List of Countries by Credit Rating


CountryS&P RatingS&P OutlookMoody's ratingMoody's outlookFitch RatingFitch OutlookTE RatingTE Outlook
Albania B1 STABLE B1 STABLE 35.00STABLE
Andorra A- NEGATIVE 70.00NEGATIVE
Angola BB- STABLE Ba3 POSITIVE BB- POSITIVE 40.00STABLE
Argentina B- NEGATIVE Caa1STABLE CC 25.00NEGATIVE
Armenia Ba2 NEGATIVE BB- STABLE 42.50
Aruba A- NEGATIVE BBB STABLE 65.00NEGATIVE
Australia AAA STABLE Aaa STABLE AAA STABLE 96.54STABLE
Austria AA+ NEGATIVE Aaa NEGATIVE AAA STABLE 96.89NEGATIVE
Azerbaijan BBB-STABLE Baa3STABLE BBB-STABLE 55.00STABLE
Bahamas BBB NEGATIVE Baa1NEGATIVE 62.50NEGATIVE
Bahrain BBB NEGATIVE Baa1NEGATIVE BBB STABLE 61.25NEGATIVE
Bangladesh BB- STABLE Ba3 STABLE 40.00STABLE
Barbados BB+ STABLE Baa3NEGATIVE 52.50STABLE
Belarus B- Positive B3 NEGATIVE 25.00STABLE
Belgium AA NEGATIVE Aa3 NEGATIVE AA STABLE 86.55NEGATIVE
Belize SD Ca NEGATIVE 5.00
Benin B NEGATIVE 30.00NEGATIVE
Bermuda AA- STABLE Aa2 STABLE AA STABLE 88.75STABLE
Bhutan BB- STABLE Ba3 STABLE BB- STABLE 40.00STABLE
Bolivia BB- STABLE Ba3 STABLE BB- STABLE 40.00STABLE
Bosnia and HerzegovinaB STABLE B3 STABLE 27.50STABLE
Botswana A- STABLE A2 STABLE 72.50STABLE
Brazil BBB STABLE Baa2POSITIVE BBB STABLE 50.73STABLE
Bulgaria BBB STABLE Baa2STABLE BBB-STABLE 54.24STABLE
Burkina Faso B STABLE 30.00STABLE
Cambodia B STABLE B2 STABLE 30.00STABLE
Cameroon B STABLE B STABLE 30.00STABLE
Canada AAA STABLE Aaa STABLE AAA STABLE 98.06STABLE
Cape Verde B+ STABLE B+ STABLE 35.00STABLE
Cayman Islands Aa3 STABLE 85.00
Chile AA- Positive Aa3 STABLE A+ STABLE 76.83STABLE
China AA- STABLE Aa3 POSITIVE A+ STABLE 78.82STABLE
Colombia BBB Stable Baa3STABLE BBB-STABLE 49.65POSITIVE
Costa Rica BB STABLE Baa3STABLE BB+ STABLE 50.00STABLE
Croatia BB+ STABLE Baa3NEGATIVE BBB-NEGATIVE 48.85STABLE
Cuba Caa1STABLE 20.00
Cyprus CCC Stable B3 RUR- BB- NEGATIVE 31.25NEGATIVE
Czech Republic AA- STABLE A1 STABLE A+ STABLE 79.28STABLE
Denmark AAA STABLE Aaa STABLE AAA STABLE 98.38STABLE
Dominican Republic B+ STABLE B1 STABLE B STABLE 32.50STABLE
Ecuador B STABLE Caa1STABLE B- POSITIVE 25.00STABLE
Egypt CCC+STABLE Caa1STABLE B Negative 31.25NEGATIVE
El Salvador BB- NEGATIVE Ba3 STABLE BB NEGATIVE 42.50NEGATIVE
Estonia AA- STABLE A1 STABLE A+ STABLE 81.25STABLE
Fiji B STABLE B1 32.50STABLE
Finland AAA NEGATIVE Aaa STABLE AAA STABLE 98.25NEGATIVE
France AA+ NEGATIVE Aa1 NEGATIVE AAA NEGATIVE 95.36NEGATIVE
Gabon BB- NEGATIVE BB- STABLE 40.00NEGATIVE
Georgia BB- STABLE Ba3 STABLE BB- STABLE 40.00STABLE
Germany AAA STABLE Aaa NEGATIVE AAA STABLE 98.47STABLE
Ghana B STABLE B1 STABLE B+ NEGATIVE 32.50STABLE
Greece B- STABLE C - CCC 5.75STABLE
Grenada CCC+NEGATIVE 20.00NEGATIVE
Guatemala BB STABLE Ba1 STABLE BB+ STABLE 48.75STABLE
Honduras B+ STABLE B2 STABLE 32.50STABLE
Hong Kong AAA STABLE Aa1 POSITIVE AA+ STABLE 95.39STABLE
Hungary BB STABLE Ba1 NEGATIVE BB+ STABLE 42.58STABLE
Iceland BBB-STABLE Baa3NEGATIVE BBB-STABLE 48.48STABLE
India BBB-NEGATIVE Baa3STABLE BBB-NEGATIVE 47.12NEGATIVE
Indonesia BB+ STABLE Baa3STABLE BBB-STABLE 48.51POSITIVE
Ireland BBB+Stable Ba1 NEGATIVE BBB+STABLE 56.86NEGATIVE
Isle of Man AA+ STABLE Aaa STABLE 97.50STABLE
Israel A+ STABLE A1 STABLE A STABLE 73.47STABLE
Italy BBB+NEGATIVE Baa2NEGATIVE BBB+Negative 62.09NEGATIVE
Jamaica CCC+Negative B3 STABLE B- STABLE 25.00NEGATIVE
Japan AA- NEGATIVE Aa3 STABLE A+ NEGATIVE 81.68NEGATIVE
Jordan BB NEGATIVE Ba2 NEGATIVE 45.00NEGATIVE
Kazakhstan BBB+STABLE Baa2STABLE BBB+STABLE 63.75STABLE
Kenya B+ STABLE B1 STABLE B+ STABLE 21.50STABLE
