LONDON - S&P Global Ratings warned on Thursday that the risks ​to African ⁠sovereign credit scores were likely to worsen ‌the longer the Middle East war drags on.

The ​ratings agency said that higher fuel and fertilizer import ​costs would increase ​inflation and fiscal strains for countries, "potentially leading to rating pressure".

Egypt, Mozambique and ⁠Rwanda are among the "most exposed" the agency said, although Egypt's deep domestic capital markets and Rwanda's high levels of concessional debt provide ​some offset.

Less exposed are ⁠net-oil ⁠exporters Nigeria, Angola and Congo-Brazzaville as well as Morocco, due ​to stronger foreign-currency reserves.

S&P's "base ‌case" assumed that the ⁠conflict will peak and that the Strait of Hormuz will gradually reopen but related disruptions will likely persist for months. A resumption of hostilities and a more prolonged conflict would present a greater threat to many African sovereigns.

The ratings agency said it ‌expected Africa's borrowing costs to increase due ⁠to war's impacts and as ​a result of global risk aversion.

S&P in recent weeks kept Egypt's credit rating ​on a "stable" ‌outlook and affirmed ratings for Morocco, ⁠Ghana and Mozambique.