List of countries by credit rating
This article contains a list of countries by credit rating, showing long-term foreign currency credit ratings for government bonds as reported by the largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The list also includes all administrative divisions not issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing sub-sovereign bonds.
Standard & Poor's
[edit]
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]
| Country/Territory | Rating | Outlook | Date | Ref. |
|---|---|---|---|---|
 Albania |
Stable  |
21 March 2025 | [3] | |
 Andorra |
Stable |
10 May 2024 | [4] | |
 Angola |
Stable |
4 February 2022 | [5] | |
 Argentina |
Stable |
17 December 2025 | [6] | |
 Armenia |
Stable |
25 August 2023 | [7] | |
 Aruba |
Stable |
24 March 2025 | [8] | |
 Australia |
Stable |
16 February 2003 | [9] | |
 Austria |
Stable |
13 January 2012 | [10] | |
 Azerbaijan |
Positive  |
29 January 2016 | [11] | |
 Bahamas |
Stable |
26 September 2025 | [12] | |
 Bahrain |
Stable |
21 November 2025 | [13] | |
 Bangladesh |
Stable |
30 July 2024 | [14] | |
 Barbados |
Stable |
24 October 2025 | [15] | |
 Belgium |
Negative  |
25 November 2011 | [16] | |
 Belize |
Stable |
9 November 2021 | [5] | |
 Benin |
Stable |
19 April 2024 | [17] | |
 Bermuda |
Stable |
28 April 2015 | [5] | |
 Bolivia |
Negative |
25 June 2025 | [18] | |
 Bosnia and Herzegovina |
Stable |
4 August 2023 | [19] | |
 Botswana |
Negative |
12 September 2025 | [20] | |
 Brazil |
Stable |
19 December 2023 | [5] | |
 Bulgaria |
Stable |
10 July 2025 | [21] | |
 Burkina Faso |
Stable |
26 January 2022 | [22] | |
 Cabo Verde |
Positive |
16 August 2024 | [23] | |
 Cameroon |
Stable |
22 March 2024 | [24] | |
 Canada |
Stable |
29 July 2002 | [5] | |
 Chad |
Stable |
28 October 2024 | [25] | |
 Chile |
Stable |
24 March 2021 | [26] | |
 China |
Stable |
21 September 2017 | [27] | |
 Colombia |
Negative |
26 June 2025 | [28] | |
 Cook Islands |
Positive |
11 November 2020 | [5] | |
 Costa Rica |
Stable |
22 October 2025 | [29] | |
 Côte d'Ivoire |
Stable |
18 October 2024 | [30] | |
 Croatia |
Positive |
13 September 2024 | [31] | |
 Curacao |
Stable |
22 February 2022 | [32] | |
 Cyprus |
Positive |
13 December 2024 | [33] | |
 Czechia |
Stable |
24 August 2011 | [5] | |
 Democratic Republic of the Congo |
Stable |
28 January 2022 | [5] | |
 Denmark |
Stable |
27 February 2001 | [5] | |
 Dominican Republic |
Stable |
19 December 2022 | [34] | |
 Ecuador |
Stable |
1 September 2020 | [35] | |
 Egypt |
Stable |
10 October 2025 | [36] | |
 El Salvador |
Stable |
7 November 2023 | [5] | |
 Estonia |
Stable |
31 May 2024 | [37] | |
 Ethiopia |
15 December 2023 | [38] | ||
 Falkland Islands |
Stable |
22 September 2021 | [5] | |
 Fiji |
Stable |
22 September 2021 | [5] | |
 Finland |
Stable |
10 October 2014 | [39] | |
 France |
Stable |
17 October 2025 | [40] | |
 Georgia |
Stable |
11 October 2019 | [41] | |
 Germany |
Stable |
17 August 1983 | [42] | |
 Ghana |
Stable |
7 November 2025 | [43] | |
 Greece |
Stable |
18 April 2025 | [44] | |
 Guatemala |
Stable |
23 May 2025 | [45] | |
 Guernsey |
Stable |
13 January 2023 | [5] | |
 Guinea |
Stable |
18 September 2025 | [46] | |
 Honduras |
Negative |
19 July 2017 | [47] | |
 Hong Kong |
Stable |
22 September 2017 | [48] | |
 Hungary |
Negative |
27 January 2023 | [49] | |
 Iceland |
Stable |
10 November 2023 | [50] | |
 India |
Stable |
14 August 2025 | [51] | |
 Indonesia |
Stable |
31 May 2019 | [52] | |
 Iraq |
Stable |
3 September 2015 | [53] | |
 Ireland |
Positive |
19 May 2023 | [54] | |
 Israel |
Stable |
1 October 2024 | [55] | |
 Italy |
Stable |
11 April 2025 | [56] | |
 Jamaica |
Stable |
25 September 2025 | [57] | |
 Japan |
Stable |
16 September 2015 | [58] | |
 Jersey |
Stable |
16 January 2021 | [59] | |
 Jordan |
Stable |
6 September 2024 | [60] | |
 Kazakhstan |
Positive |
17 February 2016 | [61] | |
 Kenya |
Stable |
22 August 2025 | [62] | |
 Kuwait |
Stable |
21 November 2025 | [63] | |
 Kyrgyzstan |
Stable |
28 March 2025 | [64] | |
 Laos |
Positive |
23 October 2025 | [65] | |
 Latvia |
Stable |
31 May 2024 | [66] | |
 Lebanon |
11 March 2020 | [67] | ||
 Liechtenstein |
Stable |
2 December 1996 | [68] | |
 Lithuania |
Stable |
31 May 2024 | [69] | |
 Luxembourg |
Stable |
28 April 1994 | [70] | |
 Madagascar |
Negative |
11 April 2022 | [71] | |
 Malaysia |
Stable |
7 October 2003 | [72] | |
 Malta |
Stable |
14 October 2016 | [73] | |
 Mauritius |
Stable |
21 July 2023 | [74] | |
 Mexico |
Stable |
26 March 2020 | [5] | |
 Moldova |
Stable |
10 October 2025 | [75] | |
 Mongolia |
Stable |
30 October 2025 | [76] | |
 Montenegro |
Stable |
30 August 2024 | [77] | |
 Montserrat |
Stable |
2 September 2011 | [5] | |
 Morocco |
Stable |
26 September 2025 | [78] | |
 Mozambique |
Negative |
22 November 2019 | [79] | |
 Netherlands |
Stable |
20 November 2015 | [5] | |
 New Zealand |
Stable |
21 February 2021 | [80] | |
 Nicaragua |
Stable |
23 October 2024 | [81] | |
 Nigeria |
Positive |
26 March 2020 | [82] | |
 North Macedonia |
Stable |
24 May 2013 | [5] | |
 Norway |
Stable |
9 July 1975 | [83] | |
 Oman |
Stable |
27 September 2024 | [84] | |
 Pakistan |
Stable |
24 July 2025 | [85] | |
 Panama |
Stable |
26 November 2024 | [86] | |
 Papua New Guinea |
Stable |
29 April 2020 | [87] | |
 Paraguay |
Stable |
17 December 2025 | [88] | |
 Peru |
Stable |
25 April 2024 | [89] | |
 Philippines |
Positive |
30 April 2019 | [90] | |
 Poland |
Stable |
12 October 2018 | [5] | |
 Portugal |
Stable |
29 August 2025 | [91] | |
 Qatar |
Stable |
4 November 2022 | [5] | |
 Republic of the Congo |
Stable |
30 October 2024 | [92] | |
 Romania |
Negative |
16 May 2014 | [93] | |
 Rwanda |
Stable |
9 August 2019 | [94] | |
 Saint Helena |
Stable |
31 March 2023 | [95] | |
 San Marino |
Stable |
1 August 2025 | [96] | |
 Saudi Arabia |
Stable |
14 March 2025 | [97] | |
 Senegal |
14 November 2025 | [98] | ||
 Serbia |
Stable |
4 October 2024 | [99] | |
 Singapore |
Stable |
6 March 1995 | [100] | |
 Slovakia |
Negative |
31 July 2015 | [101] | |
 Slovenia |
Stable |
6 June 2025 | [102] | |
 South Africa |
Positive |
14 November 2025 | [103] | |
 South Korea |
Stable |
8 August 2016 | [104] | |
 Spain |
Stable |
12 September 2025 | [105] | |
 Sri Lanka |
Stable |
19 September 2025 | [106] | |
 Suriname |
Stable |
6 December 2023 | [5] | |
 Sweden |
Stable |
16 February 2004 | [5] | |
 Switzerland |
Stable |
1 October 1988 | [107] | |
 Taiwan |
Stable |
29 April 2022 | [5] | |
 Tajikistan |
Stable |
16 August 2024 | [108] | |
 Thailand |
Stable |
26 August 2004 | [109] | |
 Togo |
Stable |
18 April 2025 | [110] | |
 Trinidad and Tobago |
Negative |
26 March 2020 | [111] | |
 Turkey |
Stable |
1 November 2024 | [112] | |
 Turks and Caicos Islands |
Stable |
26 February 2025 | [113] | |
 Uganda |
Positive |
6 October 2023 | [114] | |
 Ukraine |
2 August 2024 | [115] | ||
 United Arab Emirates |
Stable |
2 July 2007 | [5] | |
 United Kingdom |
Stable |
27 June 2016 | [116] | |
 United States |
Stable |
5 August 2011 | [117] | |
 Uruguay |
Stable |
26 April 2023 | [118] | |
 Uzbekistan |
Stable |
21 November 2025 | [119] | |
 Vietnam |
Stable |
26 May 2022 | [5] | |
 Zambia |
Stable |
21 November 2025 | [120] |
Fitch
[edit]
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.[121] 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'.[122]
| Country/Territory | Rating | Outlook | Date | Ref. |
|---|---|---|---|---|
| Andorra |
Stable |
8 July 2022 | [123] | |
| Angola |
Stable |
23 June 2023 | [124] | |
| Argentina |
Positive |
12 May 2025 | [125] | |
| Armenia |
Stable |
28 July 2023 | [126] | |
| Aruba |
Positive |
11 March 2025 | [127] | |
| Australia |
Stable |
13 October 2021 | [128] | |
| Austria |
Stable |
6 June 2025 | [129] | |
| Azerbaijan |
Stable |
26 July 2024 | [130] | |
| Bahamas |
Stable |
9 April 2025 | [131] | |
| Bahrain |
Negative |
24 February 2025 | [132] | |
| Bangladesh |
Stable |
27 May 2024 | [133] | |
| Barbados |
Positive |
9 October 2025 | [134] | |
 Belarus |
Ratings withdrawn | 6 October 2023 | [135] | |
| Belgium |
