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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's | S&P | Fitch | DBRS | |||||
|---|---|---|---|---|---|---|---|---|
Country | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook |
Australia | Aaa | Stable | AAA | Negative | AAA | Negative | AAA | Stable |
Argentina | Ca | Negative | SD | N/A | C | N/A | CC | Under Review |
Brazil | Ba2 | Stable | BB- | Stable | BB- | Negative | BB (low) | Stable |
Canada | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
China | A1 | Stable | A+ | Stable | A+ | Stable | A (high) | Negative |
France | Aa2 | Stable | AA | Stable | AA | Negative | AAA | Negative |
Germany | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
Italy | Baa3 | Stable | BBB | Negative | BBB- | Stable | BBB (high) | Negative |
Japan | A1 | Stable | A+ | Positive | A | Stable | A (high) | Stable |
South Korea | Aa2 | Stable | AA | Stable | AA- | Stable | NR | - |
Mexico | Baa1 | Negative | BBB | Negative | BBB- | Stable | BBB | Negative |
Russian Federation | Baa3 | Stable | BBB- | Stable | BBB | Stable | NR | - |
India | Baa2 | Negative | BBB- | Stable | BBB- | Stable | BBB | Negative |
Indonesia | Baa2 | Stable | BBB | Negative | BBB | Stable | NR | - |
Saudi Arabia | A1 | Negative | A- | Stable | A | Stable | NR | - |
South Africa | Ba1 | Negative | BB- | Stable | BB | Negative | NR | - |
Turkey | B1 | Negative | B+ | Stable | BB- | Stable | BB (high) | Negative |
United Kingdom | Aa2 | Negative | AA | Stable | AA- | Negative | AAA | Negative |
United States | Aaa | Stable | AA+ | Stable | AAA | Stable | AAA | Stable |
Latest Credit Changes
Country | Date | Rating Agency | Previous Rating | Current Rating |
|---|---|---|---|---|
Iceland | May 22, 2020 | Fitch | A Stable | A Negative |
Namibia | May 22, 2020 | Moody's | Ba2 Stable | Ba2 Negative |
Lithuania | May 22, 2020 | DBRS | A Positive | A Stable |
Latvia | May 22, 2020 | DBRS | A (low) Positive | A (low) Stable |
Trinidad and Tobago | May 22, 2020 | Moody's | Ba1 Stable | Ba1 Negative |
Australia | May 21, 2020 | Fitch | AAA Stable | AAA Negative |
India | May 21, 2020 | DBRS | BBB Stable | BBB Negative |
Maldives | May 21, 2020 | Moody's | B2 Negative | B3 Negative |
Sri Lanka | May 20, 2020 | S&P | B Negative | B- Stable |
United Kingdom | May 15, 2020 | DBRS | AAA Stable | AAA Negative |
Ireland | May 15, 2020 | DBRS | A (high) Positive | A (high) Stable |
Cyprus | May 15, 2020 | DBRS | BBB (low) Positive | BBB (low) Stable |
Macedonia | May 15, 2020 | Fitch | BB+ Stable | BB+ Negative |
France | May 15, 2020 | Fitch | AA Stable | AA Negative |
Austria | May 15, 2020 | Fitch | AA+ Positive | AA+ Stable |
Laos | May 15, 2020 | Fitch | B- Stable | B- Negative |
Pakistan | May 14, 2020 | Moody's | B3 Stable | B3 Under Review |
Belize | May 12, 2020 | Moody's | B3 Stable | Caa1 Negative |
Tunisia | May 12, 2020 | Fitch | B+ Negative | B Stable |
Italy | May 8, 2020 | DBRS | BBB (high) Stable | BBB (high) Negative |
Table Key
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 |
| 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 |
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