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 largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The list also includes all country subdivisions not issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing sub-sovereign bonds.

Countries' and regions' ratings in different methodsEdit

Standard & Poor'sEdit

 
Countries by Standard & Poor's Foreign Rating (March 2019)
AAA AA A BBB BB B CCC/CC SD/D

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. An SD rating indicates that the country has selectively defaulted on some outstanding obligations[1][2]

Country/Region Rating Outlook Date Ref.
  Abu Dhabi, UAE 201 AA Stable 2012-02-20 [3]
  Albania 091 B+ Stable 2016-02-05 [4]
  Andorra 141 BBB Stable 2020-04-24 [5]
  Angola 061 CCC+ Stable 2020-03-26 [6]
  Argentina 061 CCC+ Stable 2020-09-07 [7]
  Aruba 141 BBB Stable 2021-03-15 [8]
  Australia 220 AAA Stable 2020-10-20 [9]
  Austria 211 AA+ Stable 2013-01-29 [3]
  Azerbaijan 121 BB+ Stable 2018-01-26 [10]
  Bahamas 110 BB Negative 2020-04-16 [11]
  Bahrain 091 B+ Stable 2020-03-26 [12]
  Bangladesh 101 BB- Stable 2010-04-05 [3]
  Barbados 071 B- Stable 2019-12-11 [13]
  Belarus 081 B Stable 2017-10-06 [3]
  Belgium 201 AA Stable 2018-04-04 [14]
  Belize 030 SD Negative 2021-05-24 [15]
  Bermuda 181 A+ Stable 2015-04-28 [3]
  Bolivia 090 B+ Negative 2021-03-24 [16]
  Bosnia and Herzegovina 081 B Stable 2020-04-30 [17]
  Botswana 151 BBB+ Negative 2020-09-18 [18]
  Brazil 101 BB- Stable 2020-04-06 [19]
  Bulgaria 141 BBB Stable 2020-05-29 [20]
  Burkina Faso 081 B Stable 2017-05-26 [21]
  Cambodia 081 B Stable 2011-10-31 [22]
  Cameroon 071 B- Stable 2020-04-10 [23]
  Canada 221 AAA Stable 2002-07-29 [14]
  Cape Verde 071 B- Stable 2021-02-19 [18]
  Chile 180 A Stable 2021-03-24

[24][25]

