Brazil vs South Africa
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Brazil | South Africa | |
|---|---|---|
| BT-SFS score | 48.4 | 53.6 |
| Composite rating | BB | BB |
| Fiscal pillar | 33.0 | 42.3 |
| External pillar | 68.4 | 60.9 |
| Macro pillar | 62.5 | 55.6 |
| Institutions pillar | 35.4 | 58.3 |
| Benchmark bond | BRAZIL 5.5 33 | SOAF 5.875 32 |
| Spread over Treasuries | 157 bps | 123 bps |
| Yield to worst | 5.72% | 5.38% |
| Duration | 5.3y | 4.8y |
Metric by metric
| Metric | Brazil | South Africa |
|---|---|---|
| Current account / GDP | -2.7% (35.4) | -0.9% (56.3) |
| International reserves, months of imports | 8.0 mo (93.3) | 5.7 mo (64.4) |
| General government debt / GDP | 96.5% (12.5) | 78.9% (27.1) |
| Interest expense / revenue | 18.1% (35.4) | 19.3% (31.3) |
| Primary balance / GDP | -0.5% (54.2) | 0.6% (72.9) |
| WGI institutional composite | -0.36 (35.4) | -0.13 (58.3) |
| Real GDP growth | 1.9% (18.8) | 1.0% (10.4) |
| GDP per capita, USD | $12,313 (56.3) | $7,503 (41.7) |
| Inflation stress | 4.0% (100.0) | 3.9% (100.0) |
Frequently asked questions
Who has stronger fundamentals, Brazil or South Africa?
South Africa scores higher on the BT Sovereign Fundamentals Score: 48.4 (Brazil) vs 53.6 (South Africa), a gap of 5.3 points.
Whose USD bonds trade wider, Brazil or South Africa?
Brazil trades wider: 157 bps (Brazil) vs 123 bps (South Africa) over US Treasuries — a 34 bps gap on near-5-year USD benchmarks.
Related
- Brazil — full Brazil profile: pillars, metrics, history.
- South Africa — full South Africa profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.