IFR Magazine – June 08, 2019

GLOBAL DEBT: SOVEREIGN FOREIGN CURRENCY LONG-TERM RATINGS (7/6/2019)

1 Moody’s Government Bonds
2 Moody’s Country Ceilings
3 S&P Government Bonds
4 S&P Transfer and
Convertibility Assessments

5 Fitch Government Bonds

6 Fitch Country Ceilings

p Positive outlook/on watch

for upgrade

n Negative outlook/on watch

for downgrade

N New rating

W Rating withdrawn

SD Selective default

* Taken off positive watch/

outlook

** Taken off negative watch/

outlook

c Improvement in ratings,

outlook or watch status

d Deterioration in ratings,

outlook or watch status

Moody’s S&P Fitch

Sovereign 1 2 3 4 5 6

Moody’s S&P Fitch
Sovereign 1 2 3 4 5 6

Abu Dhabi Aa2 AA AA+ AA AA+

Albania B1 Ba2 B+ BB

Andorra W BBB AAA BBB p A–

Angola B3 B1 B– n B– B B

Argentina B2 B1 B B+ B n B

Armenia B1 p Ba2 B+ p BB–

Aruba BBB+ BBB+ BBB– n BBB

Australia Aaa Aaa AAA AAA AAA

Austria Aa1 Aaa AA+ AAA AA+ p AAA

Azerbaijan Ba2 Ba2 BB+ BB+ BB+ BB+

Bahamas Baa3 n Baa1 BB+ BB–

Bahrain B2 Ba3 B+ BB– BB– BBB–

Bangladesh Ba3 Ba2 BB– BB– BB– BB

Barbados Caa3 Caa2 SD B-

Belarus B3 B3 B B B B

Belgium Aa3 Aaa AA AAA AA– AAA

Belize B3 B1 B– B–

Bermuda A2 Aa3 A+ p AA+

Bolivia Ba3 Ba2 BB– BB– BB– BB–

Bosnia Herzegovina B3 B3 B BB–

Botswana A2 Aa3 A– A+

Brazil Ba2 Ba1 BB– BB+ BB – BB

Bulgaria Baa2 A3 BBB– A– BBB A–

Cambodia B2 B1

Cameroon B2 Ba2 B n BBB– B BB+

Canada Aaa Aaa AAA AAA AAA AAA

Cape Verde B BB– B B+

Cayman Islands Aa3 Aa2

Chile A1 Aa1 A+ AA A AA

China A1 Aa3 A+ A+ A+ A+

Colombia Baa2 A3 BBB– BBB+ BBB n BBB+

Congo (DR) B3 n B3 B- BBB-

Congo (Rep) Caa2 n B2 CCC+ BBB– CCC BB-

Cook Islands B+ AAA

Costa Rica B1n Ba2 B+n BB B+n BB–

Cote d’Ivoire Ba3 Baa3 B+ BBB–

Croatia Ba2 p Ba3 BBB BBB+ BB + p BBB

Cuba Caa2 Caa2

Curacao BBB+ BBB+

Cyprus Ba3 p A3 BBB- AAA BBB – A

Czech Rep A1 Aa2 AA– AA+ AA- AAA

Denmark Aaa Aaa AAA AAA AAA AAA

Dominican Rep Ba3 Ba1 BB– BB+ BB– BB–

Ecuador B3 n B2 B– B– B –n B –

Egypt B2 B1 B B B+ B+

El Salvador B3 B1 CCC+ AAA B– B

Estonia A1 Aaa AA– AAA A+ p AAA

Ethiopia B1 B1 B B B B

Fiji Ba3 Ba3 B+ B+

Finland Aa1 Aaa AA+ AAA AA+ p AAA

France Aa2 p Aaa AA AAA AA AAA

Gabon B3 n Ba3 B BB+

Georgia Ba2 Baa3 BB– BB+ BB BBB–

Germany Aaa Aaa AAA AAA AAA AAA

Ghana B3 B1 B B+ B B

Greece B3 p Ba2 B+ p AAA BB- BBB-

Guatemala Ba1 Baa3 BB– BB+ BB BB+

Honduras B1 Ba2 BB– BB

Hong Kong Aa2 Aaa AA+ AAA AA+ AAA

Hungary Baa3 Baa1 BBB A– BBB A

Iceland A3 A3 A A A A+

India Baa2 Baa1 BBB– BBB+ BBB– BBB–

Indonesia Baa2 A3 BBB BBB BBB BBB

Iraq Caa1 B3 B– B– B– B–

Ireland A2 Aaa A+ AAA A+ AAA

Israel A1 Aa3 AA- AA+ A+ AA

Italy Baa3 Aa3 BBB n AAA BBB n AA

Jamaica B3 Ba3 B p B+ B+ BB-

Japan A1 Aaa A+ p AA+ A AA

Jordan B1 Ba1 B+ BB

Kazakhstan Baa3 Baa2 BBB– BBB– BBB BBB+

Kenya B2 Ba3 B+ BB– B+ BB–

Kuwait Aa2 Aa2 AA AA+ AA AA+

Kyrgyzstan B2 Ba3

Latvia A3 Aaa A AAA A– AAA

Lebanon Caa1 B2 B– n B+ B– B–

Lesotho B+ BB+

Liechtenstein Aaa AAA AAA

Lithuania A3 Aaa A AAA A– p AAA

Luxembourg Aaa Aaa AAA AAA AAA AAA

Macau Aa3 Aa2 AA AAA

Macedonia (FYR) BB– BB BB p BB+

Malaysia A3 A1 A– A+ A– A

Maldives B2 Ba3 B+ BB–

Malta A3 p Aaa A– p AAA A+ AAA

Mauritius Baa1 A2

Mexico A3 n A1 BBB+ n A+ BBB** d A– d

Moldova B3 B2

Mongolia B3 B1 B B+ B B+

Montenegro B1 Ba1 B+ AAA

Montserrat BBB– BBB–

Morocco Ba1 Baa2 BBB– n BBB+ BBB– BBB

Mozambique Caa3 n Caa2 SD CCC RD B–

Namibia Ba1 n Baa2 BB+ BBB–

Netherlands Aaa Aaa AAA AAA AAA AAA

New Zealand Aaa Aaa AA p AAA AA AAA

Nicaragua B2n B1 B–n B– B– n B–

Nigeria B2 B1 B B B+ B+

Norway Aaa Aaa AAA AAA AAA AAA

Oman Baa3 n Baa2 BB n BB+ BB+ BBB–

Pakistan B3 n B2 B– B– B– B–

Panama Baa2 p A3 BBB+ AAA BBB A

Papua New Guinea B2 n B1 B BB–

Paraguay Ba1 Baa3 BB BB+ BB+ BB+

Peru A3 A1 BBB+ A BBB+ A–

Philippines Baa2 A3 BBB+ A– BBB BBB+

Poland A2 Aa3 BBB+ A A– AA–

Portugal Ba1 p A1 BBB AAA BBB AA

Qatar Aa3 n Aa3 AA– AA AA– AA

Ras al–Khaimah A AA+ A AA+

Romania Baa3 A3 BBB– A– BBB– BBB+

Russia Baa3 Baa2 BBB– BBB BBB– p BBB–

Rwanda B2 B1 B p B B+ B+

St Vincent & Gren B3 Ba3

San Marino BBB– BBB+

Saudi Arabia A1 A1 A– A A+ AA

Senegal Ba3 Baa1 B+ p BBB–

Serbia Ba3 Ba1 BB p BB+ BB BB+

Seychelles BB– BB

Singapore Aaa Aaa AAA AAA AAA AAA

Slovakia A2 p Aaa A+ AAA A+ AAA

Slovenia Baa1 p Aa1 A+ p AAA A– AAA

Solomon Islands B3 B2

South Africa Baa3 A3 BB BBB– BB+ BBB–

South Korea Aa2 Aa1 AA AAA AA– AA+

Spain Baa1 Aa1 A– p AAA A– AAA

Sri Lanka B2 Ba2 B B B B

Suriname B2 Ba3 B B+ B–

Sweden Aaa Aaa AAA AAA AAA AAA

Switzerland Aaa Aaa AAA AAA AAA AAA

Tanzania B1n Ba3

Taiwan Aa3 Aa2 AA– AA+ AA–

Thailand Baa1 A2 BBB+ A BBB+ A–

Trinidad & Tobago Ba1 Baa3 BBB+ n A

Tunisia B2 n Ba2 B+ BB–

Turkey Ba3n B2 B+ BB– BBn BB+

Turks & Caicos BBB+ AAA

Uganda B2 Ba3 B B B+ B+

Ukraine Caa1p B3 B– B– B– B–

UAE Aa2 Aa2

UK Aa2 Aaa AA n AAA AA n AAA

USA Aaa Aaa AA+ AAA AAA AAA

Uruguay Baa2 A2 BBB A– BBB– n BBB+

Venezuela C Ca SD CC RD CC

Vietnam Ba3 Ba2 BB BB BB p BB

Zambia B2 B1 B n B– B–n B