| Year | S&P | Moody's | Fitch | Event |
|---|---|---|---|---|
| 2026 | BB | Ba2 | BB | Outlooks improved on fiscal consolidation |
| 2025 | BB- | Ba2 | BB- | S&P upgraded the outlook |
| 2024 | BB- | Ba2 | BB- | Stable after the election |
| 2023 | BB- | Ba2 | BB- | Held through the load shedding crisis |
| 2022 | BB- | Ba2 | BB- | Outlook raised to positive |
| 2021 | BB- | Ba2 | BB- | Further downgrades |
| 2020 | BB- | Ba1 | BB | Moody's cut to junk in March |
| 2019 | BB | Baa3 | BB+ | Moody's the last at investment grade |
| 2017 | BB+ | Baa3 | BB+ | S&P and Fitch cut to junk |
| 2014 | BBB- | Baa2 | BBB | First of the downgrade cycle |
| 2012 | BBB | Baa1 | BBB | Marikana and a downgrade |
| 2009 | BBB+ | A3 | BBB+ | Held through the financial crisis |
| 2005 | BBB+ | Baa1 | BBB+ | The upgrade cycle peak |
| 2000 | BBB- | Baa3 | BBB- | Investment grade achieved |
| S&P and Fitch | Moody's | Meaning |
|---|---|---|
| BBB- and above | Baa3 and above | Investment grade |
| BB+ | Ba1 | One notch below investment grade |
| BB | Ba2 | Two notches below |
| BB- | Ba3 | Three notches below |
| B and below | B and below | Highly speculative |
| Effect | Speed | Note |
|---|---|---|
| Bond yields rise | Immediate | The cost of government borrowing |
| The rand weakens | Immediate | Often priced in beforehand |
| Index exclusion | On the next rebalance | Forced selling by index funds |
| Bank funding costs rise | Weeks | Banks cannot rate above the sovereign |
| Corporate borrowing costs rise | Months | The sovereign is the floor |
Data maintained by TradeAnswers · updated as the figures change