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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
AaaStableAAAStableAAAStableAAAStable
Argentina
CaNegativeCCC-NegativeCCN/ACCUnder Review
Brazil
Ba2StableBB-PositiveBB-StableBB (low)Stable
Canada
AaaStableAAAStableAAAStableAAAStable
China
A1StableA+StableA+StableA (high)Negative
France
Aa2StableAAStableAAStableAAAStable
Germany
AaaStableAAAStableAAAStableAAAStable
Italy
Baa3StableBBBNegativeBBBNegativeBBB (high)Stable
Japan
A1StableA+PositiveAStableA (high)Stable
South Korea
Aa2StableAAStableAA-StableNR-
Mexico
A3NegativeBBBNegativeBBBStableBBB (high)Negative
Russian Federation
Baa3StableBBB-StableBBBStableNR-
India
Baa2NegativeBBB-StableBBB-StableBBBStable
Indonesia
Baa2StableBBBStableBBBStableNR-
Saudi Arabia
A1StableA-StableAStableNR-
South Africa
Ba1NegativeBBNegativeBBNegativeNR-
Turkey
B1NegativeB+StableBB-StableBB (high)Negative
United Kingdom
Aa2NegativeAAStableAA-NegativeAAAStable
United States
AaaStableAA+StableAAAStableAAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Nigeria
Apr 6, 2020FitchB+ NegativeB Negative
Zambia
Apr 3, 2020Moody'sCaa2 NegativeCa Stable
South Africa
Apr 3, 2020FitchBB+ NegativeBB Negative
Guatemala
Apr 3, 2020FitchBB NegativeBB- Stable
Gabon
Apr 3, 2020FitchB StableCCC N/A
Ecuador
Apr 3, 2020Moody'sCaa1 StableCaa3 Negative
Cyprus
Apr 3, 2020FitchBBB- PositiveBBB- Stable
Belgium
Apr 3, 2020FitchAA- StableAA- Negative
Armenia
Apr 3, 2020FitchBB- StableBB- Negative
Argentina
Apr 3, 2020Moody'sCaa2 Under ReviewCa Negative
Croatia
Apr 1, 2020FitchBBB- PositiveBBB- Stable
Colombia
Apr 1, 2020FitchBBB NegativeBBB- Negative
Suriname
Apr 1, 2020S&PB StableCCC+ Negative
Mauritius
Apr 1, 2020Moody'sBaa1 StableBaa1 Negative
Angola
Mar 31, 2020Moody'sB3 StableB3 Under Review
Oman
Mar 30, 2020Moody'sBa2 StableBa2 Under Review
Kuwait
Mar 30, 2020Moody'sAa2 StableAa2 Under Review
Maldives
Mar 30, 2020FitchB+ StableB Negative
United Kingdom
Mar 27, 2020FitchAA NegativeAA- Negative
South Africa
Mar 27, 2020Moody'sBaa3 NegativeBa1 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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