South Africa Credit Rating

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.

Swipe left to see all data
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 positive outlook assigned by the rating agency.
Symbol means a negative outlook.
Swipe left to see all data
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
The first official book of
Build wealth
with Lazy Portfolios and Passive Investing
Set your goal
Use top metrics to evaluate
Choose Bond ETFs to control risk
Join the passive investing strategy
Exclusive new asset allocations in EUR and USD

South Africa Credit Ratings historical data

Not enough data.

Timetable of South Africa credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
Swipe left to see all data
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
The first official book of
Build wealth
with Lazy Portfolios and Passive Investing