Fitch Ratings changed its outlook on Uganda's 'B+' sovereign credit rating to 'stable' from 'negative' on June 20th 2022, as it believes that sustained recovery in real GDP growth and fiscal deficit reduction will lead to a broad stabilisation of the government debt to GDP ratio. Fitch said that although rising inflation and tighter financing conditions pose risks to the near-term growth outlook and this could slow the pace of the fiscal adjustment, it expects increasing investment into the hydrocarbon sector to support robust growth over the medium term. Fitch forecasts GG debt to increase to 53% of GDP in FY23 and to stabilise at approximately 55% of GDP over the medium term, while real GDP growth is set to remain robust at 6.4% in 2023, broadly in line with Uganda's pre-Covid-19 growth levels and above the current 'B' median of 3.8%. Standard & Poor's credit rating for Uganda stands at B with stable outlook. Moody's credit rating for Uganda was last set at B2 with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Uganda thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Uganda as reported by major credit rating agencies.


AgencyRatingOutlookDate
FitchB+ Stable Jun 20 2022
FitchB+ Negative Jun 24 2020
Moody'sB2 Stable Nov 18 2016
Moody'sB1 Negative Apr 20 2016
FitchB+ Stable Feb 13 2015
S&PB Stable Jan 17 2014
Moody'sB1 Stable Dec 20 2013
FitchB Positive Sep 05 2013
S&PB+ Negative Dec 11 2012
FitchB Stable Oct 07 2011
FitchB Positive Aug 19 2009
S&PB+ Stable Dec 09 2008
FitchB Stable Mar 17 2005