List of countries by credit rating

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This is a list of countries by credit rating, showing long-term foreign currency credit ratings for sovereign bonds as reported by the largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The list also includes all country subdivisions not issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing sub-sovereign bonds.

Countries' and regions' ratings in different methods

Standard & Poor's

Countries by Standard & Poor's Foreign Rating (March 2019)
AAA AA A BBB BB B CCC/CC SD/D

For S&P, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[1]

Country/Region Rating Outlook Date Ref.
 Abu Dhabi, UAE 201 AA Stable 2012-02-20 [2]
 Albania 091 B+ Stable 2016-02-05 [3]
 Andorra 141 BBB Stable 2020-04-24 [4]
 Angola 061 CCC+ Stable 2020-03-26 [5]
 Argentina 010 SD 2020-04-07 [6]
 Aruba 152 BBB+ Positive 2016-06-06 [2]
 Australia 220 AAA Negative 2020-04-07 [7]
 Austria 211 AA+ Stable 2013-01-29 [2]
 Azerbaijan 121 BB+ Stable 2018-01-26 [8]
 Bahamas 110 BB Negative 2020-04-16 [9]
 Bahrain 091 B+ Stable 2020-03-26 [10]
 Bangladesh 101 BB- Stable 2010-04-05 [2]
 Barbados 071 B- Stable 2019-12-11 [11]
 Belarus 081 B Stable 2017-10-06 [2]
 Belgium 201 AA Stable 2018-04-04 [12]
 Belize 030 CC 2020-06-30 [13]
 Bermuda 181 A+ Stable 2015-04-28 [2]
 Bolivia 091 B+ Stable 2020-04-17 [14]
 Bosnia and Herzegovina 081 B Stable 2020-04-30 [15]
 Botswana 151 BBB+ Stable 2020-03-27 [16]
 Brazil 101 BB- Stable 2020-04-06 [17]
 Bulgaria 141 BBB Stable 2020-05-29 [18]
 Burkina Faso 081 B Stable 2017-05-26 [19]
 Cambodia 081 B Stable 2011-10-31 [20]
 Cameroon 071 B- Stable 2020-04-10 [21]
 Canada 221 AAA Stable 2002-07-29 [12]
 Cape Verde 081 B Stable 2017-05-05 [22]
 Chile 180 A+ Negative 2020-04-27 [23]
 China 181 A+ Stable 2017-09-21 [24]
 Colombia 130 BBB- Negative 2020-03-26 [25]
 Congo, D. R. 061 CCC+ Stable 2020-07-31 [26]
 Congo, Republic 070 B- Negative 2020-04-08 [27]
 Cook Islands 091 B+ Stable 2011-12-14 [12]
 Costa Rica 080 B Negative 2020-06-09 [28]
 Croatia 131 BBB- Stable 2019-03-22 [29]
 Curacao 161 A- Stable 2013-06-14 [12]
 Cyprus 131 BBB- Stable 2018-09-14 [12]
 Czech Republic 191 AA- Stable 2011-08-24 [12]
 Denmark 221 AAA Stable 2001-02-27 [12]
 Dominican Republic 100 BB- Negative 2020-04-16 [30]
 Ecuador 010 SD 2020-04-13 [31]
 Egypt 081 B Stable 2018-05-11 [32]
 El Salvador 071 B- Stable 2018-12-28 [33]
 Estonia 192 AA- Positive 2020-02-28 [34]
 Ethiopia 081 B Stable 2014-05-09 [12]
 European Union 201 AA Stable 2016-06-30 [12]
 Fiji 100 BB- Negative 2020-06-18 [35]
 Finland 211 AA+ Stable 2016-09-16 [12]
 France 201 AA Stable 2016-10-21 [12]
 Georgia 111 BB Stable 2019-10-11 [36]
 Germany 221 AAA Stable 2012-01-13 [12]
 Ghana 080 B Negative 2020-04-30 [37]
 Greece 101 BB- Stable 2020-04-24 [38]
 Guatemala 101 BB- Stable 2017-10-18 [39]
 Guernsey 191 AA- Stable 2016-07-08 [12]
 Honduras 092 B+ Positive 2016-07-18 [12]
 Hong Kong 211 AA+ Stable 2017-09-22 [40]
 Hungary 141 BBB Stable 2020-04-28 [41]
