| # | Country | S&P | Moody's | Fitch | Average | Verdict |
|---|---|---|---|---|---|---|
| 28 | Zambia |
CCC+
stable outlook · 21 Nov 2025 |
Caa1
positive outlook · 30 Oct 2026 |
B−
stable outlook · 28 Nov 2025 |
Very weak rating | |
| 29 | Republic of the Congo |
CCC+
stable outlook · 24 Feb 2026 |
Caa2
positive outlook · 26 May 2026 |
CCC+
no outlook · 14 Aug 2026 |
Very weak rating | |
| 30 | Mali | — |
Caa2
negative outlook · 29 May 2026 | — | Very weak rating | |
| 31 | Gabon | — |
Caa2
negative outlook · 24 Jun 2026 |
CCC−
no outlook · 22 May 2026 |
Very weak rating | |
| 32 | Mozambique |
CCC
negative outlook · 25 Sep 2026 |
Caa3
stable outlook · 18 Sep 2026 |
CC
no outlook · Apr 2026 |
Very 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.