S&P withdraws positive outlook on Uganda’s credit rating

S&P withdraws positive outlook on Uganda’s credit rating

S&P Global Ratings has withdrawn the positive outlook on Uganda’s B-minus rating a year after granting it, citing weaker growth, delayed oil production and higher borrowing costs. The agency affirmed the rating on Friday but changed the outlook to stable. It forecasts growth of 5.8 per cent in the year to June 2027, against the 6.5 per cent it expected a year ago. When S&P granted the positive outlook on 7 November 2025, it said it could revert …