Credit ratings are improving across sub-Saharan Africa: on 7 October Moody’s turned its outlook for the region’s governments to positive, citing falling debt and borrowing needs. Eight of the 25 sovereigns it rates, including Nigeria, South Africa, Ghana, Angola and Zambia, now have positive outlooks, against four negative ones: Mauritius, Gabon, Mali and Senegal. The agency expects government debt to fall from 62.4% of gross domestic product (GDP) in 2025 to 56.6% in 2027, with Zambia and Ethiopia seeing the largest declines. Upgrades would lower borrowing costs for governments returning to Eurobond markets, although Moody’s names high interest bills, weak revenue and a renewed rise in inflation as risks.