S&P Reaffirms Congo Credit Rating on Strong Copper Demand

S&P Global Ratings has reaffirmed its 'B-' long-term and 'B' short-term sovereign credit ratings on the Democratic Republic of Congo, maintaining a positive outlook. The ratings reflect the country's contained budget deficits and stronger international reserves despite ongoing military conflict in the east and a recent Ebola outbreak.

The rating agency forecasts GDP growth will average 5.5% over 2026-2029, supported by high demand for copper and cobalt, key export products for the DRC. S&P expects headline budget deficits to remain contained, averaging 2.4% of GDP over the next four years.

The DRC's economy is characterized by very low income levels, with GDP per capita projected at approximately $1,100 in 2026. Copper and cobalt production is set to increase in 2026, driven primarily by higher output from the Tenke Fungurume mine, operated by China's CMOC.