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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.

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Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRS
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAAStableAAAStableAAAStable
Argentina
B2NegativeB-NegativeCCCNegativeBStable
Brazil
Ba2StableBB-StableBB-StableBB (low)Stable
Canada
AaaStableAAAStableAAAStableAAAStable
China
A1StableA+StableA+StableA (high)Negative
France
Aa2PositiveAAStableAAStableAAAStable
Germany
AaaStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBNegativeBBBNegativeBBB (high)Stable
Japan
A1StableA+PositiveAStableA (high)Stable
South Korea
Aa2StableAAStableAA-StableNR-
Mexico
A3NegativeBBB+NegativeBBBStableBBB (high)Stable
Russian Federation
Baa3StableBBB-StableBBBStableNR-
India
Baa2StableBBB-StableBBB-StableBBBStable
Indonesia
Baa2StableBBBStableBBBStableNR-
Saudi Arabia
A1StableA-StableA+StableNR-
South Africa
Baa3StableBBStableBB+NegativeNR-
Turkey
B1NegativeB+StableBB-NegativeBB (high)Negative
United Kingdom
Aa2StableAANegativeAANegative WatchAAAStable
United States
AaaStableAA+StableAAAStableAAAStable

Latest Credit Changes

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Country
DateRating AgencyPrevious RatingCurrent Rating
Kazakhstan
Aug 22, 2019Moody'sBaa3 StableBaa3 Positive
Fiji
Aug 22, 2019S&PB+ StableBB- Stable
Suriname
Aug 21, 2019FitchB- StableB- Negative
Ecuador
Aug 21, 2019FitchB- NegativeB- Stable
Lesotho
Aug 19, 2019FitchB+ NegativeB Stable
Argentina
Aug 16, 2019FitchB NegativeCCC Negative
Argentina
Aug 16, 2019S&PB StableB- Negative
Venezuela
Aug 14, 2019Moody'sC Stable N/A
Rwanda
Aug 9, 2019S&PB PositiveB+ Stable
Russian Federation
Aug 9, 2019FitchBBB- PositiveBBB Stable
Portugal
Aug 9, 2019Moody'sBaa3 StableBaa3 Positive
Congo
Aug 2, 2019S&PB- StableCCC+ Positive
South Africa
Jul 26, 2019FitchBB+ StableBB+ Negative
Thailand
Jul 25, 2019Moody'sBaa1 StableBaa1 Positive
Andorra
Jul 19, 2019S&PBBB StableBBB Positive
Slovenia
Jul 19, 2019FitchA- StableA Stable
Malta
Jul 19, 2019Moody'sA3 PositiveA2 Stable
Thailand
Jul 18, 2019FitchBBB+ StableBBB+ Positive
Lithuania
Jul 12, 2019DBRSA (low) StableA Stable
Turkey
Jul 12, 2019FitchBB NegativeBB- Negative

Table Key

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Grade
Moody'sS&PFitchDBRS
Prime
AaaAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)
Aa2AAAAAA
Aa3AA-AA-AA (low)
Upper Medium Grade
A1A+A+A (high)
A2AAA
A3A-A-A (low)
Lower Medium Grade
Baa1BBB+BBB+BBB (high)
Baa2BBBBBBBBB
Baa3BBB-BBB-BBB (low)
Non-investment Grade Speculative
Ba1BB+BB+BB (high)
Ba2BBBBBB
Ba3BB-BB-BB (low)
Highly Speculative
B1B+B+B (high)
B2BBB
B3B-B-B (low)
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCC
CCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDD
DDDD
DDDDDD
Not Rated
NRNRNRNR
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