Montenegro: Sovereign credit ratings

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Sovereign credit ratings in Montenegro: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Standard & Poor's B Positive 3/2024
Moody's B1 Stable 9/2022
Standard & Poor's B Stable 3/2021
Standard & Poor's B+ Negative 5/2020
Moody's B1 Stable 3/2020
Moody's B1 Positive 2/2019
Moody's B1 Positive 9/2018
Standard & Poor's B+ Stable 10/2017
Moody's B1 Stable 9/2017
Standard & Poor's B+ Negative 5/2016
Moody's B1 Negative 5/2016
Standard & Poor's B+ Stable 11/2014
Moody's Ba3 Negative 10/2014
Standard & Poor's BB- Negative 11/2013
Standard & Poor's BB- Stable 6/2012
Moody's Ba3 Stable 3/2011
Standard & Poor's BB Negative 3/2010
Moody's Ba3 Negative 4/2009
Moody's Ba2 Negative 12/2008
Standard & Poor's BB+ Negative 4/2008
Moody's Ba2 Stable 3/2008
Standard & Poor's BB+ Stable 3/2007
Standard & Poor's BB Positive 12/2005
Standard & Poor's BB Stable 11/2005
Standard & Poor's BB Stable 12/2004

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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