Luxembourg Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Luxembourg	Aaa Stable	AAA Stable	AAA Stable	AAA Stable	AAA Stable

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Luxembourg	Oct 19, 2018	Scope Ratings	NR		AAA	Stable
Luxembourg	Dec 16, 2016	DBRS	NR		AAA	Stable
Luxembourg	Feb 28, 2014	Moody's	Aaa	Negative	Aaa	Stable
Luxembourg	Jan 14, 2013	S&P	AAA	Negative	AAA	Stable
Luxembourg	Jul 23, 2012	Moody's	Aaa	Stable	Aaa	Negative
Luxembourg	Jan 13, 2012	S&P	AAA	Negative Watch	AAA	Negative
Luxembourg	Dec 05, 2011	S&P	AAA	Stable	AAA	Negative Watch
Luxembourg	Sep 21, 2000	Fitch	AAA	—	AAA	Stable
Luxembourg	Aug 10, 1994	Fitch	NR		AAA	—
Luxembourg	Apr 28, 1994	S&P	NR		AAA	Stable
Luxembourg	Sep 20, 1989	Moody's	NR		Aaa	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 Luxembourg’s current credit rating?

Luxembourg’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Luxembourg’s credit risk.

Has Luxembourg’s credit rating changed recently?

This page lists the latest rating and outlook actions for Luxembourg, showing when each agency last reviewed or changed its assessment.

Why does Luxembourg’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Luxembourg's bond yields, currency, and equity flows as investors reassess risk.

How does Luxembourg’s rating compare to other countries?

You can explore how Luxembourg ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.