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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Sovereign Credit Ratings

See Table Key

	Moody's		S&P		Fitch		DBRS		Scope Ratings
Country	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Australia	Aaa	Stable	AAA	Negative	AAA	Negative	AAA	Stable	NR	-
Argentina	Ca	Stable	CCC+	Stable	CCC	N/A	CCC	N/A	NR	-
Brazil	Ba2	Stable	BB-	Stable	BB-	Negative	BB (low)	Stable	NR	-
Canada	Aaa	Stable	AAA	Stable	AA+	Stable	AAA	Stable	NR	-
China	A1	Stable	A+	Stable	A+	Stable	A (high)	Negative	A+	Negative
France	Aa2	Stable	AA	Stable	AA	Negative	AA (high)	Stable	AA	Stable
Germany	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable	AAA	Stable
Italy	Baa3	Stable	BBB	Stable	BBB-	Stable	BBB (high)	Negative	BBB+	Negative
Japan	A1	Stable	A+	Stable	A	Negative	A (high)	Stable	A+	Negative
South Korea	Aa2	Stable	AA	Stable	AA-	Stable	NR	-	NR	-
Mexico	Baa1	Negative	BBB	Negative	BBB-	Stable	BBB	Negative	NR	-
Russian Federation	Baa3	Stable	BBB-	Stable	BBB	Stable	NR	-	BBB	Stable
India	Baa3	Negative	BBB-	Stable	BBB-	Negative	BBB	Negative	NR	-
Indonesia	Baa2	Stable	BBB	Negative	BBB	Stable	NR	-	NR	-
Saudi Arabia	A1	Negative	A-	Stable	A	Stable	NR	-	NR	-
South Africa	Ba1	Negative	BB-	Stable	BB	Negative	NR	-	NR	-
Turkey	B2	Negative	B+	Stable	BB-	Negative	BB (high)	Negative	B+	Stable
United Kingdom	Aa3	Stable	AA	Stable	AA-	Negative	AAA	Negative	AA	Negative
United States	Aaa	Stable	AA+	Stable	AAA	Negative	AAA	Stable	AA	Stable

Latest Credit Changes

Country	Date	Rating Agency	Previous Rating	Current Rating
Suriname	Oct 26, 2020	Fitch	CC N/A	C N/A
Isle of Man	Oct 23, 2020	Moody's	Aa2 Negative	Aa3 Stable
Italy	Oct 23, 2020	S&P	BBB Negative	BBB Stable
Azerbaijan	Oct 23, 2020	S&P	BB+ Stable	BB+ Negative
Morocco	Oct 23, 2020	Fitch	BBB- Negative	BB+ Stable
Zambia	Oct 21, 2020	S&P	CCC- Negative	SD N/A
Panama	Oct 20, 2020	Moody's	Baa1 Stable	Baa1 Negative
France	Oct 16, 2020	DBRS	AAA Negative	AA (high) Stable
United Kingdom	Oct 16, 2020	Moody's	Aa2 Negative	Aa3 Stable
Oman	Oct 16, 2020	S&P	BB- Negative	B+ Stable
Chile	Oct 15, 2020	Fitch	A Negative	A- Stable
Rwanda	Oct 13, 2020	Moody's	B2 Stable	B2 Negative
Latvia	Oct 9, 2020	Fitch	A- Negative	A- Stable
Bulgaria	Oct 9, 2020	Moody's	Baa2 Positive	Baa1 Stable
Tunisia	Oct 6, 2020	Moody's	B2 Under Review	B2 Negative
Armenia	Oct 5, 2020	Fitch	BB- Negative	B+ Stable
Slovenia	Oct 2, 2020	Moody's	Baa1 Positive	A3 Stable
Morocco	Oct 2, 2020	S&P	BBB- Stable	BBB- Negative
Nigeria	Sep 30, 2020	Fitch	B Negative	B Stable
Bolivia	Sep 30, 2020	Fitch	B+ Negative	B Stable

Table Key

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

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