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's		S&P		Fitch		DBRS		Scope Ratings
Country	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Argentina	Ca	Stable	CCC+	Stable	CCC	N/A	CCC	Stable	NR	-
Australia	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable	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+	Stable
France	Aa2	Stable	AA	Stable	AA	Negative	AA (high)	Stable	AA	Stable
Germany	Aaa	Stable	AAA	Stable	AAA	Stable	AAA	Stable	AAA	Stable
India	Baa3	Stable	BBB-	Stable	BBB-	Negative	BBB (low)	Stable	NR	-
Indonesia	Baa2	Stable	BBB	Negative	BBB	Stable	NR	-	NR	-
Italy	Baa3	Stable	BBB	Positive	BBB	Stable	BBB (high)	Stable	BBB+	Stable
Japan	A1	Stable	A+	Stable	A	Stable	A (high)	Stable	A	Negative
Mexico	Baa1	Negative	BBB	Negative	BBB-	Stable	BBB	Stable	NR	-
Russian Federation	Ca	Negative	NR	N/A	C	N/A	NR	-	NR	N/A
Saudi Arabia	A1	Stable	A-	Stable	A	Stable	NR	-	NR	-
South Africa	Ba2	Stable	BB-	Positive	BB-	Stable	NR	-	NR	-
South Korea	Aa2	Stable	AA	Stable	AA-	Stable	NR	-	NR	-
Turkey	B2	Negative	B+	Negative	B+	Negative	BB (high)	Negative	B-	Negative
United Kingdom	Aa3	Stable	AA	Stable	AA-	Stable	AA (high)	Stable	AA	Stable
United States	Aaa	Stable	AA+	Stable	AAA	Negative	AAA	Stable	AA	Stable

Latest Credit Changes

Country	Date	Rating Agency	Previous Rating	Current Rating
Egypt	May 26, 2022	Moody's	B2, Stable	B2, Negative
Vietnam	May 26, 2022	S&P	BB, Positive	BB+, Stable
Papua New Guinea	May 24, 2022	S&P	B-, Negative	B-, Stable
Slovakia	May 20, 2022	S&P	A+, Stable	A+, Negative
Ukraine	May 20, 2022	Moody's	Caa2, Under Review	Caa3, Negative
South Africa	May 20, 2022	S&P	BB-, Stable	BB-, Positive
Sri Lanka	May 19, 2022	Fitch	CC, N/A	RD, N/A
Seychelles	May 13, 2022	Fitch	B+, Stable	B+, Positive
Portugal	May 13, 2022	Scope Ratings	BBB+, Stable	BBB+, Positive
Burkina Faso	May 13, 2022	S&P	CCC+, Under Review	CCC+, Stable
Japan	May 06, 2022	Scope Ratings	A, Stable	A, Negative
Israel	Apr 08, 2022	Moody's	A1, Stable	A1, Positive
Russian Federation	Apr 08, 2022	S&P	CC, Negative Watch	NR, N/A
Namibia	Apr 05, 2022	Moody's	Ba3, Negative	B1, Stable
South Africa	Apr 01, 2022	Moody's	Ba2, Negative	Ba2, Stable
Oman	Apr 01, 2022	S&P	B+, Positive	BB-, Stable
Estonia	Mar 31, 2022	S&P	AA-, Positive	AA-, Stable
Tajikistan	Mar 30, 2022	Moody's	B3, Stable	B3, Under Review
Japan	Mar 25, 2022	Fitch	A, Negative	A, Stable

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

Sovereign Credit Ratings

Latest Credit Changes

Table Key

Trade With A Regulated Broker