Country · MDG
Madagascar · Markets and rating
Sovereign rating
B−: a weak rating, highly speculative
Madagascar is no. 23 of the 34 African countries rated, among the lowest rated in Africa. The country pays its debts, but a shock (commodity prices, a political crisis) could stop it. Borrowing is expensive.
- Category
- Highly speculative (B)
- In Africa
- no. 23 of 34
- Trend
- Stable
6 notches below investment grade
AfCRA
The African agency, launched on 7 October 2026, has not published a rating yet.
Long-term foreign-currency ratings, from the agencies' releases · verdict and common scale: Syli Atlas's reading of the agencies' categories · a rating is an opinion on credit risk, not investment advice
Business climate
Madagascar: a business climate harder than in most African countries
Above the African median on 0 indicators out of 5. Syli Atlas gives no « business friendly » verdict of its own: each score comes from the World Bank, compared with the other African countries.
Governance
Worldwide Governance Indicators 2025, score from 0 to 100
Can the state make and apply rules that let private business grow?
Are contracts, property rights, the police and the courts reliable?
Quality of public services and of the administration.
How far public power is used for private gain.
Business regulations and services
World Bank Business Ready (B-READY) 2025, score from 0 to 100
47.9 average of the three pillars · no. 21 of the 29 African economies covered
Sources: World Bank, Worldwide Governance Indicators (CC BY 4.0) and Business Ready (CC BY 3.0 IGO) · the line marks the African median · ranks among the African countries covered