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San Marino Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
NR — | A- Stable | BBB- Positive | BBB (low) Positive | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jun 05, 2026 | S&P | BBB+ | Stable | A- | Stable | |
| Dec 12, 2025 | DBRS | BBB (low) | Stable | BBB (low) | Positive | |
| Dec 12, 2025 | Fitch | BB+ | Positive | BBB- | Positive | |
| Aug 01, 2025 | S&P | BBB- | Stable | BBB+ | Stable | |
| Jun 13, 2025 | Fitch | BB | Positive | BB+ | Positive | |
| Nov 12, 2024 | S&P | NR | — | BBB- | Stable | |
| Dec 15, 2023 | Fitch | BB | Stable | BB | Positive | |
| Dec 01, 2023 | DBRS | NR | — | BBB (low) | Stable | |
| Sep 02, 2022 | Fitch | NR | — | 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 | CC | CC |
C | CC | 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 San Marino’s current credit rating?
San Marino’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 San Marino’s credit risk.
Has San Marino’s credit rating changed recently?
This page lists the latest rating and outlook actions for San Marino, showing when each agency last reviewed or changed its assessment.
Why does San Marino’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence San Marino's bond yields, currency, and equity flows as investors reassess risk.
How does San Marino’s rating compare to other countries?
You can explore how San Marino 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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