Macedonia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
NR | BB- Stable | BB+ Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Apr 14, 2023 | Fitch | BB+ | Negative | BB+ | Stable | |
| May 15, 2020 | Fitch | BB+ | Stable | BB+ | Negative | |
| Jun 14, 2019 | Fitch | BB | Positive | BB+ | Stable | |
| Feb 02, 2018 | Fitch | BB | Negative | BB | Positive | |
| Aug 19, 2016 | Fitch | BB+ | Negative | BB | Negative | |
| Aug 21, 2015 | Fitch | BB+ | Stable | BB+ | Negative | |
| May 24, 2013 | S&P | BB | Stable | BB- | Stable | |
| Oct 27, 2010 | Fitch | BB+ | Negative | BB+ | Stable | |
| Sep 21, 2009 | S&P | BB | Negative | BB | Stable | |
| May 21, 2009 | Fitch | BB+ | Stable | BB+ | Negative | |
| Apr 30, 2009 | S&P | BB+ | Negative | BB | Negative | |
| Dec 01, 2008 | S&P | BB+ | Stable | BB+ | Negative | |
| Nov 04, 2008 | Fitch | BB+ | Positive | BB+ | Stable | |
| Aug 14, 2007 | Fitch | BB+ | Stable | BB+ | Positive | |
| Jun 13, 2006 | Fitch | BB | Positive | BB+ | Stable | |
| Nov 01, 2005 | Fitch | NR | BB | Positive | ||
| Aug 23, 2005 | S&P | BB | Positive | BB+ | Stable | |
| Jul 30, 2004 | S&P | NR | BB | Positive |
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 Macedonia’s current credit rating?
Macedonia’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 Macedonia’s credit risk.
Has Macedonia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Macedonia, showing when each agency last reviewed or changed its assessment.
Why does Macedonia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Macedonia's bond yields, currency, and equity flows as investors reassess risk.
How does Macedonia’s rating compare to other countries?
You can explore how Macedonia 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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