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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.

Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRS
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAAStableAAAStableAAAStable
Argentina
Caa2Under ReviewCCC-NegativeCCN/ACCUnder Review
Brazil
Ba2StableBB-PositiveBB-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)Negative
Russian Federation
Baa3StableBBB-StableBBBStableNR-
India
Baa2NegativeBBB-StableBBB-StableBBBStable
Indonesia
Baa2StableBBBStableBBBStableNR-
Saudi Arabia
A1StableA-StableAStableNR-
South Africa
Baa3NegativeBBNegativeBB+NegativeNR-
Turkey
B1NegativeB+StableBB-StableBB (high)Negative
United Kingdom
Aa2NegativeAAStableAANegativeAAAStable
United States
AaaStableAA+StableAAAStableAAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Suriname
Jan 16, 2020FitchB- NegativeCCC N/A
Sri Lanka
Jan 14, 2020S&PB StableB Negative
Barbados
Jan 13, 2020S&PB- StableB- Stable
Lithuania
Jan 10, 2020DBRSA StableA Positive
Laos
Jan 8, 2020Moody'sNR B3 Positive
Argentina
Jan 7, 2020S&PCC NegativeCCC- Negative
Argentina
Dec 30, 2019S&PSD NegativeCC Negative
Argentina
Dec 23, 2019FitchRD N/ACC N/A
Argentina
Dec 20, 2019S&PCCC- NegativeSD Negative
Argentina
Dec 20, 2019FitchCC N/ARD N/A
Nigeria
Dec 19, 2019FitchB+ StableB+ Negative
Mexico
Dec 19, 2019DBRSBBB (high) StableBBB (high) Negative
Vietnam
Dec 18, 2019Moody'sBa3 Under ReviewBa3 Negative
Sri Lanka
Dec 18, 2019FitchB StableB Negative
United Kingdom
Dec 17, 2019FitchAA Negative WatchAA Negative
United Kingdom
Dec 17, 2019S&PAA NegativeAA Stable
Bolivia
Dec 16, 2019S&PBB- StableBB- Negative
Macao
Dec 16, 2019FitchAA StableAA Negative
Cape Verde
Dec 13, 2019FitchB StableB Positive
Serbia
Dec 13, 2019S&PBB PositiveBB+ Positive

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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