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.

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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-	Negative	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
Seychelles	Dec 18, 2020	Fitch	B+ Stable	B Stable
Peru	Dec 15, 2020	Fitch	BBB+ Stable	BBB+ Negative
Sri Lanka	Dec 11, 2020	S&P	B- Stable	CCC+ Stable
Suriname	Dec 10, 2020	Fitch	RD N/A	C N/A
Namibia	Dec 4, 2020	Moody's	Ba2 Negative	Ba3 Negative
Gabon	Dec 4, 2020	Moody's	Caa1 Positive	Caa1 Stable
Malaysia	Dec 4, 2020	Fitch	A- Negative	BBB+ Stable
Colombia	Dec 3, 2020	Moody's	Baa2 Stable	Baa2 Negative
Suriname	Dec 1, 2020	Fitch	C N/A	RD N/A
Guatemala	Dec 1, 2020	Fitch	BB- Negative Watch	BB- Stable
Sri Lanka	Nov 27, 2020	Fitch	B- Negative	CCC N/A
Guatemala	Nov 26, 2020	S&P	BB- Negative Watch	BB- Stable
Kyrgyzstan	Nov 26, 2020	Moody's	B2 Stable	B2 Negative
Panama	Nov 24, 2020	S&P	BBB+ Negative	BBB Stable
Belize	Nov 24, 2020	Moody's	Caa1 Negative	Caa3 Stable
Tunisia	Nov 23, 2020	Fitch	B Stable	B Negative
South Africa	Nov 20, 2020	Moody's	Ba1 Negative	Ba2 Negative
South Africa	Nov 20, 2020	Fitch	BB Negative	BB- Negative
Guatemala	Nov 20, 2020	S&P	BB- Stable	BB- Negative Watch
Zambia	Nov 18, 2020	Fitch	C N/A	RD N/A

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

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