The Rating Agency Fitch Ratings a confirmed the long-term issuer default rating in foreign currencies (LTFC) and the rating of its unsecured senior debt from the Republic of Congo to “CCC+”. She gave it a recovery grade of “RR4”, thus removing it from the list of countries under observation (UCO). The agency does not generally award no perspective for sovereign states whose score is equal to or less than “CCC+”.

The Congo rating reflects a management of deficient public finances, illustrated by the restructuring operation of October 2024 debt, qualified by fitch exchange distressed debt (EDD). This operation followed the restructuring of external commercial commitments to traders tankers in 2022. Weaknesses in the management of public finances are also evidenced by a high level, and probably increasing domestic arrears to the private sector, that we estimate around 13% of GDP at the end of 2025, subject to uncertainties related to ongoing government audits. Payment arrears external creditors towards official creditors have also accumulated for reach around 1.6% of GDP in 2025, showing a poor cash management.

Congo eurobond issues, carried out through private placement in November and December 2025, alleviated the pressures related to short-term refinancing. This is the first episode of this guy in the country for almost 20 years.

The country rating ceiling for Congo is “B-”. For rated sovereign states Fitch takes “CCC+” or less as a starting point “CCC+” to determine this ceiling. The rating ceiling model Fitch country produced an initial boost of zero notches