Kuwait AA STABLE Aa2 STABLE AA STABLE 90.00STABLE
Latvia BBB POSITIVE Baa2Positive BBB POSITIVE 55.41POSITIVE
Lebanon B NEGATIVE B1 STABLE B STABLE 31.25NEGATIVE
Liechtenstein AAA STABLE 100.00STABLE
Lithuania BBB STABLE Baa1STABLE BBB+Positive 57.10STABLE
Luxembourg AAA NEGATIVE Aaa NEGATIVE AAA STABLE 100.00NEGATIVE
Macao Aa3 STABLE AA- STABLE 85.00
Macedonia BB STABLE BB+ STABLE 47.50STABLE
Malaysia A- STABLE A3 STABLE A- STABLE 66.50STABLE
Malta BBB+STABLE A3 NEGATIVE A+ STABLE 73.75STABLE
Mauritius Baa1STABLE 65.00
Mexico BBB STABLE Baa1STABLE BBB+STABLE 55.85STABLE
Moldova B3 STABLE 25.00
Mongolia BB- STABLE B1 STABLE B+ STABLE 36.25STABLE
Montenegro BB- STABLE Ba3 STABLE 40.00STABLE
Morocco BBB-NEGATIVE Ba1 STABLE BBB-STABLE 53.75NEGATIVE
Mozambique B+ STABLE B POSITIVE 32.50STABLE
Namibia Baa3STABLE 55.00
Netherlands AAA NEGATIVE Aaa NEGATIVE AAA STABLE 98.27NEGATIVE
New Zealand AA STABLE Aaa STABLE AA STABLE 88.98STABLE
Nicaragua B3 STABLE 25.00
Nigeria BB- STABLE Ba3 STABLE BB- STABLE 28.64STABLE
North Korea A+ STABLE Aa3 STABLE   82.50STABLE
Norway AAA STABLE Aaa STABLE AAA STABLE 97.77STABLE
Oman A STABLE A1 STABLE 77.50STABLE
Pakistan B- STABLE Caa1NEGATIVE 10.84STABLE
Palau A- STABLE A2 STABLE   72.50STABLE
Panama BBB STABLE Baa2STABLE BBB STABLE 60.00STABLE
Papua New Guinea B+ STABLE B1 STABLE 35.00STABLE
Paraguay BB- STABLE B1 STABLE 37.50STABLE
Peru BBB POSITIVE Baa2POSITIVE BBB STABLE 53.24POSITIVE
Philippines BBB-STABLE Ba1 STABLE BBB-STABLE 45.63POSITIVE
Poland A- STABLE A2 STABLE A- Stable 67.41STABLE
Portugal BB STABLE Ba3 NEGATIVE BB+ NEGATIVE 39.89NEGATIVE
Qatar AA STABLE Aa2 STABLE 87.36STABLE
Romania BB+ STABLE Baa3NEGATIVE BBB-STABLE 47.35STABLE
Russia BBB STABLE Baa1STABLE BBB STABLE 54.81STABLE
Rwanda B STABLE B STABLE 30.00STABLE
Saudi Arabia AA- STABLE Aa3 STABLE AA- STABLE 85.00STABLE
Senegal B+ NEGATIVE B1 STABLE 35.00NEGATIVE
Serbia BB- NEGATIVE BB- NEGATIVE 40.00NEGATIVE
Singapore AAA STABLE Aaa STABLE AAA STABLE 98.60STABLE
Slovakia A STABLE A2 NEGATIVE A+ STABLE 73.19STABLE
Slovenia A NEGATIVE Ba1 Negative BBB+NEGATIVE 63.95NEGATIVE
South Africa BBB NEGATIVE Baa1NEGATIVE BBB Stable 57.44NEGATIVE
South Korea A+ STABLE Aa3 STABLE AA- STABLE 80.74STABLE
Spain BBB-NEGATIVE Baa3NEGATIVE BBB NEGATIVE 52.55NEGATIVE
Sri Lanka B+ STABLE B1 POSITIVE BB- STABLE 37.50STABLE
St Vincent and the Grenadines B2 STABLE 30.00
Suriname BB- STABLE Ba3 POSITIVE BB- STABLE 40.00STABLE
Sweden AAA STABLE Aaa STABLE AAA STABLE 98.21STABLE
Switzerland AAA STABLE Aaa STABLE AAA STABLE 99.46STABLE
Syria AA- STABLE Aa3 STABLE   85.00STABLE
Taiwan AA- STABLE Aa3 STABLE A+ STABLE 81.32STABLE
Thailand BBB+STABLE Baa1STABLE BBB+Stable 58.82STABLE
Tonga A STABLE Baa1STABLE   70.00STABLE
Trinidad and Tobago A STABLE Baa1STABLE 70.00STABLE
Tunisia BB- Negative Baa3NEGATIVE BB+ NEGATIVE 50.00STABLE
Turkey BB+ STABLE Ba1 POSITIVE BBB-STABLE 44.58STABLE
Uganda B+ NEGATIVE B STABLE 32.50NEGATIVE
Ukraine B NEGATIVE B3 NEGATIVE B STABLE 28.75NEGATIVE
United Arab Emirates Aaa STABLE AA STABLE 95.00
United Kingdom AAA NEGATIVE AA1 STABLE AA+ STABLE 97.96NEGATIVE
United States AA+ NEGATIVE Aaa NEGATIVE AAA NEGATIVE 96.89NEGATIVE
Uruguay BBB-STABLE Baa3POSITIVE BB+ POSITIVE 52.50STABLE
Vanuatu B+ STABLE B2 STABLE   32.50STABLE
Venezuela B+ STABLE B2 STABLE B+ NEGATIVE 23.70STABLE
Vietnam BB- STABLE B2 STABLE B+ STABLE 25.23STABLE
Zambia B+ STABLE B1 STABLE B+ NEGATIVE 35.00STABLE
Zimbabwe B+ STABLE B1 STABLE   35.00STABLE