Stable |
13 June 2025 | [136] | |
| Benin |
Stable |
8 March 2019 | [137] | |
| Bolivia |
6 February 2024 | [138] | ||
| Brazil |
Stable |
26 July 2023 | [139] | |
| Bulgaria |
Stable |
10 July 2025 | [140] | |
| Cabo Verde |
Stable |
21 May 2024 | [141] | |
| Cameroon |
Negative |
17 November 2023 | [142] | |
| Canada |
Stable |
24 June 2020 | [143] | |
| Chile |
Stable |
15 October 2020 | [144] | |
| China |
Stable |
3 April 2025 | [145] | |
| Colombia |
Stable |
16 December 2025 | [146] | |
| Costa Rica |
Positive |
28 February 2024 | [147] | |
| Côte d'Ivoire |
Stable |
12 December 2025 | [148] | |
| Croatia |
Stable |
20 September 2024 | [149] | |
| Cyprus |
Positive |
6 December 2024 | [150] | |
| Czechia |
Stable |
23 February 2024 | [151] | |
| Denmark |
Stable |
10 November 2003 | [152] | |
| Dominican Republic |
Positive |
29 November 2023 | [153] | |
| Ecuador |
16 August 2023 | [154] | ||
| Egypt |
Stable |
1 November 2024 | [155] | |
| El Salvador |
Stable |
7 January 2025 | [156] | |
| Estonia |
Stable |
28 July 2023 | [157] | |
| Ethiopia |
27 December 2023 | [158] | ||
 European Union |
Stable |
6 May 1999 | [159] | |
| Finland |
Stable |
25 July 2025 | [160] | |
| France |
Stable |
12 September 2025 | [161] | |
 Gabon |
24 January 2025 | [162] | ||
| Georgia |
Stable |
21 June 2024 | [163] | |
| Germany |
Stable |
10 August 1994 | [164] | |
| Ghana |
Stable |
16 June 2025 | [165] | |
| Greece |
Stable |
14 November 2025 | [166] | |
| Guatemala |
Stable |
14 October 2025 | [167] | |
| Hong Kong |
Stable |
20 April 2020 | [168] | |
| Hungary |
Negative |
20 January 2023 | [169] | |
| Iceland |
Positive |
8 August 2025 | [170] | |
| India |
Stable |
10 June 2022 | [171] | |
| Indonesia |
Stable |
20 December 2017 | [172] | |
| Iraq |
Stable |
24 March 2021 | [173] | |
| Ireland |
Stable |
31 May 2024 | [174] | |
| Israel |
Negative |
12 August 2024 | [175] | |
| Italy |
Stable |
19 September 2025 | [176] | |
| Jamaica |
Stable |
5 March 2024 | [177] | |
| Japan |
Stable |
25 March 2022 | [178] | |
| Jordan |
Stable |
7 December 2021 | [179] | |
| Kazakhstan |
Stable |
29 April 2016 | [180] | |
| Kenya |
Stable |
2 August 2024 | [181] | |
 Kosovo |
Stable |
19 April 2024 | [182] | |
| Kuwait |
Stable |
27 January 2022 | [183] | |
| Kyrgyzstan |
Stable |
24 April 2025 | [184] | |
| Laos |
Ratings withdrawn | 10 October 2022 | [185] | |
| Latvia |
Stable |
28 July 2023 | [186] | |
| Lebanon |
Ratings withdrawn | 23 July 2023 | [187] | |
 Lesotho |
Stable |
22 July 2022 | [188] | |
| Lithuania |
Stable |
31 January 2020 | [189] | |
| Luxembourg |
Stable |
10 August 1994 | [190] | |
 Macao |
Stable |
15 April 2021 | [191] | |
| Malaysia |
Stable |
4 December 2020 | [192] | |
 Maldives |
29 August 2024 | [193] | ||
| Malta |
Stable |
17 April 2020 | [194] | |
| Mexico |
Stable |
15 April 2020 | [195] | |
| Moldova |
Stable |
27 September 2024 | [196] | |
| Mongolia |
Stable |
18 September 2024 | [197] | |
| Morocco |
Stable |
23 October 2020 | [198] | |
| Mozambique |
7 February 2025 | [199] | ||
 Namibia |
Stable |
24 June 2022 | [200] | |
 Nepal |
Stable |
21 November 2024 | [201] | |
| Netherlands |
Stable |
11 July 2014 | [202] | |
| New Zealand |
Stable |
9 September 2022 | [203] | |
| Nicaragua |
Stable |
30 May 2024 | [204] | |
| Nigeria |
Stable |
11 April 2025 | [205] | |
| North Macedonia |
Stable |
14 April 2023 | [206] | |
| Norway |
Stable |
13 March 1995 | [207] | |
| Oman |
Stable |
8 December 2025 | [208] | |
| Pakistan |
Stable |
15 April 2025 | [209] | |
| Panama |
Stable |
28 March 2024 | [210] | |
| Paraguay |
Positive |
6 October 2025 | [211] | |
| Peru |
Stable |
20 October 2022 | [212] | |
| Philippines |
Stable |
22 May 2023 | [213] | |
| Poland |
Negative |
11 October 2023 | [214] | |
| Portugal |
Stable |
12 September 2025 | [215] | |
| Qatar |
Stable |
20 March 2024 | [216] | |
 Ras Al Khaimah, UAE |
Stable |
23 May 2023 | [217] | |
| Republic of the Congo |
16 September 2022 | [218] | ||
| Romania |
Negative |
17 December 2024 | [219] | |
 Russia |
Ratings withdrawn | 25 March 2022 | [220] | |
| Rwanda |
Negative |
4 April 2025 | [221] | |
| San Marino |
Positive |
12 December 2025 | [222] | |
| Saudi Arabia |
Stable |
5 April 2023 | [223] | |
| Serbia |
Positive |
9 August 2024 | [224] | |
 Seychelles |
Stable |
5 September 2025 | [225] | |
| Singapore |
Stable |
14 May 2003 | [226] | |
| Slovakia |
Stable |
6 December 2024 | [227] | |
| Slovenia |
Stable |
3 October 2025 | [228] | |
| South Africa |
Stable |
15 December 2021 | [229] | |
| South Korea |
Stable |
6 September 2012 | [230] | |
| Spain |
Stable |
26 September 2025 | [231] | |
| Sri Lanka |
Positive |
20 December 2024 | [232] | |
| Suriname |
Ratings withdrawn | 25 January 2022 | [233] | |
| Sweden |
Stable |
8 March 2004 | [234] | |
| Switzerland |
Stable |
10 August 1994 | [235] | |
| Taiwan |
Stable |
10 September 2021 | [236] | |
 Tanzania |
Stable |
9 June 2023 | [237] | |
| Thailand |
Negative |
24 September 2025 | [238] | |
 Tunisia |
Stable |
12 September 2025 | [239] | |
| Turkey |
Stable |
6 September 2024 | [240] | |
 Turkmenistan |
Stable |
2 August 2024 | [241] | |
| Uganda |
Stable |
30 August 2024 | [242] | |
| Ukraine |
22 December 2025 | [243] | ||
| United Arab Emirates |
Stable |
11 November 2020 | [244] | |
| United Kingdom |
Stable |
22 March 2024 | [245] | |
| United States |
Stable |
1 August 2023 | [246] | |
| Uruguay |
Stable |
7 June 2023 | [247] | |
| Uzbekistan |
Stable |
26 June 2025 | [248] | |
| Viet Nam |
Stable |
8 December 2023 | [249] | |
| Zambia |
Stable |
28 November 2025 | [250] |
Moody's
[edit]
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.[251]
| Country/Territory | Rating | Outlook | Date | Ref. |
|---|---|---|---|---|
| Angola |
Positive |
24 October 2023 | [252] | |
| Albania |
Stable |
19 October 2024 | [253] | |
| Argentina |
Stable |
17 July 2025 | [254] | |
| Armenia |
Stable |
22 June 2023 | [255] | |
| Australia |
Stable |
28 June 2022 | [256] | |
| Austria |
Stable |
24 February 2023 | [257] | |
| Azerbaijan |
Stable |
5 August 2022 | [258] | |
| Bahamas |
Stable |
6 October 2022 | [259] | |
| Bahrain |
Stable |
22 April 2022 | [260] | |
| Bangladesh |
Stable |
30 May 2023 | [261] | |
| Barbados |
Stable |
3 August 2023 | [262] | |
| Belarus |
Stable |
2 June 2023 | [263] | |
| Belgium |
Stable |
28 April 2023 | [264] | |
| Belize |
Stable |
16 November 2022 | [265] | |
| Benin |
Stable |
18 September 2023 | [266] | |
| Bermuda |
Stable |
21 June 2022 | [267] | |
| Bolivia |
Negative |
30 June 2023 | [268] | |
| Bosnia and Herzegovina |
Stable |
22 July 2022 | [269] | |
| Botswana |
Stable |
27 October 2023 | [270] | |
| Brazil |
Positive |
7 October 2024 | [271] | |
| Bulgaria |
Stable |
3 February 2023 | [272] | |
 Cambodia |
Negative |
15 November 2022 | [273] | |
| Cameroon |
Stable |
27 July 2023 | [274] | |
| Canada |
Stable |
3 November 2022 | [275] | |
 Cayman Islands |
Stable |
8 June 2023 | [276] | |
| Chile |
Stable |
15 September 2022 | [277] | |
| China |
Negative |
5 December 2023 | [278] | |
| Colombia |
Stable |
8 June 2023 | [279] | |
| Congo |
Stable |
3 November 2023 | [280] | |
| Costa Rica |
Positive |
18 September 2024 | [281] | |
| Cote d'Ivoire |
Positive |
27 June 2022 | [282] | |
| Croatia |
Stable |
7 November 2024 | [283] | |
 Cuba |
Ratings withdrawn |
18 November 2021 | [284] | |
| Cyprus |
Stable |
22 November 2024 | [285] | |
| Czechia |
Stable |
24 November 2023 | [286] | |
| Denmark |
Stable |
11 February 2022 | [287] | |
| Dominican Republic |
Positive |
10 August 2023 | [288] | |
| DR Congo |
Stable |
11 November 2022 | [289] | |
| Ecuador |
Stable |
27 February 2023 | [290] | |
| Egypt |
Negative |
18 January 2024 | [291] | |
| El Salvador |
Stable |
26 November 2024 | [292] | |
| Estonia |
Stable |
29 April 2022 | [293] | |
 Eswatini |
Positive |
1 December 2023 | [294] | |
| Ethiopia |
Stable |
15 September 2023 | [295] | |
| Fiji |
Stable |
7 October 2022 | [296] | |
| Finland |
Stable |
29 July 2022 | [297] | |
| France |
Stable |
14 December 2024 | [298] | |
| Gabon |
Negative |
