Africa’s Credit Ratings

Since the US credit downgrade is on many folks’ minds this weekend, I thought it would be interesting to take a look at some African countries’ credit ratings.

Green ratings indicate an “investment grade” rating. Orange is “non-investment grade” or “speculative.” A “highly speculative” rating is red.

For more background on the ratings systems and to see how the countries below stack up to their global peers, check out the Guardian’s nice backgrounder.

Photo by Darin Marshall

The ratings system is far from perfect, but it can provide a starting point for investors trying to determine the risk-return tradeoff of the various African stock markets.

Country Moody’s Rating Moody’s Outlook Fitch Rating Fitch Outlook S&P Rating S&P Outlook
Angola Ba3 Stable BB- Stable BB- Stable
Benin B Stable B Stable
Botswana A2 Negative A- Stable
Burkina Faso B Stable
Cameroon B Stable B Stable
Cape Verde B+ Stable B+ Stable
Gabon BB- Stable BB- Stable
Ghana B+ Stable B Stable
Kenya B+ Stable B+ Stable
Lesotho BB- Negative
Mauritius Baa2 Stable
Mozambique B Stable B+ Stable
Namibia BBB- Positive
Nigeria BB- Negative B+ Stable
Rwanda B Stable
Senegal B1 Stable B+ Negative
Seychelles B Stable
South Africa A3 Stable BBB+ Stable BBB+ Stable
Uganda B Positive B+ Stable
Zambia B+ Stable B+ Stable
Related Reading

African Financial Statement Library

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