UNDP Africa Chief Economist | Africa's Development Context and Credit Ratings
Published on Sept 2, 2024
African countries face some of the highest borrowing costs in the world, partly due to structural problems (economic, governance and public finances), but partly also due to low credit ratings which make them seem like risky investments. Such ratings lead to higher interest costs and lower borrowing through sovereign bonds. They also indirectly affect the amount of equity flowing to the continent, as FDI is often deterred by low credit ratings. As part of UNDP’s project to support African countries improve their credit ratings, this knowledge platform is meant to serve as a one-stop-shop for data, methodological information, and research on credit ratings.
Date | Country | Agency | Actual Rating | Previous Rating | Change |
August 23, 2024 | Kenya | S&P | B- | B | |
August 02, 2024 | Kenya | Fitch | B- | B | |
July 08, 2024 | Kenya | Moody's | Caa1 | B3 | |
May 17, 2024 | Uganda | Moody's | B3 | B2 |
Sources: Trading Economics, Country Economy (This table only shows upgrades and downgrades in credit ratings, not reaffirmation.)