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