| # | Country | S&P | Moody's | Fitch | Average | Verdict |
|---|---|---|---|---|---|---|
| 9 | Guinea |
B+
positive outlook · 13 Mar 2026 | — | — | Weak rating | |
| 10 | Tanzania | — |
B1
stable outlook · Feb 2026 |
B+
positive outlook · 21 Aug 2026 |
Weak rating | |
| 11 | Togo |
B+
stable outlook · 18 Apr 2025 | — | — | Weak rating | |
| 12 | Rwanda |
B+
stable outlook · May 2026 |
B2
stable outlook · 19 Sep 2025 |
B+
stable outlook · 13 Mar 2026 |
Weak rating | |
| 13 | Cabo Verde |
B+
positive outlook · 7 Aug 2026 | — |
B
positive outlook · 28 Apr 2026 |
Weak rating | |
| 14 | Eswatini | — |
B2
stable outlook · 25 Nov 2024 | — | Weak rating | |
| 15 | Lesotho | — | — |
B
stable outlook · Jun 2026 |
Weak rating | |
| 16 | Nigeria |
B
stable outlook · 15 May 2026 |
B3
positive outlook · 28 Aug 2026 |
B
stable outlook · Apr 2026 |
Weak rating | |
| 17 | Egypt |
B
stable outlook · Oct 2026 |
B3
positive outlook · 16 Oct 2026 |
B
stable outlook · 8 Oct 2026 |
Weak rating | |
| 18 | Ghana |
B−
stable outlook · Sep 2026 |
B3
stable outlook · 9 Oct 2026 |
B
positive outlook · 8 May 2026 |
Weak rating | |
| 19 | Kenya |
B
stable outlook · 21 Aug 2026 |
B3
stable outlook · 27 Jan 2026 |
B−
stable outlook · 23 Jan 2026 |
Weak rating | |
| 20 | Uganda |
B−
positive outlook · Nov 2025 |
B3
stable outlook · May 2026 |
B
stable outlook · Aug 2026 |
Weak rating | |
| 21 | Angola |
B−
stable outlook · 13 Feb 2026 |
B3
positive outlook · 25 Sep 2026 |
B−
stable outlook · May 2026 |
Weak rating | |
| 22 | Burkina Faso |
B−*
stable outlook · 6 Nov 2026 | — | — | Weak rating | |
| 23 | Madagascar |
B−
stable outlook · Jul 2026 | — | — | Weak rating | |
| 24 | DR Congo |
B−
positive outlook · 23 Jan 2026 |
B3
stable outlook · 22 Apr 2026 | — | Weak rating | |
| 25 | Chad |
B−
stable outlook · 8 Oct 2026 | — |
B−
stable outlook · 8 Oct 2026 |
Weak rating | |
| 26 | Cameroon |
B−
stable outlook · 18 Sep 2026 |
Caa1
stable outlook · 21 Aug 2026 |
B−
stable outlook · 16 Oct 2026 |
Weak rating | |
| 27 | Tunisia | — |
Caa1
stable outlook · 16 Jul 2026 |
B−
stable outlook · Sep 2026 |
Weak rating |
A rating is an opinion on credit risk, not investment advice. Average and verdict: Syli Atlas's conversion on a scale from 1 (default) to 22 (AAA); the line marks the investment grade threshold (BBB− / Baa3). * to check against the agency's release.
In short
34 of the 54 African countries are rated by at least one of the three main agencies. Investment grade on average: Botswana (BBB), Mauritius (BBB−). Most rated countries are in the B category, « highly speculative ». In default or close to it: Senegal (CC), Ethiopia (C).
Questions
Which African country has the best credit rating?
Botswana: S&P BBB− · Moody's Baa2 (average BBB on the common scale).
How many African countries are investment grade?
2 on average of the agencies: Botswana (BBB), Mauritius (BBB−).
What does « speculative grade » mean?
A rating below BBB− (S&P, Fitch) or Baa3 (Moody's). The country remains solvent, but the agencies judge the risk higher: it borrows at a higher cost, and many pension funds cannot buy its debt.
Why do some countries have no rating?
They do not borrow on international markets or have not asked for a rating. Not being rated is not a bad rating.
20 countries without any rating
Algeria, Burundi, Central African Republic, Comoros, Djibouti, Equatorial Guinea, Eritrea, Guinea-Bissau, Liberia, Libya, Malawi, Mauritania, Niger, São Tomé and Príncipe, Sierra Leone, Somalia, South Sudan, Sudan, The Gambia, Zimbabwe.
The debate on African ratings
The African Union finds that the three main agencies poorly reflect the continent's realities and launched AfCRA, a private agency based in Mauritius, on 7 October 2026. A 2024 Reuters investigation found no evidence of systematic bias in the region's sovereign ratings.