Sovereign rating
South Africa: BB: a fair rating, 2 notches below investment grade
South Africa is no. 4 of the 34 African countries rated, among the best rated in Africa. Not yet investment grade, but at the top of the speculative grade: the country borrows on the markets, at a higher cost than an investment-grade one.
- Category
- Speculative (BB)
- In Africa
- no. 4 of 34
- Trend
- Rising
2 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
History
Decisions of the agencies for South Africa
| Date | Agency | Decision | Rating | Outlook | Source |
|---|---|---|---|---|---|
| 5 Jun 2026 | Fitch | upgraded | BB | stable outlook | sanews.gov.za ↗ |
| 22 May 2026 | Moody's | outlook raised | Ba2 | positive outlook | businessday.co.za ↗ |
| 14 Nov 2025 | S&P | upgraded | BB | positive outlook | fxempire.com ↗ |
Questions
What is the credit rating of South Africa?
S&P BB · Moody's Ba2 · Fitch BB: fair rating, speculative (bb), 2 notches below investment grade, no. 4 of 34 in Africa.