Africa Sovereign Credit Rating Review

This report analyses the long-term foreign currency sovereign credit rating actions in Africa with a predominant focus on the three dominant international credit rating agencies (ICRAs) – Moody’s Investors Service, Fitch Ratings and S&P Global Ratings (S&P) in the second half of 2025 (2025H2). It presents a comparative analysis of the consistency in the application of methodologies and rating services between Africa and other regions and makes recommendations to ICRAs and African governments on how credit ratings can be improved.