Sovereign Credit Ratings

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Romania	Baa3 Stable	BBB- Negative	BBB- Negative	BB (high) Stable	BBB- Stable

Latest Credit Changes

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Romania	Jul 11, 2025	DBRS	NR		BB (high)	Stable
Romania	Jan 25, 2025	S&P	BBB-	Stable	BBB-	Negative
Romania	Dec 17, 2024	Fitch	BBB-	Negative	BBB-	Negative
Romania	Oct 18, 2021	Moody's	Baa3	Negative	Baa3	Stable
Romania	May 14, 2021	Scope Ratings	BBB-	Negative	BBB-	Stable
Romania	Apr 16, 2021	S&P	BBB-	Negative	BBB-	Stable
Romania	Apr 24, 2020	Moody's	Baa3	Stable	Baa3	Negative
Romania	Apr 17, 2020	Fitch	BBB-	Stable	BBB-	Negative
Romania	Dec 10, 2019	S&P	BBB-	Stable	BBB-	Negative
Romania	Oct 19, 2018	Scope Ratings	BBB	Negative	BBB-	Negative
Romania	Nov 03, 2017	Scope Ratings	NR		BBB	Negative
Romania	Apr 21, 2017	Moody's	Baa3	Positive	Baa3	Stable
Romania	Dec 11, 2015	Moody's	Baa3	Stable	Baa3	Positive
Romania	May 16, 2014	S&P	BB+	Positive	BBB-	Stable
Romania	Apr 25, 2014	Moody's	Baa3	Negative	Baa3	Stable
Romania	Nov 22, 2013	S&P	BB+	Stable	BB+	Positive
Romania	Jun 29, 2012	Moody's	Baa3	Stable	Baa3	Negative
Romania	Jul 04, 2011	Fitch	BB+	Stable	BBB-	Stable
Romania	Mar 09, 2010	S&P	BB+	Negative	BB+	Stable
Romania	Feb 02, 2010	Fitch	BB+	Negative	BB+	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
Extremely Speculative Grade			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.