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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.

Choose Region
G20
Search Country
Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRS
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAANegativeAAANegativeAAAStable
Argentina
CaNegativeSDN/ACN/ACCUnder Review
Brazil
Ba2StableBB-StableBB-NegativeBB (low)Stable
Canada
AaaStableAAAStableAAAStableAAAStable
China
A1StableA+StableA+StableA (high)Negative
France
Aa2StableAAStableAANegativeAAANegative
Germany
AaaStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBNegativeBBB-StableBBB (high)Negative
Japan
A1StableA+PositiveAStableA (high)Stable
South Korea
Aa2StableAAStableAA-StableNR-
Mexico
Baa1NegativeBBBNegativeBBB-StableBBBNegative
Russian Federation
Baa3StableBBB-StableBBBStableNR-
India
Baa2NegativeBBB-StableBBB-StableBBBNegative
Indonesia
Baa2StableBBBNegativeBBBStableNR-
Saudi Arabia
A1NegativeA-StableAStableNR-
South Africa
Ba1NegativeBB-StableBBNegativeNR-
Turkey
B1NegativeB+StableBB-StableBB (high)Negative
United Kingdom
Aa2NegativeAAStableAA-NegativeAAANegative
United States
AaaStableAA+StableAAAStableAAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Iceland
May 22, 2020FitchA StableA Negative
Namibia
May 22, 2020Moody'sBa2 StableBa2 Negative
Lithuania
May 22, 2020DBRSA PositiveA Stable
Latvia
May 22, 2020DBRSA (low) PositiveA (low) Stable
Trinidad and Tobago
May 22, 2020Moody'sBa1 StableBa1 Negative
Australia
May 21, 2020FitchAAA StableAAA Negative
India
May 21, 2020DBRSBBB StableBBB Negative
Maldives
May 21, 2020Moody'sB2 NegativeB3 Negative
Sri Lanka
May 20, 2020S&PB NegativeB- Stable
United Kingdom
May 15, 2020DBRSAAA StableAAA Negative
Ireland
May 15, 2020DBRSA (high) PositiveA (high) Stable
Cyprus
May 15, 2020DBRSBBB (low) PositiveBBB (low) Stable
Macedonia
May 15, 2020FitchBB+ StableBB+ Negative
France
May 15, 2020FitchAA StableAA Negative
Austria
May 15, 2020FitchAA+ PositiveAA+ Stable
Laos
May 15, 2020FitchB- StableB- Negative
Pakistan
May 14, 2020Moody'sB3 StableB3 Under Review
Belize
May 12, 2020Moody'sB3 StableCaa1 Negative
Tunisia
May 12, 2020FitchB+ NegativeB Stable
Italy
May 8, 2020DBRSBBB (high) StableBBB (high) Negative

Table Key

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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