12 September 2023 | [299] | |
| Georgia |
Negative |
28 April 2022 | [300] | |
| Germany |
Stable |
10 February 2023 | [301] | |
| Ghana |
Stable |
9 June 2023 | [302] | |
| Greece |
Stable |
14 March 2025 | [303] | |
| Guatemala |
Stable |
15 June 2022 | [304] | |
| Honduras |
Stable |
3 October 2023 | [305] | |
| Hong Kong |
Negative |
6 December 2023 | [306] | |
| Hungary |
Negative |
30 December 2025 | [307] | |
| Iceland |
Stable |
19 September 2024 | [308] | |
| India |
Stable |
18 August 2023 | [309] | |
| Indonesia |
Stable |
10 February 2022 | [310] | |
| Iraq |
Stable |
24 November 2023 | [311] | |
| Ireland |
Stable |
21 April 2023 | [312] | |
 Isle of Man |
Stable |
27 October 2023 | [313] | |
| Israel |
Negative |
27 September 2024 | [314] | |
| Italy |
Stable |
21 November 2025 | [315] | |
| Jamaica |
Positive |
18 October 2023 | [316] | |
| Japan |
Stable |
8 November 2023 | [317] | |
| Jordan |
Positive |
17 November 2022 | [318] | |
| Kazakhstan |
Positive |
9 September 2024 | [319] | |
| Kenya |
Negative |
28 July 2023 | [320] | |
| Kuwait |
Stable |
26 May 2022 | [321] | |
| Kyrgyzstan |
Negative |
17 October 2022 | [322] | |
| Latvia |
Stable |
29 April 2022 | [323] | |
| Lebanon |
Stable |
13 December 2023 | [324] | |
| Lithuania |
Stable |
29 April 2022 | [325] | |
| Luxembourg |
Stable |
17 March 2023 | [326] | |
| Macao |
Negative |
6 December 2022 | [327] | |
| Malaysia |
Stable |
14 April 2023 | [328] | |
| Maldives |
Stable |
11 September 2024 | [329] | |
 Mali |
Stable |
9 September 2022 | [330] | |
| Malta |
Stable |
18 November 2022 | [331] | |
| Mauritius |
Stable |
28 July 2022 | [332] | |
| Mexico |
Stable |
8 July 2022 | [333] | |
| Moldova |
Stable |
18 August 2023 | [334] | |
| Mongolia |
Stable |
14 February 2023 | [335] | |
| Montenegro |
Stable |
27 September 2024 | [336] | |
| Morocco |
Stable |
1 July 2022 | [337] | |
| Mozambique |
Stable |
22 September 2023 | [338] | |
| Namibia |
Stable |
5 April 2022 | [339] | |
| Netherlands |
Stable |
27 January 2023 | [340] | |
| New Zealand |
Stable |
21 April 2022 | [341] | |
| Nicaragua |
Stable |
30 March 2022 | [342] | |
| Nigeria |
Positive |
8 December 2023 | [343] | |
| Norway |
Stable |
6 May 2022 | [344] | |
| Oman |
Stable |
7 December 2023 | [345] | |
| Pakistan |
Positive |
13 August 2025 | [346] | |
| Panama |
Stable |
31 October 2023 | [347] | |
| Papua New Guinea |
Stable |
10 November 2022 | [348] | |
| Paraguay |
Stable |
26 July 2024 | [349] | |
| Peru |
Negative |
31 January 2023 | [350] | |
| Philippines |
Stable |
15 September 2022 | [351] | |
| Poland |
Stable |
29 April 2022 | [352] | |
| Portugal |
Stable |
17 November 2023 | [353] | |
| Qatar |
Positive |
2 November 2022 | [354] | |
| Romania |
Stable |
3 November 2023 | [355] | |
| Russia |
Ratings withdrawn |
6 March 2022 | [356] | |
| Rwanda |
Stable |
8 September 2023 | [357] | |
 Saint Vincent and the Grenadines |
Stable |
1 March 2022 | [358] | |
| Saudi Arabia |
Stable |
22 November 2024 | [359] | |
| Senegal |
Stable |
18 March 2022 | [360] | |
| Serbia |
Stable |
8 September 2023 | [361] | |
| Singapore |
Stable |
17 May 2022 | [362] | |
| Slovakia |
Stable |
13 December 2024 | [363] | |
| Slovenia |
Stable |
21 October 2022 | [364] | |
| South Africa |
Stable |
1 April 2022 | [365] | |
| South Korea |
Stable |
21 April 2022 | [366] | |
| Spain |
Positive |
27 September 2025 | [367] | |
| Sri Lanka |
Positive |
23 December 2024 | [368] | |
| Suriname |
Stable |
17 February 2023 | [369] | |
| Sweden |
Stable |
25 March 2022 | [370] | |
| Switzerland |
Stable |
17 February 2023 | [371] | |
| Taiwan |
Stable |
22 September 2022 | [372] | |
| Tajikistan |
Stable |
12 October 2023 | [373] | |
| Thailand |
Stable |
7 April 2022 | [374] | |
| Trinidad and Tobago |
Positive |
10 July 2023 | [375] | |
| Tunisia |
Stable |
28 February 2025 | [376] | |
| Turkey |
Positive |
19 July 2024 | [377] | |
| Uganda |
Negative |
18 November 2022 | [378] | |
| Ukraine |
Stable |
10 February 2023 | [379] | |
| United Arab Emirates |
Stable |
21 March 2023 | [380] | |
| United Kingdom |
Stable |
20 October 2023 | [381] | |
| United States |
Stable |
16 May 2025 | [382] | |
| Uruguay |
Stable |
15 March 2024 | [383] | |
| Uzbekistan |
Stable |
20 January 2023 | [384] | |
 Venezuela |
Ratings withdrawn |
9 March 2018 | [385] | |
| Vietnam |
Stable |
6 September 2022 | [386] | |
| Zambia |
Stable |
21 October 2022 | [387] |
Others
[edit]DBRS Morningstar
[edit]For DBRS Morningstar,[388] 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 | Rating | Outlook | Date |
|---|---|---|---|
| Argentina |
Stable |
3 March 2023 | |
| Australia |
Stable |
20 January 2023 | |
| Austria |
Stable |
14 July 2023 | |
| Belgium |
Stable |
4 August 2023 | |
| Brazil |
Stable |
28 July 2023 | |
| Bulgaria |
Stable |
2 May 2025 | |
| Canada |
Stable |
8 September 2023 | |
| China |
Stable |
9 November 2023 | |
| Colombia |
Stable |
26 June 2023 | |
| Croatia |
Stable |
25 April 2025 | |
| Cyprus |
Positive |
21 March 2025 | |
| Denmark |
Stable |
17 November 2023 | |
| Estonia |
Stable |
21 July 2023 | |
| European Union |
Stable |
25 May 2025 | |
| Finland |
Stable |
22 September 2023 | |
| France |
Stable |
22 September 2023 | |
| Germany |
Stable |
1 December 2023 | |
| Greece |
Stable |
7 March 2025 | |
| India |
Stable |
10 May 2025 | |
| Ireland |
Stable |
3 November 2023 | |
| Italy |
Stable |
17 October 2025 | |
| Japan |
Stable |
19 November 2023 | |
| Latvia |
Stable |
15 September 2023 | |
| Lithuania |
Stable |
17 November 2023 | |
| Luxembourg |
Stable |
10 November 2023 | |
| Malta |
Stable |
13 October 2023 | |
| Mexico |
Stable |
8 May 2023 | |
| Netherlands |
Stable |
15 September 2023 | |
| Norway |
Stable |
29 September 2023 | |
| Poland |
Stable |
10 November 2023 | |
| Portugal |
Stable |
21 July 2023 | |
| San Marino |
Stable |
1 December 2023 | |
| Singapore |
Stable |
24 August 2023 | |
| Slovakia |
Stable |
25 August 2023 | |
| Slovenia |
Stable |
8 December 2023 | |
| Spain |
Stable |
1 December 2023 | |
| Sweden |
Stable |
4 August 2023 | |
| Switzerland |
Stable |
21 July 2023 | |
| Turkey |
Negative |
17 February 2017 | |
| United Kingdom |
Stable |
17 November 2023 | |
| United States |
Stable |
10 October 2023 | |
| Uruguay |
Stable |
20 November 2023 |
Scope Ratings
[edit]For Scope[389] – 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/Territory | Rating | Outlook | Date |
|---|---|---|---|
| Austria |
Negative |
12 September 2025 | |
| Belgium |
Stable |
14 November 2025 | |
| Bulgaria |
Stable |
11 July 2025 | |
| China |
Stable |
26 July 2024 | |
| Croatia |
Positive |
26 September 2025 | |
| Cyprus |
Positive |
10 October 2025 | |
| Czech Republic |
Stable |
19 September 2025 | |
| Denmark |
Stable |
1 August 2025 | |
| Estonia |
Stable |
5 September 2025 | |
| Finland |
Negative |
1 August 2025 | |
| France |
Negative |
26 September 2025 | |
| Georgia |
Negative |
10 January 2025 | |
| Germany |
Stable |
12 September 2025 | |
| Greece |
Positive |
7 November 2025 | |
| Hungary |
Stable |
10 October 2025 | |
| Ireland |
Stable |
25 July 2025 | |
| Italy |
Positive |
31 October 2025 | |
| Japan |
Stable |
28 February 2025 | |
| Latvia |
Stable |
5 September 2025 | |
| Lithuania |
Stable |
5 September 2025 | |
| Luxembourg |
Stable |
25 April 2025 | |
| Malta |
Stable |
4 July 2025 | |
| Netherlands |
Stable |
12 September 2025 | |
| Norway |
Stable |
1 August 2025 | |
| Poland |
Stable |
13 June 2025 | |
| Portugal |
Positive |
31 October 2025 | |
| Romania |
Stable |
21 November 2025 | |
| Serbia |
Stable |
27 June 2025 | |
| Slovakia |
Negative |
27 June 2025 | |
| Slovenia |
Stable |
16 May 2025 | |
| South Africa |
Stable |
1 August 2025 | |
| Spain |
Positive |
21 November 2025 | |
| Sweden |
Stable |
25 July 2025 | |
| Switzerland |
Stable |
4 October 2024 | |
| Turkey |
Stable |
24 October 2025 | |
| Ukraine |
30 August 2024 | ||
| United Kingdom |
Stable |
28 March 2025 | |
| United States |
Stable |
10 October 2025 |
JCR
[edit]Japan Credit Rating Agency[390] (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.
