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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+NegativeCCC-N/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2StableBB-StableBB-StableBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)NegativeA+Negative
France
Aa2StableAAStableAANegativeAA (high)StableAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-StableBBB-StableBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3NegativeBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableANegative
Mexico
Baa2StableBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1StableA-StableAStableNR-NR-
South Africa
Ba2StableBB-PositiveBB-StableNR-BB+Stable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBStableBNegativeBB (high)NegativeB-Negative
United Kingdom
Aa3StableAANegativeAA-NegativeAAStableAAStable
United States
AaaStableAA+StableAAAStableAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Peru
Jan 31, 2023Moody'sBaa1, StableBaa1, Negative
Hungary
Jan 27, 2023S&PBBB, NegativeBBB-, Stable
Greece
Jan 27, 2023FitchBB, PositiveBB+, Stable
Tunisia
Jan 27, 2023Moody'sCaa1, Under ReviewCaa2, Negative
Rwanda
Jan 27, 2023S&PB+, NegativeB+, Stable
Georgia
Jan 27, 2023FitchBB, StableBB, Positive
Nigeria
Jan 27, 2023Moody'sB2, StableCaa1, Stable
Uzbekistan
Jan 20, 2023Moody'sB1, PositiveBa3, Stable
Hungary
Jan 20, 2023FitchBBB, StableBBB, Negative
United Kingdom
Jan 13, 2023DBRSAA (high), Under ReviewAA, Stable
Pakistan
Dec 22, 2022S&PB-, NegativeCCC+, Stable
Ghana
Dec 21, 2022FitchCC, N/AC, N/A
Ethiopia
Dec 20, 2022FitchCCC, N/ACCC-, N/A
Ghana
Dec 20, 2022S&PCC, NegativeSD, N/A
Dominican Republic
Dec 19, 2022S&PBB-, StableBB, Stable
Colombia
Dec 16, 2022FitchBB+, StableBB+, Stable
Kenya
Dec 14, 2022FitchB+, NegativeB, Stable
Peru
Dec 12, 2022S&PBBB, StableBBB, Negative
Bangladesh
Dec 09, 2022Moody'sBa3, StableBa3, Under Review
Cyprus
Dec 09, 2022Scope RatingsBBB-, PositiveBBB, 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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