Page 7 - Nexia SAB&T Africa Overview 2025

Sovereign Credit Rating Symbols
Moody’s S&P Fitch Meaning
Prime/Highest Credit Quality
Aaa AAA AAA (lowest expectation of default
risk)
Aa1 AA+ AA+
High Grade/Very High Credit
Aa2 AA AA
Quality
Aa3 AA- AA-
Investment
Grade A1 A+ A+
Upper Medium Grade/High
A2 A A
Credit Quality
A3 A- A-
Baa1 BBB+ BBB+
Lower Medium Grade/Good
Baa2 BBB BBB Credit Quality/Moderate
Credit Risk
Baa3 BBB- BBB-
Ba1 BB+ BB+
Ba2 BB BB Non Investment Grade
Speculative/High Credit Risk
Ba3 BB- BB-
B1 B+ B+
Highly Speculative/High
B2 B B
Credit Risk
B3 B- B-
Caa1 CCC+ CCC+
Substantial Risks/Poor
Caa2 CCC CCC
Standing/Very High Credit Risk
Junk Caa3 CCC- CCC-
Ca CC CC+ Extremely Speculative/In
default with some prospect of
recovery/Very High Levels of
C CC
Credit Risk
Restricted default/In default
SD RD
with little prospect for recovery
C D D
In default with little prospect
DD for recovery of principal or
interest
DDD
WR NR Not Rated
Source: http://www.weforum.org
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