| Country/Territory | Rating | Outlook | Date |
|---|---|---|---|
| Australia |
Stable |
26 April 2023 | |
| Belgium |
Stable |
2 June 2023 | |
| Brazil |
Stable |
20 December 2023 | |
| Canada |
Stable |
20 December 2023 | |
| Chile |
Stable |
4 April 2023 | |
| China |
Stable |
2 November 2023 | |
| Czechia |
Stable |
30 June 2023 | |
| Denmark |
Stable |
15 December 2023 | |
| Egypt |
Stable |
8 July 2024 | |
| Finland |
Stable |
22 February 2023 | |
| France |
Stable |
6 October 2022 | |
| Germany |
Stable |
3 August 2023 | |
| Hong Kong |
Stable |
27 April 2023 | |
| Hungary |
Stable |
18 February 2022 | |
| India |
Stable |
27 December 2023 | |
| Indonesia |
Stable |
27 July 2022 | |
| Italy |
Stable |
16 December 2022 | |
| Japan |
Stable |
27 December 2023 | |
| Malaysia |
Stable |
12 September 2022 | |
| Mexico |
Stable |
18 August 2023 | |
| Netherlands |
Stable |
9 June 2023 | |
| Norway |
Stable |
7 September 2023 | |
| Peru |
Stable |
27 April 2023 | |
| Philippines |
Stable |
10 March 2023 | |
| Poland |
Stable |
16 November 2023 | |
| Portugal |
Stable |
13 January 2023 | |
| Romania |
Stable |
27 November 2023 | |
| Singapore |
Stable |
22 December 2023 | |
| Slovakia |
Negative |
6 October 2022 | |
| Slovenia |
Stable |
21 September 2022 | |
| South Korea |
Stable |
30 September 2022 | |
| Spain |
Stable |
24 April 2023 | |
| Thailand |
Stable |
11 November 2022 | |
| Turkey |
Stable |
10 May 2024 | |
| United Kingdom |
Stable |
25 January 2023 | |
| United States |
Stable |
26 June 2023 | |
| Uruguay |
Stable |
22 November 2023 |
China Chengxin
[edit]China Chengxin Credit Rating Group[391] is a credit rating agency based in China.
| Country/Territory | Rating | Outlook | Date |
|---|---|---|---|
| Austria |
Stable |
29 December 2023 | |
| Bangladesh |
Stable |
29 December 2023 | |
| Belgium |
Stable |
29 December 2023 | |
| Bulgaria |
Stable |
29 December 2023 | |
| Cambodia |
Stable |
29 December 2023 | |
| Canada |
Stable |
13 September 2023 | |
| China |
Stable |
29 December 2023 | |
| Egypt |
Stable |
15 November 2023 | |
| Estonia |
Stable |
29 December 2023 | |
| France |
Stable |
16 November 2023 | |
| Greece |
Stable |
26 October 2023 | |
| Ireland |
Stable |
29 December 2023 | |
| Israel |
Stable |
26 October 2023 | |
| Italy |
Stable |
29 December 2023 | |
| Korea |
Stable |
13 September 2023 | |
| Mexico |
Stable |
29 December 2023 | |
| Mongolia |
Stable |
29 December 2023 | |
| Netherlands |
Stable |
29 December 2023 | |
| Pakistan |
Stable |
13 September 2023 | |
| Romania |
Stable |
29 December 2023 | |
| Saudi Arabia |
Stable |
13 September 2023 | |
| Singapore |
Stable |
6 November 2023 | |
| Slovenia |
Stable |
29 December 2023 | |
| South Africa |
Stable |
29 December 2023 | |
| Spain |
Stable |
13 September 2023 | |
| Switzerland |
Stable |
29 December 2023 | |
| Thailand |
Stable |
29 December 2023 | |
| United Arab Emirates |
Stable |
29 December 2023 | |
| USA |
Stable |
25 May 2023 | |
| Vietnam |
Stable |
13 September 2023 |
CareEdge Global Ratings
[edit]CareEdge Group is an Indian credit rating agency. For CareEdge, 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. A bond is considered in default if its credit rating is D.[392]
| Country/Territory | Rating | Outlook | Date |
|---|---|---|---|
| Argentina |
Stable |
3 October 2024 | |
| Australia |
Stable |
3 October 2024 | |
| Bangladesh |
Stable |
3 October 2024 | |
| Botswana |
Stable |
3 October 2024 | |
| Brazil |
Stable |
3 October 2024 | |
| Canada |
Stable |
3 October 2024 | |
| Chile |
Stable |
3 October 2024 | |
| China |
Stable |
3 October 2024 | |
| Colombia |
Stable |
3 October 2024 | |
| Ecuador |
Stable |
3 October 2024 | |
| Egypt |
Stable |
3 October 2024 | |
| Ethiopia |
Stable |
3 October 2024 | |
| France |
Negative |
5 December 2024 | |
| Germany |
Stable |
30 December 2024 | |
| Greece |
Stable |
3 February 2025 | |
| India |
Stable |
7 February 2025 | |
| Indonesia |
Stable |
3 October 2024 | |
| Italy |
Stable |
3 October 2024 | |
| Japan |
Stable |
5 February 2025 | |
 Korea |
Stable |
12 December 2024 | |
| Malaysia |
Stable |
29 November 2024 | |
| Mauritius |
Stable |
31 January 2025 | |
| Mexico |
Stable |
3 October 2024 | |
| Morocco |
Stable |
3 October 2024 | |
| Netherlands |
Stable |
3 October 2024 | |
| Nigeria |
Stable |
3 October 2024 | |
| Peru |
Stable |
3 October 2024 | |
| Philippines |
Stable |
3 October 2024 | |
| Portugal |
Stable |
3 February 2025 | |
| Singapore |
Stable |
29 November 2024 | |
| South Africa |
Stable |
3 October 2024 | |
| Spain |
Stable |
3 October 2024 | |
| Sweden |
Stable |
30 December 2024 | |
| Thailand |
Stable |
3 February 2025 | |
| Turkiye |
Stable |
3 October 2024 | |
| UAE |
Stable |
3 October 2024 | |
| United Kingdom |
Stable |
3 October 2024 | |
| United States |
Stable |
3 October 2024 | |
| Vietnam |
Stable |
3 October 2024 |
Unrated
[edit]| 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[393] |
| 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.[394] |
 Kiribati |
|
 Liberia |
|
 Libya |
Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[395] |
 Malawi |
|
| Mali |
Mali was given a credit rating in 2004 as part of a UN development initiative,[396] but the rating was later withdrawn.[397] |
 Marshall Islands |
|
 Mauritania |
|
 Monaco |
|
 Myanmar |
|
 Nauru |
|
 Niger |
|
 North Korea |
|
 Palau |
|
 Saint Kitts and Nevis |
|
 Saint Lucia |
|
 Samoa |
|
 Sao Tome and Principe |
|
 Sierra Leone |
|
 Solomon Islands |
|
 Somalia |
|
 Syria |
|
 Timor Leste |
|
 Tonga |
|
 Tuvalu |
|
 Vanuatu |
|
 Yemen |
|
 Zimbabwe |
See also
[edit]- Bond credit rating
- List of U.S. states by credit rating
- United States federal government credit-rating downgrades
- Global debt
References
[edit]- ^ "S&P Global Ratings Definitions".
