Montenegro Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Montenegro	Ba2 Positive	B+ Positive	NR —	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Montenegro	Sep 25, 2026	Moody's	Ba3	Positive	Ba2	Positive
Montenegro	Mar 13, 2026	Moody's	Ba3	Stable	Ba3	Positive
Montenegro	Feb 27, 2026	S&P	B+	Stable	B+	Positive
Montenegro	Sep 27, 2024	Moody's	B1	Stable	Ba3	Stable
Montenegro	Aug 30, 2024	S&P	B	Positive	B+	Stable
Montenegro	Mar 01, 2024	S&P	B	Stable	B	Positive
Montenegro	Mar 05, 2021	S&P	B+	Negative	B	Stable
Montenegro	May 01, 2020	S&P	B+	Stable	B+	Negative
Montenegro	Mar 06, 2020	Moody's	B1	Positive	B1	Stable
Montenegro	Sep 21, 2018	Moody's	B1	Stable	B1	Positive
Montenegro	Oct 06, 2017	S&P	B+	Negative	B+	Stable
Montenegro	Sep 29, 2017	Moody's	B1	Negative	B1	Stable
Montenegro	May 14, 2016	Moody's	Ba3	Negative	B1	Negative
Montenegro	May 13, 2016	S&P	B+	Stable	B+	Negative
Montenegro	Nov 14, 2014	S&P	BB-	Negative	B+	Stable
Montenegro	Oct 31, 2014	Moody's	Ba3	Stable	Ba3	Negative
Montenegro	Nov 29, 2013	S&P	BB-	Stable	BB-	Negative
Montenegro	Jun 13, 2012	S&P	BB+	Negative	BB-	Stable
Montenegro	Mar 30, 2011	Moody's	Ba3	Negative	Ba3	Stable
Montenegro	Apr 30, 2009	Moody's	Ba2	Negative	Ba3	Negative

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	CC	CC
Extremely Speculative Grade			C	CC	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 Montenegro’s current credit rating?

Montenegro’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 Montenegro’s credit risk.

Has Montenegro’s credit rating changed recently?

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

Why does Montenegro’s credit rating matter to investors?

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

How does Montenegro’s rating compare to other countries?

You can explore how Montenegro 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.