Sovereign Credit Ratings
- G20
- Africa
- Asia
- Caribbean
- Central America
- Europe
- Pacific
- Middle East
- North America
- South America
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa1 Stable | CCC+ Stable | CCC+ — | B (low) Stable | NR | |
Aaa Stable | AAA Stable | AAA Stable | AAA Stable | NR | |
Ba1 Stable | BB Stable | BB Stable | BB Stable | NR | |
Aaa Stable | AAA Stable | AA+ Stable | AAA Stable | NR | |
A1 Negative | A+ Stable | A Stable | A Stable | A Stable | |
Aa3 Stable | A+ Negative | AA- Negative | AA (high) Negative | AA- Negative | |
Aaa Stable | AAA Stable | AAA Stable | AAA Stable | AAA Stable | |
Baa3 Stable | BBB Stable | BBB- Stable | BBB Stable | NR | |
Baa2 Negative | BBB Negative | BBB Stable | NR | NR | |
Baa2 Stable | BBB+ Positive | BBB Positive | BBB (high) Positive | BBB+ Positive | |
A1 Stable | A+ Stable | A Stable | A (high) Stable | A Stable | |
Baa2 Negative | BBB Stable | BBB- Stable | BBB Stable | NR | |
Ca Negative | NR — | C — | NR | NR — | |
A1 Positive | A+ Stable | A+ Stable | NR | NR | |
Ba2 Stable | BB Positive | BB- Stable | NR | BB Stable | |
Aa2 Stable | AA Stable | AA- Stable | NR | NR | |
Ba3 Stable | B Positive | BB- Positive | BB (high) Negative | BB- Stable | |
Aa3 Stable | AA Stable | AA- Stable | AA Stable | AA Stable | |
Aaa Negative | AA+ Stable | AA+ Stable | AAA Stable | AA- Stable |
Latest Credit Changes
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Feb 05, 2026 | Moody's | Baa2 | Stable | Baa2 | Negative | |
| Jan 30, 2026 | Moody's | Baa1 | Negative | Baa1 | Stable | |
| Jan 30, 2026 | S&P | BBB+ | Stable | BBB+ | Positive | |
| Jan 27, 2026 | Moody's | Caa1 | Positive | B3 | Stable | |
| Jan 26, 2026 | Moody's | Caa3 | Stable | Caa1 | Stable | |
| Jan 23, 2026 | S&P | N/A | B- | Stable | ||
| Jan 23, 2026 | S&P | CCC+ | Stable | B- | Positive | |
| Jan 23, 2026 | Moody's | Baa1 | Stable | Baa1 | Positive | |
| Jan 23, 2026 | Fitch | B+ | Positive | BB- | Positive | |
| Jan 22, 2026 | S&P | SD | — | CCC+ | Stable | |
| Jan 16, 2026 | Fitch | CCC | — | CCC | — | |
| Jan 16, 2026 | Fitch | B+ | Positive | BB- | Positive | |
| Jan 16, 2026 | Fitch | B+ | Stable | B+ | Positive | |
| Dec 22, 2025 | Fitch | RD | — | CCC | — | |
| Dec 19, 2025 | S&P | BB- | Positive | BB- | Stable | |
| Dec 19, 2025 | Fitch | B- | Stable | CCC- | — | |
| Dec 19, 2025 | Moody's | B1 | Positive | Ba3 | Stable | |
| Dec 18, 2025 | S&P | BB | Positive | BB | Stable | |
| Dec 17, 2025 | S&P | BB+ | Positive | BBB- | Stable | |
| Dec 17, 2025 | S&P | CCC | Stable | CCC+ | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is a sovereign credit rating?
A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.
Which agencies provide sovereign credit ratings?
The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.
What do outlooks mean in credit ratings?
A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.
How often are sovereign ratings updated?
There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.
Where can I find historical sovereign ratings?
You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.
What is the difference between investment grade and speculative grade?
Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.
How do sovereign rating changes affect financial markets?
Rating upgrades can boost a country's currency and reduce bond yields, while downgrades tend to weaken currencies and increase borrowing costs. These movements often ripple through FX, bond, and equity markets as investors adjust risk exposure.
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