- ^ "S&P | Ratings Credit Ratings Definitions & FAQs | Americas". Standardandpoors.com. Archived from the original on 5 March 2013. Retrieved 25 February 2013.
- ^ "Albania Upgraded To 'BB' From 'BB-' On Improved Fiscal Position; Outlook Stable". www.spglobal.com. 21 March 2025. Retrieved 9 January 2026.
- ^ "Andorra Upgraded To 'A-/A-2' On Improved External Data And Financial Sector's Liquidity Management; Outlook Positive". www.spglobal.com. 10 May 2024. Retrieved 9 January 2026.
- ^ a b c d e f g h i j k l m n o p q r s t u v w x Standard & Poor's (2025-03-20). "Sovereign Ratings History".
- ^ "Argentina Long-Term Ratings Raised To 'CCC+' On Improved Access To Liquidity; Outlook Stable". www.spglobal.com. 17 December 2025. Retrieved 9 January 2026.
- ^ "Armenia Upgraded To 'BB-' From 'B+' On Robust Growth And Improved Fiscal Position; Outlook Stable". www.spglobal.com. 25 August 2023. Retrieved 9 January 2026.
- ^ "Aruba Upgraded To 'BBB+' From 'BBB' On Stronger Fiscal And Economic Performance". www.spglobal.com. 24 March 2025. Retrieved 9 January 2026.
- ^ "Rating: Australia Credit Rating". countryeconomy.com.
- ^ "Rating: Austria Credit Rating". countryeconomy.com.
- ^ "Rating: Azerbaijan Credit Rating". countryeconomy.com.
- ^ "The Commonwealth of The Bahamas Long-Term Ratings Raised To 'BB-' From 'B+' On Stronger Economy; Outlook Stable". www.spglobal.com. 26 September 2025. Retrieved 9 January 2026.
- ^ "Bahrain Rating Lowered To 'B' On Challenging Fiscal And Debt Dynamics; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
- ^ "Bangladesh Long-Term Ratings Lowered To 'B+' On Elevated External Vulnerabilities; Outlook Stable". www.spglobal.com. 30 July 2024. Retrieved 9 January 2026.
- ^ "Barbados Long-Term Rating Raised To 'B+' From 'B' On Stronger Governance; Outlook Is Stable". www.spglobal.com. 24 October 2025. Retrieved 9 January 2026.
- ^ "Rating: Belgium Credit Rating". countryeconomy.com.
- ^ "Benin Upgraded To 'BB-/B' On Resilient Economic Growth; Outlook Stable". www.spglobal.com. 19 April 2024. Retrieved 9 January 2026.
- ^ "Bolivia Long-Term Ratings Lowered To 'CCC-' From 'CCC+' On Heightened Debt Service; Outlook Negative". www.spglobal.com. 25 June 2025. Retrieved 9 January 2026.
- ^ "Bosnia and Herzegovina Ratings Raised To 'B+' From 'B' On Resilient Growth And Favorable Fiscal Position; Outlook Stable". www.spglobal.com. 4 August 2023. Retrieved 9 January 2026.
- ^ "Botswana Rating Lowered To 'BBB' On Falls In Diamond Revenue And Deteriorating Fiscal Position; Outlook Negative". www.spglobal.com. 12 September 2025. Retrieved 9 January 2026.
- ^ "Bulgaria Upgraded To 'BBB+' On Confirmation Of Eurozone Accession; Outlook Stable". www.spglobal.com. 10 July 2025. Retrieved 9 January 2026.
- ^ "Rating: Burkina Faso Credit Rating". countryeconomy.com.
- ^ "Cape Verde Upgraded To 'B/B' On Fiscal And External Consolidation; Outlook Stable". www.spglobal.com. 16 August 2024. Retrieved 9 January 2026.
- ^ "Cameroon Ratings Raised To 'B-/B' On Lower Liquidity Tensions And Resilient Growth; Outlook Stable". www.spglobal.com. 22 March 2024. Retrieved 9 January 2026.
- ^ "Republic of Chad Assigned 'B-/B' Sovereign Ratings; Outlook Stable". www.spglobal.com. 28 October 2024. Retrieved 9 January 2026.
- ^ "Rating: Chile Credit Rating". countryeconomy.com.
- ^ Standard & Poor's. "Sovereign ratings wrap: S&P affirms China at A+; Fitch downgrades Suriname". S&P Global.
- ^ "Colombia Long-Term Foreign Currency Rating Lowered To 'BB' From 'BB+' On Weaker Fiscal Performance; Outlook Negative". www.spglobal.com. 26 June 2025. Retrieved 9 January 2026.
- ^ "Costa Rica Upgraded To 'BB' From 'BB-' On Stronger External Liquidity; Outlook Stable". www.spglobal.com. 22 October 2025. Retrieved 9 January 2026.
- ^ "Cote d'Ivoire Upgraded To 'BB' On Strong Support From WAEMU Membership And Declining Budgetary And External Imbalances". www.spglobal.com. 18 October 2024. Retrieved 9 January 2026.
- ^ Index Vijesti (13 September 2024). "Agencija S&P povećala kreditni rejting Hrvatske. Plenković: Možemo biti ponosni". index.hr. Archived from the original on 13 September 2024.
- ^ Standard & Poor's. "Research Update: Curacao Sovereign Ratings Affirmed At 'BBB−/A−3'; Outlook Remains Stable". S&P Global.
- ^ "Cyprus Upgraded To 'A-' On Economic And Fiscal Outperformance; Outlook Stable". S&P Global Ratings. 13 December 2024. Retrieved 30 April 2025.
- ^ "Rating: Dominican Republic Credit Rating". countryeconomy.com.
- ^ "Rating: Ecuador Credit Rating". countryeconomy.com.
- ^ "Egypt Upgraded To 'B' On Ongoing Reforms, Improving Growth And External Metrics; Outlook Stable". www.spglobal.com. 10 October 2025. Retrieved 9 January 2026.
- ^ ERR, ERR | (2024-06-01). "S&P downgrades Estonia's long-term credit rating to 'A+'". ERR. Retrieved 2025-03-01.
- ^ "Ethiopia Foreign Currency Ratings Lowered To 'SD' On Suspended Eurobond Coupon Payments". www.spglobal.com. 15 December 2023. Retrieved 9 January 2026.
- ^ "Rating: Finland Credit Rating". countryeconomy.com.
- ^ "France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable". www.spglobal.com. 17 October 2025. Retrieved 9 January 2026.
- ^ "Rating: Georgia Credit Rating". countryeconomy.com.
- ^ "Rating: Germany Credit Rating". countryeconomy.com.
- ^ "Ghana Upgraded To 'B-/B' On Improving Fiscal And Balance of Payments Performance; Outlook Stable". www.spglobal.com. 7 November 2025. Retrieved 9 January 2026.
- ^ Dendrinou, Viktoria (18 April 2025). "Greece's Rating Upgraded by S&P on Economic Strength". Bloomberg News. New York. Retrieved 18 April 2025.
- ^ "Guatemala Upgraded To 'BB+' From 'BB' On Record Of Economic Resilience; Outlook Stable". www.spglobal.com. 23 May 2025. Retrieved 9 January 2026.
- ^ "Republic of Guinea Assigned 'B+/B' Sovereign Ratings; Outlook Stable". www.spglobal.com. 18 September 2025. Retrieved 9 January 2026.
- ^ "Rating: Honduras Credit Rating". countryeconomy.com.
- ^ "S&P Strips Hong Kong of AAA Rating After China Downgrade". Bloomberg. 22 September 2017.
- ^ "Rating: Hungary Credit Rating". countryeconomy.com.
- ^ "Iceland Ratings Raised To 'A+ ' On Strong Growth and Fiscal Consolidation; Outlook Stable". www.spglobal.com. 10 November 2023. Retrieved 9 January 2026.
- ^ "India Upgraded To 'BBB' On Economic Resilience And Sustained Fiscal Consolidation; Outlook Stable". www.spglobal.com. 14 August 2025. Retrieved 9 January 2026.
- ^ "Indonesia Credit Rating". World Government Bonds. Retrieved 2020-05-19.
- ^ "S&P Maintains Iraq's Credit Rating". Iraq Business News. 2023-02-17.
- ^ "Rating: Ireland Credit Rating". countryeconomy.com.
- ^ "S&P downgrades Israel's long-term ratings to 'A' amid Hezbollah conflict". reuters.com. October 2024.
- ^ "Italy Rating Raised To 'BBB+' On External Buffers And Monetary Flexibility; Outlook Stable; 'A-2' Rating Affirmed". www.spglobal.com. 11 April 2025. Retrieved 9 January 2026.
- ^ "Jamaica Long-Term Ratings Raised To 'BB' From 'BB-' On Stronger Institutions; Outlook Is Positive". www.spglobal.com. 25 September 2025. Retrieved 9 January 2026.
- ^ "Rating: Japan Credit Rating". countryeconomy.com.
- ^ "Jersey's credit rating confirmed by Standard and Poor's". gov.je. 2021-01-16.
- ^ "Jordan Upgraded To 'BB-' On Economic Resilience; Outlook Stable". www.spglobal.com. 6 September 2024. Retrieved 9 January 2026.
- ^ "Rating: Kazakhstan Credit Rating". countryeconomy.com.
- ^ "Kenya Upgraded To 'B' On Reduced Near-Term External Liquidity Risks; Outlook Stable". www.spglobal.com. 22 August 2025. Retrieved 9 January 2026.
