Rating: South Africa Credit Rating 2025

Rating Moody's South Africa

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-12-03	Ba2 (Stable)
2022-04-01	Ba2 (Stable)
2020-11-20	Ba2 (Negative)
2020-03-27	Ba1 (Negative)	2024-12-03	Ba2
2019-11-01	Baa3 (Negative)	2022-04-01	Ba2
2018-03-23	Baa3 (Stable)	2020-11-20	Ba2
2017-11-24	Baa3 (Under Review)	2020-03-27	Ba1
2017-06-09	Baa3 (Negative)	2019-11-01	Baa3
2017-04-03	Baa2 (Under Review)	2018-03-23	Baa3
2016-05-06	Baa2 (Negative)	2017-11-24	Baa3
2016-03-08	Baa2 (Under Review)	2017-06-09	Baa3
2015-12-15	Baa2 (Negative)	2017-04-03	Baa2
2014-11-06	Baa2 (Stable)	2016-05-06	Baa2
2013-07-17	Baa1 (Negative)	2016-03-08	Baa2
2012-09-27	Baa1	2015-12-15	Baa2
2011-11-09	(Negative)	2014-11-06	Baa2
2009-07-16	A3 (Stable)	2013-07-17	Baa1
2007-06-05	(Positive)	2012-09-27	Baa1
2005-01-11	Baa1 (Stable)	2009-07-16	A3
2004-10-14	(Under Review)	2001-11-29	A2
2003-11-15	(Positive)	2001-01-29	A2
2001-11-29	Baa2	1995-11-20	Baa1
1994-10-03	Baa3	1995-01-20	Baa1

Moody's: Long term Rating

Rating S&P South Africa

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2024-11-15	BB- (Positive)
2023-03-08	BB- (Stable)
2020-04-29	BB- (Stable)
2019-11-22	(Negative)	2024-11-15	BB
2017-11-24	BB (Stable)	2023-03-08	BB
2017-04-03	BB+ (Negative)	2020-04-29	BB
2015-12-04	(Negative)	2017-11-24	BB+
2014-06-13	BBB- (Stable)	2017-04-03	BBB-			2017-11-24	B
2012-10-12	BBB (Negative)	2016-12-02	BBB			2017-04-03	A-3
2012-03-28	(Negative)	2014-06-13	BBB+	2017-04-03	B	2012-10-12	A-2
2011-01-25	(Stable)	2012-10-12	A-	2014-06-13	A-3	2006-03-29	A-1
2005-08-01	BBB+	2011-01-25	A	2005-08-01	A-2	2003-05-07	A-1

