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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 long-term foreign-currency ratings issued by the largest credit agencies.
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Sovereign Credit Ratings
See Table Key
| Moody's | S&P | Fitch | DBRS | Scope Ratings | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Country | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook |
Australia | Aaa | Stable | AAA | Stable | AAA | Negative | AAA | Stable | NR | - |
Argentina | Ca | Stable | CCC+ | Stable | CCC | N/A | CCC | N/A | NR | - |
Brazil | Ba2 | Stable | BB- | Stable | BB- | Negative | BB (low) | Stable | NR | - |
Canada | Aaa | Stable | AAA | Stable | AA+ | Stable | AAA | Stable | NR | - |
China | A1 | Stable | A+ | Stable | A+ | Stable | A (high) | Stable | A+ | Negative |
France | Aa2 | Stable | AA | Stable | AA | Negative | AA (high) | Stable | AA | Stable |
Germany | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
Italy | Baa3 | Stable | BBB | Stable | BBB- | Stable | BBB (high) | Negative | BBB+ | Negative |
Japan | A1 | Stable | A+ | Stable | A | Negative | A (high) | Stable | A+ | Negative |
South Korea | Aa2 | Stable | AA | Stable | AA- | Stable | NR | - | NR | - |
Mexico | Baa1 | Negative | BBB | Negative | BBB- | Stable | BBB | Stable | NR | - |
Russian Federation | Baa3 | Stable | BBB- | Stable | BBB | Stable | NR | - | BBB | Stable |
India | Baa3 | Negative | BBB- | Stable | BBB- | Negative | BBB (low) | Stable | NR | - |
Indonesia | Baa2 | Stable | BBB | Negative | BBB | Stable | NR | - | NR | - |
Saudi Arabia | A1 | Negative | A- | Stable | A | Negative | NR | - | NR | - |
South Africa | Ba2 | Negative | BB- | Stable | BB- | Negative | NR | - | NR | - |
Turkey | B2 | Negative | B+ | Stable | BB- | Stable | BB (high) | Negative | B | Negative |
United Kingdom | Aa3 | Stable | AA | Stable | AA- | Negative | AA (high) | Stable | AA | Negative |
United States | Aaa | Stable | AA+ | Stable | AAA | Negative | AAA | Stable | AA | Stable |
Latest Credit Changes
Country | Date | Rating Agency | Previous Rating | Current Rating |
|---|---|---|---|---|
Nicaragua | Jun 11, 2021 | Fitch | B- Negative | B- Stable |
Tajikistan | Jun 10, 2021 | Moody's | B3 Negative | B3 Stable |
Australia | Jun 6, 2021 | S&P | AAA Negative | AAA Stable |
Uzbekistan | Jun 4, 2021 | S&P | BB- Negative | BB- Stable |
Papua New Guinea | Jun 3, 2021 | S&P | B- Negative Watch | B- Negative |
Belgium | May 28, 2021 | Scope Ratings | AA Negative | AA- Stable |
Bahrain | May 28, 2021 | S&P | B+ Stable | B+ Negative |
Belize | May 24, 2021 | S&P | CC Negative | SD N/A |
Ireland | May 21, 2021 | Scope Ratings | A+ Positive | AA- Stable |
Vietnam | May 21, 2021 | S&P | BB Stable | BB Positive |
Peru | May 21, 2021 | Moody's | A3 Stable | A3 Negative |
Lithuania | May 21, 2021 | DBRS | A Stable | A Positive |
Latvia | May 21, 2021 | DBRS | A (low) Stable | A (low) Positive |
India | May 19, 2021 | DBRS | BBB Negative | BBB (low) Stable |
Colombia | May 19, 2021 | S&P | BBB- Negative | BB+ Stable |
Ethiopia | May 17, 2021 | Moody's | B2 Under Review | Caa1 Under Review |
Romania | May 14, 2021 | Scope Ratings | BBB- Negative | BBB- Stable |
Azerbaijan | May 14, 2021 | Fitch | BB+ Negative | BB+ Stable |
Mexico | May 6, 2021 | DBRS | BBB Negative | BBB Stable |
Papua New Guinea | Apr 30, 2021 | S&P | B- Stable | B- Negative Watch |
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 | B1 | B+ | B+ | B (high) | B+ |
| B2 | B | B | B | B | |
| B3 | B- | B- | B (low) | B- | |
Substantial Risks | Caa1 | CCC+ | CCC+ | CCC | |
| Caa2 | CCC | CCC | CCC | CCC | |
| Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative | 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 |