Current South Africa credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive South Africa ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of South Africa, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current South Africa credit ratings, according to the main rating agencies.
Rating Agency | Rating | Outlook | Last Update | Action |
---|---|---|---|---|
Standard & Poor's | BB- | - | 9 Mar 2023 | outlook downgrade |
Moody's Investors Service | Ba2 | - | 4 Apr 2022 | outlook upgrade |
Fitch Ratings | BB- | - | 16 Dec 2021 | outlook upgrade |
DBRS | - | - |
South Africa: Long-term Rating Scales Comparison
South Africa long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with South Africa sovereign debt. These scales help investors understand the likelihood that South Africa will meet its financial obligations.
Symbol means a negative outlook.
Grade | Description | S&P | Moody's | Fitch | DBRS |
---|---|---|---|---|---|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
AA
|
Aa2
|
AA
|
AA
|
||
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
A
|
A2
|
A
|
A
|
||
A-
|
A3
|
A-
|
A(low)
|
||
Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
BB
|
Ba2
|
BB
|
BB
|
||
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
B
|
B2
|
B
|
B
|
||
B-
|
B3
|
B-
|
B(low)
|
||
Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
C
|
C
|
C
|
C
|
||
In Default |
RD
|
/
|
RD
|
RD
|
|
SD
|
/
|
SD
|
SD
|
||
D•NR
|
D•NR
|
D•NR
|
D•NR
|
South Africa Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
Date | S&P | Moody's | Fitch | DBRS |
---|---|---|---|---|
9 Mar 2023 | BB- | |||
23 May 2022 | BB- | |||
4 Apr 2022 | Ba2 | |||
16 Dec 2021 | BB- | |||
21 Nov 2020 | Ba2 | BB- | ||
30 Apr 2020 | BB- | |||
4 Apr 2020 | BB | |||
28 Mar 2020 | Ba1 | |||
23 Nov 2019 | BB | |||
2 Nov 2019 | Baa3 | |||
27 Jul 2019 | BB+ | |||
24 Nov 2017 | BB | Baa3 | ||
9 Jun 2017 | Baa3 | |||
7 Apr 2017 | BB+ | |||
3 Apr 2017 | BB+ | |||
25 Nov 2016 | BBB- | |||
4 Dec 2015 | BBB- | BBB- | ||
6 Nov 2014 | Baa2 | |||
13 Jun 2014 | BBB- | BBB | ||
10 Jan 2013 | BBB | |||
12 Oct 2012 | BBB | |||
27 Sep 2012 | Baa1 | |||
28 Mar 2012 | BBB+ | |||
13 Jan 2012 | BBB+ | |||
9 Nov 2011 | A3 | |||
25 Jan 2011 | BBB+ | |||
17 Jan 2011 | BBB+ | |||
16 Jul 2009 | A3 | |||
11 Nov 2008 | BBB+ | |||
9 Nov 2008 | BBB+ | |||
17 Jun 2008 | BBB+ | |||
25 Jul 2007 | BBB+ | |||
5 Jun 2007 | Baa1 | |||
25 Aug 2005 | BBB+ | |||
1 Aug 2005 | BBB+ | |||
11 Jan 2005 | Baa1 | |||
21 Oct 2004 | BBB | |||
7 May 2003 | BBB | |||
2 May 2003 | BBB | |||
26 Feb 2003 | Baa2 | |||
12 Nov 2002 | BBB- | |||
20 Aug 2002 | BBB- | |||
29 Nov 2001 | Baa2 | |||
27 Jun 2000 | BBB- | |||
19 May 2000 | BB+ | |||
25 Feb 2000 | BBB- | |||
7 Feb 2000 | Baa3 | |||
8 Oct 1998 | Baa3 | |||
17 Jul 1998 | Baa3 | |||
28 May 1998 | BB | |||
17 Feb 1998 | BB | |||
20 Nov 1995 | BB+ | |||
3 Oct 1994 | BB | Baa3 | ||
22 Sep 1994 | BB |