNot heldCaa1StableB-StableCCC+/B-18 Sep 2026
Burkina FasoCCC+StableNot heldNot heldCCC+n/a8 May 2026
Republic of the CongoCCC+StableCaa2PositiveCCC+No outlookCCC+114 Aug 2026
ZambiaCCC+StableCaa2PositiveB-StableCCC+28 Jun 2026
MaliNot heldCaa2NegativeNot heldCCCn/a29 May 2026
GabonNot heldCaa2NegativeCCC-No outlookCCC-/CCC124 Jun 2026
MozambiqueCCCNegativeCaa3StableCCNo outlookCCC-225 Sep 2026
NigerNot heldCaa3StableNot heldCCC-n/a3 Jul 2025
SenegalCCNegativeCaa2NegativeNot heldCCC-24 Sep 2026
EthiopiaSDNo outlookCaa3StableRDNo outlookD316 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.
Method

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. 1

    European Securities and Markets Authority · 18 Oct 2026

    European Rating Platform
  2. 2

    S&P Global Ratings · 11 Sep 2026

    Botswana: BBB-, affirmed
  3. 3

    Fitch Ratings · 11 Sep 2026

    Rwanda: B+, affirmed
  4. 4

    S&P Global Ratings · 11 Sep 2026

    Chad: B-, affirmed
  5. 5

    S&P Global Ratings · 4 Sep 2026

    Senegal: CC, downgraded
  6. 6

    S&P Global Ratings · 14 Aug 2026

    Angola: B-, affirmed
  7. 7

    Fitch Ratings · 14 Aug 2026

    Republic of the Congo: CCC+, affirmed
Download

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

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