The United Nations Economic Commission for Africa (ECA), in partnership with the African Peer Review Mechanism (APRM), announces the publication of the 12th edition of the Africa Sovereign Credit Rating Outlook. This edition provides a comprehensive review of rating actions by Moody’s, Standard & Poor’s (S&P), and Fitch Ratings across African economies, outlining how global financial conditions, fiscal pressures, and governance reforms shaped sovereign credit trajectories throughout the year.
According to the report, during the second half of 2025, several African countries experienced sovereign credit rating upgrades driven by improved macroeconomic performance, fiscal consolidation, and progress in debt restructuring. As an example, Côte d’Ivoire was upgraded by Fitch based on strong political stability, sustained growth above 6%, and proactive debt management strategies, including Eurobond buybacks and diversification into Samurai bonds. On the contrary, Botswana’s rating was downgraded both by Moody’s and S&P, following a sharp fall in diamond revenues, which weakened fiscal balances and exposed vulnerabilities linked to limited economic diversification. However, the country has maintained its investment grade status. Outlook changes across the continent were mixed, signalling evolving risks and opportunities. For instance, Cape Verde, has received a positive outlook revision by S&P, indicating the potential for future upgrades if current improvements are sustained.
