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Sovereign Credit Ratings | FX Empire

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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G20
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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCC+NegativeCCC-N/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2StableBB-StableBB-StableBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)NegativeA+Negative
France
Aa2StableAAStableAANegativeAA (high)StableAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-StableBBB-StableBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3NegativeBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableANegative
Mexico
Baa2StableBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1PositiveA-StableAStableNR-NR-
South Africa
Ba2StableBB-StableBB-StableNR-BB+Stable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBStableBNegativeBB (high)NegativeB-Negative
United Kingdom
Aa3StableAANegativeAA-NegativeAAStableAAStable
United States
AaaStableAA+StableAAAStableAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Saudi Arabia
Mar 17, 2023Moody'sA1, StableA1, Positive
Greece
Mar 17, 2023Moody'sBa3, StableBa3, Positive
Aruba
Mar 16, 2023FitchBB+, Stable
Bolivia
Mar 15, 2023S&PB, StableB, Negative Watch
Bolivia
Mar 14, 2023FitchB, StableB-, Negative
Cyprus
Mar 13, 2023FitchBBB-, StableBBB, Stable
Belgium
Mar 10, 2023FitchAA-, StableAA-, Negative
South Africa
Mar 08, 2023S&PBB-, PositiveBB-, Stable
Jamaica
Mar 07, 2023FitchB+, StableB+, Positive
Kazakhstan
Mar 03, 2023S&PBBB-, StableBBB-, Stable
Costa Rica
Mar 02, 2023FitchB, NegativeBB-, Stable
Pakistan
Feb 28, 2023Moody'sCaa1, NegativeCaa3, Stable
Hungary
Feb 24, 2023Scope RatingsBBB+, NegativeBBB, Stable
Slovakia
Feb 24, 2023DBRSA (high), NegativeA, Stable
Ghana
Feb 21, 2023FitchC, N/ARD, N/A
Suriname
Feb 17, 2023Moody'sCaa3, NegativeCaa3, Stable
Guatemala
Feb 16, 2023FitchBB-, StableBB, Stable
Pakistan
Feb 14, 2023FitchCCC+, N/ACCC-, N/A
Armenia
Feb 10, 2023FitchB+, StableB+, Positive
Turkmenistan
Feb 10, 2023FitchB+, StableB+, Positive

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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