 Iceland 171 A Stable 2017-12-08 [42]
 India 131 BBB- Stable 2014-09-26 [12]
 Indonesia 140 BBB Negative 2020-04-17 [43]
 Iraq 071 B- Stable 2015-09-03 [12]
 Ireland 191 AA- Stable 2019-11-29 [12]
 Israel 191 AA- Stable 2018-08-03 [44]
 Italy 140 BBB Negative 2018-10-26 [45]
 Jamaica 090 B+ Negative 2020-04-16 [46]
 Japan 181 A+ Stable 2020-06-09 [47]
 Jersey 191 AA- Stable 2016-07-08 [2]
 Jordan 091 B+ Stable 2017-10-20 [48]
 Kazakhstan 131 BBB- Stable 2017-09-08 [49]
 Kenya 090 B+ Negative 2020-07-14 [50]
 Kuwait 190 AA- Negative 2020-07-17 [51]
 Latvia 181 A+ Stable 2020-02-21 [12][52]
 Lebanon 010 SD 2020-03-11 [53]
 Liechtenstein 221 AAA Stable 2016-02-26 [12]
 Lithuania 181 A+ Stable 2020-02-21 [54]
 Luxembourg 221 AAA Stable 2013-01-14 [12]
 Malaysia 160 A- Negative 2020-06-26 [55]
 Malta 161 A- Stable 2020-03-13 [56]
 Mexico 140 BBB Negative 2020-03-26 [57]
 Mongolia 081 B Stable 2018-11-09 [58]
 Montenegro 090 B+ Negative 2020-05-01 [59]
 Montserrat 131 BBB- Stable 2011-09-02 [12]
 Morocco 131 BBB- Stable 2019-10-04 [60]
 Mozambique 061 CCC+ Stable 2019-11-22 [61]
 Netherlands 221 AAA Stable 2015-11-20 [12]
 New Zealand 202 AA Positive 2019-01-30 [62]
 Nicaragua 091 B+ Stable 2016-02-11 [12]
 Nigeria 071 B- Stable 2020-03-26 [63]
 North Macedonia 101 BB- Stable 2013-05-24 [12]
 Norway 221 AAA Stable 1990-11-08 [12]
 Oman 100 BB- Negative 2020-03-26 [64]
 Pakistan 071 B- Stable 2019-02-04 [65]
 Panama 150 BBB+ Negative 2020-04-24 [66]
 Papua New Guinea 071 B- Stable 2020-04-28 [67]
 Paraguay 111 BB Stable 2016-06-15 [12]
 Peru 151 BBB+ Stable 2013-08-19 [12]
 Philippines 151 BBB+ Stable 2019-04-30 [68]
 Poland 161 A- Stable 2018-10-13 [12]
 Portugal 141 BBB Stable 2020-04-24 [69]
 Qatar 191 AA- Stable 2018-12-07 [70]
 Ras Al Khaimah, UAE 171 A Stable 2014-10-13 [12]
 Romania 130 BBB- Negative 2019-09-11 [12]
 Russia 131 BBB- Stable 2018-07-20 [12][71]
 Rwanda 091 B+ Stable 2019-08-09 [72]
 Saudi Arabia 161 A- Stable 2016-02-17 [12]
 Senegal 091 B+ Stable 2019-12-06 [73]
 Serbia 121 BB+ Stable 2020-05-01 [74]
 Sharjah, UAE 151 BBB+ Stable 2017-01-27 [2]
 Singapore 221 AAA Stable 1995-03-06 [12]
 Slovakia 180 A+ Negative 2020-07-24 [75]
 Slovenia 191 AA- Stable 2019-06-17 [76]
 South Africa 101 BB- Stable 2020-04-29 [77]
 South Korea 201 AA Stable 2016-08-07 [78]
 Spain 171 A Stable 2019-09-20 [12][79]
 Sri Lanka 071 B- Stable 2020-05-20 [80]
 Suriname 051 CCC Stable 2020-07-16 [81]
 Sweden 221 AAA Stable 2004-02-16 [12][82]
  Switzerland 221 AAA Stable 1989-06-26 [12]
 Taiwan 191 AA- Stable 2010-06-10 [12]
 Thailand 151 BBB+ Stable 2020-04-13 [83]
 Trinidad and Tobago 131 BBB- Stable 2020-03-26 [84]
 Turkey 091 B+ Stable 2018-08-17 [2]
 Turks and Caicos Islands 151 BBB+ Stable 2014-07-01 [2]
 Uganda 081 B Stable 2014-01-17 [12]
 Ukraine 081 B Stable 2019-09-27 [12]
 United Kingdom 201 AA Stable 2019-12-17 [85]
 United States 211 AA+ Stable 2013-06-10 [12]
 Uruguay 141 BBB Stable 2017-05-30 [86]
 Venezuela 010 SD Negative 2017-11-14 [87]
 Vietnam 111 BB Stable 2019-04-05 [88]
 Zambia 050 CCC Negative 2020-02-21 [89]

