List of countries by credit rating

This is a list of countries by credit rating, showing long-term foreign currency credit ratings for sovereign bonds as reported by the three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The ratings of DBRS, Scope, China Chengxin, Dagong and JCR are also included. The list also includes all country subdivisions issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing sub-sovereign bonds.

Countries' and regions' ratings in different methods

Standard & Poor's

Countries by Standard & Poor's Foreign Rating
Countries and regions by Standard & Poor's Foreign Rating

For S&P, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[1]

Country/Region Rating Outlook Date Ref.
 Abu Dhabi, UAE AA Stable 2012-02-20 [2]
 Albania B+ Stable 2012-02-20 [2]
 Andorra BBB- Stable 2016-07-29 [2]
 Angola B- Stable 2016-08-12 [2]
 Argentina B Stable 2018-11-13 [3]
 Aruba BBB+ Positive 2016-06-06 [2]
 Australia AAA Stable 2016-07-06 [2]
 Austria AA+ Stable 2013-01-29 [2]
 Azerbaijan BB+ Negative 2016-07-29 [2]
 Bahamas BB+ Stable 2016-12-20 [2]
 Bahrain BB- Stable 2016-12-09 [2]
 Bangladesh BB- Stable 2010-04-05 [2]
 Barbados CCC+ Negative 2017-03 [2]
 Belarus B Stable 2017-10-06 [2]
 Belgium AA Stable 2018-04-04 [4]
 Belize B- Negative 2017-03-23 [2]
 Bermuda A+ Stable 2015-04-28 [2]
 Bolivia BB Stable 2014-05-16 [2]
 Bosnia and Herzegovina B Stable 2012-03-28 [2]
 Botswana A- Stable 2016-04-29 [2]
 Brazil BB- Stable 2018-01-11 [5]
 Bulgaria BBB- Positive 2018-06-01 [2]
 Burkina Faso B- Positive 2016-05-27 [4]
 Cameroon B Stable 2012-02-20 [4]
 Canada AAA Stable 2002-07-29 [4]
 Cape Verde B Negative 2016-10-07 [4]
 Chile A+ Stable 2017-07-13 [6]
 China A+ Stable 2017-09-21 [7]
 Colombia BBB Negative 2016-02-16 [4]
 Congo, D. R. B- Negative 2016-02-05 [4]
 Congo, Republic B- Stable 2016-08-09 [4]
 Cook Islands B+ Stable 2011-12-14 [4]
 Costa Rica BB- Negative 2016-02-25 [4]
 Croatia BBB- Stable 2019-03-22 [8]
 Curacao A- Stable 2013-06-14 [4]
 Cyprus BBB- Stable 2018-09-14 [4]
 Czech Republic AA- Stable 2011-08-24 [4]
 Denmark AAA Stable 2001-02-27 [4]
 Dominican Republic BB- Stable 2015-05-20 [4]
 Ecuador B- Stable 2017-06-29 [4]
 Egypt B Stable 2016-11-11 [4][9]
 El Salvador B- Negative 2016-12-08 [4]
 Estonia AA- Stable 2012-10-19 [4][10]
 Ethiopia B Stable 2014-05-09 [4]
 European Union AA Stable 2016-06-30 [4]
 Fiji B+ Stable 2015-05-01 [4]
 Finland AA+ Stable 2016-09-16 [4]
 France AA Stable 2016-10-21 [4]
 Georgia BB- Stable 2011-11-22 [4]
 Germany AAA Stable 2012-01-13 [4]
 Ghana B- Stable 2014-10-24 [4]
 Greece B+ Positive 2018-07-20 [4][11]
 Guatemala BB Negative 2016-10-27 [4]
 Guernsey AA- Stable 2016-07-08 [4]
 Honduras B+ Positive 2016-07-18 [4]
 Hong Kong AA+ Stable 2017-09-22 [12]
 Hungary BBB Stable 2019-02-25 [4]
 Iceland A Stable 2017-12-08 [13]
 India BBB- Stable 2014-09-26 [4]
 Indonesia BBB Stable 2018-04-13 [4]
 Iraq B- Stable 2015-09-03 [4]
 Ireland A+ Stable 2015-06-05 [4]
 Israel AA- Stable 2018-08-03 [4][14]
 Italy BBB Negative 2017-10-27 [15]
 Jamaica B Stable 2015-06-04 [4]
 Japan A+ Stable 2015-09-16 [4]
 Jersey AA- Stable 2016-07-08 [2]
 Jordan BB- Negative 2016-04-22 [4]
 Kazakhstan BBB- Negative 2016-02-17 [4]
 Kenya B+ Stable 2016-10-14 [4]
 Kuwait AA Stable 2011-07-20 [4]
 Latvia A- Stable 2014-05-30 [4][16]
 Lebanon B- Stable 2016-09-02 [4]
 Liechtenstein AAA Stable 2016-02-26 [4]
 Lithuania A Stable 2018-03-02 [17]
 Luxembourg AAA Stable 2013-01-14 [4]
 North Macedonia BB- Stable 2013-05-24 [4]
 Malaysia A- Stable 2008-05-15 [4]
 Malta A- Positive 2017-09-29 [4][18]
 Mexico BBB+ Negative 2016-08-23 [4]
 Mongolia B- Stable 2016-08-19 [4]
 Montenegro B+ Negative 2016-03-13 [4]
 Montserrat BBB- Stable 2011-09-02 [4]
 Morocco BBB- Stable 2014-05-16 [2]
 Mozambique D No outlook 2017-01-18 [4]
 Netherlands AAA Stable 2015-11-20 [4]
 New Zealand AA Stable 2011-11-29 [4]
 Nicaragua B+ Stable 2016-02-11 [4]
 Nigeria B Stable 2016-09-16 [4]
 Norway AAA Stable 1990-11-08 [4]
 Oman D Junk 2019-03-08 [19]
 Pakistan B- Stable 2019-02-04 [20]
 Panama BBB Stable 2012-07-02 [4]
 Papua New Guinea B+ Negative 2015-10-08 [4]
 Paraguay BB Stable 2016-06-15 [4]
 Peru BBB+ Stable 2013-08-19 [4]
 Philippines BBB+ Stable 2019-04-30 [21]
 Poland A- Stable 2018-10-13 [4]
 Portugal BBB Stable 2019-03-15 [4]
 Qatar AA- Negative 2017-03-03 [4][22]
 Ras Al Khaimah, UAE A Stable 2014-10-13 [4]
 Romania BBB- Stable 2014-05-16 [4]
 Russia BBB- Stable 2018-07-20 [4][23]
 Rwanda B Stable 2016-09-09 [4]
 Saudi Arabia A- Stable 2016-02-17 [4]
 Senegal B+ Stable 2013-07-05 [4]
 Serbia BB Positive 2017-12-15 [4]
 Sharjah, UAE BBB+ Stable 2017-01-27 [2]
 Singapore AAA Stable 1995-03-06 [4]
 Slovakia A+ Stable 2015-07-31 [4]
 Slovenia A+ Stable 2017-06-16 [24]
 South Africa BB+ Negative 2017-04-03
 South Korea AA Stable 2016-08-07 [25]
 Spain A- Positive 2018-03-23 [4][26]
 Sri Lanka B+ Negative 2016-03-10 [4]
 Suriname B+ Negative 2016-04-25 [4]
 Sweden AAA Stable 2004-02-16 [4][27]
  Switzerland AAA Stable 1989-06-26 [4]
 Taiwan AA- Stable 2010-06-10 [4]
 Thailand BBB+ Stable 2010-12-09 [4]
 Trinidad and Tobago A- Negative 2016-04-22 [4]
 Turkey B+ Stable 2018-08-17 [2]
 Turks and Caicos Islands BBB+ Stable 2014-07-01 [2]
 Uganda B Stable 2014-01-17 [4]
 Ukraine B- Stable 2015-10-19 [4]
 United Kingdom AA Negative 2016-06-27 [4]
 United States AA+ Stable 2013-06-10 [4]
 Uruguay BBB Stable 2017-05-30 [28]
 Venezuela SD Negative 2017-11-14 [29]
 Vietnam BB Stable 2019-04-05 [30]
 Zambia B Negative 2016-03-18 [4]

