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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's | S&P | Fitch | DBRS | |||||
|---|---|---|---|---|---|---|---|---|
Country | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook |
Australia | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
Argentina | Ca | Negative | CCC- | Negative | CC | N/A | CC | Under Review |
Brazil | Ba2 | Stable | BB- | Positive | BB- | Stable | BB (low) | Stable |
Canada | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
China | A1 | Stable | A+ | Stable | A+ | Stable | A (high) | Negative |
France | Aa2 | Stable | AA | Stable | AA | Stable | AAA | Stable |
Germany | Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable |
Italy | Baa3 | Stable | BBB | Negative | BBB | Negative | BBB (high) | Stable |
Japan | A1 | Stable | A+ | Positive | A | Stable | A (high) | Stable |
South Korea | Aa2 | Stable | AA | Stable | AA- | Stable | NR | - |
Mexico | A3 | Negative | BBB | Negative | BBB | Stable | BBB (high) | Negative |
Russian Federation | Baa3 | Stable | BBB- | Stable | BBB | Stable | NR | - |
India | Baa2 | Negative | BBB- | Stable | BBB- | Stable | BBB | Stable |
Indonesia | Baa2 | Stable | BBB | Stable | BBB | Stable | NR | - |
Saudi Arabia | A1 | Stable | A- | Stable | A | Stable | NR | - |
South Africa | Ba1 | Negative | BB | Negative | BB | Negative | NR | - |
Turkey | B1 | Negative | B+ | Stable | BB- | Stable | BB (high) | Negative |
United Kingdom | Aa2 | Negative | AA | Stable | AA- | Negative | AAA | Stable |
United States | Aaa | Stable | AA+ | Stable | AAA | Stable | AAA | Stable |
Latest Credit Changes
Country | Date | Rating Agency | Previous Rating | Current Rating |
|---|---|---|---|---|
Nigeria | Apr 6, 2020 | Fitch | B+ Negative | B Negative |
Zambia | Apr 3, 2020 | Moody's | Caa2 Negative | Ca Stable |
South Africa | Apr 3, 2020 | Fitch | BB+ Negative | BB Negative |
Guatemala | Apr 3, 2020 | Fitch | BB Negative | BB- Stable |
Gabon | Apr 3, 2020 | Fitch | B Stable | CCC N/A |
Ecuador | Apr 3, 2020 | Moody's | Caa1 Stable | Caa3 Negative |
Cyprus | Apr 3, 2020 | Fitch | BBB- Positive | BBB- Stable |
Belgium | Apr 3, 2020 | Fitch | AA- Stable | AA- Negative |
Armenia | Apr 3, 2020 | Fitch | BB- Stable | BB- Negative |
Argentina | Apr 3, 2020 | Moody's | Caa2 Under Review | Ca Negative |
Croatia | Apr 1, 2020 | Fitch | BBB- Positive | BBB- Stable |
Colombia | Apr 1, 2020 | Fitch | BBB Negative | BBB- Negative |
Suriname | Apr 1, 2020 | S&P | B Stable | CCC+ Negative |
Mauritius | Apr 1, 2020 | Moody's | Baa1 Stable | Baa1 Negative |
Angola | Mar 31, 2020 | Moody's | B3 Stable | B3 Under Review |
Oman | Mar 30, 2020 | Moody's | Ba2 Stable | Ba2 Under Review |
Kuwait | Mar 30, 2020 | Moody's | Aa2 Stable | Aa2 Under Review |
Maldives | Mar 30, 2020 | Fitch | B+ Stable | B Negative |
United Kingdom | Mar 27, 2020 | Fitch | AA Negative | AA- Negative |
South Africa | Mar 27, 2020 | Moody's | Baa3 Negative | Ba1 Negative |
Table Key
Grade | Moody's | S&P | Fitch | DBRS |
|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) |
| Aa2 | AA | AA | AA | |
| Aa3 | AA- | AA- | AA (low) | |
Upper Medium Grade | A1 | A+ | A+ | A (high) |
| A2 | A | A | A | |
| A3 | A- | A- | A (low) | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) |
| Baa2 | BBB | BBB | BBB | |
| Baa3 | BBB- | BBB- | BBB (low) | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) |
| Ba2 | BB | BB | BB | |
| Ba3 | BB- | BB- | BB (low) | |
Highly Speculative | B1 | B+ | B+ | B (high) |
| B2 | B | B | B | |
| B3 | B- | B- | B (low) | |
Substantial Risks | Caa1 | CCC+ | CCC+ | CCC |
| Caa2 | CCC | CCC | CCC | |
| Caa3 | CCC- | CCC- | CCC | |
Extremely Speculative | Ca | CC | CC | CCC |
| C | CCC | |||
In Default with Little Prospect for Recovery | CD | RD | RD | |
In Default | SD | SD | ||
| C | D | D | D | |
| DD | DD | |||
| DDD | DDD | |||
Not Rated | NR | NR | NR | NR |
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