Sovereign credit ratings by country: the latest data

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