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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.

Choose Region
G20
Search Country
Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAANegativeAAANegativeAAAStableNR-
Argentina
CaNegativeDN/ARDN/ASDN/ANR-
Brazil
Ba2StableBB-StableBB-NegativeBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)NegativeA+Negative
France
Aa2StableAAStableAANegativeAAANegativeAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBNegativeBBB-StableBBB (high)NegativeBBB+Negative
Japan
A1StableA+StableANegativeA (high)StableA+Negative
South Korea
Aa2StableAAStableAA-StableNR-NR-
Mexico
Baa1NegativeBBBNegativeBBB-StableBBBNegativeNR-
Russian Federation
Baa3StableBBB-StableBBBStableNR-BBBStable
India
Baa3NegativeBBB-StableBBB-NegativeBBBNegativeNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Saudi Arabia
A1NegativeA-StableAStableNR-NR-
South Africa
Ba1NegativeBB-StableBBNegativeNR-NR-
Turkey
B1NegativeB+StableBB-StableBB (high)NegativeB+Stable
United Kingdom
Aa2NegativeAAStableAA-NegativeAAANegativeAANegative
United States
AaaStableAA+StableAAANegativeAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
United States
Jul 31, 2020FitchAAA StableAAA Negative
Congo
Jul 31, 2020S&PB- NegativeCCC+ Stable
Japan
Jul 28, 2020FitchA StableA Negative
Lebanon
Jul 27, 2020Moody'sCa StableC N/A
Slovakia
Jul 24, 2020S&PA+ StableA+ Negative
Swaziland
Jul 20, 2020Moody'sB2 NegativeB3 Stable
Kuwait
Jul 17, 2020S&PAA- StableAA- Negative
Suriname
Jul 16, 2020FitchRD N/ACC N/A
Suriname
Jul 16, 2020S&PSD N/ACCC Stable
Kenya
Jul 14, 2020S&PB+ StableB+ Negative
Suriname
Jul 13, 2020FitchC N/ARD N/A
Suriname
Jul 13, 2020S&PCCC+ NegativeSD N/A
Turkey
Jul 10, 2020Scope RatingsBB- NegativeB+ Stable
Suriname
Jul 7, 2020Moody'sB3 NegativeCaa3 Negative
Suriname
Jul 2, 2020FitchCCC N/AC N/A
Belize
Jun 30, 2020S&PCCC NegativeCC Negative Watch
Fiji
Jun 29, 2020Moody'sBa3 StableBa3 Negative
Malaysia
Jun 27, 2020S&PA- StableA- Negative
Bahamas
Jun 25, 2020Moody'sBaa3 Under ReviewBa2 Negative
Canada
Jun 24, 2020FitchAAA StableAA+ 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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