Japan Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A1 Stable | A+ Stable | A Stable | A (high) Stable | A Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Mar 22, 2024 | Scope Ratings | A | Negative | A | Stable | |
| May 06, 2022 | Scope Ratings | A | Stable | A | Negative | |
| Mar 25, 2022 | Fitch | A | Negative | A | Stable | |
| Jun 18, 2021 | Scope Ratings | A+ | Negative | A | Stable | |
| Jul 28, 2020 | Fitch | A | Stable | A | Negative | |
| Jun 09, 2020 | S&P | A+ | Positive | A+ | Stable | |
| Apr 24, 2020 | Scope Ratings | A+ | Stable | A+ | Negative | |
| Jan 25, 2019 | DBRS | A | Stable | A (high) | Stable | |
| Apr 13, 2018 | S&P | A+ | Stable | A+ | Positive | |
| Sep 29, 2017 | Scope Ratings | NR | A+ | Stable | ||
| Apr 27, 2017 | Fitch | A | Negative | A | Stable | |
| Dec 28, 2016 | DBRS | A (high) | Negative | A | Stable | |
| Jun 13, 2016 | Fitch | A | Stable | A | Negative | |
| Nov 30, 2015 | DBRS | A (high) | Stable | A (high) | Negative | |
| Sep 16, 2015 | S&P | AA- | Negative | A+ | Stable | |
| Apr 27, 2015 | Fitch | A+ | Negative Watch | A | Stable | |
| Dec 09, 2014 | Fitch | A+ | Negative | A+ | Negative Watch | |
| Dec 01, 2014 | Moody's | Aa3 | Stable | A1 | Stable | |
| Nov 20, 2013 | DBRS | NR | A (high) | Stable | ||
| May 22, 2012 | Fitch | AA | Negative | A+ | 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 Japan’s current credit rating?
Japan’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 Japan’s credit risk.
Has Japan’s credit rating changed recently?
This page lists the latest rating and outlook actions for Japan, showing when each agency last reviewed or changed its assessment.
Why does Japan’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Japan's bond yields, currency, and equity flows as investors reassess risk.
How does Japan’s rating compare to other countries?
You can explore how Japan 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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