Sovereign Credit Ratings

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

Latest Credit Changes

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 a sovereign credit rating?

A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.

Which agencies provide sovereign credit ratings?

The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.

What do outlooks mean in credit ratings?

A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.

How often are sovereign ratings updated?

There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.

Where can I find historical sovereign ratings?

You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.

What is the difference between investment grade and speculative grade?

Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.