S&P: Long term Rating

Rating Fitch South Africa

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
		2020-11-20	BB-	2020-04-03	B
		2020-04-03	BB	2019-12-18	B
2020-11-20	BB- (Negative)	2019-12-18	BB+	2019-07-26	B
2020-04-03	BB (Negative)	2019-07-26	BB+	2018-12-06	B
2019-12-18	BB+	2018-12-06	BB+	2018-06-15	B
2019-07-26	BB+	2018-06-15	BB+	2017-11-23	B
2018-12-06	BB+	2017-11-23	BB+	2017-06-01	B
2018-06-15	BB+ (Stable)	2017-06-01	BB+	2017-04-07	B
2017-11-23	BB+ (Stable)	2017-04-07	BB+	2016-11-25	F3
2017-06-01	BB+ (Stable)	2016-11-25	BBB-	2016-07-22	F3
2017-04-07	BB+ (Stable)	2016-07-22	BBB-	2016-06-08	F3
2016-11-25	BBB- (Negative)	2016-06-08	BBB	2015-12-04	F3
2016-07-22	BBB- (Stable)	2015-12-04	BBB	2015-06-05	F3
2016-06-08	BBB- (Stable)	2015-06-05	BBB+	2014-12-12	F3
2015-12-04	BBB- (Stable)	2014-12-12	BBB+	2014-09-29	F3
2015-06-05	BBB	2014-09-29	BBB+	2014-09-23	F3
2014-12-12	BBB	2014-09-23	BBB+	2014-09-10	F3
2014-09-29	BBB (Negative)	2014-09-10	BBB+	2014-09-05	F3
2014-09-23	BBB (Negative)	2014-09-05	BBB+	2014-08-22	F3
2014-09-10	BBB (Negative)	2014-08-22	BBB+	2014-08-06	F3
2014-09-05	BBB (Negative)	2014-08-06	BBB+	2014-07-31	F3
2014-08-22	BBB (Negative)	2014-07-31	BBB+	2014-07-07	F3
2014-08-06	BBB (Negative)	2014-07-07	BBB+	2014-06-27	F3
2014-07-31	BBB (Negative)	2014-06-27	BBB+	2014-06-13	F3
2014-07-07	BBB (Negative)	2014-06-13	BBB+	2014-06-04	F3
2014-06-27	BBB (Negative)	2014-06-04	BBB+	2014-05-28	F3
2014-06-13	BBB (Negative)	2014-05-28	BBB+	2014-05-21	F3
2014-06-04	BBB (Stable)	2014-05-21	BBB+	2014-05-09	F3
2014-05-28	BBB (Stable)	2014-05-09	BBB+	2014-04-28	F3
2014-05-21	BBB (Stable)	2014-04-28	BBB+	2014-04-11	F3
2014-05-09	BBB (Stable)	2014-04-11	BBB+	2014-04-04	F3
2014-04-28	BBB (Stable)	2014-04-04	BBB+	2014-03-28	F3
2014-04-11	BBB (Stable)	2014-03-28	BBB+	2014-03-10	F3
2014-04-04	BBB (Stable)	2014-03-10	BBB+	2014-03-05	F3
2014-03-28	BBB (Stable)	2014-03-05	BBB+	2014-01-31	F3
2014-03-10	BBB (Stable)	2014-01-31	BBB+	2014-01-23	F3
2014-03-05	BBB (Stable)	2014-01-23	BBB+	2014-01-09	F3
2014-01-31	BBB (Stable)	2014-01-09	BBB+	2013-12-30	F3
2014-01-23	BBB (Stable)	2013-12-30	BBB+	2013-12-18	F3
2014-01-09	BBB (Stable)	2013-12-18	BBB+	2013-12-03	F3
2013-12-30	BBB (Stable)	2013-12-03	BBB+	2013-10-30	F3
2013-12-18	BBB (Stable)	2013-10-30	BBB+	2013-10-14	F3
2013-12-03	BBB (Stable)	2013-10-14	BBB+	2013-09-30	F3
2013-10-30	BBB (Stable)	2013-09-30	BBB+	2013-09-11	F3
2013-10-14	BBB (Stable)	2013-09-11	BBB+	2013-07-29	F3
2013-09-30	BBB (Stable)	2013-07-29	BBB+	2013-07-11	F3
2013-09-11	BBB (Stable)	2013-07-11	BBB+	2013-06-27	F3
2013-07-29	BBB (Stable)	2013-06-27	BBB+	2013-05-28	F3
2013-07-11	BBB (Stable)	2013-05-28	BBB+	2013-03-28	F3
2013-06-27	BBB (Stable)	2013-03-28	BBB+	2013-03-08	F3
2013-05-28	BBB (Stable)	2013-03-08	BBB+	2013-02-26	F3
2013-03-28	BBB (Stable)	2013-02-26	BBB+	2013-02-08	F3
2013-03-08	BBB (Stable)	2013-02-08	BBB+	2012-11-16	F2
2012-08-17	BBB+ (Negative)	2012-11-16	A	2012-10-26	F2
2012-07-11	BBB+ (Negative)	2012-10-26	A	2012-08-17	F2
2012-05-25	BBB+ (Negative)	2012-08-17	A	2012-07-11	F2
2012-04-26	BBB+ (Negative)	2012-07-11	A	2012-05-25	F2
2012-02-24	BBB+ (Negative)	2012-05-25	A	2012-04-26	F2
2012-01-24	BBB+ (Negative)	2012-04-26	A	2012-02-24	F2
2011-12-09	BBB+ (Stable)	2012-02-24	A	2012-01-24	F2
2011-11-23	BBB+ (Stable)	2012-01-24	A	2011-12-09	F2
2011-05-20	BBB+ (Stable)	2011-12-09	A	2011-11-23	F2
2011-01-17	BBB+ (Stable)	2011-11-23	A	2011-05-20	F2
2008-11-09	BBB+ (Negative)	2011-05-20	A	2011-01-17	F2
2008-06-17	BBB+ (Stable)	2011-01-17	A	2008-11-09	F2
2007-07-25	BBB+ (Positive)	2008-11-09	A	2008-06-17	F2
2005-08-25	BBB+ (Stable)	2008-06-17	A	2007-07-25	F2
2004-10-21	BBB (Positive)	2007-07-25	A	2005-08-25	F2
2003-05-02	BBB (Stable)	2005-08-25	A	2004-10-21	F3
2003-03-11	BBB- (Positive)	2004-10-21	A-	2003-05-02	F3
2002-08-20	BBB- (Positive)	2003-05-02	A-	2003-03-11	F3
2000-09-21	BBB- (Stable)	2003-03-11	BBB+	2002-08-20	F3
2000-06-27	BBB-	2002-08-20	BBB+	2000-09-21	F3
2000-05-19	BB+	2000-09-21	BBB+	2000-06-27	F3
1998-05-28	BB	2000-06-27	BBB+	2000-05-19	B	2020-04-03	B
1998-02-17	BB (Positive)	2000-05-19	BBB+	1998-05-28	B	2019-12-18	B
1996-06-05	BB	1998-05-28	BBB	1998-02-17	B	2019-07-26	B
1995-10-26	BB	1998-02-17	BBB	1996-06-05	B	2018-12-06	B
1994-09-22	BB	1996-06-05	BBB	1995-10-26	B	2018-06-15	B

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C