Africa recorded more sovereign credit upgrades in 2024 than any other region. Several countries have maintained positive outlooks, with some achieving upgrades to investment grade.

This is more than a footnote. It is a meaningful signal.

While sovereign ratings influence transactions, well-structured projects can achieve ratings above the sovereign ceiling when governance and structuring are strong.

The gap between perceived and actual risk in many African markets continues to narrow. Returns tend to go to those who do the work on the ground and position themselves before the broader consensus arrives.