Fitch

For Fitch, a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[90]

Financial ratings of European states by Fitch on 27 August 2019
Country/Region Rating Outlook Date Ref.
 Abu Dhabi 191AA Stable 2011-11-21 [91]
 Andorra 141BBB+ Stable 2020-01-31 [92]
 Angola 070B Negative 2019-07-12 [93]
 Argentina 040CC Highly Vulnerable 2019-12-23 [94]
 Armenia 091BB- Stable 2019-11-22 [95]
 Aruba 120BBB- Negative 2019-04-11 [96]
 Australia 211AAA Stable 2011-11-29 [97]
 Austria 211AA+ Stable 2016-02-05 [91]
 Azerbaijan 111BB+ Stable 2020-01-17 [98]
 Bangladesh 091BB- Stable 2018-01-11 [99]
 Bahrain 091BB- Stable 2019-11-12 [100]
 Belarus 071B Stable 2018-07-20 [101]
 Belgium 181AA- Stable 2019-10-04 [102]
 Benin 072B Positive 2019-12-19 [91]
 Bermuda 201AA+ Stable 2011-11-21 [91]
 Bolivia 080B+ Negative 2019-11-21 [103]
 Brazil 091BB- Stable 2019-11-14 [104]
 Bulgaria 132BBB Positive 2019-08-23 [105]
 Cameroon 071B Stable 2011-11-21 [91]
 Canada 211AA+ Stable 2020-06-24 [106]
 Cape Verde 072B Positive 2019-12-13 [107]
 Chile 161A Stable 2019-02-22 [108]
 China 171A+ Stable 2011-11-21 [91]
 Colombia 130BBB Negative 2019-11-20 [91][109]
 Congo 051CCC Highly Vulnerable 2019-09-06 [110]
 Costa Rica 080B+ Negative 2019-10-30 [111]
 Cote d'Ivoire 081B+ Stable 2019-05-24 [112]
 Croatia 122BBB- Positive 2019-06-08 [113]
 Cyprus 122BBB- Positive 2019-10-11 [114]
 Czech Republic 181AA- Stable 2020-01-24 [115]
 Denmark 211AAA Stable 2011-11-21 [91]
 Dominican Republic 091BB- Stable 2014-11-21 [91][116]
 Ecuador 060B- Negative 2019-01-10 [117]
 Egypt 081B+ Stable 2019-11-25 [91][118]
 El Salvador 061B- Stable 2018-06-13 [119]
 Estonia 181AA- Stable 2018-10-05 [91]
 Ethiopia 070B Negative 2019-10-01 [120]
 Finland 201AA+ Stable 2020-01-24 [121]
 France 201AA Stable 2014-12-12 [122]
 Gabon 071B Stable 2019-12-02 [123]
 Georgia 101BB Stable 2019-08-16 [124]
 Germany 211AAA Stable 2011-11-21 [91]
 Ghana 071B Stable 2019-10-11 [125]
 Greece 102BB Positive 2020-01-24 [126]
 Guatemala 100BB Negative 2019-04-11 [127]
 Hong Kong 181AA- Stable 2020-04-20 [128]
 Hungary 131BBB Stable 2019-02-25 [91][129]
 Iceland 171A Stable 2017-12-08 [91][130]
 India 120BBB- Negative 2020-06-18 [131]
 Indonesia 131BBB Stable 2017-10-20 [132]
 Iraq 061B- Stable 2019-07-25 [133]
 Ireland 171A+ Stable 2017-12-15 [134]
 Israel 171A+ Stable 2016-11-11 [91][135]
 Italy 121BBB- Stable 2020-04-28 [91][136]
 Jamaica 082B+ Positive 2020-01-29 [91][137]
 Japan 161A Stable 2019-07-16 [91][138]
 Kazakhstan 131BBB Stable 2019-09-06 [91][139]
 Kenya 081B+ Stable 2011-11-21 [91]
 Kuwait 191AA Stable 2011-11-21 [91]
 Latvia 151A- Stable 2014-06-20 [140]
 Lebanon 041CC Highly Vulnerable 2019-12-12 [141]
 Lesotho 071B Stable 2019-08-19 [142]
 Lithuania 161A Stable 2020-01-31 [143]
 Luxembourg 211AAA Stable 2011-11-21 [91]
 Macao 191AA Stable 2018-12-19 [144]
 Malaysia 151A- Stable 2011-11-21 [91]
 Malta 172A+ Positive 2020-01-10 [145]
 Mexico 131BBB Stable 2019-06-05 [146]
 Mongolia 071B Stable 2019-07-04 [147]
 Morocco 121BBB- Stable 2011-11-21 [91]
 Mozambique 051CCC Highly Vulnerable 2019-11-07 [148]
 Namibia 101BB Stable 2019-10-01 [149]
 Netherlands 211AAA Stable 2011-11-21 [91]
 New Zealand 191AA Stable 2011-11-21 [91]
 Nigeria 080B+ Negative 2019-12-19 [150]
 Norway 211AAA Stable 2011-11-21 [91]
 North Macedonia 111BB+ Stable 2019-06-14 [151]
 Oman 111BB+ Stable 2019-07-22 [152]
 Pakistan 061B- Stable 2019-06-15 [153]
 Panama 131BBB Stable 2011-11-21 [91]
 Paraguay 111BB+ Stable 2019-12-06 [154]
 Philippines 131BBB Stable 2020-05-07 [155]
 Poland 151A- Stable 2013-02-21 [91]
 Portugal 132BBB Positive 2019-11-22 [156]
 Ras Al Khaimah, UAE 161A Stable 2011-11-21 [91]
 Romania 121BBB- Stable 2019-11-08 [157]
 Russia 131BBB Stable 2019-08-09 [158]
 Rwanda 081B+ Stable 2019-09-03 [159]
 San Marino 120 BBB- Negative 2019-10-18 [160]
 Saudi Arabia 161A Stable 2019-09-30 [161]
 Serbia 111BB+ Stable 2019-09-27 [162]
 Seychelles 101BB Stable 2019-12-20 [163]
 Singapore 211AAA Stable 2011-11-21 [91]
 Slovakia 161A Stable 2020-05-08 [164]
 Slovenia 161A Stable 2019-07-19 [165]
 South Africa 100BB Negative 2020-04-03 [166]
 South Korea 181AA- Stable 2012-09-07 [167]
 Spain 151A- Stable 2018-01-20 [168]
 Sri Lanka 070B Negative 2019-12-18 [169]
 Suriname 051CCC Highly Vulnerable 2020-01-16 [170]
 Sweden 211AAA Stable 2011-11-21 [91]
  Switzerland 211AAA Stable 2011-11-21 [91]
 Taiwan 181AA- Stable 2019-09-25 [171]
 Thailand 142BBB+ Positive 2019-07-18 [172]
 Tunisia 080B+ Negative 2019-06-27 [173]
 Turkey 091BB- Stable 2020-04-29 [174]
 Uganda 081B+ Stable 2019-06-28 [175]
 Ukraine 072B Positive 2019-09-06 [176]
 United Kingdom 180AA- Negative 2020-03-27 [177]
 United States 211AAA Stable 2014-03-21 [178]
 Uruguay 120BBB- Negative 2019-06-27 [179]
 Uzbekistan 091BB- Stable 2018-12-20 [180]
 Venezuela 011NR Highly Vulnerable 2019-06-27 [181]
 Vietnam 102BB Positive 2019-05-09 [182]
 Zambia 041CC Highly Vulnerable 2020-04-16 [183]

