Fitch upgrades Republic of the Congo credit rating

Fitch Ratings has upgraded the Republic of the Congo’s long-term local-currency issuer default rating (IDR) from ‘CCC’ to ‘CCC+’. The agency affirmed the long-term foreign-currency IDR at ‘CCC+’.

The upgrade is attributed to easing near-term refinancing risks, improved regional market financing conditions, and a smoother domestic debt repayment profile. Congo’s liability management is expected to reduce domestic debt repayments to 9% of GDP in 2026, down from peaks of 14% in 2025. Additionally, the government’s debt burden is projected to fall to 80.9% of GDP in 2026 from 92.1% at the end of 2025, supported by fiscal surpluses and growth in the oil and gas sector.

Despite the upgrade, the ‘CCC+’ rating indicates that the country remains in non-investment grade territory with high vulnerability. Fitch noted that the sovereign’s financial stability remains heavily dependent on hydrocarbons, meaning the economy remains susceptible to global oil price shocks. While acute liquidity stress has eased, a material probability of default persists due to weak public financial management and high government debt.