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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
AaaStableAAAStableAAAStableAAAStableNR-
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
Baa3StableBBBPositiveBBB-StableBBB (high)StableBBB+Stable
Japan
A1StableA+StableANegativeA (high)StableAStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Mexico
Baa1NegativeBBBNegativeBBB-StableBBBStableNR-
Russian Federation
Baa3StableBBB-StableBBBStableNR-BBB+Stable
India
Baa3StableBBB-StableBBB-NegativeBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Saudi Arabia
A1StableA-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
Uruguay
Nov 24, 2021DBRSBBB (low) StableBBB (low) Positive
Trinidad and Tobago
Nov 19, 2021Moody'sBa1 NegativeBa2 Stable
Seychelles
Nov 19, 2021FitchB StableB+ Stable
Lithuania
Nov 19, 2021DBRSA PositiveA (high) Stable
Latvia
Nov 19, 2021DBRSA (low) PositiveA Stable
Cuba
Nov 18, 2021Moody'sCaa2 StableCa Stable
Croatia
Nov 12, 2021FitchBBB- StableBBB Positive
Bahamas
Nov 12, 2021S&PBB- NegativeB+ Stable
Ethiopia
Nov 10, 2021S&PCCC+ NegativeCCC Negative
Belize
Nov 9, 2021S&PSD N/AB- Stable
Saudi Arabia
Nov 5, 2021Moody'sA1 NegativeA1 Stable
Russian Federation
Oct 29, 2021Scope RatingsBBB StableBBB+ Stable
Slovakia
Oct 29, 2021FitchA NegativeA Stable
Italy
Oct 29, 2021DBRSBBB (high) NegativeBBB (high) Stable
Benin
Oct 29, 2021FitchB PositiveB+ Stable
Maldives
Oct 28, 2021FitchCCC N/AB- Stable
Sri Lanka
Oct 28, 2021Moody'sCaa1 Under ReviewCaa2 Stable
Italy
Oct 22, 2021S&PBBB StableBBB Positive
Cyprus
Oct 22, 2021DBRSBBB (low) StableBBB (low) Positive
El Salvador
Oct 21, 2021S&PB- StableB- Negative

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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