Moody's

For Moody's, a bond is considered investment grade if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.[184]

Financial ratings of European states by Moody's on 27 August 2019
Country/Region Rating Outlook Date Ref.
 Albania 081B1 Stable 2017-08-04 [185]
 Angola 080B1 Negative 2017-04-07 [186]
 Argentina 040Caa2 Ratings Under Review 2019-08-30 [187]
 Armenia 081B1 Stable 2016-03-18 [188]
 Australia 211Aaa Stable 2016-08-17 [189]
 Austria 211Aa1 Stable 2016-06-24 [190]
 Azerbaijan 101Ba2 Stable 2017-08-18 [191]
 Bahamas 120Baa3 Negative 2017-08-25 [192]
 Bahrain 080B1 Negative 2017-07-28 [193]
 Bangladesh 091Ba3 Stable 2017-04-17 [194]
 Barbados 031Caa3 Stable 2017-03-09 [195]
 Belarus 061B3 Stable 2019-04-25 [196]
 Belgium 181Aa3 Stable 2017-03-03 [197]
 Belize 061B3 Stable 2017-04-11 [198]
 Bermuda 161A2 Stable 2016-06-03 [199]
 Bolivia 091Ba3 Stable 2017-08-01 [200]
 Bosnia and Herzegovina 061B3 Stable 2016-02-26 [201]
 Botswana 161A2 Stable 2016-04-22 [202]
 Brazil 100Ba2 Negative 2017-05-26 [203]
 Bulgaria 132Baa2 Positive 2017-05-26 [204]
 Cambodia 071B2 Stable 2017-03-17 [205]
 Cameroon 071B2 Stable 2016-08-05 [206]
 Canada 211Aaa Stable 2016-11-02 [207]
 Cayman Islands 181Aa3 Stable 2017-07-17 [208]
 Chile 180Aa3 Negative 2017-08-24 [209]
 China 171A1 Stable 2017-05-24 [210]
 Colombia 131Baa2 Stable 2016-05-26 [211]
 Congo 040Caa2 Negative 2017-07-28 [212]
 Costa Rica 100Ba2 Negative 2017-02-09 [213]
 Croatia 102Ba2 Positive 2019-04-26 [214]
 Cuba 042Caa2 Positive 2015-12-10 [215]
 Cyprus 092Ba3 Positive 2017-07-28 [216]
 Czech Republic 181Aa3 Stable 2019-10-04 [217]
 Denmark 211Aaa Stable 2017-03-24 [218]
 Dominican Republic 091Ba3 Stable 2017-07-20 [219]
 DR Congo 061B3 Stable 2016-06-17 [220]
 Ecuador 061B3 Stable 2016-11-23 [221]
 Egypt 062B3 Positive 2017-08-29 [222]
 El Salvador 051Caa1 Stable 2017-04-13 [223]
 Estonia 171A1 Stable 2017-07-21 [224]
 Ethiopia 081B1 Stable 2016-12-02 [225]
 Fiji 091Ba3 Stable 2017-09-06 [226]
 Finland 201Aa1 Stable 2016-06-03 [227]
 France 191Aa2 Stable 2015-09-18 [228]
 Gabon 060B3 Negative 2017-07-03 [229]
 Georgia 101Ba2 Stable 2017-09-11 [230]
 Germany 211Aaa Stable 2017-02-24 [231]
 Ghana 061B3 Stable 2016-09-23 [232]
 Greece 081B1 Stable 2019-03-01 [233]
 Guatemala 111Ba1 Stable 2016-06-30 [234]
 Honduras 081B1 Stable 2017-09-22 [235]
 Hong Kong 181Aa3 Stable 2020-01-20 [236]
 Hungary 121Baa3 Stable 2016-11-04 [237]
 Iceland 151A3 Stable 2016-09-01 [238]
 India 120Baa3 Negative 2020-06-01 [239]
 Indonesia 131Baa2 Stable 2018-04-13 [240]
 Iraq 051Caa1 Stable 2017-08-03 [241]
 Ireland 161A2 Stable 2017-09-15 [242]
 Isle of Man 200Aa1 Negative 2016-06-29 [243]
 Israel 172A1 Stable 2019-9-22 [244]
 Italy 121Baa3 Stable 2018-10-19 [245]
 Ivory Coast 091Ba3 Stable 2015-11-05 [246]
 Jamaica 061B3 Stable 2016-11-21 [247]
 Japan 171A1 Stable 2016-08-30 [248]
 Jordan 081B1 Stable 2016-11-14 [249]
 Kazakhstan 121Baa3 Stable 2017-07-26 [250]
