South Africa Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
South Africa	Ba2 Stable	BB Positive	BB- Stable	NR	BB Stable

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
South Africa	Nov 14, 2025	S&P	BB-	Stable	BB	Positive
South Africa	Dec 03, 2024	Moody's	Ba2	Stable	Ba2	Stable
South Africa	Oct 06, 2023	Scope Ratings	BB+	Negative	BB	Stable
South Africa	Apr 21, 2023	Scope Ratings	BB+	Stable	BB+	Negative
South Africa	Mar 08, 2023	S&P	BB-	Positive	BB-	Stable
South Africa	Oct 28, 2022	Scope Ratings	NR		BB+	Stable
South Africa	May 20, 2022	S&P	BB-	Stable	BB-	Positive
South Africa	Apr 01, 2022	Moody's	Ba2	Negative	Ba2	Stable
South Africa	Dec 15, 2021	Fitch	BB-	Negative	BB-	Stable
South Africa	Nov 20, 2020	Moody's	Ba1	Negative	Ba2	Negative
South Africa	Nov 20, 2020	Fitch	BB	Negative	BB-	Negative
South Africa	Apr 30, 2020	S&P	BB	Negative	BB-	Stable
South Africa	Apr 03, 2020	Fitch	BB+	Negative	BB	Negative
South Africa	Mar 27, 2020	Moody's	Baa3	Negative	Ba1	Negative
South Africa	Nov 22, 2019	S&P	BB	Stable	BB	Negative
South Africa	Nov 01, 2019	Moody's	Baa3	Stable	Baa3	Negative
South Africa	Jul 26, 2019	Fitch	BB+	Stable	BB+	Negative
South Africa	Mar 23, 2018	Moody's	Baa3	Under Review	Baa3	Stable
South Africa	Nov 24, 2017	S&P	BB+	Negative	BB	Stable
South Africa	Nov 24, 2017	Moody's	Baa3	Negative	Baa3	Under Review

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is South Africa’s current credit rating?

South Africa’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view South Africa’s credit risk.

Has South Africa’s credit rating changed recently?

This page lists the latest rating and outlook actions for South Africa, showing when each agency last reviewed or changed its assessment.

Why does South Africa’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence South Africa's bond yields, currency, and equity flows as investors reassess risk.

How does South Africa’s rating compare to other countries?

You can explore how South Africa ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.