Fitch

For Fitch, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[31]

Notation financière des Etats européens par Fitch Ratings
Financial ratings of European states by Fitch on 16 August 2014
Country/Region Rating Outlook Date Ref.
 Abu Dhabi AA Stable 2011-11-21 [32]
 Angola BB- Stable 2011-11-21 [32]
 Argentina B Stable 2016-05-10 [33]
 Armenia BB- Stable 2011-11-21 [32]
 Aruba BBB- Stable 2016-04-26 [34]
 Australia AAA Stable 2011-11-29 [35]
 Austria AA+ Stable 2016-02-05 [32]
 Azerbaijan BBB- Positive 2011-11-21 [32]
 Bangladesh BB- Stable 2018-01-11 [36]
 Bahrain BBB Stable 2011-11-21 [32]
 Belarus B Stable 2018-07-20 [37]
 Belgium AA Stable 2013-01-24 [32]
 Benin B Stable 2011-11-21 [32]
 Bermuda AA+ Stable 2011-11-21 [32]
 Bolivia B+ Stable 2011-11-21 [32]
 Brazil BB Negative 2016-05-05 [32]
 Bulgaria BBB Stable 2017-12-01 [38]
 Cameroon B Stable 2011-11-21 [32]
 Canada AAA Stable 2011-11-21 [32]
 Cape Verde B+ Stable 2011-11-21 [32]
 Chile A+ Stable 2011-11-21 [32]
 China A+ Stable 2011-11-21 [32]
 Colombia BBB Stable 2013-12-10 [32][39]
 Costa Rica BB+ Stable 2011-11-21 [32]
 Croatia BB+ Positive 2018-07-07 [32]
 Cyprus BB+ Positive 2017-10-20 [40]
 Czech Republic AA- Stable 2018-08-06 [32]
 Denmark AAA Stable 2011-11-21 [32]
 Dominican Republic BB- Stable 2014-11-21 [32][41]
 Ecuador B- Stable 2018-08-17 [32]
 Egypt B Stable 2014-12-19 [32][42][43]
 El Salvador BB- Stable 2013-07-16 [44]
 Estonia AA- Stable 2018-10-05 [32]
 Ethiopia B Stable 2015-10-09 [45]
 Finland AA+ Stable 2016-03-11 [32]
 France AA Stable 2014-12-12 [46]
 Gabon BB- Stable 2011-11-21 [32]
 Georgia BB- Stable 2017-09-22 [47]
 Germany AAA Stable 2011-11-21 [32]
 Ghana B+ Stable 2011-11-21 [32]
 Greece BB- Stable 2018-08-10 [48]
 Guatemala BB+ Stable 2011-11-21 [32]
 Hong Kong AA+ Stable 2011-11-21 [32]
 Hungary BBB Stable 2019-02-25 [32][49]
 Iceland A Stable 2017-12-08 [32][50]
 India BBB- Stable 2013-06-12 [32][51][52]
 Indonesia BBB Stable 2017-10-20 [53]
 Ireland A+ Stable 2017-12-15 [54]
 Israel A+ Stable 2016-11-11 [32][55]
 Italy BBB Stable 2017-04-21 [32][56]
 Jamaica B- Stable 2011-11-21 [32]
 Japan A Negative 2016-06-13 [32][57]
 Kazakhstan BBB Positive 2011-11-21 [32]
 Kenya B+ Stable 2011-11-21 [32]
 Kuwait AA Stable 2011-11-21 [32]
 Latvia A- Stable 2014-06-20 [58]
 Lebanon B Stable 2011-11-21 [32]
 Lesotho BB- Negative 2011-11-21 [32]
 Lithuania A- Positive 2018-08-10 [59]
 Luxembourg AAA Stable 2011-11-21 [32]
 Macedonia BB Negative 2017-08-04 [60]
 Malaysia A- Stable 2011-11-21 [32]
 Malta A+ Stable 2011-11-21 [32]
 Mexico BBB+ Stable 2013-04-08 [32]
 Mongolia B+ Stable 2011-11-21 [32]
 Morocco BBB- Stable 2011-11-21 [32]
 Mozambique B Stable 2011-11-21 [32]
 Namibia BBB- Positive 2011-11-21 [32]
 Netherlands AAA Stable 2011-11-21 [32]
 New Zealand AA Stable 2011-11-21 [32]
 Nigeria BB- Stable 2011-11-21 [32]
 Norway AAA Stable 2011-11-21 [32]
 Pakistan B- Stable 2018-12-14 [61]
 Panama BBB Stable 2011-11-21 [32]
 Peru BBB+ Stable 2013-10-23 [32]
 Philippines BBB Stable 2017-12-11 [32][62]
 Poland A- Stable 2013-02-21 [32]
 Portugal BBB Stable 2017-12-15 [63]
 Ras Al Khaimah, UAE A Stable 2011-11-21 [32]
 Romania BBB- Stable 2011-11-21 [32]
 Russia BBB- Positive 2017-09-22 [64]
 Rwanda B Stable 2011-11-21 [32]
 San Marino BBB+ Negative 2012-07-23 [32]
 Saudi Arabia AA Stable 2014-03-21 [32]
 Serbia BB Stable 2017-12-15 [65]
 Seychelles B Stable 2011-11-21 [32]
 Singapore AAA Stable 2011-11-21 [32]
 Slovakia A+ Stable 2011-11-21 [32]
 Slovenia A- Stable 2016-09-26 [32]
 South Africa BB+ Stable 2017-04-07 [32]
 South Korea AA- Stable 2012-09-07 [66]
 Spain A- Stable 2018-01-20 [67]
 Sri Lanka BB- Stable 2011-11-21 [32]
 Suriname BB- Stable 2012-07-10 [32]
 Sweden AAA Stable 2011-11-21 [32]
  Switzerland AAA Stable 2011-11-21 [32]
 Taiwan A+ Stable 2011-11-21 [32]
 Thailand BBB+ Stable 2013-03-08 [32]
 Tunisia BB- Negative 2013-10-30 [32]
 Turkey BB Negative 2018-07-13 [68]
 Uganda B Stable 2011-11-21 [32]
 Ukraine B- Stable 2016-11-11 [32]
 United Kingdom AA Negative 2016-06-27 [69]
 United States AAA Stable 2014-03-21 [70]
 Uruguay BBB- Stable 2017-09-21 [71]
 Uzbekistan BB- Stable 2018-12-20 [72]
 Venezuela C Negative 2017-11-05 [32]
 Vietnam BB Positive 2019-05-09 [73]
 Zambia B+ Stable 2011-11-21 [32]

