Governance and Sovereign Credit Ratings: Best Practices for African Countries
Published on November 11, 2025
African countries face some of the highest borrowing costs in the world, partly due to structural problems (economic, governance and public finances), but partly also due to low credit ratings which make them seem like risky investments. Such ratings lead to higher interest costs and lower borrowing through sovereign bonds. They also indirectly affect the amount of equity flowing to the continent, as FDI is often deterred by low credit ratings. As part of UNDP’s project to support African countries improve their credit ratings, this knowledge platform is meant to serve as a one-stop-shop for data, methodological information, and research on credit ratings.
| Date | Country | Agency | Actual Rating | Previous Rating | Change |
| Nov 28, 2025 | Zambia | Fitch | B- | RD |
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| Nov 21, 2025 | Zambia | S&P | CCC+ | SD |
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| Nov 14, 2025 | South Africa | S&P | BB | BB- |
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| Nov 14, 2025 | Senegal | S&P | CCC+ | B- |
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Sources: Trading Economics, Country Economy (This table only shows upgrades and downgrades in credit ratings, not reaffirmation.)