Africa Credit Ratings Resource Platform

What we do

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.

 

Latest Credit Ratings Updates
DateCountryAgencyActual RatingPrevious RatingChange
August 23, 2024KenyaS&PB-B
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August 02, 2024KenyaFitchB-B
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July 08, 2024KenyaMoody'sCaa1B3
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May 17, 2024UgandaMoody'sB3B2
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Sources: Trading Economics, Country Economy (This table only shows upgrades and downgrades in credit ratings, not reaffirmation.)

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11.3B

Maturity

$11.3 billion amount of outstanding Eurobonds due to mature in January 2024.

4.8B

Issuance

Benin, Kenya, and Cote d'Ivoire issued $4.8 billion in Q1 2024.

11.6%

Interest

Africa interest costs averaged 11.6%, 8.5 percentage points higher than the US Benchmark.

2.1%

Coupon

Sub-Saharan Africa paid 2.1% more in coupons than other regions from 2004 to 2021.

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