Moody's

For Moody's, a bond is considered investment grade if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[74]

Notation financière des Etats européens par Moody's
Financial ratings of European states by Moody's on 23 March 2019
Country/Region Rating Outlook Date Ref.
 Albania B1 Stable 2017-08-04 [75]
 Angola B1 Negative 2017-04-07 [76]
 Argentina B3 Positive 2017-03-06 [77]
 Armenia B1 Stable 2016-03-18 [78]
 Australia Aaa Stable 2016-08-17 [79]
 Austria Aa1 Stable 2016-06-24 [80]
 Azerbaijan Ba2 Stable 2017-08-18 [81]
 Bahamas Baa3 Negative 2017-08-25 [82]
 Bahrain B1 Negative 2017-07-28 [83]
 Bangladesh Ba3 Stable 2017-04-17 [84]
 Barbados Caa3 Stable 2017-03-09 [85]
 Belarus B1 Stable 2016-06-17 [86]
 Belgium Aa3 Stable 2017-03-03 [87]
 Belize B3 Stable 2017-04-11 [88]
 Bermuda A2 Stable 2016-06-03 [89]
 Bolivia Ba3 Stable 2017-08-01 [90]
 Bosnia and Herzegovina B3 Stable 2016-02-26 [91]
 Botswana A2 Stable 2016-04-22 [92]
 Brazil Ba2 Negative 2017-05-26 [93]
 Bulgaria Baa2 Stable 2017-05-26 [94]
 Cambodia B2 Stable 2017-03-17 [95]
 Cameroon B2 Stable 2016-08-05 [96]
 Canada Aaa Stable 2016-11-02 [97]
 Cayman Islands Aa3 Stable 2017-07-17 [98]
 Chile Aa3 Negative 2017-08-24 [99]
 China A1 Stable 2017-05-24 [100]
 Colombia Baa2 Stable 2016-05-26 [101]
 Congo Caa2 Negative 2017-07-28 [102]
 Costa Rica Ba2 Negative 2017-02-09 [103]
 Croatia Ba2 Stable 2017-03-10 [104]
 Cuba Caa2 Positive 2015-12-10 [105]
 Cyprus Ba3 Positive 2017-07-28 [106]
 Czech Republic A1 Positive 2018-04-20 [107]
 Denmark Aaa Stable 2017-03-24 [108]
 Dominican Republic Ba3 Stable 2017-07-20 [109]
 DR Congo B3 Stable 2016-06-17 [110]
 Ecuador B3 Stable 2016-11-23 [111]
 Egypt B3 Positive 2017-08-29 [112]
 El Salvador Caa1 Stable 2017-04-13 [113]
 Estonia A1 Stable 2017-07-21 [114]
 Ethiopia B1 Stable 2016-12-02 [115]
 Fiji Ba3 Stable 2017-09-06 [116]
 Finland Aa1 Stable 2016-06-03 [117]
 France Aa2 Stable 2015-09-18 [118]
 Gabon B3 Negative 2017-07-03 [119]
 Georgia Ba2 Stable 2017-09-11 [120]
 Germany Aaa Stable 2017-02-24 [121]
 Ghana B3 Stable 2016-09-23 [122]
 Greece B1 Stable 2019-03-01 [123]
 Guatemala Ba1 Stable 2016-06-30 [124]
 Honduras B1 Stable 2017-09-22 [125]
 Hong Kong Aa2 Stable 2017-05-24 [126]
 Hungary Baa3 Stable 2016-11-04 [127]
 Iceland A3 Stable 2016-09-01 [128]
 India Baa2 Stable 2017-11-16 [129]
 Indonesia Baa2 Stable 2018-04-13 [130]
 Iraq Caa1 Stable 2017-08-03 [131]
 Ireland A2 Stable 2017-09-15 [132]
 Isle of Man Aa1 Negative 2016-06-29 [133]
 Israel A1 Positive 2016-08-11 [134]
 Italy Baa3 Stable 2018-10-19 [135]
 Ivory Coast Ba3 Stable 2015-11-05 [136]
 Jamaica B3 Stable 2016-11-21 [137]
 Japan A1 Stable 2016-08-30 [138]
 Jordan B1 Stable 2016-11-14 [139]
