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Ethiopia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa3 Stable | SD — | RD — | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Dec 27, 2023 | Fitch | C | — | RD | — | |
| Dec 15, 2023 | S&P | CCC | Negative | SD | — | |
| Dec 14, 2023 | Fitch | CC | — | C | — | |
| Nov 02, 2023 | Fitch | CCC- | — | CC | — | |
| Sep 15, 2023 | Moody's | Caa2 | Negative | Caa3 | Stable | |
| Dec 20, 2022 | Fitch | CCC | — | CCC- | — | |
| Nov 10, 2021 | S&P | CCC+ | Negative | CCC | Negative | |
| Oct 20, 2021 | Moody's | Caa1 | Under Review | Caa2 | Negative | |
| Sep 24, 2021 | S&P | B- | Negative Watch | CCC+ | Negative | |
| May 17, 2021 | Moody's | B2 | Under Review | Caa1 | Under Review | |
| Mar 10, 2021 | Moody's | B2 | Negative | B2 | Under Review | |
| Feb 12, 2021 | S&P | B | Negative | B- | Negative Watch | |
| Feb 09, 2021 | Fitch | B | Negative | CCC | — | |
| Aug 07, 2020 | Moody's | B2 | Under Review | B2 | Negative | |
| May 07, 2020 | Moody's | B1 | Negative | B2 | Under Review | |
| Apr 10, 2020 | S&P | B | Stable | B | Negative | |
| Oct 01, 2019 | Fitch | B | Stable | B | Negative | |
| Sep 20, 2019 | Moody's | B1 | Stable | B1 | Negative | |
| May 09, 2014 | S&P | NR | — | B | Stable | |
| May 09, 2014 | Fitch | NR | — | B | 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 |
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 Ethiopia’s current credit rating?
Ethiopia’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 Ethiopia’s credit risk.
Has Ethiopia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Ethiopia, showing when each agency last reviewed or changed its assessment.
Why does Ethiopia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Ethiopia's bond yields, currency, and equity flows as investors reassess risk.
How does Ethiopia’s rating compare to other countries?
You can explore how Ethiopia 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.
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