 Kenya 081B1 Stable 2016-02-12 [251]
 Kuwait 191Aa2 Stable 2016-05-26 [252]
 Kyrgyzstan 071B2 Stable 2015-12-09 [253]
 Latvia 151A3 Stable 2017-07-14 [254]
 Lebanon 061B3 Stable 2017-08-25 [255]
 Lithuania 151A3 Stable 2017-09-08 [256]
 Luxembourg 211Aaa Stable 2017-03-03 [257]
 Macao 181Aa3 Stable 2017-05-24 [258]
 Malaysia 151A3 Stable 2016-11-01 [259]
 Maldives 071B2 Stable 2016-09-02 [260]
 Malta 161A2 Stable 2019-07-20 [261]
 Mauritius 141Baa1 Stable 2015-11-24 [262]
 Mexico 150A3 Negative 2017-04-27 [263]
 Moldova 061B3 Stable 2017-01-13 [264]
 Mongolia 051Caa1 Stable 2017-03-30 [265]
 Montenegro 080B1 Negative 2016-05-14 [266]
 Morocco 112Ba1 Positive 2017-02-24 [267]
 Mozambique 030Caa3 Negative 2016-07-08 [268]
 Namibia 110Ba1 Negative 2017-08-11 [269]
 Netherlands 211Aaa Stable 2017-03-31 [270]
 New Zealand 211Aaa Stable 2017-03-24 [271]
 Nicaragua 072B2 Positive 2017-07-20 [272]
 Nigeria 081B1 Stable 2016-12-09 [273]
 Norway 211Aaa Stable 2016-03-04 [274]
 Oman 110 Ba1 Negative 2019-03-06 [275]
 Pakistan 061B3 Stable 2019-12-02 [276]
 Panama 131Baa2 Stable 2015-12-01 [277]
 Papua New Guinea 071B2 Stable 2016-04-25 [278]
 Paraguay 111Ba1 Stable 2016-06-21 [279]
 Peru 151A3 Stable 2017-08-23 [280]
 Philippines 131Baa2 Stable 2017-06-27 [281]
 Poland 161A2 Stable 2017-05-12 [282]
 Portugal 121Baa3 Stable 2018-10-12 [283]
 Puerto Rico 010C Negative 2017-04-05 [284]
 Qatar 180Aa3 Negative 2017-07-04 [285]
 Romania 122Baa3 Positive 2017-04-21 [286]
 Russia 121Baa3 Stable 2017-02-17 [287]
 Rwanda 071B2 Stable 2016-08-12 [288]
 Saudi Arabia 171A1 Stable 2016-05-14 [289]
 Senegal 091Ba3 Stable 2017-04-13 [290]
 Serbia 091Ba3 Stable 2017-03-17 [291]
 Singapore 211Aaa Stable 2016-12-08 [292]
 Slovakia 162A2 Positive 2017-04-07 [293]
 Slovenia 142Baa1 Positive 2019-04-26 [294]
 South Africa 120Baa3 Negative 2017-06-09 [295]
 South Korea 191Aa2 Stable 2015-12-18 [296]
 Spain 141Baa1 Stable 2018-04-13 [297]
 Sri Lanka 080B1 Negative 2016-06-20 [298]
 Saint Vincent and the Grenadines 061B3 Stable 2016-05-19 [299]
 Suriname 081B1 Stable 2016-05-20 [300]
 Swaziland 070 B2 Negative 2017-10-17 [301]
 Sweden 211Aaa Stable 2016-04-08 [302]
  Switzerland 211Aaa Stable 2016-12-02 [303]
 Taiwan 181Aa3 Stable 2016-11-17 [304]
 Tajikistan 061B3 Stable 2017-08-28 [305]
 Thailand 141Baa1 Stable 2017-07-18 [306]
 Trinidad and Tobago 111Ba1 Stable 2017-04-25 [307]
 Tunisia 080B1 Negative 2017-08-18 [308]
 Turkey 080B1 Negative 2019-06-14 [309]
 Uganda 071B2 Stable 2016-11-18 [310]
 Ukraine 052Caa1 Positive 2019-11-22 [311]
 United Arab Emirates 191Aa2 Stable 2017-05-27 [312]
 United Kingdom 191Aa2 Negative 2019-11-08 [313]
 United States 211Aaa Stable 2013-07-18 [314]
 Uruguay 131Baa2 Stable 2017-07-13 [315]
 Uzbekistan 082B1 Stable 2019-02-13 [316]
 Venezuela 030Caa3 Negative 2016-03-04 [317]
 Vietnam 091Ba3 Negative 2019-12-18 [318]
 Zambia 060B3 Negative 2016-04-19 [319]