 Kazakhstan Baa3 Stable 2017-07-26 [140]
 Kenya B1 Stable 2016-02-12 [141]
 Kuwait Aa2 Stable 2016-05-26 [142]
 Kyrgyzstan B2 Stable 2015-12-09 [143]
 Latvia A3 Stable 2017-07-14 [144]
 Lebanon B3 Stable 2017-08-25 [145]
 Lithuania A3 Stable 2017-09-08 [146]
 Luxembourg Aaa Stable 2017-03-03 [147]
 Macao Aa3 Stable 2017-05-24 [148]
 Malaysia A3 Stable 2016-11-01 [149]
 Maldives B2 Stable 2016-09-02 [150]
 Malta A3 Stable 2016-09-02 [151]
 Mauritius Baa1 Stable 2015-11-24 [152]
 Mexico A3 Negative 2017-04-27 [153]
 Moldova B3 Stable 2017-01-13 [154]
 Mongolia Caa1 Stable 2017-03-30 [155]
 Montenegro B1 Negative 2016-05-14 [156]
 Morocco Ba1 Positive 2017-02-24 [157]
 Mozambique Caa3 Negative 2016-07-08 [158]
 Namibia Ba1 Negative 2017-08-11 [159]
 Netherlands Aaa Stable 2017-03-31 [160]
 New Zealand Aaa Stable 2017-03-24 [161]
 Nicaragua B2 Positive 2017-07-20 [162]
 Nigeria B1 Stable 2016-12-09 [163]
 Norway Aaa Stable 2016-03-04 [164]
 Oman D Junk 2019-03-8 [165]
 Pakistan B3 Negative 2018-06-21 [166]
 Panama Baa2 Stable 2015-12-01 [167]
 Papua New Guinea B2 Stable 2016-04-25 [168]
 Paraguay Ba1 Stable 2016-06-21 [169]
 Peru A3 Stable 2017-08-23 [170]
 Philippines Baa2 Stable 2017-06-27 [171]
 Poland A2 Stable 2017-05-12 [172]
 Portugal Baa3 Stable 2018-10-12 [173]
 Puerto Rico C Negative 2017-04-05 [174]
 Qatar Aa3 Negative 2017-07-04 [175]
 Romania Baa3 Positive 2017-04-21 [176]
 Russia Baa3 Stable 2017-02-17 [177]
 Rwanda B2 Stable 2016-08-12 [178]
 Saudi Arabia A1 Stable 2016-05-14 [179]
 Senegal Ba3 Stable 2017-04-13 [180]
 Serbia Ba3 Stable 2017-03-17 [181]
 Singapore Aaa Stable 2016-12-08 [182]
 Slovakia A2 Positive 2017-04-07 [183]
 Slovenia Baa1 Stable 2017-09-08 [184]
 South Africa Baa3 Negative 2017-06-09 [185]
 South Korea Aa2 Stable 2015-12-18 [186]
 Spain Baa1 Stable 2018-04-13 [187]
 Sri Lanka B1 Negative 2016-06-20 [188]
 St. Vincent & the Grenadines B3 Stable 2016-05-19 [189]
 Suriname B1 Stable 2016-05-20 [190]
 Swaziland B2 Negative 2017-10-17 [191]
 Sweden Aaa Stable 2016-04-08 [192]
  Switzerland Aaa Stable 2016-12-02 [193]
 Taiwan Aa3 Stable 2016-11-17 [194]
 Tajikistan B3 Stable 2017-08-28 [195]
 Thailand Baa1 Stable 2017-07-18 [196]
 Trinidad and Tobago Ba1 Stable 2017-04-25 [197]
 Tunisia B1 Negative 2017-08-18 [198]
 Turkey Ba3 Negative 2018-08-17 [199]
 Uganda B2 Stable 2016-11-18 [200]
 Ukraine Caa1 Stable 2018-12-21 [201]
 United Arab Emirates Aa2 Stable 2017-05-27 [202]
 United Kingdom Aa2 Stable 2017-09-22 [203]
 United States Aaa Stable 2013-07-18 [204]
 Uruguay Baa2 Stable 2017-07-13 [205]
 Uzbekistan B1 Stable 2019-02-13 [206]
 Venezuela Caa3 Negative 2016-03-04 [207]
 Vietnam Ba3 Stable 2018-08-10 [208]
 Zambia B3 Negative 2016-04-19 [209]