  China 181 A+ Stable 2017-09-21 [26]
  Colombia 130 BB+ Stable 2021-05-19 [27]
  Congo, D. R. 061 CCC+ Stable 2020-07-31 [28]
  Congo-Brazzaville 070 CCC+ Stable 2020-09-04 [18]
  Cook Islands 091 B+ Stable 2020-11-11 [18]
  Costa Rica 080 B Negative 2020-06-09 [29]
  Croatia 131 BBB- Stable 2019-03-22 [30]
  Curacao 161 A- Stable 2013-06-14 [14]
  Cyprus 131 BBB- Stable 2018-09-14 [14]
  Czech Republic 191 AA- Stable 2011-08-24 [14]
  Denmark 221 AAA Stable 2001-02-27 [14]
  Dominican Republic 100 BB- Stable 2021-12-8 [31]
  Ecuador 071 B- Stable 2020-09-01 [32]
  Egypt 081 B Stable 2018-05-11 [33]
  El Salvador 071 B- Stable 2018-12-28 [34]
  Estonia 192 AA- Stable 2020-08-21 [18]
  Ethiopia 060 CCC+ Negative 2021-09-25 [35]
  European Union 201 AA Stable 2016-06-30 [14]
  Fiji 100 BB- Negative 2020-06-18 [36]
  Finland 211 AA+ Stable 2016-09-16 [14]
  France 201 AA Stable 2016-10-21 [14]
  Georgia 111 BB Negative 2021-02-26 [37]
  Germany 221 AAA Stable 2012-01-13 [14]
  Ghana 071 B- Stable 2020-09-11 [18]
  Greece 112 BB Positive 2021-04-23 [38]
  Guatemala 101 BB- Stable 2017-10-18 [39]
  Guernsey 191 AA- Stable 2016-07-08 [14]
  Honduras 101 BB- Stable 2017-07-18 [14]
  Hong Kong 211 AA+ Stable 2017-09-22 [40]
  Hungary 141 BBB Stable 2020-04-28 [41]
  Iceland 171 A Stable 2017-12-08 [42]
  India 131 BBB- Stable 2014-09-26 [14]
  Indonesia 140 BBB Negative 2020-04-17 [43]
  Iraq 071 B- Stable 2015-09-03 [14]
  Ireland 191 AA- Stable 2019-11-29 [14]
  Israel 191 AA- Stable 2020-04-24 [44]
  Italy 140 BBB Stable 2020-11-06 [45]
  Jamaica 090 B+ Negative 2020-04-16 [46]
  Japan 181 A+ Stable 2020-06-09 [47]
  Jersey 191 AA- Stable 2016-07-08 [3]
  Jordan 091 B+ Stable 2017-10-20 [48]
  Kazakhstan 131 BBB- Stable 2017-09-08 [49]
  Kenya 090 B Stable 2021-03-05 [50][51]
  Kuwait 190 AA- Negative 2020-07-17 [52]
  Latvia 181 A+ Stable 2020-02-21 [14][53]
  Lebanon 010 SD N/A 2020-03-11 [54]
  Liechtenstein 221 AAA Stable 2016-02-26 [14]
  Lithuania 181 A+ Stable 2020-02-21 [55]
  Luxembourg 221 AAA Stable 2013-01-14 [14]
  Malaysia 160 A- Negative 2020-06-26 [56]
  Malta 161 A- Stable 2020-03-13 [57]
  Mexico 140 BBB Negative 2020-03-26 [58]
  Mongolia 081 B Stable 2018-11-09 [59]
  Montenegro 090 B+ Negative 2020-05-01 [60]
  Montserrat 131 BBB- Stable 2011-09-02 [14]
  Morocco 131 BBB- Stable 2019-10-04 [61]
  Mozambique 061 CCC+ Stable 2019-11-22 [62]
  Netherlands 221 AAA Stable 2015-11-20 [14]
  New Zealand 202 AA+ Stable 2021-02-22 [63]
  Nicaragua 091 B+ Stable 2016-02-11 [14]
  Nigeria 071 B- Stable 2020-03-26 [64]
  North Macedonia 101 BB- Stable 2013-05-24 [14]
  Norway 221 AAA Stable 1990-11-08 [14]
  Oman 100 B+ Stable 2020-10-16 [18]
  Pakistan 071 B- Stable 2019-02-04 [65]
  Panama 150 BBB Stable 2020-11-24 [66]
  Papua New Guinea 071 B- Stable 2020-04-28 [67]
  Paraguay 111 BB Stable 2016-06-15 [14]
  Peru 151 BBB+ Stable 2013-08-19 [14]
  Philippines 151 BBB+ Stable 2019-04-30 [68]
  Poland 161 A- Stable 2018-10-13 [14]
  Portugal 141 BBB Stable 2020-04-24 [69]
  Qatar 191 AA- Stable 2018-12-07 [70]
  Ras Al Khaimah, UAE 171 A Stable 2014-10-13 [14]
  Romania 130 BBB- Stable 2021-04-16 [14]
  Russia 131 BBB- Stable 2018-07-20 [14][71]
  Rwanda 091 B+ Stable 2019-08-09 [72]
  Saudi Arabia 161 A- Stable 2016-02-17 [14]
  Senegal 091 B+ Stable 2019-12-06 [73]
  Serbia 121 BB+ Stable 2020-05-01 [74]
  Sharjah, UAE 131 BBB- Stable 2020-10-23 [18]
  Singapore 221 AAA Stable 1995-03-06 [14]
  Slovakia 180 A+ Stable 2021-01-22 [75]
  Slovenia 191 AA- Stable 2019-06-17 [76]
  South Africa 101 BB- Stable 2021-05-21 [77]
  South Korea 201 AA Stable 2016-08-07 [78]
  Spain 170 A Negative 2020-09-18 [18]
  Sri Lanka 061 CCC+ Negative 2021-08-27 [79]
  Suriname 010 SD N/A 2020-07-16 [18]
  Sweden 221 AAA Stable 2004-02-16 [14][80]
   Switzerland 221 AAA Stable 1989-06-26 [14]
  Taiwan 202 AA Positive 2021-04-22 [81]
  Thailand 151 BBB+ Stable 2020-04-13 [82]
  Trinidad and Tobago 131 BBB- Stable 2020-03-26 [83]
  Turkey 091 B+ Negative 2021-12-10 [3][84]
  Turks and Caicos Islands 151 BBB+ Stable 2014-07-01 [3]
  Uganda 081 B Stable 2014-01-17 [14]
  Ukraine 081 B Stable 2021-03-13 [14]
  United Kingdom 201 AA Stable 2019-12-17 [85]
  United States 211 AA+ Stable 2013-06-10 [14]
  Uruguay 141 BBB Stable 2017-05-30 [86]
  Venezuela 010 SD N/A 2017-11-14 [87]
  Vietnam 111 BB Positive 2020-05-22 [88]
  Zambia 010 SD N/A 2020-10-20 [18]

FitchEdit

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.[89] Fitch Ratings typically does not assign outlooks to sovereign ratings below B- (CCC and lower) or modifiers. CCC indicates 'Substantial Credit Risk' where 'default is a real possibility'. CC indicates 'Very High Levels of Credit Risk' where 'default of some kind appears probable'.[90]

