Botswana Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa1 Negative | BBB+ Stable | NR | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Oct 17, 2025 | Moody's | A3 | Negative | Baa1 | Negative | |
| Apr 04, 2025 | Moody's | A3 | Stable | A3 | Negative | |
| Sep 17, 2021 | S&P | BBB+ | Negative | BBB+ | Stable | |
| Apr 23, 2021 | Moody's | A2 | Negative | A3 | Stable | |
| Sep 18, 2020 | S&P | BBB+ | Stable | BBB+ | Negative | |
| May 29, 2020 | Moody's | A2 | Stable | A2 | Negative | |
| Mar 27, 2020 | S&P | A- | Stable | BBB+ | Stable | |
| Oct 27, 2017 | S&P | A- | Negative | A- | Stable | |
| Apr 29, 2016 | S&P | A- | Stable | A- | Negative | |
| Nov 24, 2011 | Moody's | A2 | Negative | A2 | Stable | |
| Aug 05, 2011 | Moody's | A2 | Negative | A2 | Negative | |
| Feb 19, 2010 | Moody's | A2 | Stable | A2 | Negative | |
| Feb 15, 2010 | S&P | A | Negative | A- | Stable | |
| Mar 12, 2009 | Moody's | A2 | Positive | A2 | Stable | |
| Feb 19, 2009 | S&P | A | Stable | A | Negative | |
| Aug 07, 2007 | Moody's | A2 | Stable | A2 | Positive | |
| Apr 02, 2001 | S&P | NR | A | Stable | ||
| Mar 12, 2001 | Moody's | NR | A2 | 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 | CCC | CC |
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 Botswana’s current credit rating?
Botswana’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 Botswana’s credit risk.
Has Botswana’s credit rating changed recently?
This page lists the latest rating and outlook actions for Botswana, showing when each agency last reviewed or changed its assessment.
Why does Botswana’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Botswana's bond yields, currency, and equity flows as investors reassess risk.
How does Botswana’s rating compare to other countries?
You can explore how Botswana 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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