DBRS Morningstar

For DBRS Morningstar, a bond is considered investment grade if its credit rating is BBB(low) or higher. Bonds rated BB(high) and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country/Region Rating Trend Date Ref.
 Argentina 021 D N/A 2014-07-31 [320]
 Australia 221AAA Stable 2014-07-31 [320]
 Austria 221AAA Stable 2014-06-13 [320]
 Belgium 211AA(high) Stable 2014-03-21 [320]
 Brazil 141BBB Stable 2014-08-01 [320]
 Canada 221AAA Stable 2014-07-18 [320]
 Chile 191AA(low) Stable 2014-02-28 [320]
 Colombia 141BBB Stable 2014-04-30 [320]
 Cyprus 071B(low) Stable 2014-06-27 [320]
 Denmark 221AAA Stable 2014-07-25 [320]
 European Union 221AAA Stable 2014-07-11 [320]
 Finland 221AAA Stable 2014-05-16 [320]
 France 221AAA Stable 2014-05-30 [320]
 Germany 221AAA Stable 2014-04-11 [320]
 Greece 081B(high) Positive 2018-06-29 [320]
 India 132BBB(low) Positive 2017-11-16 [320]
 Ireland 161A(low) Stable 2014-03-28 [320]
 Italy 160A(low) Negative 2014-04-11 [320]
 Japan 181A(high) Stable 2013-11-20 [320]
 Mexico 151BBB(high) Stable 2014-03-31 [320]
 Netherlands 221AAA Stable 2014-04-25 [320]
 Norway 221AAA Stable 2014-07-04 [320]
 Peru 151BBB(high) Stable 2014-05-30 [320]
 Portugal 131BBB Stable 2018-04-20 [320]
 Spain 160A(low) Negative 2014-04-11 [320]
 Sweden 221AAA Stable 2014-06-13 [320]
  Switzerland 221AAA Stable 2013-12-27 [320]
 Turkey 131BBB(low) Stable 2014-07-28 [320]
 United Kingdom 221AAA Stable 2014-07-18 [320]
 United States 221AAA Stable 2014-04-22 [320]
 Uruguay 131BBB(low) Stable 2017-05-26 [321]

Scope Ratings

For Scope – the European rating agency – a bond is considered investment grade if its credit rating is BBB- or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country/Region Rating Trend Date Ref.
 Austria 211AAA Stable 2019-03-08 [322]
 Belgium 191AA Negative 2020-02-07 [322]
 Bulgaria 141BBB+ Stable 2019-02-22 [322]
 China 170A+ Negative 2020-02-28 [322]
 Croatia 111BBB- Stable 2019-06-28 [322]
 Cyprus 121BBB- Stable 2019-08-23 [322]
 Czech Republic 191AA Stable 2018-01-26 [322]
 Denmark 211AAA Stable 2019-07-26 [322]
 Estonia 171AA- Stable 2020-02-21 [322]
 European Union 211AAA Stable 2019-02-01 [322]
 Finland 201AA+ Stable 2019-07-26 [322]
 France 191AA Stable 2017-06-30 [322]
 Georgia 101BB Negative 2020-04-17 [322]
 Germany 211AAA Stable 2017-06-30 [322]
 Greece 082BB Positive 2019-10-18 [322]
 Hungary 132BBB+ Stable 2019-10-18 [322]
 Ireland 171A+ Positive 2020-01-17 [322]
 Italy 141BBB+ Negative 2020-05-15 [322]
 Japan 171A+ Negative 2020-04-24 [322]
 Latvia 151A- Stable 2018-04-27 [322]
 Lithuania 151A- Positive 2019-10-04 [322]
 Luxembourg 211AAA Stable 2018-10-19 [322]
 Malta 171A+ Stable 2018-11-09 [322]
 Netherlands 211AAA Stable 2019-04-12 [322]
 Norway 211AAA Stable 2019-02-08 [322]
 Poland 171A+ Stable 2019-11-01 [322]
 Portugal 132BBB+ Stable 2020-01-31 [322]
 Romania 120BBB- Negative 2020-06-12 [322]
 Russia 121BBB Stable 2020-01-17 [322]
 Slovakia 171A+ Negative 2020-05-01 [322]
 Slovenia 171A Stable 2019-06-21 [322]
 Spain 151A- Stable 2018-05-18 [322]
 Sweden 211AAA Stable 2019-07-26 [322]
  Switzerland 211AAA Stable 2018-09-20 [322]
 Turkey 090B+ Stable 2020-07-10 [322]
 United Kingdom 190AA Negative 2020-02-07 [322]
 United States 191AA Stable 2019-07-26 [322]

JCR

Japan Credit Rating Agency (JCR) is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U.S. Securities and Exchange Commission.

Financial ratings of European states by JCR on 8 July 2013
Country/Region Rating Outlook Date Ref.
 Australia 19AAA Stable 2012-07-02 [323]
 Belgium 19AAA Stable 2013-03-25 [323]
 Brazil 11BBB Stable 2012-11-15 [323]
 Canada 19AAA Stable 2012-09-04 [323]
 Czech Republic 16AA- Stable 2018-07-25 [323]

[324]