Dominion Bond Rating Service (DBRS)

For DBRS, a bond is considered investment grade if its credit rating is BBB(low) or higher. Bonds rated BB(high) and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Map of DBRS Sovereign Ratings in Europe
DBRS European sovereign debt ratings as of 19 August 2013
DBRS Sovereign Ratings Globally
DBRS global sovereign debt ratings as of 19 August 2013
Country/Region Rating Trend Date Ref.
 Argentina D N/A 2014-07-31 [210]
 Australia AAA Stable 2014-07-31 [210]
 Austria AAA Stable 2014-06-13 [210]
 Belgium AA(high) Stable 2014-03-21 [210]
 Brazil BBB Stable 2014-08-01 [210]
 Canada AAA Stable 2014-07-18 [210]
 Chile AA(low) Stable 2014-02-28 [210]
 Colombia BBB Stable 2014-04-30 [210]
 Cyprus B(low) Stable 2014-06-27 [210]
 Denmark AAA Stable 2014-07-25 [210]
 European Union AAA Stable 2014-07-11 [210]
 Finland AAA Stable 2014-05-16 [210]
 France AAA Stable 2014-05-30 [210]
 Germany AAA Stable 2014-04-11 [210]
 Greece B(high) Positive 2018-06-29 [210]
 India BBB(low) Positive 2017-11-16 [210]
 Ireland A(low) Stable 2014-03-28 [210]
 Italy A(low) Negative 2014-04-11 [210]
 Japan A(high) Stable 2013-11-20 [210]
 Mexico BBB(high) Stable 2014-03-31 [210]
 Netherlands AAA Stable 2014-04-25 [210]
 Norway AAA Stable 2014-07-04 [210]
 Peru BBB(high) Stable 2014-05-30 [210]
 Portugal BBB Stable 2018-04-20 [210]
 Spain A(low) Negative 2014-04-11 [210]
 Sweden AAA Stable 2014-06-13 [210]
  Switzerland AAA Stable 2013-12-27 [210]
 Turkey BBB(low) Stable 2014-07-28 [210]
 United Kingdom AAA Stable 2014-07-18 [210]
 United States AAA Stable 2014-04-22 [210]
 Uruguay BBB(low) Stable 2017-05-26 [211]

Scope Ratings

For Scope – the leading European rating agency – a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country/Region Rating Trend Date Ref.
 Austria AAA Stable 2019-03-08 [212]
 Belgium AA Stable 2018-05-18 [212]
 Bulgaria BBB+ Stable 2019-02-22 [212]
 China A+ Negative 2018-09-21 [212]
 Croatia BB+ Stable 2018-07-27 [212]
 Cyprus BBB- Stable 2018-10-19 [212]
 Czech Republic AA Stable 2018-01-26 [212]
 Denmark AAA Stable 2018-02-16 [212]
 Estonia A+ Stable 2018-04-05 [212]
 European Union AAA Stable 2019-02-01 [212]
 Finland AA+ Stable 2018-02-16 [212]
 France AA Stable 2017-06-30 [212]
 Georgia BB Stable 2018-06-08 [212]
 Germany AAA Stable 2017-06-30 [212]
 Greece BB- Positive 2019-05-10 [212]
 Hungary BBB Positive 2018-02-23 [212]
 Ireland A+ Stable 2018-07-20 [212]
 Italy BBB+ Stable 2018-12-07 [212]
 Japan A+ Stable 2018-03-16 [212]
 Latvia A- Stable 2018-04-27 [212]
 Lithuania A- Stable 2017-10-27 [212]
 Luxembourg AAA Stable 2018-10-19 [212]
 Malta A+ Stable 2018-11-09 [212]
 Netherlands AAA Stable 2019-04-12 [212]
 Norway AAA Stable 2019-02-08 [212]
 Poland A+ Stable 2017-07-28 [212]
 Portugal BBB Positive 2019-04-05 [212]
 Romania BBB- Negative 2018-10-19 [212]
 Russia BBB- Stable 2017-10-27 [212]
 Slovakia A+ Stable 2018-02-23 [212]
 Slovenia A- Stable 2018-08-17 [212]
 Spain A- Stable 2018-05-18 [212]
 Sweden AAA Stable 2018-02-16 [212]
  Switzerland AAA Stable 2018-09-20 [212]
 Turkey BB- Negative 2018-08-16 [212]
 United Kingdom AA Negative 2018-08-10 [212]
 United States AA Stable 2018-09-21 [212]

JCR

Japan Credit Rating Agency (JCR) is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U.S. Securities and Exchange Commission.

Notation financière des Etats européens par JCR
Financial ratings of European states by JCR on 8 July 2013
Country/Region Rating Outlook Date Ref.
 Australia AAA Stable 2012-07-02 [213]
 Belgium AAA Stable 2013-03-25 [213]
 Brazil BBB Stable 2012-11-15 [213]
 Canada AAA Stable 2012-09-04 [213]
 Czech Republic AA- Stable 2018-07-25 [213]

[214]