 
Financial ratings of European states by Fitch on 27 August 2019
Country/Region Rating Outlook Date Ref.
  Abu Dhabi 191AA Stable 2011-11-21 [91]
  Andorra 141BBB+ Stable 2020-01-31 [92]
  Angola 051CCC No outlook at level[90] 2020-09-04 [93]
  Argentina 050CCC No outlook at level[90] 2020-10-09 [94]
  Armenia 081B+ Stable 2020-10-05 [95]
  Aruba 101BB Stable 2021-04-07 [96]
  Australia 211AAA Negative 2021-02-21 [97]
  Austria 201AA+ Stable 2016-02-05 [91]
  Azerbaijan 111BB+ Stable 2021-05-14 [98]
  Bangladesh 091BB- Stable 2018-01-11 [99]
  Bahrain 081B+ Stable 2020-08-14 [100]
  Belarus 071B Negative 2020-11-13 [101]
  Belgium 181AA- Negative 2020-10-02 [102]
  Benin 072B Positive 2021-02-11 [103]
  Bermuda 201AA+ Stable 2011-11-21 [91]
  Bolivia 071B Stable 2020-09-30 [104]
  Brazil 090BB- Negative 2020-05-05 [105]
  Bulgaria 132BBB Positive 2021-02-19 [106]
  Cameroon 071B Stable 2021-04-12 [107]
  Canada 201AA+ Stable 2020-06-24 [108]
  Cape Verde 061B- Stable 2020-04-17 [109]
  Chile 151A- Stable 2020-10-15 [110]
  China 171A+ Stable 2011-11-21 [91]
  Colombia 120BBB- Negative 2020-01-04 [111]
  Congo 051CCC No outlook at level[90] 2019-09-06 [112]
  Costa Rica 070B Negative 2020-05-12 [113]
  Cote d'Ivoire 082B+ Positive 2019-12-11 [114]
  Croatia 132BBB Positive 2021-11-12 [115]
  Cyprus 121BBB- Stable 2020-10-02 [116]
  Czech Republic 181AA- Stable 2020-01-24 [117]
  Denmark 211AAA Stable 2011-11-21 [91]
  Dominican Republic 090BB- Negative 2020-08-05 [118]
  Ecuador 061B- Stable 2020-09-03 [119]
  Egypt 081B+ Stable 2020-07-27 [120]
  El Salvador 060B- Negative 2020-04-30 [121]
  Estonia 181AA- Stable 2018-10-05 [91]
  Ethiopia 051CCC No outlook at level[90] 2021-02-09 [122]
  Finland 201AA+ Stable 2020-01-24 [123]
  France 190AA Negative 2015-05-15 [124]
  Gabon 051 CCC No outlook at level[90] 2020-04-03 [125]
  Georgia 100BB Negative 2021-02-12 [126]
  Germany 211AAA Stable 2011-11-21 [91]
  Ghana 071B Stable 2019-10-11 [127]
  Greece 101BB Stable 2020-04-23 [128]
  Guatemala 091BB- Stable 2020-04-03 [129]
  Honduras 081B+ Stable 2020-09-03 [130]
  Hong Kong 181AA- Stable 2020-04-20 [131]
  Hungary 131BBB Stable 2021-02-12 [132]
  Iceland 160A Negative 2020-10-23 [133]
  India 120BBB- Negative 2020-06-18 [134]
  Indonesia 131BBB Stable 2020-01-24 [135]
  Iraq 061B- Stable 2021-03-24 [136]
  Ireland 171A+ Stable 2017-12-15 [137]
  Israel 171A+ Stable 2016-11-11 [138]
  Italy 131BBB Stable 2021-12-03 [139]
  Jamaica 082B+ Positive 2020-04-10 [140]
  Japan 161A Negative 2021-02-07 [141]
  Jordan 090BB- Negative 2020-05-08 [142]
  Kazakhstan 131BBB Stable 2021-02-19 [143]
  Kenya 080B+ Negative 2020-06-19 [144]
  Kuwait 191AA Stable 2021-02-02 [145]
  Laos 051CCC No outlook at level[90] 2020-09-23 [146]
  Latvia 151A- Stable 2020-04-10 [147]
  Lebanon 041RD No outlook at level[90] 2020-03-18 [148]
  Lesotho 070B Negative 2020-08-13 [149]
  Lithuania 161A Stable 2020-01-31 [150]
  Luxembourg 211AAA Stable 2011-11-21 [91]
  Macao 191AA Stable 2021-04-15 [151]
  Malaysia 141BBB+ Stable 2020-12-04 [152]
  Maldives 051CCC No outlook at level [90] 2020-11-05 [153]
  Malta 172A+ Stable 2020-04-17 [154]
  Mexico 121BBB- Stable 2020-04-15 [155]
  Mongolia 071B Stable 2019-07-04 [156]
  Morocco 111BB+ Stable 2020-10-23 [157]
  Mozambique 051CCC No outlook at level[90] 2019-11-07 [158]
  Namibia 100BB Negative 2020-06-22 [159]
  Netherlands 211AAA Stable 2014-07-11 [160]
  New Zealand 191AA Stable 2011-11-21 [91]
  Nicaragua 060B- Negative 2020-06-17 [161]
  Nigeria 071B Stable 2020-09-30 [162]
  North Macedonia 110BB+ Negative 2020-05-15 [163]
  Norway 211AAA Stable 2021-02-12 [164]
  Oman 110BB+ Negative 2020-08-17 [165]
  Pakistan 061B- Stable 2019-06-15 [166]
  Panama 120BBB- Negative 2021-02-03 [167]
  Paraguay 111BB+ Stable 2019-12-06 [168]
  Peru 141BBB+ Stable 2020-12-15 [169]
  Philippines 130BBB Negative 2021-10-08 [170]
  Poland 151A- Stable 2013-02-21 [91]
  Portugal 132BBB Positive 2020-04-17 [171]
  Qatar 181AA- Stable 2018-05-06 [172]
  Ras Al Khaimah 161A Stable 2020-09-06 [173]
  Romania 120BBB- Negative 2020-04-17 [174]
  Russia 131BBB Stable 2019-08-09 [175]
  Rwanda 081B+ Stable 2019-09-03 [176]
  San Marino 110BB+ Negative 2020-10-04 [177]
  Saudi Arabia 160A Negative 2019-11-09 [178]
  Serbia 111BB+ Stable 2019-09-27 [179]
  Seychelles 071B Stable 2020-12-18 [180]
  Singapore 211AAA Stable 2011-11-21 [91]
  Slovakia 160A Negative 2020-11-06 [181]
  Slovenia 161A Stable 2019-07-19 [182]
  South Africa 091BB- Stable 2021-12-15 [183]
  South Korea 181AA- Stable 2012-09-07 [184]
  Spain 151A- Stable 2018-01-20 [185]
  Sri Lanka 051CCC No outlook at level [90] 2020-11-27 [186]
  Suriname 031RD No outlook at level [90] 2021-04-01 [187]
  Sweden 211AAA Stable 2011-11-21 [91]
   Switzerland 211AAA Stable 2011-11-21 [91]
  Taiwan 191AA Stable 2021-09-10 [188]
  Thailand 142BBB+ Stable 2020-10-29 [189]
  Tunisia 070B Negative 2020-11-23 [190]
  Turkey 090BB- Negative 2021-12-02 [191]
  UAE 181AA- Stable 2020-11-11 [192]
  Uganda 080B+ Negative 2020-06-24 [193]
  Ukraine 071B Positive 2021-08-07 [194]
  United Kingdom 180AA- Negative 2020-03-27 [195]
  United States 210AAA Negative 2020-07-31 [196]
  Uruguay 120BBB- Negative 2019-06-27 [197]
  Uzbekistan 091BB- Stable 2018-12-20 [198]
  Venezuela 011NR No outlook at level[90] 2019-06-27 [199]
  Vietnam 102BB Positive 2021-04-01 [200]
  Zambia 021RD No outlook at level[90] 2020-11-18 [201]

