Moody's Keeps Congo at Caa2 Junk Rating, Revises Outlook to Positive

Moody's Ratings raised the Republic of Congo's outlook to positive from stable on 29 May 2026 while affirming the country's long-term foreign and local currency sovereign ratings at Caa2. The agency cited reduced near-term refinancing risks after the country returned to international capital markets. 5 billion, equal to about 16 percent of GDP.

5 percent coupon and included a tender offer for $575 million of bonds due in 2032. Moody's said regional debt refinancing and public finance reforms linked to a planned IMF-supported program were key reasons for the outlook change. In October 2024 the government extended maturities under its National Cash Optimization Plan, a step the agency compared to a coercive debt exchange.

The country also faced payment delays on the regional market in early 2025. Oil and gas account for about 40 percent of GDP, 50 percent of government revenue and 90 percent of exports. Moody's noted that higher crude prices and LNG production growth could improve fiscal revenue.

Congo's debt remains high at 98 percent of GDP, including arrears equal to 13 percent of GDP. Local financing needs reached about 25 percent of GDP in 2025. Moody's warned that weak budget controls and poor cash management could keep pressure on public finances.