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Sovereign Credit Ratings

A sovereign credit rating is issued by a credit rating agency after evaluating the country’s economic and political conditions.

Sovereign credit ratings provide investors with an indication of the level of risk associated with investing in a particular country while taking into account the Financial, Economic and Political factors.

The credit rating of a country plays a crucial role when it is issuing debt on the international bond markets – the better the rating, the lower the interest rate investors will be willing to accept on the debt. Below is a global summary of the latest credit ratings issued by the largest credit agencies.

Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRS
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAAStableAAAStableAAAStable
Argentina
Caa2Under ReviewCCC-NegativeCCN/ACCUnder Review
Brazil
Ba2StableBB-PositiveBB-StableBB (low)Stable
Canada
AaaStableAAAStableAAAStableAAAStable
China
A1StableA+StableA+StableA (high)Negative
France
Aa2StableAAStableAAStableAAAStable
Germany
AaaStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBNegativeBBBNegativeBBB (high)Stable
Japan
A1StableA+PositiveAStableA (high)Stable
South Korea
Aa2StableAAStableAA-StableNR-
Mexico
A3NegativeBBB+NegativeBBBStableBBB (high)Negative
Russian Federation
Baa3StableBBB-StableBBBStableNR-
India
Baa2NegativeBBB-StableBBB-StableBBBStable
Indonesia
Baa2StableBBBStableBBBStableNR-
Saudi Arabia
A1StableA-StableAStableNR-
South Africa
Baa3NegativeBBNegativeBB+NegativeNR-
Turkey
B1NegativeB+StableBB-StableBB (high)Negative
United Kingdom
Aa2NegativeAAStableAANegativeAAAStable
United States
AaaStableAA+StableAAAStableAAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Zambia
Feb 21, 2020S&PCCC+ StableCCC Negative
Lithuania
Feb 21, 2020S&PA StableA+ Stable
Lebanon
Feb 21, 2020Moody'sCaa2 Under ReviewCa Stable
Lebanon
Feb 21, 2020S&PCCC NegativeCC Negative
Latvia
Feb 21, 2020S&PA StableA+ Stable
France
Feb 21, 2020Moody'sAa2 PositiveAa2 Stable
Tunisia
Feb 14, 2020Moody'sB2 NegativeB2 Stable
Hungary
Feb 14, 2020S&PBBB StableBBB Positive
Nicaragua
Feb 14, 2020Moody'sB2 NegativeB3 Stable
Laos
Feb 12, 2020FitchNR B- Stable
Philippines
Feb 11, 2020FitchBBB StableBBB Positive
Costa Rica
Feb 10, 2020Moody'sB1 NegativeB2 Stable
Panama
Feb 6, 2020FitchBBB StableBBB Negative
Ecuador
Feb 6, 2020Moody'sB3 NegativeCaa1 Stable
Ireland
Jan 31, 2020DBRSA (high) StableA (high) Positive
Lithuania
Jan 31, 2020FitchA- PositiveA Stable
Jamaica
Jan 29, 2020FitchB+ StableB+ Positive
Ghana
Jan 24, 2020Moody'sB3 StableB3 Positive
Greece
Jan 24, 2020FitchBB- StableBB Positive
Finland
Jan 24, 2020FitchAA+ PositiveAA+ Stable

Table Key

Grade
Moody'sS&PFitchDBRS
Prime
AaaAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)
Aa2AAAAAA
Aa3AA-AA-AA (low)
Upper Medium Grade
A1A+A+A (high)
A2AAA
A3A-A-A (low)
Lower Medium Grade
Baa1BBB+BBB+BBB (high)
Baa2BBBBBBBBB
Baa3BBB-BBB-BBB (low)
Non-investment Grade Speculative
Ba1BB+BB+BB (high)
Ba2BBBBBB
Ba3BB-BB-BB (low)
Highly Speculative
B1B+B+B (high)
B2BBB
B3B-B-B (low)
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCC
CCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDD
DDDD
DDDDDD
Not Rated
NRNRNRNR
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