Moody'sEdit

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.[202]

 
Financial ratings of European states by Moody's on 27 August 2019
Country/Region Rating Outlook Date Ref.
  Albania 081B1 Stable 2017-08-04 [203]
  Angola 051Caa1 Stable 2020-09-08 [204]
  Argentina 020Ca Negative 2020-04-03 [205]
  Armenia 091Ba3 Stable 2019-08-27 [206]
  Australia 211Aaa Stable 2016-08-17 [207]
  Austria 211Aa1 Stable 2016-06-24 [208]
  Azerbaijan 101Ba2 Positive 2021-04-06 [209]
  Bahamas 100Ba2 Negative 2020-06-25 [210]
  Bahrain 070B2 Negative 2021-04-21 [211]
  Bangladesh 091Ba3 Stable 2017-04-17 [212]
  Barbados 051Caa1 Stable 2019-07-02 [213]
  Belarus 061B3 Stable 2019-04-25 [214]
  Belgium 181Aa3 Stable 2017-03-03 [215]
  Belize 031Caa3 Stable 2020-11-24 [216]
  Benin 081B1 Stable 2021-03-09 [217]
  Bermuda 161A2 Stable 2016-06-03 [218]
  Bolivia 071B2 Stable 2020-09-22 [219]
  Bosnia and Herzegovina 061B3 Stable 2016-02-26 [220]
  Botswana 160A3 Stable 2021-04-23 [221]
  Brazil 101Ba2 Stable 2018-04-09 [222]
  Bulgaria 141Baa1 Stable 2020-10-10 [223]
  Cambodia 071B2 Stable 2017-03-17 [224]
  Cameroon 071B2 Stable 2016-08-05 [225]
  Canada 211Aaa Stable 2016-11-02 [226]
  Cayman Islands 181Aa3 Stable 2017-07-17 [227]
  Chile 170A1 Negative 2020-08-25 [228]
  China 171A1 Stable 2017-05-24 [229]
  Colombia 130Baa2 Negative 2020-12-03 [230]
  Congo 041Caa2 Stable 2019-06-18 [231]
  Costa Rica 070B2 Negative 2020-06-02 [232]
  Croatia 111Ba1 Stable 2020-11-14 [233]
  Cuba 042Caa2 Stable 2017-11-08 [234]
  Cyprus 102Ba2 Positive 2019-09-20 [235]
  Czech Republic 181Aa3 Stable 2019-10-04 [236]
  Denmark 211Aaa Stable 2017-03-24 [237]
  Dominican Republic 091Ba3 Stable 2017-07-20 [238]
  DR Congo 051Caa1 Stable 2018-06-18 [239]
  Ecuador 030Caa3 Stable 2021-02-26 [240]
  Egypt 071B2 Stable 2019-04-17 [241]
  El Salvador 060B3 Negative 2021-02-05 [242]
  Estonia 171A1 Stable 2017-07-21 [243]
  Ethiopia 050Caa1 Review for downgrade 2021-05-17 [244]
  Fiji 080B1 Negative 2021-04-20 [245]
  Finland 201Aa1 Stable 2016-06-03 [246]
  France 191Aa2 Stable 2020-02-21 [247]
  Gabon 051Caa1 Stable 2020-12-04 [248]
  Georgia 101Ba2 Stable 2017-09-11 [249]
  Germany 211Aaa Stable 2017-02-24 [250]
  Ghana 061B3 Stable 2020-04-17 [251]
  Greece 091Ba3 Stable 2020-11-07 [252]
  Guatemala 110Ba1 Negative 2020-11-10 [253]
  Honduras 081B1 Stable 2017-09-22 [254]
  Hong Kong 181Aa3 Stable 2020-01-20 [255]
  Hungary 131Baa2 Stable 2021-09-25 [256]
  Iceland 161A2 Stable 2019-11-08 [257]
  India 120Baa3 Stable 2021-10-05 [citation needed]
  Indonesia 131Baa2 Stable 2020-02-10 [258]
  Iraq 051Caa1 Stable 2017-08-03 [259]
  Ireland 161A2 Stable 2017-09-15 [260]
  Isle of Man 181Aa3 Stable 2020-10-23 [261]
  Israel 171A1 Stable 2019-9-22 [262]
  Italy 121Baa3 Stable 2018-10-19 [263]
  Ivory Coast 091Ba3 Stable 2015-11-05 [264]
  Jamaica 071B2 Stable 2019-12-11 [265]
  Japan 171A1 Stable 2016-08-30 [266]
  Jordan 081B1 Stable 2016-11-14 [267]
  Kazakhstan 122Baa3 Positive 2019-08-22 [268]
  Kenya 070B2 Negative 2020-05-07 [269]
