Sovereign Credit Ratings

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Kuwait	A1 Stable	AA- Stable	AA- Stable	NR	NR

Latest Credit Changes

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Kuwait	Nov 21, 2025	S&P	A+	Stable	AA-	Stable
Kuwait	Jul 15, 2022	S&P	A+	Negative	A+	Stable
Kuwait	Jan 27, 2022	Fitch	AA	Negative	AA-	Stable
Kuwait	Jul 16, 2021	S&P	AA-	Negative	A+	Negative
Kuwait	Feb 02, 2021	Fitch	AA	Stable	AA	Negative
Kuwait	Sep 22, 2020	Moody's	Aa2	Under Review	A1	Stable
Kuwait	Jul 17, 2020	S&P	AA-	Stable	AA-	Negative
Kuwait	Mar 30, 2020	Moody's	Aa2	Stable	Aa2	Under Review
Kuwait	Mar 26, 2020	S&P	AA	Stable	AA-	Stable
Kuwait	May 26, 2017	Moody's	Aa2	Negative	Aa2	Stable
Kuwait	May 14, 2016	Moody's	Aa2	Negative Watch	Aa2	Negative
Kuwait	Mar 04, 2016	Moody's	Aa2	Stable	Aa2	Negative Watch
Kuwait	Nov 21, 2011	Fitch	AA	Stable	AA	Stable
Kuwait	Jul 20, 2011	S&P	AA-	Stable	AA	Stable
Kuwait	Aug 05, 2010	Moody's	Aa2	Negative	Aa2	Stable
Kuwait	Jun 09, 2009	Moody's	Aa2	Negative Watch	Aa2	Negative
Kuwait	Mar 19, 2009	Moody's	Aa2	Stable	Aa2	Negative Watch
Kuwait	Sep 04, 2008	Fitch	AA-	Stable	AA	Stable
Kuwait	Jul 25, 2007	Moody's	Aa3	Stable	Aa2	Stable
Kuwait	Jul 16, 2007	S&P	A+	Stable	AA-	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 Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			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

FAQ

What is a sovereign credit rating?

A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.

Which agencies provide sovereign credit ratings?

The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.

What do outlooks mean in credit ratings?

A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.

How often are sovereign ratings updated?

There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.

Where can I find historical sovereign ratings?

You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.

What is the difference between investment grade and speculative grade?

Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.