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.

Standard & Poor's[edit]

Map of S&P's sovereign long-term foreign credit ratings as of March 2022.
Legend:
  AAA   AA+   AA   AA-
  A+   A   A-   BBB+
  BBB   BBB-   BB+   BB
  BB-   B+   B   B-
  CCC+   CCC   CCC-   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. An SD rating indicates that the country has selectively defaulted on some outstanding obligations[1][2]

Fitch[edit]

Map of Fitch's sovereign long-term foreign credit ratings.
Legend:
  AAA   AA+   AA   AA-
  A+   A   A-   BBB+
  BBB   BBB-   BB+   BB
  BB-   B+   B   B-
  CCC+   CCC   CCC-   RD

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.[106] Fitch Ratings typically does not assign outlooks to sovereign ratings below B− (CCC and lower) or modifiers. CCC indicates 'Substantial Credit Risk' where 'default is a real possibility'. CC indicates 'Very High Levels of Credit Risk' where 'default of some kind appears probable'.[107]

Moody's[edit]

Map of Moody's sovereign long-term foreign credit ratings.
Legend:
  Aaa   Aa1   Aa2   Aa3   A1
  A2   A3   Baa1   Baa2   Baa3
  Ba1   Ba2   Ba3   B1   B2
  B3  Caa1   Caa2   Caa3   Ca   C

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.[233]

Others[edit]

DBRS Morningstar[edit]

For DBRS Morningstar,[370] 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.

Scope Ratings[edit]

For Scope[371] – 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.

JCR[edit]

Japan Credit Rating Agency[372] (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.

China Chengxin[edit]

China Chengxin Credit Rating Group[373] is a credit rating agency based in China.

Unrated[edit]

UN member states that have not been assigned a credit rating by any of the eight rating agencies
Country Details
 Afghanistan
 Algeria
 Antigua and Barbuda
 Bhutan
 Brunei Darussalam
 Burundi
 Central African Republic
 Chad
 Comoros
 Djibouti
 Dominica
 Equatorial Guinea
 Eritrea
 Gambia Fitch suspended Gambia's credit rating after its only traded international bond expired[374]
 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.[375]
 Kiribati
 Liberia
 Libya Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[376]
 Malawi
 Mali Mali was given a credit rating in 2004 as part of a UN development initiative,[377] but the rating was later withdrawn.[378]
 Marshall Islands
 Mauritania
 Monaco
 Myanmar
 Nauru
   Nepal
 Niger
 North Korea
 Palau
 Saint Kitts and Nevis