B- rating confirmed: what S&P and Fitch say about Chad

The decision

On 8 October 2026, S&P and Fitch confirmed Chad's credit rating at "B-", with a stable outlook. In a statement published on 12 October, the Ministry of Finance, Budget and Economy welcomed the decisions, seeing them as a sign of confidence in the country's prospects and the continuation of reforms.

Understanding the rating

A sovereign rating measures a state's ability to repay its debts. The B category is a speculative level: the country meets its commitments but remains vulnerable to shocks. A "stable" outlook means the agencies do not expect a rating change in the short term, either up or down.

The positives

Fitch believes Chad's budget deficits will remain under control. The agency expects a broadly balanced budget in 2026, followed by a slight widening of the deficit to 0.7% of GDP on average over 2027–2028. Growth remains solid, driven notably by farming and livestock.

The weaknesses

The country remains heavily dependent on oil for its revenue and exports. Social needs are considerable and the regional security environment remains tense. These factors limit the chances of a quick upgrade.

Why it matters

The rating directly influences the cost at which the state, but also the country's banks and large companies, can borrow. A stable rating reassures partners and investors. To hope for an improvement, Chad will need to show lasting progress on raising non-oil revenue, debt management and the transparency of public finances.

Key figures

• Chad's sovereign rating: B-, stable outlook (S&P and Fitch, 8 October 2026)
• Deficit expected by Fitch: 0.7% of GDP on average over 2027–2028