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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.

Choose Region
G20
Search Country
Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAAStableAAANegativeAAAStableNR-
Argentina
CaStableCCC+StableCCCN/ACCCStableNR-
Brazil
Ba2StableBB-StableBB-NegativeBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)StableA+Stable
France
Aa2StableAAStableAANegativeAA (high)StableAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBStableBBB-StableBBB (high)NegativeBBB+Stable
Japan
A1StableA+StableANegativeA (high)StableAStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Mexico
Baa1NegativeBBBNegativeBBB-StableBBBStableNR-
Russian Federation
Baa3StableBBB-StableBBBStableNR-BBBStable
India
Baa3NegativeBBB-StableBBB-NegativeBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Saudi Arabia
A1NegativeA-StableAStableNR-NR-
South Africa
Ba2NegativeBB-StableBB-NegativeNR-NR-
Turkey
B2NegativeB+StableBB-StableBB (high)NegativeBNegative
United Kingdom
Aa3StableAAStableAA-StableAA (high)StableAAStable
United States
AaaStableAA+StableAAANegativeAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Fiji
Sep 22, 2021S&PBB- NegativeB+ Stable
Venezuela
Sep 20, 2021S&PSD N/A N/A
Greece
Sep 17, 2021DBRSBB (low) StableBB Positive
Portugal
Sep 17, 2021Moody'sBaa3 PositiveBaa2 Stable
Botswana
Sep 17, 2021S&PBBB+ NegativeBBB+ Stable
Bahamas
Sep 17, 2021Moody'sBa2 NegativeBa3 Negative
Angola
Sep 13, 2021Moody'sCaa1 StableB3 Stable
Greece
Sep 10, 2021Scope RatingsBB PositiveBB+ Stable
Taiwan
Sep 10, 2021FitchAA- StableAA Stable
Georgia
Sep 3, 2021Scope RatingsBB NegativeBB Stable
Cyprus
Sep 3, 2021S&PBBB- StableBBB- Positive
Peru
Sep 1, 2021Moody'sA3 NegativeBaa1 Stable
Sri Lanka
Aug 27, 2021S&PCCC+ StableCCC+ Negative
Gabon
Aug 24, 2021FitchCCC N/AB- Stable
Italy
Aug 20, 2021Scope RatingsBBB+ NegativeBBB+ Stable
Estonia
Aug 20, 2021S&PAA- StableAA- Positive
Turkmenistan
Aug 19, 2021FitchNR B+ Stable
Maldives
Aug 17, 2021Moody'sB3 NegativeCaa1 Stable
Ireland
Aug 13, 2021Moody'sA2 StableA2 Positive
Kazakhstan
Aug 11, 2021Moody'sBaa3 PositiveBaa2 Stable

Table Key

Grade
Moody'sS&PFitchDBRSScope Ratings
Prime
AaaAAAAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)AA+
Aa2AAAAAAAA
Aa3AA-AA-AA (low)AA-
Upper Medium Grade
A1A+A+A (high)A+
A2AAAA
A3A-A-A (low)A-
Lower Medium Grade
Baa1BBB+BBB+BBB (high)BBB+
Baa2BBBBBBBBBBBB
Baa3BBB-BBB-BBB (low)BBB-
Non-investment Grade Speculative
Ba1BB+BB+BB (high)BB+
Ba2BBBBBBBB
Ba3BB-BB-BB (low)BB-
Highly Speculative
B1B+B+B (high)B+
B2BBBB
B3B-B-B (low)B-
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCCCC
CCCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDDD
DDDD
DDDDDD
Not Rated
NRNRNRNRNR

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