- ^ "Kuwait Upgraded To 'AA-/A-1+' On Reform Progress; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
- ^ "Kyrgyzstan Assigned 'B+' Sovereign Ratings; Outlook Stable". www.spglobal.com. 28 March 2025. Retrieved 9 January 2026.
- ^ "Laos Assigned 'CCC+/C' Sovereign Ratings; Outlook Positive". www.spglobal.com. 23 October 2025. Retrieved 9 January 2026.
- ^ "Latvia Long-Term Ratings Lowered To 'A' On Economic, Fiscal, And Security Risks; Outlook Stable". www.spglobal.com. 31 May 2024. Retrieved 9 January 2026.
- ^ "Rating: Lebanon Credit Rating". countryeconomy.com.
- ^ "Rating: Liechtenstein Credit Rating". countryeconomy.com.
- ^ "Lithuania Ratings Lowered To 'A' From 'A+' On Economic, Fiscal, Security Risks; Outlook Stable". www.spglobal.com. 31 May 2024. Retrieved 9 January 2026.
- ^ "Rating: Luxembourg Credit Rating". countryeconomy.com.
- ^ "Rating: Madagascar Credit Rating". countryeconomy.com.
- ^ "Rating: Malaysia Credit Rating". countryeconomy.com.
- ^ "Rating: Malta Credit Rating". countryeconomy.com.
- ^ "Rating: Mauritius Credit Rating". countryeconomy.com.
- ^ "Moldova Rated 'BB-/B'; Outlook Stable". www.spglobal.com. 10 October 2025. Retrieved 9 January 2026.
- ^ "Mongolia Upgraded To 'BB-' On Sustained Fiscal Consolidation And Strong Growth; Outlook Stable". www.spglobal.com. 30 October 2025. Retrieved 9 January 2026.
- ^ "Montenegro Upgraded To 'B+' On Stronger External And Fiscal Positions; Outlook Stable". www.spglobal.com. 30 August 2024. Retrieved 9 January 2026.
- ^ "S&P Makes Morocco Africa's Sole Investment-Grade Eurobond Issuer". Bloomberg. 2025-09-26.
- ^ "Rating: Mozambique Credit Rating". countryeconomy.com.
- ^ "S&P Global Ratings raises New Zealand's credit rating to AA+". Radio New Zealand - RNZ. 22 February 2021.
- ^ "Nicaragua Long-Term Ratings Raised To 'B+' On Fiscal And External Strengthening; Outlook Stable". www.spglobal.com. 23 October 2024. Retrieved 9 January 2026.
- ^ "Rating: Nigeria Credit Rating". countryeconomy.com.
- ^ "Rating: Norway Credit Rating". countryeconomy.com.
- ^ "Oman Upgraded To 'BBB-' From 'BB+' On Continued Public Sector Deleveraging; Outlook Stable". www.spglobal.com. 27 September 2024. Retrieved 9 January 2026.
- ^ "Pakistan Upgraded To 'B-' On Contained External Liquidity Risks And Improving Fiscal Settings; Outlook Stable". www.spglobal.com. 24 July 2025. Retrieved 9 January 2026.
- ^ "Panama Ratings Lowered To 'BBB-/A-3' On Higher Interest Burden; Outlook Stable". www.spglobal.com. 26 November 2024. Retrieved 9 January 2026.
- ^ "Rating: Papua New Guinea Credit Rating". countryeconomy.com.
- ^ "Republic of Paraguay Upgraded To 'BBB-/A-3' On Policy Effectiveness And Stronger Economic Resilience; Outlook Stable". www.spglobal.com. 17 December 2025. Retrieved 9 January 2026.
- ^ "Peru Long-Term Foreign Currency Rating Lowered To 'BBB-' On Political Uncertainty Constraining Growth; Outlook Stable". www.spglobal.com. 25 April 2024. Retrieved 9 January 2026.
- ^ "PH bags rating upgrade from S&P". CNN Philippines. Archived from the original on 2023-10-26. Retrieved 2019-04-30.
- ^ "Portugal Upgraded To 'A+' On External And Government Deleveraging; Outlook Stable". www.spglobal.com. 29 August 2025. Retrieved 9 January 2026.
- ^ "Congo-Brazzaville LC Rating Lowered To 'CC' On Distressed Exchange Plan; FC Rating Lowered To 'CCC+'; Outlook Negative". www.spglobal.com. 30 October 2024. Retrieved 9 January 2026.
- ^ "Rating: romania Credit Rating". countryeconomy.com.
- ^ "Rating: Rwanda Credit Rating". countryeconomy.com.
- ^ "St Helena's Investment Grade Credit Rating Affirmed". Saint Helena Government. 2023-04-05.
- ^ "San Marino Upgraded To 'BBB+/A-2' On Improved External And Net Debt Data And Metrics; Outlook Stable". www.spglobal.com. 1 August 2025. Retrieved 9 January 2026.
- ^ "S&P lifts Saudi Arabia's rating on sustained economic shift away from oil". reuters.com. 14 March 2025.
- ^ "Senegal Long-Term FC Rating Lowered To 'CCC+' On Precarious Debt Position; Placed On CreditWatch Developing". www.spglobal.com. 14 November 2025. Retrieved 9 January 2026.
- ^ "Serbia Upgraded To 'BBB-/A-3' On Strong GDP Growth And Increased External Buffers; Outlook Stable" (PDF). nbs.rs. 4 October 2024.
- ^ "Rating: Singapore Credit Rating". countryeconomy.com.
- ^ "Slovakia Outlook Revised To Negative On Rising Economic Risks; 'A+/A-1' Ratings Affirmed". disclosure.spglobal.com.
- ^ "Slovenia Long-Term Ratings Raised To 'AA' On Strong Public Finances And Sustained Growth; Outlook Stable". www.spglobal.com. 6 June 2025. Retrieved 9 January 2026.
- ^ "South Africa Foreign Currency Rating Raised To 'BB'; Local Currency Rating Raised To 'BB+'; Outlook Positive". www.spglobal.com. 14 November 2025. Retrieved 9 January 2026.
- ^ "South Korea's Credit Rating Raised One Level to AA by S&P". Bloomberg. 8 August 2016.
- ^ "Spain Upgraded To 'A+' On Strengthening External Financial Position; Outlook Stable". www.spglobal.com. 12 September 2025. Retrieved 9 January 2026.
- ^ "Sri Lanka Foreign Currency Ratings Raised To 'CCC+/C' From 'SD'; Outlook Stable". www.spglobal.com. 19 September 2025. Retrieved 9 January 2026.
- ^ "Rating: Switzerland Credit Rating". countryeconomy.com.
- ^ "Tajikistan Upgraded To 'B' On Stronger Fiscal Position; Outlook Stable". www.spglobal.com. 16 August 2024. Retrieved 9 January 2026.
- ^ "Rating: Thailand Credit Rating". countryeconomy.com.
- ^ "Togo Upgraded To 'B+' On Solid Economic Prospects; Outlook Stable". www.spglobal.com. 18 April 2025. Retrieved 9 January 2026.
- ^ "Rating: Trinidad and Tobago Credit Rating". countryeconomy.com.
- ^ "Turkiye Upgraded To 'BB-' On Reserve Accumulation And Disinflation; Outlook Stable". www.spglobal.com. 1 November 2024. Retrieved 9 January 2026.
- ^ "Turks and Caicos Islands Upgraded To 'A-' From 'BBB+' On Strong Economy; Outlook Is Stable". www.spglobal.com. 27 February 2025. Retrieved 9 January 2026.
- ^ "Rating: Uganda Credit Rating". countryeconomy.com.
- ^ "Ukraine FC Rating Lowered To 'SD' On Missed Coupon Payment Amid Debt Restructuring; 'CCC+/C' LC Ratings Affirmed". www.spglobal.com. 2 August 2024. Retrieved 9 January 2026.
- ^ "Rating: United Kingdom Credit Rating". countryeconomy.com.
- ^ "Rating: United States Credit Rating". countryeconomy.com.
- ^ "Uruguay Long-Term Ratings Raised To 'BBB+' On Stronger Fiscal Policy; Outlook Stable". www.spglobal.com. 26 April 2023. Retrieved 9 January 2026.
- ^ "Uzbekistan Upgraded To 'BB' On Strong Growth And Economic Reforms; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
- ^ "Zambia Foreign Currency Ratings Raised To 'CCC+/C' On Improved Creditworthiness; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
- ^ "Fitch Ratings — Definitions of Ratings and Other Forms of Opinion" (PDF). Retrieved 2013-02-25.
- ^ "Rating Definitions". fitchratings.com. Fitch Ratings. Retrieved 26 December 2020.
- ^ Fitch Ratings. "Fitch Affirms Andorra at 'A−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Angola at 'B−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Argentina to 'CCC+'".
- ^ Fitch Ratings. "Fitch Upgrades Armenia to 'BB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Aruba to 'BBB-'; Outlook Remains Positive".
- ^ Fitch Ratings. "Fitch Affirms Australia at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Austria to 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Azerbaijan to 'BBB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Armenia to 'BB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Assigns the Bahamas 'BB-' IDR; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Bangladesh to 'B+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Barbados's Outlook to Positive; Affirms at 'B+'".
- ^ Fitch Ratings. "Fitch Withdraws Belarus's Ratings".
- ^ Fitch Ratings. "Fitch Downgrades Belgium to 'A+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Benin at 'B+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Bolivia to 'CCC'".
- ^ Fitch Ratings. "Fitch Upgrades Brazil to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Bulgaria at 'BBB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Cabo Verde to 'B'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Cameroon's Outlook to Negative; Affirms at 'B'".
