Our ratings on Sub-Saharan African companies were volatile throughout the COVID-19 pandemic and the subsequent recovery. In 2020, sovereign rating actions were behind 50% of the corporate rating actions in Sub-Saharan Africa, 95% of which were downgrades. Upgrades in 2021 and 2022--mainly on the back of lower financial risks--gave way to a mixed picture in 2023 as some commodity markets flagged.