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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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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
Caa3PositiveCCCStableCCC+N/AB (low)StableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba1StableBBStableBBStableBBStableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1NegativeA+StableAStableAStableAStable
France
Aa3StableAA-StableAA-NegativeAA (high)NegativeAA-Stable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-PositiveBBB-StableBBBStableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3PositiveBBB+StableBBBPositiveBBB (high)PositiveBBB+Stable
Japan
A1StableA+StableAStableA (high)StableAStable
Mexico
Baa2NegativeBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1PositiveA+StableA+StableNR-NR-
South Africa
Ba2StableBB-StableBB-StableNR-BBStable
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B3StableBPositiveB+PositiveBB (high)NegativeBB-Stable
United Kingdom
Aa3StableAAStableAA-StableAAStableAAStable
United States
AaaNegativeAA+StableAA+StableAAAStableAANegative

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Hungary
Dec 04, 2025S&PBBB-, StableBBB-, Negative
Brazil
May 30, 2025Moody'sBa1, PositiveBa1, Stable
Nigeria
May 30, 2025Moody'sCaa1, StableB3, Stable
Hong Kong
May 27, 2025Moody'sAa3, NegativeAa3, Stable
Italy
May 23, 2025Moody'sBaa3, StableBaa3, Positive
Slovenia
May 16, 2025Scope RatingsA, StableA+, Stable
Argentina
May 12, 2025FitchCCC, N/ACCC+, N/A
Ghana
May 09, 2025S&PSD, N/ACCC+, Stable
Andorra
May 09, 2025S&PBBB+, PositiveA-, Stable
India
May 08, 2025DBRSBBB (low), PositiveBBB, Stable
Bulgaria
May 02, 2025DBRSBBB (high), Stable
Thailand
Apr 29, 2025Moody'sBaa1, StableBaa1, Negative
Cambodia
Apr 28, 2025Moody'sB2, StableB2, Negative
Belgium
Apr 25, 2025S&PAA, StableAA, Negative
Slovakia
Apr 25, 2025S&PA+, StableA+, Negative
Czech Republic
Apr 25, 2025DBRSAA, Stable
Croatia
Apr 25, 2025DBRSA, Stable
Kyrgyzstan
Apr 24, 2025FitchB, Stable
Bahrain
Apr 24, 2025S&PB+, PositiveB+, Negative
Egypt
Apr 18, 2025Scope RatingsB-, StableNR, N/A

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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