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Sovereign Credit Ratings | FX Empire

A sovereign credit rating is issued by a credit rating agency after evaluating the country’s economic and political conditions.

Sovereign credit ratings provide investors with an indication of the level of risk associated with investing in a particular country while taking into account the Financial, Economic and Political factors.

The credit rating of a country plays a crucial role when it is issuing debt on the international bond markets – the better the rating, the lower the interest rate investors will be willing to accept on the debt.

Below is a global summary of the latest long-term foreign-currency ratings issued by the largest credit agencies.

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G20
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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCCStableCCCN/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba1PositiveBBStableBBStableBBStableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1NegativeA+StableA+NegativeAStableAStable
France
Aa2StableAA-StableAA-NegativeAA (high)StableAA-Stable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-PositiveBBB-StableBBB (low)PositiveNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3StableBBBStableBBBPositiveBBB (high)PositiveBBB+Stable
Japan
A1StableA+StableAStableA (high)StableAStable
Mexico
Baa2NegativeBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1PositivePositiveA+StableNR-NR-
South Africa
Ba2StableBB-StableBB-StableNR-BBStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBPositiveB+PositiveBB (high)NegativeBPositive
United Kingdom
Aa3StableAAStableAA-StableAAStableAAStable
United States
AaaNegativeAA+StableAA+StableAAAStableAANegative

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Bangladesh
Nov 18, 2024Moody'sB1, StableB2, Negative
Mongolia
Nov 18, 2024Moody'sB3, StableB2, Stable
Argentina
Nov 15, 2024FitchCC, N/ACCC, N/A
Mexico
Nov 14, 2024Moody'sBaa2, StableBaa2, Negative
San Marino
Nov 12, 2024S&PBBB-, Stable
Spain
Nov 08, 2024S&PA, StableA-, Positive
Croatia
Nov 08, 2024Moody'sBaa2, StableA3, Stable
Peru
Nov 05, 2024FitchBBB, NegativeBBB, Stable
Barbados
Nov 05, 2024S&PB-, PositiveB, Positive
Australia
Nov 04, 2024FitchAAA, StableAAA, Stable
Chad
Oct 30, 2024FitchB-, Stable
Chad
Oct 28, 2024S&PB-, Stable
Italy
Oct 25, 2024DBRSBBB (high), StableBBB (high), Positive
Cyprus
Oct 25, 2024Scope RatingsBBB+, StableA-, Stable
Nicaragua
Oct 23, 2024S&PB, StableB+, Stable
Suriname
Oct 22, 2024Moody'sCaa3, StableCaa1, Positive
Costa Rica
Oct 22, 2024S&PBB-, StableBB-, Positive
Italy
Oct 18, 2024FitchBBB, StableBBB, Positive
Croatia
Oct 18, 2024Scope RatingsBBB+, PositiveA-, Stable
France
Oct 18, 2024Scope RatingsAA, NegativeAA-, Stable

Table Key

Grade
Moody'sS&PFitchDBRSScope Ratings
Prime
AaaAAAAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)AA+
Aa2AAAAAAAA
Aa3AA-AA-AA (low)AA-
Upper Medium Grade
A1A+A+A (high)A+
A2AAAA
A3A-A-A (low)A-
Lower Medium Grade
Baa1BBB+BBB+BBB (high)BBB+
Baa2BBBBBBBBBBBB
Baa3BBB-BBB-BBB (low)BBB-
Non-investment Grade Speculative
Ba1BB+BB+BB (high)BB+
Ba2BBBBBBBB
Ba3BB-BB-BB (low)BB-
Highly Speculative
B1B+B+B (high)B+
B2BBBB
B3B-B-B (low)B-
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCCCC
CCCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDDD
DDDD
DDDDDD
Not Rated
NRNRNRNRNR

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