Sovereign credit ratings by country

* indicates monthly or quarterly data series
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* indicates monthly or quarterly data series
The table shows the latest credit ratings and outlook from four major global credit rating agencies: Fitch, Moody's, S&P, and Scope. Click on the country names to see the rating history in a particular country.

Country S&P Moody's Fitch Scope
Albania B+ B1
Andorra BBB Baa1 A-
Angola CCC+ B3 B-
Argentina CCC+ Ca CCC-
Armenia BB- Ba3 BB-
Aruba BBB+ BB+
Australia AAA Aaa AAA
Austria AA+ Aa1 AA+ AAA
Azerbaijan BB+ Ba1 BB+
Bahamas B+ B1
Bahrain B+ B2 B+
Bangladesh BB- B1 BB-
Barbados B- B3 B
Belarus CC C CCC
Belgium AA Aa3 AA- AA-
Belize B- Caa2
Benin B+ B1 B+
Bermuda A+ A2
Bolivia B+ Caa1 CCC
Bosnia and Herzegovina B B3
Botswana BBB+ A3
Brazil BB- Ba2 BB
Bulgaria BBB Baa1 BBB BBB+
Burkina Faso CCC+
Cambodia B B2
Cameroon CCC+ Caa1 B
Canada AAA Aaa AA+
Cape Verde B- B-
Central African Republic AA-
Chile A+ A2 A-
China A+ A1 A+ A
Colombia BB+ Baa2 BB+
Costa Rica BB- B1 BB
Croatia BBB+ Baa2 BBB+ BBB+
Cuba Ca
Cyprus BBB Baa2 BBB BBB+
Czechia AA- Aa3 AA- AA-
Democratic Republic of the Congo B- B3
Denmark AAA Aaa AAA AAA
Dominican Republic BB- Ba3 BB-
Ecuador CCC- Caa3 CCC+
Egypt B- Caa1 B- B-
El Salvador NR Caa1 CC
Estonia AA- A1 A+ AA-
Ethiopia CCC Caa3 C
Fiji BB- B1
Finland AA+ Aa1 AA+ AA+
France AA Aa2 AA- AA
Gabon B Caa1 B-
Gambia CCC
Georgia BB Ba2 BB BB
Germany AAA Aaa AAA AAA
Ghana CCC Ca CC
Greece BBB- Ba1 BBB- BBB-
Grenada BB-
Guatemala BB Ba1 BB
Honduras BB- B1 B-
Hong Kong NR Aa3 AA-
Hungary BBB Baa2 BBB BBB
Iceland A+ A2 A
India BBB- Baa3 BBB-
Indonesia BBB Baa2 BBB
Iran B2 B+
Iraq B- Caa1 B-
Ireland AA Aa3 AA- AA-
Israel AA- A2 A+
Italy BBB Baa3 BBB BBB+
Ivory Coast Ba2 BB-
Jamaica B+ B1 BB-
Japan A+ A1 A A
Jordan BB- B1 BB-
Kazakhstan BBB- Baa2 BBB
Kenya B B3 B
Kuwait AA- A1 AA-
Kyrgyzstan NR B3
Laos Caa3 CCC-
Latvia A- A3 A- A-
Lebanon SD C RD
Lesotho B
Libya BB B
Liechtenstein AAA
Lithuania NR A2 A A
Luxembourg AAA AAA AAA AAA
Macao Aa3 AA
Madagascar B-
Malawi B-
Malaysia A- A3 BBB+
Maldives Caa1 B-
Mali B Caa2 B-
Malta A- A2 A+ A+
Mauritius BBB- Baa3
Mexico BBB Baa2 BBB-
Moldova B3 B-
Mongolia B- B3 B
Montenegro B B1
Montserrat BBB-
Morocco BB+ Ba1 BB+ BB+
Mozambique CCC+ Caa2 CCC+
Namibia B1 BB-
Netherlands AAA Aaa AAA AAA
New Zealand AA+ Aaa AA+
Nicaragua B- B2 B-
Niger Caa2
Nigeria B- Caa3 B-
North Macedonia BB- BB+
Norway AAA Aaa AAA AAA
Oman BB+ Ba1 BB+
Pakistan NR Caa3 CCC
Panama BBB Baa3 BB+
Papua New Guinea B- B2 B+
Paraguay BB+ Ba1 BB+
Peru BBB Baa1 BBB
Philippines BBB+ Baa2 BBB
Poland A- A2 A- A
Portugal A- A3 A- A-
Puerto Rico Ba1
Qatar NR Aa2 AA
Republic of the Congo B- Caa2 CCC+
Romania BBB- Baa3 BBB- BBB-
Russia CC Ca2 BBB- NR
Rwanda B+ B2 B+
Saint Vincent and the Grenadines B3
San Marino BB
Saudi Arabia A- A1 A+
Senegal B+ Ba3
Serbia BB+ Ba2 BB+ BB+
Seychelles NR BB-
Singapore Aaa Aaa AAA
Slovakia A+ A2 A- A
Slovenia NR A3 A A
Solomon Islands Caa1
South Africa BB- Ba2 BB- BB
South Korea Aa2 Aa2 AA-
Spain A Baa1 A- A-
Sri Lanka CCC Ca CCC
Suriname CCC- Caa3 C
Swaziland B3
Sweden AAA Aaa AAA AAA
Switzerland AAA Aaa AAA AAA
Taiwan AA- Aa3 AA
Tajikistan B- B3
Tanzania B1 B+
Thailand BBB+ Baa1 BBB+
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia NR Caa2 CCC-
Turkey B B3 B+ B-
Turkmenistan B+
Uganda B B2 B+
Ukraine B- Ca CC CC
United Arab Emirates AA Aa2 AA-
United Kingdom AA Aa3 AA- AA
Uruguay BBB+ Baa1 BBB
Uzbekistan BB- Ba3 BB-
Venezuela CCC- WR WD
Vietnam BB Ba2 BB+
Zambia CCC+ Ca CCC+

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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