 Denmark 19AAA Stable 2013-02-14 [323]
 Finland 19AAA Stable 2013-04-19 [323]
 France 19AAA Stable 2013-04-26 [323]
 Germany 19AAA Stable 2013-02-28 [323]
 Hong Kong 18AA+ Stable 2012-09-05 [323]
 Hungary 11BBB+ Stable 2016-02-21 [323]
 India 12BBB+ Stable 2012-11-30 [323]
 Indonesia 10BBB- Stable 2012-11-13 [323]
 Italy 16AA- Negative 2013-04-10 [323]
 Japan 19AAA Stable 2013-03-15 [323]
 Malaysia 14A Stable 2012-10-19 [323]
 Mexico 13A- Stable 2012-12-21 [323]
 Netherlands 19AAA Stable 2012-10-04 [323]
 Norway 19AAA Stable 2012-08-02 [323]
 Philippines 11A- Stable 2020-06-11 [323][325]
 Poland 14A Stable 2013-03-01 [323]
 Portugal 14A Stable 2013-03-15 [323]
 Romania 07BBB- Stable 2013-03-28 [323]
 Russia 07BBB+ Stable 2014-12-26 [323]
 Singapore 19AAA Stable 2012-02-01 [323]
 South Korea 15A+ Stable 2013-01-24 [323]
 Slovakia 15A+ Stable 2012-11-08 [323]
 Slovenia 16A+ Stable 2016-08-15 [323][326]
 Spain 17AA Negative 2013-04-12 [323]
 Thailand 14A- Stable 2013-04-02 [323]
 Turkey 10BBB- Stable 2013-05-23 [323]
 United Kingdom 19AAA Stable 2012-06-29 [323]
 United States 19AAA Stable 2012-03-09 [323]

Dagong

Dagong is a credit rating agency based in China. As of August 2018, the China Securities Regulatory Commission has ordered Dagong to suspend services in the Chinese market for a year[327] due to lax corporate governance, conflicts of interests, misuse of the official seal of the company, chaotic management, high fees charged to issuers for consulting services, unqualified senior management, and problems with financial models used in bond ratings.[328]

Financial ratings of European states by Dagong on 30 May 2014

World map ratings by Dagong (December 2018)

Country Rating Outlook Date Ref.
 Algeria 121BBB- Stable 2014-10 [329]
 Angola 091BB- Stable 2013-05-31 [330]
 Argentina 000D Negative 2014-07-31 [330]
 Australia 201AA+ Stable 2013-11 [329]
 Austria 201AA+ Stable 2014-12 [329]
 Bahrain 151A- Stable 2014-08 [329]
 Bangladesh 091BB- Stable 2013-11 [329]
 Belarus 090BB- Negative 2014-01 [329]
 Belgium 171A+ Stable 2014-10 [329]
 Bolivia 121BBB- Stable 2013-05-15 [330]
 Bosnia and Herzegovina 071B Stable 2014-05 [329]
 Botswana 161A Stable 2013-04-07 [330]
 Brazil 150A- Negative 2014-01 [329]
 Bulgaria 121BBB- Stable 2013-09 [329]
 Cambodia 071B Stable 2013-03-15 [330]
 Canada 201AA+ Stable 2014-04 [329]
 Cayman Islands 181AA- Stable 2013-11 [329]
 Chile 181AA- Stable 2014-02 [329]
 China 201AAA Stable 2014-09 [329]
 Colombia 141BBB+ Stable 2013-07-24 [331]
 Croatia 110BB+ Negative 2014-05 [329]
 Czech Republic 171A+ Stable 2013-09 [329]
 Democratic Republic of Congo 041CCC Stable 2013-05-16 [330]
 Denmark 201AA+ Stable 2014-01 [329]
 Ecuador 061B- Stable 2014-07 [329]
 Egypt 061B- Stable 2015-06 [330][332]
 Estonia 161A Stable 2013-11 [329]
 Ethiopia 051CCC Stable 2014-03 [329]
 Finland 201AA+ Stable 2014-11 [329]
 France 170A+ Negative 2014-01 [329]
 Georgia 091BB- Stable 2014-03 [329]
 Germany 201AA+ Stable 2013-12 [329]
 Ghana 071B Stable 2013-04-24 [330]
 Greece 041CCC Stable 2017-11 [329]
 Hong Kong 211AAA Stable 2013-12 [329]
 Hungary 121BBB- Stable 2014-07 [329]
 Iceland 091BB- Stable 2012-10 [330]
 India 132BBB Positive 2014-12 [329]
 Indonesia 120BBB- Negative 2014-01 [329]
 Ireland 131BBB Stable 2014-10 [329]
 Israel 151A- Stable 2014-01 [329]
 Italy 120BBB- Negative 2014-01 [329]
 Japan 170A+ Negative 2014-08 [329]
 Jordan 061B- Stable 2013-05-15 [330]
 Kazakhstan 121BBB- Stable 2014-03 [329]
 Kenya 071B Stable 2014-07 [329]
 Kuwait 191AA Stable 2014-06 [329]
 Latvia 121BBB- Stable 2014-01 [329]
 Lithuania 132BBB Positive 2014-08 [329]
 Luxembourg 211AAA Stable 2013-12 [329]
 Macao 201AA+ Stable 2013-12 [329]
 Madagascar 051CCC Stable 2012-05 [330]
 Malaysia 171A+ Stable 2014-07 [329]
 Malta 150A- Negative 2014-03 [329]
 Mauritius 131BBB Stable 2012-07 [330]
 Mexico 131BBB Stable 2013-11 [329]
 Micronesia 091BB- Stable 2013-02 [330]
 Mongolia 091B Negative 2017-07 [329]
 Morocco 130BBB Negative 2014-03 [329]
 Netherlands 201AA+ Stable 2015-01 [329]
 New Zealand 190AA Negative 2014-01 [330]
 Nigeria 111BB+ Stable 2014-07 [329]
 Norway 211AAA Stable 2014-09 [329]
 Oman 181AA- Stable 2014-08 [329]
 Pakistan 030CCC- Negative 2014-04 [329]
 Panama 151A- Stable 2013-07-01 [329]
 Paraguay 091BB- Stable 2014-05 [329]
 Peru 141BBB+ Stable 2014-09 [329]
 Philippines 090BB- Negative 2014-01 [329]
 Poland 150A- Negative 2013-12 [329]
 Portugal 100BB Negative 2013-09 [329]
 Qatar 181AA- Stable 2014-07 [329]
 Romania 101BB Stable 2014-10 [329]
 Russia 161A Stable 2013-11 [329]
 Saudi Arabia 191AA Stable 2014-08 [329]
 Serbia 090BB- Negative 2013-11 [329]
 Singapore 211AAA Stable 2014-12 [329]
 South Africa 150A- Negative 2013-11 [329]
 South Korea 181AA- Stable 2013-11 [329]
 South Sudan 021CC Stable 2013-02 [330]
 Spain 141BBB+ Stable 2014-05 [329]
 Sri Lanka 080B+ Negative 2013-03-18 [330]
 Sudan 011C Stable 2013-02 [330]
 Suriname 111BB+ Stable 2013-05-20 [330]
 Sweden 201AA+ Stable 2014-01 [329]
  Switzerland 211AAA Stable 2013-11 [329]
 Taiwan 181AA- Stable 2013-03-06 [330]
 Thailand 130BBB Negative 2014-05 [329]
 Tunisia 100BB Negative 2014-07 [329]
 Turkey 111BB+ Stable 2013-12 [329]
 Turkmenistan 141BBB+ Stable 2013-05-14 [330]
 United Kingdom 171A+ Stable 2016-07 [329]
 United States 140BBB+ Negative 2018-01-16 [329][333]
 Ukraine 040CCC Negative 2014-05 [329]
 United Arab Emirates 141BBB+ Stable 2014-02 [329]
 Uzbekistan 131BBB 2013-03-27 [330]
 Venezuela 040CCC Negative 2016-12-05 [330][334]
 Vietnam 081B+ Stable 2016-12-07 [335]
 Yemen 040CCC Negative 2013-05-23 [330]