  Kuwait 171A1 Stable 2020-09-22 [270]
  Kyrgyzstan 070B2 Negative 2020-11-26 [271]
  Latvia 151A3 Stable 2017-07-14 [272]
  Lebanon 010C No outlook at level 2020-07-27 [273]
  Lithuania 161A2 Stable 2021-02-12 [274]
  Luxembourg 211Aaa Stable 2017-03-03 [275]
  Macao 181Aa3 Stable 2017-05-24 [276]
  Malaysia 151A3 Stable 2016-11-01 [277]
  Maldives 060B3 Negative 2020-05-21 [278]
  Mali 051Caa1 Stable 2021-03-22 [279]
  Malta 161A2 Stable 2019-07-20 [280]
  Mauritius 130Baa2 Negative 2021-03-04 [281]
  Mexico 140Baa1 Negative 2020-04-17 [282]
  Moldova 061B3 Stable 2017-01-13 [283]
  Mongolia 061B3 Stable 2021-03-16 [284]
  Montenegro 081B1 Stable 2020-03-06 [285]
  Morocco 110Ba1 Negative 2021-02-04 [286]
  Mozambique 041Caa2 Stable 2019-09-20 [287]
  Namibia 090Ba3 Negative 2020-12-04 [288]
  Netherlands 211Aaa Stable 2017-03-31 [289]
  New Zealand 211Aaa Stable 2017-03-24 [290]
  Nicaragua 061B3 Stable 2020-02-14 [291]
  Nigeria 070B2 Negative 2020-04-15 [292]
  Norway 211Aaa Stable 2016-03-04 [293]
  Oman 090 Ba3 Negative 2020-06-23 [294][295]
  Pakistan 061B3 Stable 2019-12-02 [296]
  Panama 131Baa2 Stable 2021-03-21 [297]
  Papua New Guinea 070B2 Negative 2021-04-19 [298]
  Paraguay 111Ba1 Stable 2016-06-21 [299]
  Peru 151A3 Negative 2021-05-21 [300]
  Philippines 131Baa2 Stable 2017-06-27 [301]
  Poland 161A2 Stable 2017-05-12 [302]
  Portugal 122Baa3 Positive 2019-08-09 [303]
  Puerto Rico 020Ca Negative 2019-10-31 [304]
  Qatar 180Aa3 Stable 2018-07-13 [305]
  Romania 120Baa3 Negative 2020-04-24 [306]
  Russia 121Baa3 Stable 2018-02-08 [307]
  Rwanda 070B2 Negative 2020-10-12 [308]
  Saudi Arabia 170A1 Negative 2020-05-01 [309]
  Senegal 090Ba3 Negative 2020-08-07 [310]
  Serbia 101Ba2 Stable 2021-03-12 [311]
  Singapore 211Aaa Stable 2016-12-08 [312]
  Sint Maarten 100Ba2 Negative 2021-03-19 [313]
  Slovakia 162A2 Stable 2019-09-27 [314]
  Slovenia 151A3 Stable 2020-10-02 [315]
  South Africa 100Ba2 Negative 2020-11-20 [316]
  South Korea 191Aa2 Stable 2015-12-18 [317]
  Spain 141Baa1 Stable 2018-04-13 [318]
  Sri Lanka 051Caa1 Stable 2020-09-28 [319]
  Saint Vincent and the Grenadines 061B3 Stable 2016-05-19 [320]
  Suriname 030Caa3 Negative 2020-07-07 [321]
  Eswatini 070 B3 Stable 2020-07-20 [322]
  Sweden 211Aaa Stable 2020-03-27 [323]
   Switzerland 211Aaa Stable 2020-11-27 [324]
  Taiwan 182Aa3 Positive 2021-02-24 [325]
  Tajikistan 060B3 Negative 2018-12-10 [326]
  Thailand 141Baa1 Stable 2020-04-21 [327]
  Trinidad and Tobago 110Ba1 Negative 2020-05-22 [328]
  Tunisia 110Caa1 Negative 2021-10-14 [329]
  Turkey 070B2 Negative 2020-09-11 [330]
  Uganda 071B2 Stable 2016-11-18 [331]
  Ukraine 061B3 Stable 2020-06-12 [332]
  United Arab Emirates 191Aa2 Stable 2017-05-27 [333]
  United Kingdom 181Aa3 Stable 2020-10-17 [334]
  United States 211Aaa Stable 2013-07-18 [335]
  Uruguay 131Baa2 Stable 2017-07-13 [336]
  Uzbekistan 081B1 Stable 2019-02-13 [337]
  Venezuela 010C Stable 2018-03-09 [338]
  Vietnam 092Ba3 Positive 2021-03-17 [339]
  Zambia 021Ca Stable 2020-04-03 [340]

