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

Choose Region
G20
Search Country
Sovereign Credit Ratings
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Australia
AaaStableAAANegativeAAANegativeAAAStableNR-
Argentina
CaStableCCC+StableCCCN/ACCCN/ANR-
Brazil
Ba2StableBB-StableBB-NegativeBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)StableA+Negative
France
Aa2StableAAStableAANegativeAA (high)StableAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBStableBBB-StableBBB (high)NegativeBBB+Negative
Japan
A1StableA+StableANegativeA (high)StableA+Negative
South Korea
Aa2StableAAStableAA-StableNR-NR-
Mexico
Baa1NegativeBBBNegativeBBB-StableBBBNegativeNR-
Russian Federation
Baa3StableBBB-StableBBBStableNR-BBBStable
India
Baa3NegativeBBB-StableBBB-NegativeBBBNegativeNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Saudi Arabia
A1NegativeA-StableANegativeNR-NR-
South Africa
Ba2NegativeBB-StableBB-NegativeNR-NR-
Turkey
B2NegativeB+StableBB-StableBB (high)NegativeBNegative
United Kingdom
Aa3StableAAStableAA-NegativeAA (high)StableAANegative
United States
AaaStableAA+StableAAANegativeAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Macao
Apr 15, 2021FitchAA NegativeAA Stable
Cameroon
Apr 12, 2021FitchB NegativeB Stable
Azerbaijan
Apr 6, 2021Moody'sBa2 StableBa2 Positive
Morocco
Apr 2, 2021S&PBBB- NegativeBB+ Stable
Suriname
Apr 1, 2021FitchC N/ARD N/A
Vietnam
Apr 1, 2021FitchBB StableBB Positive
Chile
Mar 24, 2021S&PA+ NegativeA Stable
Iraq
Mar 24, 2021FitchB- NegativeB- Stable
Mali
Mar 22, 2021Moody'sCaa1 NegativeCaa1 Stable
Bolivia
Mar 22, 2021S&PB+ StableB+ Negative
Vietnam
Mar 18, 2021Moody'sBa3 NegativeBa3 Positive
Panama
Mar 17, 2021Moody'sBaa1 NegativeBaa2 Stable
Mongolia
Mar 16, 2021Moody'sB3 NegativeB3 Stable
Serbia
Mar 12, 2021Moody'sBa3 PositiveBa2 Stable
Ethiopia
Mar 10, 2021Moody'sB2 NegativeB2 Under Review
Benin
Mar 9, 2021Moody'sB2 PositiveB1 Stable
Montenegro
Mar 5, 2021S&PB+ NegativeB Stable
Kenya
Mar 5, 2021S&PB+ NegativeB Stable
Mauritius
Mar 4, 2021Moody'sBaa1 NegativeBaa2 Negative
Georgia
Feb 26, 2021S&PBB StableBB Negative

Table Key

Grade
Moody'sS&PFitchDBRSScope Ratings
Prime
AaaAAAAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)AA+
Aa2AAAAAAAA
Aa3AA-AA-AA (low)AA-
Upper Medium Grade
A1A+A+A (high)A+
A2AAAA
A3A-A-A (low)A-
Lower Medium Grade
Baa1BBB+BBB+BBB (high)BBB+
Baa2BBBBBBBBBBBB
Baa3BBB-BBB-BBB (low)BBB-
Non-investment Grade Speculative
Ba1BB+BB+BB (high)BB+
Ba2BBBBBBBB
Ba3BB-BB-BB (low)BB-
Highly Speculative
B1B+B+B (high)B+
B2BBBB
B3B-B-B (low)B-
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCCCC
CCCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDDD
DDDD
DDDDDD
Not Rated
NRNRNRNRNR

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