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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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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCC-NegativeCCN/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2StableBB-PositiveBBStableBBStableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1NegativeA+StableA+StableAStableAStable
France
Aa2StableAAStableAANegativeAA (high)StableAANegative
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-StableBBB-StableBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3StableBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableANegative
Mexico
Baa2StableBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1PositiveA-StableA+StableNR-NR-
South Africa
Ba2StableBB-StableBB-StableNR-BBStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBPositiveBNegativeBB (high)NegativeB-Negative
United Kingdom
Aa3StableAAStableAA-NegativeAAStableAAStable
United States
AaaNegativeAA+StableAA+StableAAAStableAANegative

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
China
Dec 05, 2023Moody'sA1, StableA1, Negative
San Marino
Dec 01, 2023DBRSBBB (low), Stable
Greece
Dec 01, 2023FitchBB+, StableBBB-, Stable
Turkey
Nov 30, 2023S&PB, StableB, Positive
Dominican Republic
Nov 29, 2023FitchBB-, StableBB-, Positive
Bulgaria
Nov 24, 2023S&PBBB, StableBBB, Positive
Czech Republic
Nov 24, 2023Moody'sAa3, StableAa3, Stable
Bolivia
Nov 22, 2023S&PB-, NegativeCCC+, Negative
Cyprus
Nov 19, 2023Scope RatingsBBB, StableBBB+, Stable
Italy
Nov 17, 2023Moody'sBaa3, NegativeBaa3, Stable
Portugal
Nov 17, 2023Moody'sBaa2, StableA3, Stable
United States
Nov 10, 2023Moody'sAaa, StableAaa, Negative
China
Nov 09, 2023DBRSA (high), NegativeA, Stable
Panama
Nov 07, 2023S&PBBB, StableBBB, Negative
El Salvador
Nov 07, 2023S&PCCC+, StableB-, Stable
Costa Rica
Nov 03, 2023Moody'sB2, StableB1, Positive
Egypt
Nov 03, 2023FitchB+, NegativeB-, Stable
Ethiopia
Nov 02, 2023FitchCCC-, N/ACC, N/A
Panama
Oct 31, 2023Moody'sBaa2, NegativeBaa3, Stable
Niger
Oct 31, 2023Moody'sCaa2, Under ReviewCaa2, 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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