DBRS MorningstarEdit

For DBRS Morningstar, 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.

Country/Region Rating Trend Date Ref.
  Argentina 021 D N/A 2014-07-31 [341]
  Australia 221AAA Stable 2014-07-31 [341]
  Austria 221AAA Stable 2014-06-13 [341]
  Belgium 211AA(high) Stable 2014-03-21 [341]
  Brazil 141BBB Stable 2014-08-01 [341]
  Canada 221AAA Stable 2014-07-18 [341]
  Chile 191AA(low) Stable 2014-02-28 [341]
  Colombia 141BBB Stable 2014-04-30 [341]
  Cyprus 071B(low) Stable 2014-06-27 [341]
  Denmark 221AAA Stable 2014-07-25 [341]
  European Union 221AAA Stable 2014-07-11 [341]
  Finland 221AAA Stable 2014-05-16 [341]
  France 221AAA Stable 2014-05-30 [341]
  Germany 221AAA Stable 2014-04-11 [341]
  Greece 081B(high) Positive 2018-06-29 [341]
  India 132BBB(low) Positive 2017-11-16 [341]
  Ireland 161A(low) Stable 2014-03-28 [341]
  Italy 160A(low) Negative 2014-04-11 [341]
  Japan 181A(high) Stable 2013-11-20 [341]
  Mexico 151BBB(high) Stable 2014-03-31 [341]
  Netherlands 221AAA Stable 2014-04-25 [341]
  Norway 221AAA Stable 2014-07-04 [341]
  Peru 151BBB(high) Stable 2014-05-30 [341]
  Portugal 131BBB Stable 2018-04-20 [341]
  Spain 160A(low) Negative 2014-04-11 [341]
  Sweden 221AAA Stable 2014-06-13 [341]
   Switzerland 221AAA Stable 2013-12-27 [341]
  Turkey 131BBB(low) Stable 2014-07-28 [341]
  United Kingdom 221AAA Stable 2014-07-18 [341]
  United States 221AAA Stable 2014-04-22 [341]
  Uruguay 131BBB(low) Stable 2017-05-26 [342]

Scope RatingsEdit

For Scope – the 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 211AAA Stable 2021-09-03 [343]
  Belgium 191AA- Stable 2021-05-28 [343]
  Bulgaria 141BBB+ Stable 2021-06-18 [343]
  China 170A+ Stable 2021-07-09 [343]
  Croatia 111BBB- Stable 2019-06-28 [343]
  Cyprus 121BBB- Stable 2019-08-23 [343]
  Czech Republic 191AA Stable 2020-10-02 [343]
  Denmark 211AAA Stable 2021-11-12 [343]
  Estonia 171AA- Stable 2020-02-21 [343]
  European Union 211AAA Stable 2019-02-01 [343]
  Finland 201AA+ Stable 2021-11-05 [343]
  France 191AA Stable 2017-06-30 [343]
  Georgia 101BB Stable 2021-09-03 [343]
  Germany 211AAA Stable 2021-12-03 [343]
  Greece 082BB+ Stable 2021-09-10 [343]
  Hungary 132BBB+ Stable 2021-12-10 [343]
  Ireland 171AA- Stable 2021-05-21 [343]
  Italy 141BBB+ Stable 2021-08-20 [343]
  Japan 171A Stable 2021-06-18 [343]
  Latvia 151A- Stable 2018-04-27 [343]
  Lithuania 151A Positive 2021-12-10 [343]
  Luxembourg 211AAA Stable 2018-10-19 [343]
  Malta 171A+ Stable 2021-04-23 [343]
  Netherlands 211AAA Stable 2021-12-17 [343]
  Norway 211AAA Stable 2021-11-12 [343]
  Poland 171A+ Stable 2019-11-01 [343]
  Portugal 132BBB+ Stable 2020-01-31 [343]
  Romania 120BBB- Stable 2021-05-14 [343]
  Russia 121BBB+ Stable 2021-10-29 [343]
  Slovakia 171A+ Stable 2021-12-03 [343]
  Slovenia 171A Stable 2019-06-21 [343]
  Spain 151A- Stable 2021-07-16 [343]
  Sweden 211AAA Stable 2021-11-05 [343]
   Switzerland 211AAA Stable 2018-09-20 [343]
  Turkey 090B Negative 2020-11-06 [343]
  United Kingdom 190AA Stable 2021-06-25 [343]
  United States 191AA Stable 2021-11-26 [343]

JCREdit

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.

