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Sovereign Credit Ratings | FX Empire

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.

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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCCStableCCN/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2PositiveBBStableBBStableBBStableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1NegativeA+StableA+NegativeAStableAStable
France
Aa2StableAA-StableAANegativeAA (high)StableAANegative
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-PositiveBBB-StableBBB (low)PositiveNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3StableBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableAStable
Mexico
Baa2StableBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1PositiveA-StableA+StableNR-NR-
South Africa
Ba2StableBB-StableBB-StableNR-BBStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBPositiveB+PositiveBB (high)NegativeBPositive
United Kingdom
Aa3StableAAStableAA-StableAAStableAAStable
United States
AaaNegativeAA+StableAA+StableAAAStableAANegative

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Greece
Jul 12, 2024Scope RatingsBBB-, StableBBB-, Positive
Kenya
Jul 08, 2024Moody'sB3, Under ReviewCaa1, Negative
Azerbaijan
Jul 05, 2024Moody'sBa1, StableBa1, Positive
Turkey
Jun 28, 2024Scope RatingsB-, PositiveB, Positive
Colombia
Jun 27, 2024Moody'sBaa2, StableBaa2, Negative
Maldives
Jun 26, 2024FitchB-, NegativeCCC+, N/A
Georgia
Jun 21, 2024FitchBB, PositiveBB, Stable
Zambia
Jun 14, 2024Moody'sCa, StableCaa2, Stable
Trinidad and Tobago
Jun 14, 2024Moody'sBa2, PositiveBa2, Stable
Cyprus
Jun 14, 2024S&PBBB, PositiveBBB+, Positive
Gabon
Jun 14, 2024Moody'sCaa1, NegativeCaa2, Stable
Cyprus
Jun 07, 2024FitchBBB, StableBBB+, Positive
France
May 31, 2024S&PAA, StableAA-, Stable
Nicaragua
May 30, 2024FitchB-, PositiveB, Stable
India
May 29, 2024S&PBBB-, StableBBB-, Positive
Bangladesh
May 27, 2024FitchBB-, NegativeB+, Stable
Cyprus
May 24, 2024Moody'sBaa2, StableBaa2, Positive
El Salvador
May 23, 2024Moody'sCaa3, StableCaa1, Stable
Cape Verde
May 21, 2024FitchB-, StableB, Stable
Uganda
May 17, 2024Moody'sB2, NegativeB3, Stable

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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