- ^ Fitch Ratings. "Fitch Affirms Canada at 'AA+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Chile at 'A−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades China to 'A'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Colombia to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Costa Rica to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Cote d'Ivoire to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Croatia to 'A-'; Outlook Stable".
- ^ "Fitch Upgrades Cyprus to 'A-'; Outlook Stable". Fitch Ratings. 6 December 2024. Retrieved 2024-12-10.
- ^ Fitch Ratings. "Fitch Revises Czech Republic's Outlook to Stable; Affirms at 'AA−'".
- ^ Fitch Ratings. "Fitch Affirms Denmark at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Dominican Republic's Outlook to Positive; Affirms at 'BB−'".
- ^ Fitch Ratings. "Fitch Downgrades Ecuador's Long-Term IDR to 'CCC+'".
- ^ Fitch Ratings. "Fitch Upgrades Egypt to 'B'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades El Salvador to 'B-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Estonia to 'A+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Ethiopia's LTFC IDR to 'RD'".
- ^ Fitch Ratings. "Fitch Affirms European Union and Euratom at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Finland to 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades France to 'A+'; Outlook Stable".
- ^ "Fitch Downgrades Gabon to 'CCC'".
- ^ Fitch Ratings. "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'".
- ^ Fitch Ratings. "Fitch Affirms Germany at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Ghana to 'B-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Greece to 'BBB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Guatemala to 'BB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Hong Kong at 'AA−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Hungary at 'BBB'; Outlook Negative".
- ^ Fitch Ratings. "Fitch Revises Iceland's Outlook to Positive; Affirms at 'A'".
- ^ Fitch Ratings. "Fitch Affirms India at 'BBB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Indonesia at 'BBB'; Outlook Stable". www.fitchratings.com. Retrieved 2024-03-21.
- ^ Fitch Ratings. "Fitch Affirms Iraq at 'B−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Ireland to 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Israel to 'A'; Outlook Negative".
- ^ Fitch Ratings. "Fitch Upgrades Italy at 'BBB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Jamaica to 'BB-'; Outlook Positive".
- ^ Fitch Ratings. "Fitch Affirms Japan at 'A'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Jordan at 'BB−', Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Kazakhstan at 'BBB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Kenya to 'B−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Assigns Kosovo 'BB−' IDR; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Kuwait at 'AA−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Publishes Kyrgyzstan 'B' IDR; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Laos at 'CCC−', Withdraws Ratings".
- ^ Fitch Ratings. "Fitch Revises Latvia's Outlook to Positive; Affirms at 'A−'".
- ^ Fitch Ratings. "Fitch Affirms Lebanon at 'RD'; Withdraws Ratings".
- ^ Fitch Ratings. "Fitch Affirms Lesotho at 'B'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Lithuania at 'A'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Luxembourg at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Macao at 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Malaysia at 'BBB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Maldives to 'CC'".
- ^ Fitch Ratings. "Fitch Affirms Malta at 'A+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Mexico at 'BBB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Assigns Moldova 'B+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Mongolia at 'B+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Morocco at 'BB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Mozambique to 'CCC'".
- ^ Fitch Ratings. "Fitch Affirms Namibia at 'BB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Assigns Nepal 'BB-' IDR; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms the Netherlands at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms New Zealand at 'AA+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Nicaragua to 'B'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Nigeria to 'B'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms North Macedonia at 'BB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Norway at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Oman to 'BBB-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Pakistan to 'B-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Panama to 'BB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Paraguay's Outlook to Positive; Affirms at 'BB+'".
- ^ Fitch Ratings. "Fitch Affirms Peru at 'BBB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Philippines at 'BBB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Poland at 'A-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Portugal to 'A'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Qatar to 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Ras Al Khaimah to 'A+' from 'A'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Congo at 'CCC+'".
- ^ Fitch Ratings. "Fitch Affirms Romania at 'BBB−'; Outlook Negative".
- ^ Fitch Ratings. "Fitch Withdraws Russia's Ratings".
- ^ Fitch Ratings. "Fitch Revises Rwanda's Outlook to Negative; Affirms at 'B+'".
- ^ Fitch Ratings. "Fitch Upgrades San Marino to 'BBB-'; Outlook Positive".
- ^ Fitch Ratings. "Fitch Upgrades Saudi Arabia to 'A+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Serbia's Outlook to Positive; Affirms at 'BB+'".
- ^ Fitch Ratings. "Fitch Upgrades Seychelles to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Singapore at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Slovakia at 'A-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Slovenia to 'A+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms South Africa at 'BB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Korea at 'AA−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Spain to 'A'; Outlook Stable".
- ^ Fitch Ratings (21 December 2024). "Fitch upgrades Sri Lanka out of default despite holdout Hamilton Reserve".
- ^ Fitch Ratings. "Fitch Affirms Suriname at 'RD', Withdraws Ratings".
- ^ Fitch Ratings. "Fitch Affirms Sweden at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Switzerland at 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Taiwan at 'AA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Affirms Tanzania at 'B+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises Thailand's Outlook to Negative; Affirms at 'BBB+'".
- ^ Fitch Ratings. "Fitch Upgrades Tunisia to 'B-'".
- ^ Fitch Ratings. "Fitch Upgrades Turkiye to 'BB−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Turkmenistan to 'BB-'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Downgrades Uganda to 'B'; Outlook Stable".
- ^ "Fitch Upgrades Ukraine to 'CCC'". Fitch Ratings. 2024-08-13. Retrieved 2024-08-14.
- ^ Fitch Ratings. "Fitch Affirms the United Arab Emirates at 'AA−'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Revises the United Kingdom's Outlook to Stable; Affirms at 'AA−'".
- ^ Fitch Ratings. "Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Uruguay to 'BBB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Uzbekistan to 'BB'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Vietnam to 'BB+'; Outlook Stable".
- ^ Fitch Ratings. "Fitch Upgrades Zambia to 'B-'; Outlook Stable".
- ^ "investment grade : defined at Finance Glossary". Finance-glossary.com. Archived from the original on 2012-11-05. Retrieved 2013-02-25.
- ^ Moody's Investors Service. "Moody's affirms Angola's ratings at B3, maintains positive outlook".
- ^ Moody's Investors Service. "Moody's affirms the B1 ratings of Albania; maintains stable outlook".
- ^ Moody's Ratings & Regulatory. "Moody's Ratings upgrades Argentina's ratings to Caa1 and changes the outlook to stable".
- ^ Moody's Investors Service. "Moody's changes Armenia's outlook to stable from negative; affirms Ba3 rating".
- ^ Moody's Investors Service. "Moody's affirms Australia's Aaa rating, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Austria's Aa1 ratings; outlook remains stable".
- ^ Moody's Investors Service. "Moody's upgrades Azerbaijan's ratings to Ba1, outlook changed to stable".
- ^ Moody's Investors Service. "Moody's downgrades The Bahamas' ratings to B1, changes outlook to stable".
- ^ Moody's Investors Service. "Moody's changes Bahrain's outlook to stable, affirms B2 ratings".
- ^ Moody's Investors Service. "Moody's downgrades Bangladesh's ratings to B1, outlook stable".
- ^ Moody's Investors Service. "Moody's upgrades Barbados' ratings to B3 from Caa1; maintains a stable outlook".
- ^ Moody's Investors Service. "Moody's downgrades Belarus' ratings to C with a stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Belgium's Aa3 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's upgrades Belize's ratings to Caa2 from Caa3, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms the B1 ratings of Benin; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Bermuda's A2 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's confirms Bolivia's ratings at Caa1, changes outlook to negative".
- ^ Moody's Investors Service. "Moody's affirms Bosnia and Herzegovina's B3 ratings; outlook stable".
- ^ Moody's Investors Service. "Moody's affirms Botswana's A3 ratings and maintains stable outlook".
- ^ "Moody's upgrades Brazil's sovereign credit rating and maintains a positive outlook".
- ^ Moody's Investors Service. "Moody's affirms Bulgaria's Baa1 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes Cambodia's outlook to negative, B2 ratings affirmed".
- ^ Moody's Investors Service. "Moody's downgrades Cameroon's rating to Caa1 from B2; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Canada's Aaa rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Cayman Islands' Aa3 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's downgrades Chile's ratings to A2, changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's affirms China's A1 rating, changes outlook to negative from stable".
- ^ Moody's Investors Service. "Moody's affirms Colombia's Baa2 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms the Republic of the Congo's Caa2 ratings and maintains stable outlook".
- ^ Moody's Investors Service. "Moody's upgrades Costa Rica's ratings to Ba3; maintains positive outlook".
- ^ Moody's Investors Service. "Moody's affirms Côte d'Ivoire's Ba3 rating; changes outlook to positive from stable".
- ^ Moody's Investors Service. "Moodys Ratings upgrades Croatia's ratings to A3 changes outlook to stable".
- ^ Moody's Investors Service. "Moody's withdraws Cuba's ratings due to lack of sufficient information".
- ^ Moody's Ratings. "Moody's Ratings upgrades Cyprus' ratings to A3 and changes outlook to stable".
- ^ Moody's Investors Service. "Moody's changes Czech Republic's outlook to stable from negative, affirms Aa3 ratings".
- ^ Moody's Investors Service. "Moody's affirms the Aaa ratings of Denmark; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes outlook on Dominican Republic's ratings to positive, affirms Ba3 ratings".
- ^ Moody's Investors Service. "Moody's upgrades the Democratic Republic of the Congo's ratings to B3 from Caa1, outlook stable".
- ^ Moody's Investors Service. "Moody's affirms Ecuador's Caa3 rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes outlook on Egypt to negative, affirms Caa1 ratings".
- ^ Moody's Investors Service. "Moody's Ratings upgrades El Salvador's rating to B3; outlook stable".
- ^ Moody's Investors Service. "Moody's affirms Estonia's A1 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes eSwatini's outlook to positive from stable, affirms B3 rating".
