Canada Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aaa Stable | AAA Stable | AA+ Stable | AAA Stable | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jun 24, 2020 | Fitch | AAA | Stable | AA+ | Stable | |
| Aug 12, 2004 | Fitch | AA+ | Stable | AAA | Stable | |
| Dec 16, 2002 | DBRS | AA (high) | Stable | AAA | Stable | |
| Sep 20, 2002 | Fitch | AA+ | Stable | AA+ | Stable | |
| Jul 29, 2002 | S&P | AA+ | Stable | AAA | Stable | |
| May 03, 2002 | Moody's | Aa1 | Stable | Aaa | Stable | |
| Apr 03, 2001 | Fitch | AA | Stable | AA+ | Stable | |
| Sep 21, 2000 | Fitch | AA | — | AA | Stable | |
| Jun 21, 2000 | Moody's | Aa2 | Positive Watch | Aa1 | Stable | |
| Apr 06, 2000 | Moody's | Aa2 | Stable | Aa2 | Positive Watch | |
| Oct 22, 1997 | DBRS | AA (high) | Negative | AA (high) | Stable | |
| Feb 24, 1997 | S&P | AA+ | Negative | AA+ | Stable | |
| Apr 12, 1995 | Moody's | Aa1 | Negative Watch | Aa2 | Stable | |
| Mar 28, 1995 | DBRS | AA (high) | Stable | AA (high) | Negative | |
| Mar 03, 1995 | S&P | AA+ | Stable | AA+ | Negative | |
| Feb 16, 1995 | Moody's | Aa1 | Stable | Aa1 | Negative Watch | |
| Aug 10, 1994 | Fitch | NR | AA | — | ||
| Jun 02, 1994 | Moody's | Aaa | Stable | Aa1 | Stable | |
| Mar 21, 1994 | DBRS | AAA | Negative | AA (high) | Stable | |
| May 28, 1993 | DBRS | AAA | — | AAA | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Canada’s current credit rating?
Canada’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Canada’s credit risk.
Has Canada’s credit rating changed recently?
This page lists the latest rating and outlook actions for Canada, showing when each agency last reviewed or changed its assessment.
Why does Canada’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Canada's bond yields, currency, and equity flows as investors reassess risk.
How does Canada’s rating compare to other countries?
You can explore how Canada ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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