Country/Region Rating Outlook Date Ref.
  Australia 19AAA Stable 2012-07-02 [344]
  Belgium 19AAA Stable 2013-03-25 [344]
  Brazil 11BBB Stable 2012-11-15 [344]
  Canada 19AAA Stable 2012-09-04 [344]
  Czech Republic 16AA- Stable 2018-07-25 [344][345]
  Denmark 19AAA Stable 2013-02-14 [344]
  Finland 19AAA Stable 2013-04-19 [344]
  France 19AAA Stable 2013-04-26 [344]
  Germany 19AAA Stable 2013-02-28 [344]
  Hong Kong 18AA+ Stable 2012-09-05 [344]
  Hungary 11BBB+ Stable 2016-02-21 [344]
  India 12BBB+ Stable 2012-11-30 [344]
  Indonesia 10BBB- Stable 2012-11-13 [344]
  Italy 16AA- Negative 2013-04-10 [344]
  Japan 19AAA Stable 2013-03-15 [344]
  Malaysia 14A Stable 2012-10-19 [344]
  Mexico 13A- Stable 2012-12-21 [344]
  Netherlands 19AAA Stable 2012-10-04 [344]
  Norway 19AAA Stable 2012-08-02 [344]
  Philippines 11A- Stable 2020-06-11 [344][346]
  Poland 14A Stable 2013-03-01 [344]
  Portugal 14A Stable 2013-03-15 [344]
  Romania 07BBB- Stable 2013-03-28 [344]
  Russia 07BBB+ Stable 2014-12-26 [344]
  Singapore 19AAA Stable 2012-02-01 [344]
  South Korea 15A+ Stable 2013-01-24 [344]
  Slovakia 15A+ Stable 2012-11-08 [344]
  Slovenia 16A+ Stable 2016-08-15 [344][347]
  Spain 17AA Negative 2013-04-12 [344]
  Thailand 14A- Stable 2013-04-02 [344]
  Turkey 10BBB- Stable 2013-05-23 [344]
  United Kingdom 19AAA Stable 2012-06-29 [344]
  United States 19AAA Stable 2012-03-09 [344]

DagongEdit

Dagong is a credit rating agency based in China.

World map ratings by Dagong (December 2018)

Country Rating Outlook Date Ref.
  Algeria 121BBB- Stable 2014-10 [348]
  Angola 091BB- Stable 2013-05-31 [349]
  Argentina 000D Negative 2014-07-31 [349]
  Australia 201AA+ Stable 2013-11 [348]
  Austria 201AA+ Stable 2014-12 [348]
  Bahrain 151A- Stable 2014-08 [348]
  Bangladesh 091BB- Stable 2013-11 [348]
  Belarus 090BB- Negative 2014-01 [348]
  Belgium 171A+ Stable 2014-10 [348]
  Bolivia 121BBB- Stable 2013-05-15 [349]
  Bosnia and Herzegovina 071B Stable 2014-05 [348]
  Botswana 161A Stable 2013-04-07 [349]
  Brazil 150A- Negative 2014-01 [348]
  Bulgaria 121BBB- Stable 2013-09 [348]
  Cambodia 071B Stable 2013-03-15 [349]
  Canada 201AA+ Stable 2014-04 [348]
  Cayman Islands 181AA- Stable 2013-11 [348]
  Chile 181AA- Stable 2014-02 [348]
  China 201AAA Stable 2014-09 [348]
  Colombia 141BBB+ Stable 2013-07-24 [350]
  Croatia 110BB+ Negative 2014-05 [348]
  Czech Republic 171A+ Stable 2013-09 [348]
  Democratic Republic of Congo 041CCC Stable 2013-05-16 [349]
  Denmark 201AA+ Stable 2014-01 [348]
  Ecuador 061B- Stable 2014-07 [348]
  Egypt 061B- Stable 2015-06 [349][351]
  Estonia 161A Stable 2013-11 [348]
  Ethiopia 051CCC Stable 2014-03 [348]
  Finland 201AA+ Stable 2014-11 [348]
  France 170A+ Negative 2014-01 [348]
  Georgia 091BB- Stable 2014-03 [348]
  Germany 201AA+ Stable 2013-12 [348]
  Ghana 071B Stable 2013-04-24 [349]
  Greece 041CCC Stable 2017-11 [348]
  Hong Kong 211AAA Stable 2013-12 [348]
  Hungary 121BBB- Stable 2014-07 [348]
  Iceland 091BB- Stable 2012-10 [349]
  India 132BBB Positive 2014-12 [348]
  Indonesia 120BBB- Negative 2014-01 [348]
  Ireland 131BBB Stable 2014-10 [348]
  Israel 151A- Stable 2014-01 [348]
  Italy 120BBB- Negative 2014-01 [348]
  Japan 170A+ Negative 2014-08 [348]
  Jordan 061B- Stable 2013-05-15 [349]
  Kazakhstan 121BBB- Stable 2014-03 [348]
  Kenya 071B Stable 2014-07 [348]
  Kuwait 191AA Stable 2014-06 [348]
  Latvia 121BBB- Stable 2014-01 [348]
  Lithuania 132BBB Positive 2014-08 [348]
  Luxembourg 211AAA Stable 2013-12 [348]
  Macao 201AA+ Stable 2013-12 [348]
  Madagascar 051CCC Stable 2012-05 [349]
  Malaysia 171A+ Stable 2014-07 [348]
  Malta 150A- Negative 2014-03 [348]
  Mauritius 131BBB Stable 2012-07 [349]
  Mexico 131BBB Stable 2013-11 [348]
  Micronesia 091BB- Stable 2013-02 [349]
  Mongolia 091B Negative 2017-07 [348]
  Morocco 130BBB Negative 2014-03 [348]
  Netherlands 201AA+ Stable 2015-01 [348]
  New Zealand 190AA Negative 2014-01 [349]
  Nigeria 111BB+ Stable 2014-07 [348]
  Norway 211AAA Stable 2014-09 [348]
  Oman 181AA- Stable 2014-08 [348]
  Pakistan 030CCC- Negative 2014-04 [348]
  Panama 151A- Stable 2013-07-01 [348]
  Paraguay 091BB- Stable 2014-05 [348]
  Peru 141BBB+ Stable 2014-09 [348]
  Philippines 090BB- Negative 2014-01 [348]
  Poland 150A- Negative 2013-12 [348]
  Portugal 100BB Negative 2013-09 [348]
  Qatar 181AA- Stable 2014-07 [348]
  Romania 101BB Stable 2014-10 [348]
  Russia 161A Stable 2013-11 [348]
  Saudi Arabia 191AA Stable 2014-08 [348]
  Serbia 090BB- Negative 2013-11 [348]
  Singapore 211AAA Stable 2014-12 [348]
  South Africa 150A- Negative 2013-11 [348]
  South Korea 181AA- Stable 2013-11 [348]
  South Sudan 021CC Stable 2013-02 [349]
  Spain 141BBB+ Stable 2014-05 [348]
  Sri Lanka 080B+ Negative 2013-03-18 [349]
  Sudan 011C Stable 2013-02 [349]
  Suriname 111BB+ Stable 2013-05-20 [349]
  Sweden 201AA+ Stable 2014-01 [348]
   Switzerland 211AAA Stable 2013-11 [348]
  Taiwan 181AA- Stable 2013-03-06 [349]
  Thailand 130BBB Negative 2014-05 [348]
  Tunisia 100BB Negative 2014-07 [348]
  Turkey 111BB+ Stable 2013-12 [348]
  Turkmenistan 141BBB+ Stable 2013-05-14 [349]
  United Kingdom 171A+ Stable 2016-07 [348]
  United States 140BBB+ Negative 2018-01-16 [348][352]
  Ukraine 040CCC Negative 2014-05 [348]
  United Arab Emirates 141BBB+ Stable 2014-02 [348]
  Uzbekistan 131BBB 2013-03-27 [349]
  Venezuela 040CCC Negative 2016-12-05 [349][353]
  Vietnam 081B+ Stable 2016-12-07 [354]
  Yemen 040CCC Negative 2013-05-23 [349]

