Sovereign rating
Uganda: B−: a weak rating, highly speculative
Uganda is no. 20 of the 34 African countries rated, in the middle of the African ranking. 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. 20 of 34
- Trend
- Rising
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
History
Decisions of the agencies for Uganda
| Date | Agency | Decision | Rating | Outlook | Source |
|---|---|---|---|---|---|
| Aug 2026 | Fitch | affirmed | B | stable outlook | theglobaleconomy.com ↗ |
| May 2026 | Moody's | affirmed | B3 | stable outlook | theglobaleconomy.com ↗ |
| Nov 2025 | S&P | outlook raised | B− | positive outlook | businessfront.com ↗ |
Questions
What is the credit rating of Uganda?
S&P B− · Moody's B3 · Fitch B: weak rating, highly speculative (b), 6 notches below investment grade, no. 20 of 34 in Africa.