Andorra Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa1 Positive | A- Stable | A- Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 23, 2026 | Moody's | Baa1 | Stable | Baa1 | Positive | |
| May 09, 2025 | S&P | BBB+ | Positive | A- | Stable | |
| Jan 19, 2024 | Moody's | Baa2 | Stable | Baa1 | Stable | |
| May 12, 2023 | S&P | BBB+ | Stable | BBB+ | Positive | |
| Jul 15, 2022 | S&P | BBB | Positive | BBB+ | Stable | |
| Jul 08, 2022 | Fitch | BBB+ | Positive | A- | Stable | |
| Feb 04, 2022 | Moody's | NR | Baa2 | Stable | ||
| Jan 14, 2022 | Fitch | BBB+ | Stable | BBB+ | Positive | |
| Jan 14, 2022 | S&P | BBB | Stable | BBB | Positive | |
| Apr 24, 2020 | S&P | BBB | Positive | BBB | Stable | |
| Jul 19, 2019 | S&P | BBB | Stable | BBB | Positive | |
| Aug 10, 2018 | Fitch | BBB | Positive | BBB+ | Stable | |
| Jul 28, 2017 | S&P | BBB- | Stable | BBB | Stable | |
| Feb 24, 2017 | Fitch | BBB | Stable | BBB | Positive | |
| Jul 29, 2016 | S&P | BBB- | Negative | BBB- | Stable | |
| Sep 11, 2015 | Fitch | NR | BBB | Stable | ||
| Jun 24, 2015 | S&P | BBB- | Negative Watch | BBB- | Negative | |
| Mar 27, 2015 | S&P | BBB | Negative Watch | BBB- | Negative Watch | |
| Mar 12, 2015 | S&P | BBB+ | Stable | BBB | Negative Watch | |
| Oct 03, 2014 | S&P | A- | Negative | BBB+ | 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 Andorra’s current credit rating?
Andorra’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Andorra’s credit risk.
Has Andorra’s credit rating changed recently?
This page lists the latest rating and outlook actions for Andorra, showing when each agency last reviewed or changed its assessment.
Why does Andorra’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Andorra's bond yields, currency, and equity flows as investors reassess risk.
How does Andorra’s rating compare to other countries?
You can explore how Andorra ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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