Sovereign Credit Ratings

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Azerbaijan	Baa3 Positive	BB+ Stable	BB+ Stable	NR	NR

Latest Credit Changes

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Azerbaijan	Jul 04, 2025	Moody's	Ba1	Positive	Baa3	Positive
Azerbaijan	Jul 05, 2024	Moody's	Ba1	Stable	Ba1	Positive
Azerbaijan	Aug 05, 2022	Moody's	Ba2	Positive	Ba1	Stable
Azerbaijan	May 14, 2021	Fitch	BB+	Negative	BB+	Stable
Azerbaijan	Apr 06, 2021	Moody's	Ba2	Stable	Ba2	Positive
Azerbaijan	Jan 22, 2021	S&P	BB+	Negative	BB+	Stable
Azerbaijan	Oct 23, 2020	S&P	BB+	Stable	BB+	Negative
Azerbaijan	Apr 10, 2020	Fitch	BB+	Stable	BB+	Negative
Azerbaijan	Feb 02, 2018	Fitch	BB+	Negative	BB+	Stable
Azerbaijan	Jan 26, 2018	S&P	BB+	Negative	BB+	Stable
Azerbaijan	Aug 18, 2017	Moody's	Ba1	Negative Watch	Ba2	Stable
Azerbaijan	May 19, 2017	Moody's	Ba1	Negative	Ba1	Negative Watch
Azerbaijan	Jul 29, 2016	S&P	BB+	Stable	BB+	Negative
Azerbaijan	Apr 29, 2016	Moody's	Ba1	Negative Watch	Ba1	Negative
Azerbaijan	Feb 26, 2016	Fitch	BBB-	Stable	BB+	Negative
Azerbaijan	Feb 05, 2016	Moody's	Baa3	Stable	Ba1	Negative Watch
Azerbaijan	Jan 29, 2016	S&P	BBB-	Negative	BB+	Stable
Azerbaijan	Jan 30, 2015	S&P	BBB-	Stable	BBB-	Negative
Azerbaijan	May 11, 2012	Fitch	BBB-	Positive	BBB-	Stable
Azerbaijan	Apr 19, 2012	Moody's	Ba1	Positive	Baa3	Stable

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
Extremely Speculative Grade			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 a sovereign credit rating?

A sovereign credit rating is an independent assessment of a country's creditworthiness, issued by agencies like S&P, Moody's, Fitch, DBRS, and Scope. These long-term foreign-currency ratings shape borrowing costs and investor confidence, and changes often move currencies, bond yields, and equity markets.

Which agencies provide sovereign credit ratings?

The five largest agencies are S&P Global Ratings, Moody's Investors Service, Fitch Ratings, DBRS Morningstar, and Scope Ratings. They monitor financial, political, and economic conditions to publish updates.

What do outlooks mean in credit ratings?

A Positive outlook suggests a possible upgrade, Stable means no change is expected, and Negative signals a potential downgrade. Outlooks indicate the likely direction of a rating in the short to medium term and often shape market expectations.

How often are sovereign ratings updated?

There is no fixed timetable. Some agencies review ratings on set calendars, while others update after major financial, political, or economic events that could affect credit risk.

Where can I find historical sovereign ratings?

You can explore past ratings and outlook revisions on each country's dedicated page within the FXEmpire Credit Ratings Hub.

What is the difference between investment grade and speculative grade?

Investment grade (BBB-/Baa3 or higher) signals lower risk and wider investor access. Speculative grade (BB+/Ba1 or lower), also called high-yield or junk, carries higher risk and volatility but often comes with higher yields.