Sovereign Credit Ratings
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa2 Positive | A- Positive | A- Positive | A (low) Positive | A- Positive |
Latest Credit Changes
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 21, 2025 | Fitch | A- | Stable | A- | Positive | |
| Nov 14, 2025 | S&P | BBB+ | Positive | A- | Positive | |
| Oct 10, 2025 | Scope Ratings | A- | Stable | A- | Positive | |
| Mar 21, 2025 | DBRS | BBB (high) | Stable | A (low) | Positive | |
| Dec 07, 2024 | Fitch | BBB+ | Positive | A- | Stable | |
| Oct 25, 2024 | Scope Ratings | BBB+ | Stable | A- | Stable | |
| Jun 14, 2024 | S&P | BBB | Positive | BBB+ | Positive | |
| Jun 07, 2024 | Fitch | BBB | Stable | BBB+ | Positive | |
| May 24, 2024 | Moody's | Baa2 | Stable | Baa2 | Positive | |
| Nov 19, 2023 | Scope Ratings | BBB | Stable | BBB+ | Stable | |
| Sep 29, 2023 | DBRS | BBB (low) | Positive | BBB (high) | Stable | |
| Sep 29, 2023 | Moody's | Ba1 | Positive | Baa2 | Stable | |
| Sep 01, 2023 | S&P | BBB | Stable | BBB | Positive | |
| Mar 13, 2023 | Fitch | BBB- | Stable | BBB | Stable | |
| Dec 09, 2022 | Scope Ratings | BBB- | Positive | BBB | Stable | |
| Sep 02, 2022 | S&P | BBB- | Positive | BBB | Stable | |
| Aug 19, 2022 | Moody's | Ba1 | Stable | Ba1 | Positive | |
| Jun 24, 2022 | Scope Ratings | BBB- | Stable | BBB- | Positive | |
| Oct 22, 2021 | DBRS | BBB (low) | Stable | BBB (low) | Positive | |
| Sep 03, 2021 | S&P | BBB- | Stable | BBB- | Positive |
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.
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