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Sovereign Credit Ratings | FX Empire

A sovereign credit rating is issued by a credit rating agency after evaluating the country’s economic and political conditions.

Sovereign credit ratings provide investors with an indication of the level of risk associated with investing in a particular country while taking into account the Financial, Economic and Political factors.

The credit rating of a country plays a crucial role when it is issuing debt on the international bond markets – the better the rating, the lower the interest rate investors will be willing to accept on the debt.

Below is a global summary of the latest long-term foreign-currency ratings issued by the largest credit agencies.

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Sovereign Credit Ratings | FX Empire
See Table Key
Moody'sS&PFitchDBRSScope Ratings
Country
RatingOutlookRatingOutlookRatingOutlookRatingOutlookRatingOutlook
Argentina
CaStableCCC+StableCCCN/ACCCStableNR-
Australia
AaaStableAAAStableAAAStableAAAStableNR-
Brazil
Ba2StableBB-StableBB-StableBB (low)StableNR-
Canada
AaaStableAAAStableAA+StableAAAStableNR-
China
A1StableA+StableA+StableA (high)StableA+Negative
France
Aa2StableAAStableAANegativeAA (high)StableAAStable
Germany
AaaStableAAAStableAAAStableAAAStableAAAStable
India
Baa3StableBBB-StableBBB-StableBBB (low)StableNR-
Indonesia
Baa2StableBBBNegativeBBBStableNR-NR-
Italy
Baa3NegativeBBBStableBBBStableBBB (high)StableBBB+Stable
Japan
A1StableA+StableAStableA (high)StableANegative
Mexico
Baa2StableBBBStableBBB-StableBBBStableNR-
Russian Federation
CaNegativeNRN/ACN/ANR-NRN/A
Saudi Arabia
A1StableA-StableAStableNR-NR-
South Africa
Ba2StableBB-PositiveBB-StableNR-NR-
South Korea
Aa2StableAAStableAA-StableNR-NR-
Turkey
B2NegativeB+NegativeBNegativeBB (high)NegativeB-Negative
United Kingdom
Aa3StableAAStableAA-StableAA (high)StableAAStable
United States
AaaStableAA+StableAAAStableAAAStableAAStable

Latest Credit Changes

Country
DateRating AgencyPrevious RatingCurrent Rating
Ghana
Aug 10, 2022FitchB-, NegativeCCC, N/A
Italy
Aug 08, 2022Moody'sBaa3, StableBaa3, Negative
Azerbaijan
Aug 05, 2022Moody'sBa2, PositiveBa1, Stable
Laos
Aug 04, 2022FitchCCC, N/ACCC-, N/A
Belarus
Aug 03, 2022S&PCCC, Negative WatchSD, N/A
Ukraine
Jul 29, 2022S&PCCC+, NegativeCC, Negative
Mauritius
Jul 29, 2022Moody'sBaa2, NegativeBaa3, Stable
Pakistan
Jul 28, 2022S&PB-, StableB-, Negative
Italy
Jul 26, 2022S&PBBB, PositiveBBB, Stable
Paraguay
Jul 22, 2022Moody'sBa1, StableBa1, Positive
Ukraine
Jul 22, 2022FitchCCC, N/AC, N/A
Lesotho
Jul 22, 2022FitchB, NegativeB, Stable
Ukraine
Jul 22, 2022Scope RatingsCCC, NegativeC, Under Review
Trinidad and Tobago
Jul 21, 2022S&PBBB-, NegativeBBB-, Stable
Honduras
Jul 21, 2022S&PBB-, StableBB-, Negative
Belarus
Jul 18, 2022FitchC, N/ARD, N/A
Croatia
Jul 15, 2022Scope RatingsBBB-, PositiveBBB+, Stable
Kuwait
Jul 15, 2022S&PA+, NegativeA+, Stable
Angola
Jul 15, 2022FitchB-, StableB-, Positive
Brazil
Jul 15, 2022FitchBB-, NegativeBB-, Stable

Table Key

Grade
Moody'sS&PFitchDBRSScope Ratings
Prime
AaaAAAAAAAAAAAA
High Grade
Aa1AA+AA+AA (high)AA+
Aa2AAAAAAAA
Aa3AA-AA-AA (low)AA-
Upper Medium Grade
A1A+A+A (high)A+
A2AAAA
A3A-A-A (low)A-
Lower Medium Grade
Baa1BBB+BBB+BBB (high)BBB+
Baa2BBBBBBBBBBBB
Baa3BBB-BBB-BBB (low)BBB-
Non-investment Grade Speculative
Ba1BB+BB+BB (high)BB+
Ba2BBBBBBBB
Ba3BB-BB-BB (low)BB-
Highly Speculative
B1B+B+B (high)B+
B2BBBB
B3B-B-B (low)B-
Substantial Risks
Caa1CCC+CCC+CCC
Caa2CCCCCCCCCCCC
Caa3CCC-CCC-CCC
Extremely Speculative
CaCCCCCCCCC
CCCCC
In Default with Little Prospect for Recovery
CDRDRD
In Default
SDSD
CDDDD
DDDD
DDDDDD
Not Rated
NRNRNRNRNR

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