Sovereign credit ratings by country: the latest data

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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 BBB+
Angola CCC+ Caa1 B-
Argentina CCC+ Ca CCC
Armenia B+ Ba3 B+
Aruba BBB+ BB
Australia AAA AAA AAA
Austria AA+ Aa1 AA+ AAA
Azerbaijan BB+ Ba2 BB+
Bahamas B+ Ba3
Bahrain B+ B2 B+
Bangladesh BB- Ba3 BB-
Barbados B- Caa1
Belarus CC Ca CCC
Belgium AA Aa3 AA- AA-
Belize B- Caa3
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+ A1 A-
China A+ A1 A+ A+
Colombia BBB- Baa2 BB+
Costa Rica B B2 B
Croatia NR Ba1 BBB BBB-
Cuba Ca
Cyprus BBB- Ba1 BBB- BBB-
Czechia AA- Aa3 AA- AA
Democratic Republic of the Congo B- Caa1
Denmark AAA Aaa AAA AAA
Dominican Republic BB- BB- BB-
Ecuador CCC- Caa3 B-
Egypt B B2 B+
El Salvador NR Caa1 B-
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 B- Caa1 B-
Greece BB- B1 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- A2 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 Caa2 CCC
Latvia NR 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 Baa2
Mexico BBB+ Baa1 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- B2 B
North Macedonia BB- BB+
Norway AAA Aaa AAA AAA
Oman B+ Ba3 BB-
Pakistan NR B3 B-
Panama BBB Baa2 BBB-
Papua New Guinea B- B2 B+
Paraguay BB Ba1 BB+
Peru BBB Baa1 B+
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+
Seychelles NR B+
Singapore Aaa Aaa AAA
Slovakia NR A2 A A+
Slovenia NR A A A
Solomon Islands B3
South Africa BB- Ba2 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 Caa1 CCC
Turkey B+ B2 B+ B-
Turkmenistan B+
Uganda B B2 B+
Ukraine B- Caa2 CCC CCC
United Arab Emirates AA Aa2 AA-
United Kingdom AA B3 AA- AA
Uruguay BBB Baa2 BBB-
Uzbekistan BB- B1 BB-
Venezuela CCC- WR WD
Vietnam BB Ba3 BB
Zambia CCC+ CCC- C
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