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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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G20
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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCCStableCCN/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2StableBBStableBBStableBBStableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1NegativeA+StableA+NegativeAStableAStable
France
Aa2StableAAStableAANegativeAA (high)StableAANegative
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-StableBBB-StableBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3StableBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableAStable
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
B3StableBPositiveB+PositiveBB (high)NegativeB-Stable
United Kingdom
Aa3StableAAStableAA-StableAAStableAAStable
United States
AaaNegativeAA+StableAA+StableAAAStableAANegative

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Estonia
Apr 19, 2024Scope RatingsAA-, NegativeA+, Stable
Israel
Apr 18, 2024S&PAA-, NegativeA+, Negative
Guatemala
Apr 18, 2024S&PBB, StableBB, Positive
Egypt
Apr 12, 2024Scope RatingsB-, NegativeB-, Stable
China
Apr 09, 2024FitchA+, StableA+, Negative
Namibia
Apr 05, 2024Moody'sB1, StableB1, Positive
Serbia
Apr 05, 2024S&PBB+, StableBB+, Positive
Israel
Apr 02, 2024FitchA+, Negative WatchA+, Negative
Morocco
Mar 29, 2024S&PBB+, StableBB+, Positive
Oman
Mar 29, 2024S&PBB+, StableBB+, Positive
Spain
Mar 28, 2024Scope RatingsA-, StableA-, Positive
Japan
Mar 28, 2024Scope RatingsA, NegativeA, Stable
Panama
Mar 28, 2024FitchBBB-, NegativeBB+, Stable
Georgia
Mar 26, 2024Moody'sBa2, StableBa2, Stable
Tanzania
Mar 22, 2024Moody'sB2, StableB1, Stable
Albania
Mar 22, 2024S&PB+, PositiveBB-, Stable
Ireland
Mar 22, 2024DBRSAA (low), StableAA (low), Positive
Cameroon
Mar 22, 2024S&PSD, N/AB-, Stable
Tunisia
Mar 22, 2024Moody'sCaa2, NegativeCaa2, Stable
United Kingdom
Mar 22, 2024FitchAA-, NegativeAA-, Stable

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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