 Denmark AAA Stable 2013-02-14 [213]
 Finland AAA Stable 2013-04-19 [213]
 France AAA Stable 2013-04-26 [213]
 Germany AAA Stable 2013-02-28 [213]
 Hong Kong AA+ Stable 2012-09-05 [213]
 Hungary BBB+ Stable 2016-02-21 [213]
 India BBB+ Stable 2012-11-30 [213]
 Indonesia BBB- Stable 2012-11-13 [213]
 Italy AA- Negative 2013-04-10 [213]
 Japan AAA Stable 2013-03-15 [213]
 Malaysia A Stable 2012-10-19 [213]
 Mexico A- Stable 2012-12-21 [213]
 Netherlands AAA Stable 2012-10-04 [213]
 Norway AAA Stable 2012-08-02 [213]
 Philippines BBB+ Stable 2015-07-07 [213][215]
 Poland A Stable 2013-03-01 [213]
 Portugal A Stable 2013-03-15 [213]
 Romania BBB- Stable 2013-03-28 [213]
 Russia BBB+ Stable 2014-12-26 [213]
 Singapore AAA Stable 2012-02-01 [213]
 South Korea A+ Stable 2013-01-24 [213]
 Slovakia A+ Stable 2012-11-08 [213]
 Slovenia A+ Stable 2016-08-15 [213][216]
 Spain AA Negative 2013-04-12 [213]
 Thailand A- Stable 2013-04-02 [213]
 Turkey BBB- Stable 2013-05-23 [213]
 United Kingdom AAA Stable 2012-06-29 [213]
 United States AAA Stable 2012-03-09 [213]

Dagong

Dagong is a credit rating agency based in China. As of August 2018, the China Securities Regulatory Commission (CSRC) have suspended Dagong Global Credit Rating Co. Ltd. due to lax corporate governance, conflicts of interests, misuse of the official seal of the company, chaotic management, high fees charged to issuers for consulting services, unqualified senior management, and problems with financial models used in bond ratings.[217]

Notation financière des Etats européens par DGCR
Financial ratings of European states by Dagong on 30 May 2014

World map ratings by Dagong (December 2018)

Country Rating Outlook Date Ref.
 Algeria BBB- Stable 2014-10 [218]
 Angola BB- Stable 2013-05-31 [219]
 Argentina D Negative 2014-07-31 [219]
 Australia AA+ Stable 2013-11 [218]
 Austria AA+ Stable 2014-12 [218]
 Bahrain A- Stable 2014-08 [218]
 Bangladesh BB- Stable 2013-11 [218]
 Belarus BB- Negative 2014-01 [218]
 Belgium A+ Stable 2014-10 [218]
 Bolivia BBB- Stable 2013-05-15 [219]
 Bosnia and Herzegovina B Stable 2014-05 [218]
 Botswana A Stable 2013-04-07 [219]
 Brazil A- Negative 2014-01 [218]
 Bulgaria BBB- Stable 2013-09 [218]
 Cambodia B Stable 2013-03-15 [219]
 Canada AA+ Stable 2014-04 [218]
 Cayman Islands AA- Stable 2013-11 [218]
 Chile AA- Stable 2014-02 [218]
 China AAA Stable 2014-09 [218]
 Colombia BBB+ Stable 2013-07-24 [220]
 Croatia BB+ Negative 2014-05 [218]
 Czech Republic A+ Stable 2013-09 [218]
 Democratic Republic of Congo CCC Stable 2013-05-16 [219]
 Denmark AA+ Stable 2014-01 [218]
 Ecuador B- Stable 2014-07 [218]
 Egypt B- Stable 2015-06 [219][221]
 Estonia A Stable 2013-11 [218]
 Ethiopia CCC Stable 2014-03 [218]
 Finland AA+ Stable 2014-11 [218]
 France A+ Negative 2014-01 [218]
 Georgia BB- Stable 2014-03 [218]
 Germany AA+ Stable 2013-12 [218]
 Ghana B Stable 2013-04-24 [219]
 Greece CC Stable 2014-03 [218]
 Hong Kong AAA Stable 2013-12 [218]
 Hungary BBB- Stable 2014-07 [218]
 Iceland BB- Stable 2012-10 [219]
 India BBB Positive 2014-12 [218]
 Indonesia BBB- Negative 2014-01 [218]
 Ireland BBB Stable 2014-10 [218]
 Israel A- Stable 2014-01 [218]
 Italy BBB- Negative 2014-01 [218]
 Japan A+ Negative 2014-08 [218]
 Jordan B- Stable 2013-05-15 [219]
 Kazakhstan BBB- Stable 2014-03 [218]
 Kenya B Stable 2014-07 [218]
 Kuwait AA Stable 2014-06 [218]
 Latvia BBB- Stable 2014-01 [218]
 Lithuania BBB Positive 2014-08 [218]
 Luxembourg AAA Stable 2013-12 [218]
 Macao AA+ Stable 2013-12 [218]
 Madagascar CCC Stable 2012-05 [219]
 Malaysia A+ Stable 2014-07 [218]
 Malta A- Negative 2014-03 [218]
 Mauritius BBB Stable 2012-07 [219]
 Mexico BBB Stable 2013-11 [218]
 Micronesia BB- Stable 2013-02 [219]
 Mongolia B Negative 2017-07 [218]
 Morocco BBB Negative 2014-03 [218]
 Netherlands AA+ Stable 2015-01 [218]
 New Zealand AA Negative 2014-01 [219]
 Nigeria BB+ Stable 2014-07 [218]
 Norway AAA Stable 2014-09 [218]
 Oman AA- Stable 2014-08 [218]
 Pakistan CCC- Negative 2014-04 [218]
 Panama A- Stable 2013-07-01 [218]
 Paraguay BB- Stable 2014-05 [218]
 Peru BBB+ Stable 2014-09 [218]
 Philippines BB- Negative 2014-01 [218]
 Poland A- Negative 2013-12 [218]
 Portugal BB Negative 2013-09 [218]
 Qatar AA- Stable 2014-07 [218]
 Romania BB Stable 2014-10 [218]
 Russia A Stable 2013-11 [218]
 Saudi Arabia AA Stable 2014-08 [218]
 Serbia BB- Negative 2013-11 [218]
 Singapore AAA Stable 2014-12 [218]
 South Africa A- Negative 2013-11 [218]
 South Korea AA- Stable 2013-11 [218]
 South Sudan CC Stable 2013-02 [219]
 Spain BBB+ Stable 2014-05 [218]
 Sri Lanka B+ Negative 2013-03-18 [219]
 Sudan C Stable 2013-02 [219]
 Suriname BB+ Stable 2013-05-20 [219]
 Sweden AA+ Stable 2014-01 [218]
  Switzerland AAA Stable 2013-11 [218]
 Taiwan AA- Stable 2013-03-06 [219]
 Thailand BBB Negative 2014-05 [218]
 Tunisia BB Negative 2014-07 [218]
 Turkey BB+ Stable 2013-12 [218]
 Turkmenistan BBB+ Stable 2013-05-14 [219]
 United Kingdom A+ Stable 2016-07 [218]
 United States BBB+ Negative 2018-01-16 [218][222]
 Ukraine CCC Negative 2014-05 [218]
 United Arab Emirates BBB+ Stable 2014-02 [218]
 Uzbekistan BBB 2013-03-27 [219]
 Venezuela CCC Negative 2016-12-05 [219][223]
 Vietnam B+ Stable 2016-12-07 [224]
 Yemen CCC Negative 2013-05-23 [219]