- ^ Moody's Investors Service. "Moody's downgrades Ethiopia's foreign currency rating to Caa3, affirms its local currency rating at Caa2 and changes outlook to stable".
- ^ Moody's Investors Service. "Moody's changes Fiji's outlook to stable from negative; affirms B1 rating".
- ^ Moody's Investors Service. "Moody's affirms Finland's Aa1 ratings; outlook remains stable".
- ^ Politico (14 December 2024). "France's credit rating cut by Moody's just hours after new prime minister appointed".
- ^ Moody's Investors Service. "Moody's changes the outlook on Gabon to negative; affirms Caa1 rating".
- ^ Moody's Investors Service. "Moody's changes the outlook on Georgia's rating to negative; affirms Ba2 rating".
- ^ Moody's Investors Service. "Moody's affirms Germany's Aaa ratings; outlook remains stable".
- ^ Moody's Investors Service. "Moody's upgrades Ghana's local currency ratings to Caa3 from Ca, maintains stable outlook".
- ^ Moody's Ratings. "Moody's Ratings upgrades Greece's ratings to Baa3 from Ba1, changes outlook to stable from positive".
- ^ Moody's Investors Service. "Moody's affirms Guatemala's Ba1 ratings; changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's affirms Honduras' B1 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Hong Kong SAR's Aa3 rating, changes outlook to negative from stable".
- ^ Reuters. "Moody's cuts Budapest's rating to junk due to row with national government".
{{cite web}}:|author=has generic name (help) - ^ Moody's Investors Service. "Moody's Ratings upgrades Iceland's ratings to A1, changes outlook to stable".
- ^ Moody's Investors Service. "Moody's affirms India's Baa3 ratings; outlook stable".
- ^ Moody's Investors Service. "Moody's assigns Baa2 ratings to Indonesia's dollar denominated bonds".
- ^ Moody's Investors Service. "Moody's affirms Iraq's Caa1 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's upgrades Ireland's ratings to Aa3, outlook stable".
- ^ Moody's Investors Service. "Moody's changes the outlook on the Isle of Man to stable from negative, affirms Aa3 ratings".
- ^ Moody's Investors Service. "Moody's Ratings downgrades Israel's ratings to Baa1, maintains negative outlook".
- ^ Reuters.com. "Moody's grants Italy its first rating upgrade in 23 years".
{{cite web}}:|author=has generic name (help) - ^ Moody's Investors Service. "Moody's upgrades Jamaica's government ratings to B1 and changes outlook to positive from stable".
- ^ Moody's Investors Service. "Moody's affirms Japan's A1 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes outlook on Jordan's rating to positive from stable; affirms B1 rating".
- ^ Moody's Investors Service. "Moody's Ratings upgrades Kazakhstan's ratings to Baa1, outlook changed to stable".
- ^ Moody's Investors Service. "Moody's confirms Kenya's ratings at B3, changes outlook to negative".
- ^ Moody's Investors Service. "Moody's affirms Kuwait's A1 rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's confirms Kyrgyz Republic's ratings at B3, changes outlook to negative".
- ^ Moody's Investors Service. "Moody's affirms Latvia's A3 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Lebanon's C rating, changes outlook to stable from no outlook".
- ^ Moody's Investors Service. "Moody's affirms Lithuania's A2 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Luxembourg's Aaa ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes outlook to negative from stable on Macao SAR, China's rating; affirms Aa3 rating".
- ^ Moody's Investors Service. "Moody's affirms Malaysia's A3 rating, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's Ratings downgrades Maldives' rating to Caa2, places rating under review for downgrade".
- ^ Moody's Investors Service. "Moody's changes Mali's outlook to stable; affirms Caa2 ratings".
- ^ Moody's Investors Service. "Moody's affirms Malta's A2 ratings, changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's downgrades Mauritius's rating to Baa3, changes outlook to stable".
- ^ Moody's Investors Service. "Moody's downgrades Mexico's ratings to Baa2, changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's changes the outlook on Moldova's rating to stable from negative; affirms B3 rating".
- ^ Moody's Investors Service. "Moody's affirms Mongolia's B3 rating, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's Ratings upgrades Montenegro's ratings to Ba3, outlook remains stable".
- ^ Moody's Investors Service. "Moody's affirms Morocco's Ba1 ratings, changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's changes outlook on Mozambique to stable from positive, affirms Caa2 ratings".
- ^ Moody's Investors Service. "Moody's downgrades Namibia's ratings to B1, changes outlook to stable from negative".
- ^ Moody's Investors Service. "Moody's affirms the Netherlands' Aaa ratings; outlook remains stable".
- ^ Moody's Investors Service. "Moody's affirms New Zealand's Aaa rating, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Nicaragua's B3 ratings and maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes Nigeria's outlook to positive, affirms Caa1 ratings".
- ^ Moody's Investors Service. "Moody's affirms the Aaa ratings of Norway; maintains stable outlook".
- ^ Muscat Daily (12 July 2025). "Moody's upgrades Oman to Baa3". Muscat Daily. Retrieved 16 July 2025.
- ^ Moody's Investors Service. "Moody's Ratings upgrades Pakistan's ratings to Caa1; changes outlook to stable from positive".
- ^ Moody's Investors Service. "Moody's downgrades Panama's rating to Baa3, changes outlook to stable".
- ^ Moody's Investors Service. "Moody's changes Papua New Guinea's outlook to stable from negative; affirms B2 rating".
- ^ Moody's Investors Service. "Moody's Ratings upgrades Paraguay's ratings to Baa3, changes outlook to stable from positive".
- ^ Moody's Investors Service. "Moody's changes outlook on Peru's Baa1 rating to negative; affirms ratings".
- ^ Moody's Investors Service. "Moody's affirms the Philippines' Baa2 ratings; outlook stable".
- ^ Moody's Investors Service. "Moody's affirms Poland's A2 ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's upgrades Portugal's ratings to A3 and changes outlook to stable".
- ^ Moody's Investors Service. "Moody's changes the outlook on Qatar to positive, affirms Aa3 rating".
- ^ Moody's Investors Service. "Moody's affirms Romania's Baa3 ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's withdraws credit ratings on multiple entities".
- ^ Moody's Investors Service. "Moody's changes outlook on Rwanda to stable from negative; affirms B2 ratings".
- ^ Moody's Investors Service. "Moody's affirms St. Vincent and the Grenadines' B3 issuer ratings; maintains stable outlook".
- ^ Bloomberg (22 November 2024). "Saudi Arabia Gets First Moody's Upgrade On Economic Advance". Bloomberg.
- ^ Moody's Investors Service. "Moody's changes Senegal's outlook to stable from negative, affirms Ba3 rating".
- ^ Moody's Investors Service. "Moody's affirms Serbia's Ba2 ratings; outlook stable".
- ^ Moody's Investors Service. "Moody's affirms Singapore's Aaa rating, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's Ratings downgrades Slovakia's ratings to A3, changes outlook to stable".
- ^ Moody's Investors Service. "Moody's affirms Slovenia's A3 rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes South Africa's outlook to stable; affirms Ba2 ratings".
- ^ Moody's Investors Service. "Moody's affirms Korea's Aa2 rating, maintains stable outlook".
- ^ "Moody's y Fitch mejoran la nota a España por su fortaleza económica". 26 September 2025.
- ^ "Moody's Joins Fitch in Upgrading Sri Lanka on Debt Restructuring". Bloomberg.com. 2024-12-23. Retrieved 2024-12-24.
- ^ Moody's Investors Service. "Moody's changes Suriname's rating outlook to stable, affirms the Caa3 rating".
- ^ Moody's Investors Service. "Moody's affirms Sweden's Aaa ratings; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Switzerland's Aaa ratings, maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes Taiwan, China's outlook to stable from positive, affirms Aa3 rating".
- ^ Moody's Investors Service. "Moody's changes outlook on Tajikistan to stable from negative, affirms B3 ratings".
- ^ Moody's Investors Service. "Moody's affirms Thailand's Baa1 rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's affirms Trinidad & Tobago's ratings at Ba2, changes outlook to positive".
- ^ Moody's Ratings. "Moody's Ratings upgrades Tunisia's rating to Caa1; maintains stable outlook".
- ^ The National News. "Turkey receives first ratings upgrade from Moody's in a decade on improved governance".
- ^ Moody's Investors Service. "Moody's changes outlook on Uganda's rating to negative; affirms the B2 rating".
- ^ Moody's Investors Service. "Moody's downgrades Ukraine's ratings to Ca with a stable outlook".
- ^ Moody's Investors Service. "Moody's affirms the United Arab Emirates' Aa2 rating; maintains stable outlook".
- ^ Moody's Investors Service. "Moody's changes the outlook on the UK to stable from negative, affirms Aa3 ratings".
- ^ Moody's Investors Service. "Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable".
- ^ Moody's Ratings (15 March 2024). "Moody's upgrades Uruguay's ratings to Baa1; changes outlook to stable". Moody's. Retrieved 16 March 2024.
- ^ Moody's Investors Service. "Moody's upgrades Uzbekistan's rating to Ba3, outlook stable".
- ^ Moody's Investors Service. "Moody's withdraws certain Government of Venezuela ratings for business reasons".
- ^ Moody's Investors Service. "Moody's upgrades Vietnam's rating to Ba2, outlook changed to stable".
- ^ Moody's Investors Service. "Moody's affirms Zambia's Ca ratings; outlook stable".
- ^ DBRS Morningstar. "Market sectors | Governments | Sovereigns".
- ^ Scope Ratings. "Sovereign Ratings".
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- ^ Country Brief - Gambia(password-protected)
- ^ Cbonds.Info - Fitch (UK) Withdraws Iran's Ratings
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