China ChengxinEdit

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

Country Rating Outlook Date Ref.
  Argentina 05Bg Stable 2014-08 [355]
  Australia 19AAAg Stable 2012-08 [355]
  Brazil 12BBBg+ Stable 2012-08 [355]
  Canada 19AAAg Stable 2012-08 [355]
  China 17AAg+ Stable 2012-08 [355]
  Denmark 17AAg+ Stable 2012-08 [355]
  France 16AAg Stable 2012-08 [355]
  Germany 17AAg+ Stable 2012-08 [355]
  Greece 01CCCg N/A 2014-04 [355]
  Iceland 10BBBg- Stable 2012-08 [355]
  India 11BBBg Stable 2012-08 [355]
  Indonesia 10BBBg- Stable 2012-08 [355]
  Ireland 10BBg+ Negative 2012-08 [355]
  Italy 11BBBg Stable 2013-03 [356]
  Japan 18AAg+ Stable 2012-08 [355]
  Mexico 12BBBg+ Stable 2012-08 [355]
  Netherlands 18AAg+ Stable 2012-08 [355]
  Norway 19AAAg Stable 2012-08 [355]
  Portugal 07BBg- Negative 2012-08 [355]
  Russia 14Ag Stable 2012-08 [355]
  Saudi Arabia 18AAg+ Stable 2013-07 [355]
  Singapore 19AAAg Stable 2013-07 [355]
  South Africa 14Ag Stable 2013-07 [355]
  South Korea 16AAg- Stable 2013-07 [355]
  Spain 09BBg+ Negative 2013-03 [357]
   Switzerland 19AAAg Stable 2012-08 [355]
  Thailand 12BBBg+ Stable 2012-08 [355]
  Turkey 14BB+ Stable 2012-08 [355]
  United Kingdom 18AAg+ Stable 2013-03 [358]
  United States 19AAAg Stable 2012-08 [355]

Not ratedEdit

UN member states that have not been assigned a credit rating by any of the eight 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[359]
  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.[360]
  Kiribati
  Kyrgyzstan
  Liberia
  Libya Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[361]
  Malawi
  Mali Mali was given a credit rating in 2004 as part of a UN development initiative,[362] but the rating was later withdrawn.[363]
  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 alsoEdit

ReferencesEdit

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  109. ^ "Fitch Affirms Cabo Verde at 'B-'; Outlook Stable".
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