The IBENS Rating Framework
Our rating model applies advanced statistical standardization and geometric aggregation of key indicators.
Each rating is produced from verified public and institutional data sources, then reviewed by the IBENS Rating Committee.
Simplified Formula (Public View):
[
Score = 100 × exp(Σ α × ln(ε + Pillar/100)) − γ(100 × R)
]
where α = weight per pillar, R = event risk.
Pillars Evaluated:
Fiscal & Financial Strength
External & Liquidity Position
Economic Structure
Governance & Institutional Quality
Event & Contingent Risk
Output:
Final score (0–100) mapped to rating grade (AAA to D) and outlook (Positive / Stable / Negative).
2025 IBENS Africa Sovereign Rating Briefs
IBENS covers over 15 African countries including Nigeria, South Africa, Ghana, Kenya, Egypt, and Morocco.
Each country’s brief contains:
- Economic background
- Political environment
- Currency and exchange rate
- GDP & GNI performance
- Labor market data
- Outlook summary and IBENS rating