China Chengxin

China Chengxin Credit Rating Group is a credit rating agency based in China.

Country Rating Outlook Date Ref.
 Argentina 05Bg Stable 2014-08 [336]
 Australia 19AAAg Stable 2012-08 [336]
 Brazil 12BBBg+ Stable 2012-08 [336]
 Canada 19AAAg Stable 2012-08 [336]
 China 17AAg+ Stable 2012-08 [336]
 Denmark 17AAg+ Stable 2012-08 [336]
 France 16AAg Stable 2012-08 [336]
 Germany 17AAg+ Stable 2012-08 [336]
 Greece 01CCCg N/A 2014-04 [336]
 Iceland 10BBBg- Stable 2012-08 [336]
 India 11BBBg Stable 2012-08 [336]
 Indonesia 10BBBg- Stable 2012-08 [336]
 Ireland 10BBg+ Negative 2012-08 [336]
 Italy 11BBBg Stable 2013-03 [337]
 Japan 18AAg+ Stable 2012-08 [336]
 Mexico 12BBBg+ Stable 2012-08 [336]
 Netherlands 18AAg+ Stable 2012-08 [336]
 Norway 19AAAg Stable 2012-08 [336]
 Portugal 07BBg- Negative 2012-08 [336]
 Russia 14Ag Stable 2012-08 [336]
 Saudi Arabia 18AAg+ Stable 2013-07 [336]
 Singapore 19AAAg Stable 2013-07 [336]
 South Africa 14Ag Stable 2013-07 [336]
 South Korea 16AAg- Stable 2013-07 [336]
 Spain 09BBg+ Negative 2013-03 [338]
  Switzerland 19AAAg Stable 2012-08 [336]
 Thailand 12BBBg+ Stable 2012-08 [336]
 Turkey 14BB+ Stable 2012-08 [336]
 United Kingdom 18AAg+ Stable 2013-03 [339]
 United States 19AAAg Stable 2012-08 [336]


Not rated

UN member states that have not been assigned a credit rating by any of the eight rating agencies.

Country Details
 Afghanistan
 Antigua and Barbuda
 Bhutan
 Brunei Darussalam
 Burundi
 Central African Republic
 Chad
 Comoros
 Cote d'Ivoire
 Djibouti
 Dominica
 Equatorial Guinea
 Eritrea
 Gambia Fitch suspended Gambia's credit rating after its only traded international bond expired[340]
 Guinea
 Guinea-Bissau
 Guyana
 Haiti
 Iran Fitch has withdrawn all ratings for Iran following the maturity and full repayment of the last outstanding sovereign eurobond on 21 April 2008.[341]
 Kiribati
 Kyrgyzstan
 Laos
 Liberia
 Libya Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[342]
 Malawi
 Mali Mali was given a credit rating in 2004 as part of a UN development initiative,[343] but the rating was later withdrawn.[344]
 Marshall Islands
 Mauritania
 Monaco
 Myanmar
 Nauru
   Nepal
 Niger
 North Korea
 Palau
 Saint Kitts and Nevis
 Saint Lucia
 Samoa
 Sao Tome and Principe
 Sierra Leone
 Solomon Islands
 Somalia
 Swaziland
 Syria
 Tajikistan
 Tanzania
 Timor Leste
 Togo
 Tonga
 Tuvalu
 Vanuatu
 Zimbabwe

See also

References

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