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 long-term foreign-currency ratings issued by the largest credit agencies.

Choose Region

G20

Search Country

Sovereign Credit Ratings

See Table Key

	Moody's		S&P		Fitch		DBRS		Scope Ratings
Country	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Australia	Aaa	Stable	AAA	Negative	AAA	Negative	AAA	Stable	NR	-
Argentina	Ca	Stable	CCC+	Stable	CCC	N/A	CCC	N/A	NR	-
Brazil	Ba2	Stable	BB-	Stable	BB-	Negative	BB (low)	Stable	NR	-
Canada	Aaa	Stable	AAA	Stable	AA+	Stable	AAA	Stable	NR	-
China	A1	Stable	A+	Stable	A+	Stable	A (high)	Stable	A+	Negative
France	Aa2	Stable	AA	Stable	AA	Negative	AA (high)	Stable	AA	Stable
Germany	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable	AAA	Stable
Italy	Baa3	Stable	BBB	Stable	BBB-	Stable	BBB (high)	Negative	BBB+	Negative
Japan	A1	Stable	A+	Stable	A	Negative	A (high)	Stable	A+	Negative
South Korea	Aa2	Stable	AA	Stable	AA-	Stable	NR	-	NR	-
Mexico	Baa1	Negative	BBB	Negative	BBB-	Stable	BBB	Negative	NR	-
Russian Federation	Baa3	Stable	BBB-	Stable	BBB	Stable	NR	-	BBB	Stable
India	Baa3	Negative	BBB-	Stable	BBB-	Negative	BBB	Negative	NR	-
Indonesia	Baa2	Stable	BBB	Negative	BBB	Stable	NR	-	NR	-
Saudi Arabia	A1	Negative	A-	Stable	A	Negative	NR	-	NR	-
South Africa	Ba2	Negative	BB-	Stable	BB-	Negative	NR	-	NR	-
Turkey	B2	Negative	B+	Stable	BB-	Stable	BB (high)	Negative	B	Negative
United Kingdom	Aa3	Stable	AA	Stable	AA-	Negative	AA (high)	Stable	AA	Negative
United States	Aaa	Stable	AA+	Stable	AAA	Negative	AAA	Stable	AA	Stable

Latest Credit Changes

Country	Date	Rating Agency	Previous Rating	Current Rating
Macao	Apr 15, 2021	Fitch	AA Negative	AA Stable
Cameroon	Apr 12, 2021	Fitch	B Negative	B Stable
Azerbaijan	Apr 6, 2021	Moody's	Ba2 Stable	Ba2 Positive
Morocco	Apr 2, 2021	S&P	BBB- Negative	BB+ Stable
Suriname	Apr 1, 2021	Fitch	C N/A	RD N/A
Vietnam	Apr 1, 2021	Fitch	BB Stable	BB Positive
Chile	Mar 24, 2021	S&P	A+ Negative	A Stable
Iraq	Mar 24, 2021	Fitch	B- Negative	B- Stable
Mali	Mar 22, 2021	Moody's	Caa1 Negative	Caa1 Stable
Bolivia	Mar 22, 2021	S&P	B+ Stable	B+ Negative
Vietnam	Mar 18, 2021	Moody's	Ba3 Negative	Ba3 Positive
Panama	Mar 17, 2021	Moody's	Baa1 Negative	Baa2 Stable
Mongolia	Mar 16, 2021	Moody's	B3 Negative	B3 Stable
Serbia	Mar 12, 2021	Moody's	Ba3 Positive	Ba2 Stable
Ethiopia	Mar 10, 2021	Moody's	B2 Negative	B2 Under Review
Benin	Mar 9, 2021	Moody's	B2 Positive	B1 Stable
Montenegro	Mar 5, 2021	S&P	B+ Negative	B Stable
Kenya	Mar 5, 2021	S&P	B+ Negative	B Stable
Mauritius	Mar 4, 2021	Moody's	Baa1 Negative	Baa2 Negative
Georgia	Feb 26, 2021	S&P	BB Stable	BB Negative

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risks	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative	Ca	CC	CC	CCC	CC
Extremely Speculative			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

Sovereign Credit Ratings

Latest Credit Changes

Table Key

Trade With A Regulated Broker