Sovereign Credit Ratings
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba1 Stable | BB+ Positive | BB+ Stable | NR | NR — |
Latest Credit Changes
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jul 04, 2025 | Scope Ratings | BB+ | Stable | NR | — | |
| Mar 29, 2024 | S&P | BB+ | Stable | BB+ | Positive | |
| Sep 08, 2023 | Scope Ratings | NR | BB+ | Stable | ||
| Jul 01, 2022 | Moody's | Ba1 | Negative | Ba1 | Stable | |
| Apr 02, 2021 | S&P | BBB- | Negative | BB+ | Stable | |
| Feb 04, 2021 | Moody's | Ba1 | Stable | Ba1 | Negative | |
| Oct 23, 2020 | Fitch | BBB- | Negative | BB+ | Stable | |
| Oct 02, 2020 | S&P | BBB- | Stable | BBB- | Negative | |
| Apr 28, 2020 | Fitch | BBB- | Stable | BBB- | Negative | |
| Oct 04, 2019 | S&P | BBB- | Negative | BBB- | Stable | |
| Nov 20, 2018 | Moody's | Ba1 | Positive | Ba1 | Stable | |
| Oct 05, 2018 | S&P | BBB- | Stable | BBB- | Negative | |
| Feb 24, 2017 | Moody's | Ba1 | Stable | Ba1 | Positive | |
| Sep 02, 2014 | Moody's | Ba1 | Negative | Ba1 | Stable | |
| May 16, 2014 | S&P | BBB- | Negative | BBB- | Stable | |
| Feb 11, 2013 | Moody's | Ba1 | Stable | Ba1 | Negative | |
| Oct 11, 2012 | S&P | BBB- | Stable | BBB- | Negative | |
| Mar 23, 2010 | S&P | BB+ | Stable | BBB- | Stable | |
| Apr 11, 2008 | S&P | BB+ | Positive | BB+ | Stable | |
| Apr 19, 2007 | Fitch | NR | BBB- | 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 |
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.
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