China Chengxin

China Chengxin Credit Rating Group is a credit rating agency based in China.

Country Rating Outlook Date Ref.
 Argentina Bg Stable 2014-08 [225]
 Australia AAAg Stable 2012-08 [225]
 Brazil BBBg+ Stable 2012-08 [225]
 Canada AAAg Stable 2012-08 [225]
 China AAg+ Stable 2012-08 [225]
 Denmark AAg+ Stable 2012-08 [225]
 France AAg Stable 2012-08 [225]
 Germany AAg+ Stable 2012-08 [225]
 Greece CCCg N/A 2014-04 [225]
 Iceland BBBg- Stable 2012-08 [225]
 India BBBg Stable 2012-08 [225]
 Indonesia BBBg- Stable 2012-08 [225]
 Ireland BBg+ Negative 2012-08 [225]
 Italy BBBg Stable 2013-03 [226]
 Japan AAg+ Stable 2012-08 [225]
 Mexico BBBg+ Stable 2012-08 [225]
 Netherlands AAg+ Stable 2012-08 [225]
 Norway AAAg Stable 2012-08 [225]
 Portugal BBg- Negative 2012-08 [225]
 Russia Ag Stable 2012-08 [225]
 Saudi Arabia AAg+ Stable 2013-07 [225]
 Singapore AAAg Stable 2013-07 [225]
 South Africa Ag Stable 2013-07 [225]
 South Korea AAg- Stable 2013-07 [225]
 Spain BBg+ Negative 2013-03 [227]
  Switzerland AAAg Stable 2012-08 [225]
 Thailand BBBg+ Stable 2012-08 [225]
 Turkey BB+ Stable 2012-08 [225]
 United Kingdom AAg+ Stable 2013-03 [228]
 United States AAAg Stable 2012-08 [225]

Not rated

UN member states that have not been assigned a credit rating by any of the seven rating agencies.

Country Details
 Afghanistan
 Antigua and Barbuda
 Bhutan
 Brunei Darussalam
 Burundi
 Central African Republic
 Chad
 Comoros
 Cote d'Ivoire
 Djibouti
 Dominica
 Equatorial Guinea
 Eritrea
 Gambia Fitch suspended Gambia's credit rating after its only traded international bond expired[229]
 Guinea
 Guinea-Bissau
 Guyana
 Haiti
 Iran Fitch has withdrawn all ratings for Iran following the maturity and full repayment of the last outstanding sovereign eurobond on 21 April 2008.[230]
 Kiribati
 Kyrgyzstan
 Laos
 Liberia
 Libya Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[231]
 Malawi
 Mali Mali was given a credit rating in 2004 as part of a UN development initiative,[232] but the rating was later withdrawn.[233]
 Marshall Islands
 Mauritania
 Monaco
 Myanmar
 Nauru
   Nepal
 Niger
 North Korea
 Palau
 Saint Kitts and Nevis
 Saint Lucia
 Samoa
 Sao Tome and Principe
 Sierra Leone
 Solomon Islands
 Somalia
 Swaziland
 Syria
 Tajikistan
 Tanzania
 Timor Leste
 Togo
 Tonga
 Tuvalu
 Vanuatu
 Zimbabwe

See also

References

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Bond credit rating

In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as individual's credit score. The ratings are published by credit rating agencies and used by investment professionals to assess the likelihood the debt will be repaid.

Comparative rating index of sovereigns

Major credit rating agencies give out the sovereign credit rating of each nation as an absolute grade – see list of countries by credit rating. A particular nation's rating score is independent of the performance of other nation. But in the comparative rating index of sovereigns (CRIS) introduced by India, performance of one nation is compared with all other nations. Perhaps it was the first sovereign rating index by any country in the world. This solves the limitations of the existing credit rating system. An example of comparative rating is the percentile score—the way GATE results are at times given. If a student is described as belonging to the 99th percentile, it clearly says something about this student’s performance vis-à-vis other students.

Credit rating

A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.

The credit rating represents an evaluation of a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency's analysts.

Credit reporting (or credit score) – is a subset of credit rating – it is a numeric evaluation of an individual's credit worthiness, which is done by a credit bureau or consumer credit reporting agency.

Dagong Global Credit Rating

Dagong Global Credit Rating (Chinese: 大公国际资信评估有限公司; pinyin: Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī) is a credit rating agency based in China.

Eastern Caribbean Central Bank

The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of the British Virgin Islands and Martinique. Two of its core mandates are to maintain price and financial sector stability, by acting as a stabilizer and safe-guard of the banking system in the Eastern Caribbean Economic and Currency Union (OECS/ECCU.) It was founded in October 1983 with the goal of maintaining the stability and integrity of the subregion's currency and banking system in order to facilitate the balanced growth and development of its member states.

