South Africa: Sovereign credit ratings

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Sovereign credit ratings in South Africa: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Moody's Ba2 Stable 12/2024
Fitch BB- Stable 9/2024
Scope BB Stable 9/2024
Fitch BB- Stable 1/2024
Scope BB Stable 10/2023
Fitch BB- Stable 7/2023
Scope BB+ Negative 4/2023
Scope BB+ Stable 10/2022
Fitch BB- Stable 7/2022
Standard & Poor's BB- Negative 5/2022
Moody's Ba2 Stable 4/2022
Fitch BB- Stable 12/2021
Fitch BB- Negative 5/2021
Moody's Ba2 Negative 11/2020
Fitch BB- Stable 11/2020
Standard & Poor's BB- Stable 4/2020
Moody's Ba1 Negative 3/2020
Moody's Ba1 Negative 3/2020
Fitch BB+ Negative 12/2019
Standard & Poor's BB Negative 11/2019
Moody's Baa3 Negative 11/2019
Standard & Poor's BB Developing 9/2019
Fitch BB+ Negative 7/2019
Standard & Poor's NR NR 5/2019
Fitch BB+ Stable 12/2018
Fitch BB+ Stable 6/2018
Moody's Baa3 Stable 3/2018
Standard & Poor's BB Stable 11/2017
Moody's Baa3 Stable watch 11/2017
Fitch BB+ Stable 11/2017
Moody's Baa3 Negative 6/2017
Fitch BB+ Stable 6/2017
Standard & Poor's BB+ Negative 4/2017
Moody's Baa2 Negative watch 4/2017
Fitch BB+ Stable 4/2017
Standard & Poor's BBB- Negative 12/2016
Fitch BBB- Negative 11/2016
Fitch BBB- Stable 7/2016
Fitch BBB- Stable 6/2016
Moody's Baa2 Negative 5/2016
Moody's Baa2 Negative watch 3/2016
Standard & Poor's BBB- Negative 12/2015
Moody's Baa2 Negative 12/2015
Fitch BBB- Stable 12/2015
Moody's Baa2 Stable 11/2014
Fitch BBB Negative 9/2014
Fitch BBB Negative 8/2014
Fitch BBB Negative 7/2014
Standard & Poor's BBB- Stable 6/2014
Fitch BBB Negative 6/2014
Fitch BBB Stable 5/2014
Fitch BBB Stable 4/2014
Fitch BBB Stable 3/2014
Fitch BBB Stable 1/2014
Fitch BBB Stable 12/2013
Fitch BBB Stable 10/2013
Fitch BBB Stable 9/2013
Moody's Baa1 Negative 7/2013
Fitch BBB Stable 7/2013
Fitch BBB Stable 6/2013
Fitch BBB Stable 5/2013
Fitch BBB Stable 3/2013
Standard & Poor's BBB Negative 10/2012
Moody's Baa1 Negative 9/2012
Fitch BBB+ Negative 8/2012
Fitch BBB+ Negative 7/2012
Fitch BBB+ Negative 5/2012
Fitch BBB+ Negative 4/2012
Standard & Poor's BBB+ Negative 3/2012
Fitch BBB+ Negative 2/2012
Fitch BBB+ Negative 1/2012
Fitch BBB+ Stable 12/2011
Moody's A3 Negative 11/2011
Fitch BBB+ Stable 11/2011
Fitch BBB+ Stable 5/2011
Standard & Poor's BBB+ Stable 1/2011
Fitch BBB+ Stable 1/2011
Moody's A3 Stable 7/2009
Standard & Poor's BBB+ Negative 11/2008
Fitch BBB+ Negative 11/2008
Fitch BBB+ Stable 6/2008
Fitch BBB+ Positive 7/2007
Moody's Baa1 Positive 6/2007
Standard & Poor's BBB+ Stable 11/2005
Standard & Poor's BBB+ Stable 11/2005
Standard & Poor's BBB+ Stable 8/2005
Fitch BBB+ Stable 8/2005
Moody's Baa1 Stable 1/2005
Moody's Baa2 Positive watch 10/2004
Fitch BBB Positive 10/2004
Moody's Baa2 Positive 11/2003
Standard & Poor's BBB Stable 5/2003
Fitch BBB Stable 5/2003
Fitch BBB- Positive 3/2003
Standard & Poor's BBB- Positive 11/2002
Fitch BBB- Positive 8/2002
Moody's Baa2 Stable 11/2001
Moody's Baa3 Positive watch 10/2001
Fitch BBB- Stable 9/2000
Standard & Poor's BBB- Stable 2/2000
Moody's Baa3 Stable 10/1998
Moody's Baa3 Negative watch 7/1998
Standard & Poor's BB+ Stable 3/1998
Fitch BB Positive 2/1998
Standard & Poor's BB+ Stable 11/1995
Standard & Poor's BB Stable 10/1994
Moody's Baa3 Stable 10/1994

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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