Montenegro Credit Ratings & Outlooks

Country
Moody's
S&P
Fitch
DBRS
Scope Ratings
Montenegro
Ba3
Stable
B+
Stable
NR
NR
NR

Credit Rating History

Country
Date of Change
Rating Agency
Previous Rating
Previous Outlook
Current Rating
Current Outlook
Montenegro
Sep 27, 2024Moody'sB1StableBa3Stable
Montenegro
Aug 30, 2024S&PBPositiveB+Stable
Montenegro
Mar 01, 2024S&PBStableBPositive
Montenegro
Mar 05, 2021S&PB+NegativeBStable
Montenegro
May 01, 2020S&PB+StableB+Negative
Montenegro
Mar 06, 2020Moody'sB1PositiveB1Stable
Montenegro
Sep 21, 2018Moody'sB1StableB1Positive
Montenegro
Oct 06, 2017S&PB+NegativeB+Stable
Montenegro
Sep 29, 2017Moody'sB1NegativeB1Stable
Montenegro
May 14, 2016Moody'sBa3NegativeB1Negative
Montenegro
May 13, 2016S&PB+StableB+Negative
Montenegro
Nov 14, 2014S&PBB-NegativeB+Stable
Montenegro
Oct 31, 2014Moody'sBa3StableBa3Negative
Montenegro
Nov 29, 2013S&PBB-StableBB-Negative
Montenegro
Jun 13, 2012S&PBB+NegativeBB-Stable
Montenegro
Mar 30, 2011Moody'sBa3NegativeBa3Stable
Montenegro
Apr 30, 2009Moody'sBa2NegativeBa3Negative
Montenegro
Dec 18, 2008Moody'sBa2StableBa2Negative
Montenegro
Apr 14, 2008S&PBB+StableBB+Negative
Montenegro
Mar 12, 2008Moody'sNRBa2Stable

Table Key

GradeMoody'sS&PFitchDBRSScope 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
Montenegro’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 Montenegro’s credit risk.
This page lists the latest rating and outlook actions for Montenegro, showing when each agency last reviewed or changed its assessment.
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Montenegro's bond yields, currency, and equity flows as investors reassess risk.
You can explore how Montenegro ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
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
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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