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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
Caa2Under ReviewCCC-NegativeCCN/ACCUnder Review
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-StableAStableNR-
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
Georgia
Oct 11, 2019S&PBB- PositiveBB Stable
Cyprus
Oct 11, 2019FitchBBB- StableBBB- Positive
Ghana
Oct 10, 2019AnalystNR
Armenia
Oct 10, 2019AnalystNR
Albania
Oct 10, 2019AnalystNR
Albania
Oct 10, 2019AnalystNR
Australia
Oct 10, 2019AnalystNR
Vietnam
Oct 9, 2019Moody'sBa3 StableBa3 Under Review
Portugal
Oct 4, 2019DBRSBBB PositiveBBB (high) Stable
Morocco
Oct 4, 2019S&PBBB- NegativeBBB- Stable
Czech Republic
Oct 4, 2019Moody'sA1 PositiveAa3 Stable
Namibia
Oct 1, 2019FitchBB+ NegativeBB Stable
Lebanon
Oct 1, 2019Moody'sCaa1 StableCaa1 Under Review
Ethiopia
Oct 1, 2019FitchB StableB Negative
Saudi Arabia
Sep 30, 2019FitchA+ StableA Stable
Ukraine
Sep 27, 2019S&PB- StableB Stable
Slovakia
Sep 27, 2019Moody'sA2 PositiveA2 Stable
Serbia
Sep 27, 2019FitchBB StableBB+ Stable
Jamaica
Sep 27, 2019S&PB PositiveB+ Stable
Spain
Sep 20, 2019DBRSA StableA Positive

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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