Sovereign credit ratings by country: the latest data

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

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.

For all three credit rating agencies the ratings are divided into two large 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 and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings 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 rating 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 three 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 is denoted as Developing.

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

Download data / API

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