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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's | S&P | Fitch | DBRS | Scope Ratings | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Country | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook | Rating | Outlook |
| Caa1 | Stable | CCC+ | Stable | CCC+ | N/A | B (low) | Stable | NR | - | |
| Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable | NR | - | |
| Ba1 | Stable | BB | Stable | BB | Stable | BB | Stable | NR | - | |
| Aaa | Stable | AAA | Stable | AA+ | Stable | AAA | Stable | NR | - | |
| A1 | Negative | A+ | Stable | A | Stable | A | Stable | A | Stable | |
| Aa3 | Stable | A+ | Negative | AA- | Negative | AA (high) | Negative | AA- | Negative | |
| Aaa | Stable | AAA | Stable | AAA | Stable | AAA | Stable | AAA | Stable | |
| Baa3 | Stable | BBB | Stable | BBB- | Stable | BBB | Stable | NR | - | |
| Baa2 | Stable | BBB | Negative | BBB | Stable | NR | - | NR | - | |
| Baa2 | Stable | BBB+ | Stable | BBB | Positive | BBB (high) | Positive | BBB+ | Positive | |
| A1 | Stable | A+ | Stable | A | Stable | A (high) | Stable | A | Stable | |
| Baa2 | Negative | BBB | Stable | BBB- | Stable | BBB | Stable | NR | - | |
| Ca | Negative | NR | N/A | C | N/A | NR | - | NR | N/A | |
| A1 | Positive | A+ | Stable | A+ | Stable | NR | - | NR | - | |
| Ba2 | Stable | BB | Positive | BB- | Stable | NR | - | BB | Stable | |
| Aa2 | Stable | AA | Stable | AA- | Stable | NR | - | NR | - | |
| Ba3 | Stable | B | Positive | B+ | Positive | BB (high) | Negative | BB- | Stable | |
| Aa3 | Stable | AA | Stable | AA- | Stable | AA | Stable | AA | Stable | |
| Aaa | Negative | AA+ | Stable | AA+ | Stable | AAA | Stable | AA- | Stable | |
Latest Credit Changes
Country | Date | Rating Agency | Previous Rating | Current Rating |
|---|---|---|---|---|
| Dec 22, 2025 | Fitch | RD, N/A | CCC, N/A | |
| Dec 19, 2025 | S&P | BB-, Positive | BB-, Stable | |
| Dec 19, 2025 | Fitch | B-, Stable | CCC-, N/A | |
| Dec 19, 2025 | Moody's | B1, Positive | Ba3, Stable | |
| Dec 18, 2025 | S&P | BB, Positive | BB, Stable | |
| Dec 17, 2025 | S&P | BB+, Positive | BBB-, Stable | |
| Dec 17, 2025 | S&P | CCC, Stable | CCC+, Stable | |
| Dec 16, 2025 | Fitch | BB+, Negative | BB, Stable | |
| Dec 12, 2025 | Moody's | Ba2, Stable | Ba2, Negative | |
| Dec 12, 2025 | DBRS | BBB (low), Stable | BBB (low), Positive | |
| Dec 12, 2025 | Fitch | BB-, Stable | BB, Stable | |
| Dec 12, 2025 | Fitch | BB+, Positive | BBB-, Positive | |
| Dec 08, 2025 | Fitch | BB+, Positive | BBB-, Stable | |
| Dec 05, 2025 | Fitch | BBB, Negative | BBB, Negative | |
| Dec 03, 2025 | Moody's | Caa3, Stable | Caa2, Stable | |
| Nov 28, 2025 | Fitch | RD, N/A | B-, Stable | |
| Nov 27, 2025 | Moody's | Caa2, Under Review | Caa2, Stable | |
| Nov 21, 2025 | Fitch | BB, Stable | BB, Stable | |
| Nov 21, 2025 | Moody's | Baa3, Positive | Baa2, Stable | |
| Nov 21, 2025 | Fitch | A-, Stable | A-, Positive |
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 |
| 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 |