| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | B- | - | 9 Oct 2023 | rating downgrade |
| Moody's Investors Service | B3 | - | 20 May 2024 | rating downgrade |
| Fitch Ratings | B+ | - | 20 Jun 2022 | outlook upgrade |
| DBRS | - | - |
Current Uganda credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Uganda ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Uganda, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
Discover what a Credit Rating is and why it matters.
Uganda: Long-term Rating Scales Comparison
Uganda long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Uganda sovereign debt. These scales help investors understand the likelihood that Uganda will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Uganda Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 30 Aug 2024 | B | |||
| 20 May 2024 | B3 | |||
| 9 Oct 2023 | B- | |||
| 27 Mar 2023 | B+ | |||
| 12 Dec 2022 | B | |||
| 21 Nov 2022 | B2 | |||
| 20 Jun 2022 | B+ | |||
| 24 Jun 2020 | B+ | |||
| 18 Nov 2016 | B2 | |||
| 20 Apr 2016 | B1 | |||
| 13 Feb 2015 | B+ | |||
| 17 Jan 2014 | B | |||
| 20 Dec 2013 | B1 | |||
| 5 Sep 2013 | B | |||
| 11 Dec 2012 | B+ | |||
| 7 Oct 2011 | B | |||
| 19 Aug 2009 | B | |||
| 9 Dec 2008 | B+ | |||
| 17 Mar 2005 | B |
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