The bank is headquartered in Basseterre, St. Kitts, and is currently overseen by Mr. Timothy Antoine, the Bank Governor. Prior to assuming his post in February 2016, the bank was overseen by the late Sir K. Dwight Venner. In early 2015, the bank announced plans to phase out the production of the 1 and 2 cent pieces. The date was finalised as July 1, 2015. When a motive was sought, it was stated that it takes about six cents to make one cent pieces and about eight cents to make a 2 cent piece.

Economy of Aruba

The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country's income. Because of tourism's rapid growth in the last 80 years, related industries like construction have also flourished. Other primary industries include oil refining and storage, as well as offshore banking. Although the island's poor soil and low rainfall limit its agricultural prospects, aloe cultivation, livestock, and fishing contribute to Aruba's economy. In addition, the country also exports art and collectibles, machinery, electrical equipment, and transport equipment. Aruba's small labor force and low unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years.

With such a large part of its economy dependent on tourism, the Aruban government is striving to increase business in other sectors to protect against possible industry slumps. Their current focus is on expanding technology, finance, and communications.

Economy of Curaçao

Curaçao has one of the highest standards of living in the Caribbean, ranking 46th in the world in terms of GDP (PPP) per capita and 28th in the world in terms of nominal GDP per capita. It possesses a high income economy, as defined by the World Bank. The island has a well-developed infrastructure with strong tourism and financial services sectors. Shipping, international trade, oil refining, and other activities related to the port of Willemstad (like the Free Trade Zone) also make a significant contribution to the economy. To achieve the government's aim to make its economy more diverse, efforts are being made to attract more foreign investment. This policy, called the 'Open Arms' policy, features a heavy focus on information technology companies.

Economy of Guyana

With a per capita gross domestic product of $8,300 in 2016 and an average GDP growth of 4.2% over the last decade. Guyana is one of the fastest developing countries in the Western Hemisphere. This is evident from the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few kilometers of one another.

Economy of Suriname

Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.

Economy of Trinidad and Tobago

Trinidad and Tobago is the wealthiest country in the Caribbean as well as the third-richest country by GDP (PPP) per capita in the Americas. It is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG) and petrochemicals. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.

Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.

Eurobonds

European bonds are proposed government bonds issued in euros jointly by the 19 eurozone nations. The idea was first raised by the European Commission in 2011. Eurobonds would be debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to the eurozone bloc altogether, which then forwards the money to individual governments.

Eurobonds have been suggested as a way to tackle the European sovereign debt crisis as the indebted states could borrow new funds at better conditions as they are supported by the rating of the non-crisis states.

Because Eurobonds would allow already highly indebted states access to cheaper credit thanks to the strength of other eurozone economies, they are controversial, and may suffer from the free rider problem.

Fitch Ratings

Fitch Ratings Inc. is one of the "Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975.

Fitch Ratings is headquartered in New York, US. Hearst owns 100 percent of the company following its acquisition of an additional 20 percent for $2.8 billion on April 12, 2018. Hearst had owned 80 percent of the company after increasing its ownership stake by 30 percent on December 12, 2014, in a transaction valued at $1.965 billion. Hearst's previous equity interest was 50 percent following expansions on an original acquisition in 2006.

Hearst had jointly owned Fitch with FIMALAC SA, which held 20 percent of the company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group.

The firm was founded by John Knowles Fitch on December 24, 1914, in New York City as the Fitch Publishing Company. In 1989, the company was acquired by a group including Robert Van Kampen. In 1997, Fitch was acquired by FIMALAC and was merged with London-based IBCA Limited, a FIMALAC subsidiary. In 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch (December).

Fitch Ratings is the smallest of the "big three" NRSROs, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale.

In September 2011, Fitch Group announced the sale of Algorithmics (risk analytics software) to IBM for $387 million.[9] The deal closed on October 21, 2011.[10]

Government debt

Government debt (also known as public interest, public debt, national debt and sovereign debt) contrasts to the annual government budget deficit, which is a flow variable that equals the difference between government receipts and spending in a single year. The debt is a stock variable, measured at a specific point in time, and it is the accumulation of all prior deficits.

Government debt can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, and long term debt is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services which the government has contracted but not yet paid.

Governments create debt by issuing government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank) or international financial institutions.

Monetarily sovereign countries (such as the United States of America, the United Kingdom, Australia and most other countries, in contrast with eurozone countries) that issue debt denominated in their home currency can make payments on the interest or principal of government debt by creating money, although at the risk of higher inflation. In this way their debt is different from that of households, which are restricted by their income. Thus such government bonds are at least as safe as any other bonds denominated in the same currency.

A central government with its own currency can pay for its nominal spending by creating money ex novo, although typical arrangements leave money creation to central banks. In this instance, a government issues securities to the public not to raise funds, but instead to remove excess bank reserves (caused by government spending that is higher than tax receipts) and '...create a shortage of reserves in the market so that the system as a whole must come to the [central] Bank for liquidity.'

List of countries by public debt

This is a list of countries by public debt to GDP ratio as listed by CIA's World Factbook and IMF. Net debt figure is the cumulative total of all government borrowings less repayments that are denominated in a country's home currency.

List of international rankings

This is a list of international rankings.

Moody's Investors Service

Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.

The company ranks the creditworthiness of borrowers using a standardized ratings scale which measures expected investor loss in the event of default. Moody's Investors Service rates debt securities in several bond market segments. These include government, municipal and corporate bonds; managed investments such as money market funds and fixed-income funds; financial institutions including banks and non-bank finance companies; and asset classes in structured finance. In Moody's Investors Service's ratings system, securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality.

Moody's was founded by John Moody in 1909 to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange Commission. Following several decades of ownership by Dun & Bradstreet, Moody's Investors Service became a separate company in 2000. Moody's Corporation was established as a holding company.

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