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.

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See Table Key

	Moody's		S&P		Fitch		DBRS
Country	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Australia	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable
Argentina	B2	Negative	B	Stable	B	Negative	B	Stable
Brazil	Ba2	Stable	BB-	Stable	BB-	Stable	BB (low)	Stable
Canada	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable
China	A1	Stable	A+	Stable	A+	Stable	A (high)	Negative
France	Aa2	Positive	AA	Stable	AA	Stable	AAA	Stable
Germany	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable
Italy	Baa3	Stable	BBB	Negative	BBB	Negative	BBB (high)	Stable
Japan	A1	Stable	A+	Positive	A	Stable	A (high)	Stable
South Korea	Aa2	Stable	AA	Stable	AA-	Stable	NR	-
Mexico	A3	Negative	BBB+	Negative	BBB	Stable	BBB (high)	Stable
Russian Federation	Baa3	Stable	BBB-	Stable	BBB-	Positive	NR	-
India	Baa2	Stable	BBB-	Stable	BBB-	Stable	BBB	Stable
Indonesia	Baa2	Stable	BBB	Stable	BBB	Stable	NR	-
Saudi Arabia	A1	Stable	A-	Stable	A+	Stable	NR	-
South Africa	Baa3	Stable	BB	Stable	BB+	Stable	NR	-
Turkey	B1	Negative	B+	Stable	BB-	Negative	BB (high)	Negative
United Kingdom	Aa2	Stable	AA	Negative	AA	Negative Watch	AAA	Stable
United States	Aaa	Stable	AA+	Stable	AAA	Stable	AAA	Stable

Latest Credit Changes

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Country	Date	Rating Agency	Previous Rating	Current Rating
Lithuania	Jul 12, 2019	DBRS	A (low) Stable	A Stable
Turkey	Jul 12, 2019	Fitch	BB Negative	BB- Negative
Malta	Jul 12, 2019	Fitch	A+ Stable	A+ Positive
Argentina	Jul 12, 2019	Moody's	B2 Stable	B2 Negative
Angola	Jul 12, 2019	Fitch	B Stable	B Negative
Trinidad and Tobago	Jul 9, 2019	S&P	BBB+ Negative	BBB Stable
Barbados	Jul 3, 2019	Moody's	Caa3 Stable	Caa1 Stable
Zambia	Jun 27, 2019	Fitch	B- Negative	CCC Negative
Seychelles	Jun 21, 2019	Fitch	BB- Stable	BB Stable
Bolivia	Jun 20, 2019	Fitch	BB- Stable	BB- Negative
Congo	Jun 18, 2019	Moody's	Caa2 Stable	Caa1 Stable
Benin	Jun 18, 2019	Moody's	NR	B2 Positive
Turkey	Jun 14, 2019	Moody's	Ba3 Negative	B1 Negative
Slovenia	Jun 14, 2019	S&P	A+ Positive	AA- Stable
Macedonia	Jun 14, 2019	Fitch	BB Positive	BB+ Stable
Gabon	Jun 14, 2019	Moody's	Caa1 Stable	Caa1 Positive
Cameroon	Jun 14, 2019	Moody's	B2 Negative	B2 Stable
Jordan	Jun 13, 2019	Fitch	NR	BB- Stable
Croatia	Jun 7, 2019	Fitch	BB+ Positive	BBB- Positive
Mexico	Jun 5, 2019	Fitch	BBB+ Negative	BBB Stable

Table Key

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Grade	Moody's	S&P	Fitch	DBRS
Prime	Aaa	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)
	Aa2	AA	AA	AA
	Aa3	AA-	AA-	AA (low)
Upper Medium Grade	A1	A+	A+	A (high)
	A2	A	A	A
	A3	A-	A-	A (low)
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)
	Baa2	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)
	Ba2	BB	BB	BB
	Ba3	BB-	BB-	BB (low)
Highly Speculative	B1	B+	B+	B (high)
	B2	B	B	B
	B3	B-	B-	B (low)
Substantial Risks	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative	Ca	CC	CC	CCC
Extremely Speculative			C	CCC
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR