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 rating A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting. ...
s for
sovereign bonds A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity date ...
as reported by the largest three major credit rating agencies:
Standard & Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
, Fitch, and
Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...
. The list also includes all
country subdivisions Administrative division, administrative unit,Article 3(1). country subdivision, administrative region, subnational entity, constituent state, as well as many similar terms, are generic names for geographical areas into which a particular, ind ...
not issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing
sub-sovereign bonds A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
.


Countries' and regions' ratings in different methods


Standard & Poor's

For S&P, a bond is considered
investment grade In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be
speculative grade In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit event ...
, sometimes also referred to as "junk" bonds. An SD rating indicates that the country has selectively defaulted on some outstanding obligations


Fitch

For Fitch, a bond is considered
investment grade In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be
speculative grade In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit event ...
, sometimes also referred to as "junk" bonds. 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'.


Moody's

For Moody's, a bond is considered
investment grade In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be
speculative grade In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit event ...
, sometimes also referred to as "junk" bonds.


DBRS Morningstar

For DBRS Morningstar, a bond is considered
investment grade In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
if its credit rating is BBB(low) or higher. Bonds rated BB(high) and below are considered to be
speculative grade In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit event ...
, sometimes also referred to as "junk" bonds.


Scope Ratings

For Scope – the European rating agency – a bond is considered
investment grade In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be
speculative grade In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit event ...
, sometimes also referred to as "junk" bonds.


JCR

Japan Credit Rating Agency The Japan Credit Rating Agency (JCR), established in 1985, is a Japanese financial services company which publishes credit ratings to Japanese companies, local governments, and other interested parties. The company is one of the Japanese credit r ...
(JCR) is a credit rating agency based in
Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
. JCR is a
Nationally Recognized Statistical Rating Organization A nationally recognized statistical rating organization (NRSRO) is a credit rating agency (CRA) approved by the U.S. Securities and Exchange Commission (SEC) to provide information that financial firms must rely on for certain regulatory purpos ...
by the U.S. Securities and Exchange Commission.


China Chengxin

China Chengxin Credit Rating Group is a credit rating agency based in
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.


Not rated


See also

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Bond credit rating In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professionals ...
*
United States federal government credit-rating downgrades Several credit rating agencies around the world have downgraded their credit ratings of the U.S. federal government, including Standard & Poor's (S&P) which reduced the country's rating from AAA (outstanding) to AA+ (excellent) on August 5, 2011. 2 ...
*
List of US states by credit rating A ''list'' is any set of items in a row. List or lists may also refer to: People * List (surname) Organizations * List College, an undergraduate division of the Jewish Theological Seminary of America * SC Germania List, German rugby union ...
*
World debt The global debt is 305 trillion US $ in 2022, including debt by public and private debtors. (A trillion is defined here as a million millions, or 1012.) This debt consists of * 23% private household debt * 38% private debt of non-financial corporat ...


References

{{Finance country lists
credit rating A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting. ...
Credit rating