Sovereign credit ratings by country: the latest data

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 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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Country	Standard & Poor's	Moody's	Fitch	Scope
Albania	B+	B1
Andorra	BBB	Baa2	A-
Angola	CCC+	B3	B-
Argentina	CCC+	Ca	CCC-
Armenia	B+	Ba3	B+
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-	Ba3	BB-
Barbados	B-	Caa1	B
Belarus	CC	Ca	CCC
Belgium	AA	Aa3	AA-	AA-
Belize	B-	Caa2
Benin	B+	B1	B+
Bermuda	A+	A2
Bolivia	B+	B2	B
Bosnia and Herzegovina	B	B3
Botswana	BBB+	A3
Brazil	BB-	Ba2	BB-
Bulgaria	BBB	Baa1	BBB	BBB+
Burkina Faso	CCC+
Cambodia	B	B2
Cameroon	B-	B2	B
Canada	AAA	Aaa	AA+
Cape Verde	B-		B-
Chile	A+	A2	A-
China	A+	A1	A+	A+
Colombia	BBB-	Baa2	BB+
Costa Rica	B+	B2	B
Croatia	NR	Baa2	BBB+	BBB+
Cuba		Ca
Cyprus	BBB-	Ba1	BBB-	BBB
Czechia	AA-	Aa3	AA-	AA
Democratic Republic of the Congo	B-	B3
Denmark	AAA	Aaa	AAA	AAA
Dominican Republic	BB-	BB-	BB-
Ecuador	CCC-	Caa3	B-
Egypt	B	B3	B+
El Salvador	NR	Caa3	CC
Estonia	AA-	A1	AA-	AA-
Ethiopia	CCC	Caa2	CCC
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	BB-	Ba3	BB+	BB+
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-	A1	AA-	AA-
Israel	AA-	A1	A+
Italy	BBB	Baa3	BBB	BBB+
Ivory Coast		Ba3	BB-
Jamaica	B+	B2	B+
Japan	A+	A1	A	A
Jordan	BB-	B1	BB-
Kazakhstan	BBB-	Baa2	BBB
Kenya	B	B2	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		Baa3
Mexico	BBB	Baa2	BBB-
Moldova		B3	B-
Mongolia	B-	B3	B
Montenegro	B	B1
Montserrat	BBB-
Morocco	BB+	Ba1	BB+
Mozambique	CCC+	Caa2	CCC+
Namibia		B1	BB-
Netherlands	AAA	Aaa	AAA	AAA
New Zealand	AA+	Aaa	AA+
Nicaragua	B-	B3	B-
Niger		B3
Nigeria	B-	Caa1	B-
North Macedonia	BB-		BB+
Norway	AAA	Aaa	AAA	AAA
Oman	B+	Ba3	BB
Pakistan	NR	Caa1	CCC-
Panama	BBB	Baa2	BBB-
Papua New Guinea	B-	B2	B+
Paraguay	BB	Ba1	BB+
Peru	BBB	Baa1	BBB
Philippines	BBB+	Baa2	BBB
Poland	A-	A2	A-	A+
Portugal	BBB	Baa2	BBB+	BBB+
Puerto Rico		Ba1
Qatar	NR	Aa3	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		B3
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		B2
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	Baa2	BBB-
USA	AA+	Aaa	AAA	AA
Uzbekistan	BB-	Ba3	BB-
Venezuela	CCC-	WR	WD
Vietnam	BB	Ba2	BB
Zambia	CCC+	Ca	C