Botswana Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Botswana	Baa1 Negative	BBB- Negative	NR —	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Botswana	Mar 13, 2026	S&P	BBB+	Stable	BBB-	Negative
Botswana	Oct 17, 2025	Moody's	A3	Negative	Baa1	Negative
Botswana	Apr 04, 2025	Moody's	A3	Stable	A3	Negative
Botswana	Sep 17, 2021	S&P	BBB+	Negative	BBB+	Stable
Botswana	Apr 23, 2021	Moody's	A2	Negative	A3	Stable
Botswana	Sep 18, 2020	S&P	BBB+	Stable	BBB+	Negative
Botswana	May 29, 2020	Moody's	A2	Stable	A2	Negative
Botswana	Mar 27, 2020	S&P	A-	Stable	BBB+	Stable
Botswana	Oct 27, 2017	S&P	A-	Negative	A-	Stable
Botswana	Apr 29, 2016	S&P	A-	Stable	A-	Negative
Botswana	Nov 24, 2011	Moody's	A2	Negative	A2	Stable
Botswana	Aug 05, 2011	Moody's	A2	Negative	A2	Negative
Botswana	Feb 19, 2010	Moody's	A2	Stable	A2	Negative
Botswana	Feb 15, 2010	S&P	A	Negative	A-	Stable
Botswana	Mar 12, 2009	Moody's	A2	Positive	A2	Stable
Botswana	Feb 19, 2009	S&P	A	Stable	A	Negative
Botswana	Aug 07, 2007	Moody's	A2	Stable	A2	Positive
Botswana	Apr 02, 2001	S&P	NR	—	A	Stable
Botswana	Mar 12, 2001	Moody's	NR	—	A2	Stable

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	CC	CC
Extremely Speculative Grade			C	CC	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 Botswana’s current credit rating?

Botswana’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 Botswana’s credit risk.

Has Botswana’s credit rating changed recently?

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

Why does Botswana’s credit rating matter to investors?

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

How does Botswana’s rating compare to other countries?

You can explore how Botswana 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.