Makrognosis

South Africa Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:ZA

Model score64 / 1009 Nov 2026
Grade equivalentBBB+model-implied
BandInvestment grade0–100 scale, 100 = strongest
Rank41st of 84economies scored

Makrognosis sovereign credit model scores South Africa at 64 out of 100 as of 9 November 2026, equivalent to BBB+ on the familiar letter scale — investment grade.

The score is down 0.1 points from 64 on 1 October 2026.

That places South Africa 41st of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 78.4% of GDP, a fiscal balance of −6.6% of GDP, a current account balance of −0.07% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

South Africa sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 20264550556065Robomacro
South Africa sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202664.3BBB+
1 October 202664.4BBB+
31 July 202664.4BBB+
30 July 202646.4BB
26 July 202646.8BB
21 June 202654.3BBB-
18 June 202650.9BB+
Get the South Africa sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/ZA"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/ZA",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for South Africa, from official national and international statistics.

InputValueVintage
GDP per capitaUS$6,597.72026
Real GDP growth, 5-year average1.9%2026
Inflation, recent average3.9%2026
Government debt78.4% of GDP2026
Fiscal balance−6.6% of GDP2026
Current account balance−0.07% of GDP2026
External debt44.8% of GDP2026
Foreign-exchange reserves6.2 months of imports2026
Governance (World Bank WGI composite)−0.07832026

How South Africa compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
36United Arab Emirates9 Nov 202668
37Malaysia9 Nov 202667
38Bahamas9 Nov 202667
39Saudi Arabia9 Nov 202666
40Oman9 Nov 202665
41South Africa9 Nov 202664
42Grenada9 Nov 202663
43Greece9 Nov 202663
44Indonesia9 Nov 202661
45Kuwait9 Nov 202660
46Romania9 Nov 202660
47Hungary9 Nov 202659

All 84 economies ranked →

South Africa economic indicators

South Africa GDP (Gross Domestic Product)South Africa Nominal GDP at market prices (ZAR million, SAAR, SARB QB)South Africa Inflation Rate (CPI)South Africa Unemployment RateSouth Africa 10-Year Government Bond YieldSouth Africa Industrial ProductionSouth Africa Retail SalesSouth Africa Producer Price Inflation (PPI)South Africa Current Account Balance - Balance of Payments (NSA)South Africa Trade Balance: Goods & ServicesSouth Africa Exports of goods and services, constant 2015 prices, SA annualised (SARB Web API NRI6013D; Quarterly Bulletin KBP6013D)South Africa Total Exports of Goods Including Gold - SARS Customs (NSA)South Africa Imports of goods and services, constant 2015 prices, SA annualised (SARB Web API NRI6014D; Quarterly Bulletin KBP6014D)South Africa Total Imports of Goods - SARS Customs (NSA)South Africa Government Debt to GDPSouth Africa Employment

FAQ

What is South Africa's credit rating?
Makrognosis sovereign credit model scores South Africa at 64/100 as of 9 November 2026, equivalent to BBB+ (investment grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/ZA returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.