TE* S&P Moody's Fitch      
100 AAA Aaa AAA Prime    
95 AA+ Aa1 AA+ High grade  
The TE credit rating is driven by a model created at Trading Economics. We take into account the average grade given by credit rating agencies plus multiple economic indicators, exchange rates, government bond yields, stock indexes, commodity prices and very little discretion. Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and visualize on historical data charts and more insightful when comparing multiple countries. Our ratings are also more quantitative and more independent because they are less likely to be manipulated by a single credit rating agency. Please note this is still a beta model with lots of work in progress. If you have any question please email us at contact@tradingeconomics.com


90 AA Aa2 AA
85 AA- Aa3 AA-
80 A+ A1 A+ Upper medium grade  
75 A A2 A
70 A- A3 A-
65 BBB+ Baa1 BBB+ Lower medium grade  
60 BBB Baa2 BBB
55 BBB- Baa3 BBB-
50 BB+ Ba1 BB+ Non-investment grade
speculative		  
45 BB Ba2 BB
40 BB- Ba3 BB-
35 B+ B1 B+ Highly speculative  
30 B B2 B
25 B- B3 B-
20 CCC+ Caa1 CCC Substantial risks
15 CCC Caa2 Extremely speculative  
10 CCC- Caa3 In default with little
prospect for recovery		  
  CC Ca
5 C C  
0 D / DDD In default
/ DD
D


NOTES: This page includes the sovereign debt credit rating for a list of countries as reported by major credit rating agencies.






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