IFR 03.21.2020

46 International Financing Review March 21 2020

GLOBAL DEBT: SOVEREIGN FOREIGN CURRENCY LONG-TERM RATINGS (13/3/2020)

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W Rating withdrawn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 – Ba2 BBB AAA BBB+ A+

Angola B3 B2 B– n B– B– B–

Argentina Caa2 Caa1 CC n B- CC CCC

Armenia Ba3 Ba1 – – BB– BB

Aruba – – BBB+ n BBB+ BBB– n BBB

Australia Aaa Aaa AAA AAA AAA AAA

Austria Aa1 Aaa AA+ AAA AA+ p AAA

Azerbaijan Ba2 Ba2 BB+ BB+ BB+ BB+

Bahamas Baa3 Baa1 BB+ n BBB- – –

Bahrain B2 Ba3 B+ p BB– BB– BBB–

Bangladesh Ba3 Ba2 BB– BB– BB– BB-

Barbados Caa1 B2 B– 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– n BB– B+ B+

Bosnia Herzegovina B3 B3 B p BB– – –

Botswana A2 Aa3 A– A+ – –

Brazil Ba2 Ba1 BB– BB+ BB – BB

Bulgaria Baa2 A3 BBB A BBB p 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 Aa2 A+ – A AA

China A1 Aa3 A+ A+ A+ A+

Colombia Baa2 A3 BBB– BBB+ BBB n BBB+

Congo (DR) B3 n B3 CCC+ CCC+ – –

Congo (Rep) Caa2 n B2 B- BBB- CCC B+

Cook Islands – – B+ AAA – –

Costa Rica B2 Ba3 B+n BB B+n BB–

Cote d’Ivoire Ba3 Baa3 – – B+ p BBB–

Croatia Ba2 p Baa3 BBB BBB+ BBB- p BBB+

Cuba Caa2 Caa2 – – – –

Curacao – – BBB+ BBB+ – –

Cyprus Ba2 p A2 BBB- AAA BBB – p A

Czech Rep Aa3 Aa1 up AA– AA+ AA- AAA

Denmark Aaa Aaa AAA AAA AAA AAA

Dominican Rep Ba3 Ba1 BB– BB+ BB– BB–

Ecuador Caa1 B3 B– B– B – B –

Egypt B2 B1 B B B+ B+

El Salvador B3 p B1 B- AAA B– B

Estonia A1 Aaa AA– p AAA AA- AAA

Ethiopia B1 n B1 B B B n B

Fiji Ba3 Ba3 BB– BB– – –

Finland Aa1 Aaa AA+ AAA AA+ p AAA

France Aa2 p Aaa AA AAA AA AAA

Gabon Caa1 p B1 B BB+

Georgia Ba2 Baa3 BB BBB– BB BBB–

Germany Aaa Aaa AAA AAA AAA AAA

Ghana B3 B1 B B+ B B

Greece B1 Baa1 BB– AAA BB- BBB-

Guatemala Ba1 Baa3 BB– BB+ BB n BB+

Honduras B1 Ba2 BB– BB ––

Hong Kong Aa3 Aaa AA+ AAA AA n AAA

Hungary Baa3 Baa1 BBB A– BBB A

Iceland A3 p A3 A A A A+

India Baa2 Baa1 BBB– BBB+ BBB– BBB–

Indonesia Baa2 A3 BBB BBB+ BBB BBB

Iraq Caa1 B3 B– AAA B– B–

Ireland A2 Aaa AA– AAA A+ AAA

Israel A1 p Aa3 AA- AA+ A+ AA

Italy Baa3 Aa3 BBB n AAA BBB n AA

Jamaica B2 Ba3 B+ BB– B+ p BB-

Japan A1 p Aaa A+ p AA+ A AAA

Jordan B1 Ba1 B+ BB BB– BB

Kazakhstan Baa3 p 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 Caa2 Caa1 CC n CC RD d CCC

Lesotho – – – – B B+

Liechtenstein – Aaa AAA AAA – –

Lithuania A3 p Aaa A+ AAA A– p AAA

Luxembourg Aaa Aaa AAA AAA AAA AAA

Macau Aa3 Aa2 – – AA n AAA

Macedonia (FYR) – – BB– BB BB+ BBB-

Malaysia A3 A1 A– A+ A– A

Maldives B2 n Ba3 – – B+ BB–

Malta A2 Aaa A– * AAA A+ p AAA

Mauritius Baa1 A2 – – – –

Mexico A3 n A1 BBB+ n A+ BBB A–

Moldova B3 B2 – – – –

Mongolia B3 B1 B B+ B B+

Montenegro B1 p Ba1 B+ AAA – –

Montserrat – – BBB– BBB– – –

Morocco Ba1 Baa2 BBB– BBB+ BBB– BBB

Mozambique Caa2 Caa1 CCC+ CCC+ CCC B–

Namibia Ba2 Baa3 – – BB BB+

Netherlands Aaa Aaa AAA AAA AAA AAA

New Zealand Aaa Aaa AA p AAA AA p AAA

Nicaragua B3 B2 B- B- B- B-

Nigeria B2 n B1 B n B+ B+ n B+

Norway Aaa Aaa AAA AAA AAA AAA

Oman Ba2 Baa3 BB n BB+ BB n BB+

Pakistan B3 B2 B– B– B– B–

Panama Baa1 A2 BBB+ AAA BBB n A

Papua New Guinea B2 B1 B B – –

Paraguay Ba1 Baa3 BB BB+ BB+ BB+

Peru A3 A1 BBB+ A BBB+ A–

Philippines Baa2 A3 BBB+ A- BBB p BBB+

Poland A2 Aa3 A – A A– AA–

Portugal Baa3 p Aa3 BBB p AAA BBB p AA

Qatar Aa3 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 BBB

Rwanda B2 B1 B+ B B+ B+

St Vincent & Gren B3 Ba3 – – – –

San Marino – – – – BBB- n BBB+

Saudi Arabia A1 A1 A– A A A+

Senegal Ba3 Baa1 B+ BBB– – –

Serbia Ba3 Ba1 BBp BB+ BB+ BBB–

Seychelles – – – – BB BBB-

Singapore Aaa Aaa AAA AAA AAA AAA

Slovakia A2 Aaa A+ AAA A+ AAA

Slovenia Baa1 p Aa1 AA– AAA A AAA

Solomon Islands B3 B2 – – – –

South Africa Baa3 n A3 BB n BBB– BB+ n BBB–

South Korea Aa2 Aa1 AA AAA AA– AA+

Spain Baa1 Aa1 A AAA A– AAA

Sri Lanka B2 Ba3 B n B B B

Suriname B2 Ba3 B B+ CCC B-

Sweden Aaa Aaa AAA AAA AAA AAA

Switzerland Aaa Aaa AAA AAA AAA AAA

Tanzania B1n Ba3 – – – –

Taiwan Aa3 Aa2 AA– AA+ AA– AA+

Thailand Baa1 p A2 BBB+ A BBB+ * A–

Trinidad & Tobago Ba1 Baa3 BBB BBB+ – –

Tunisia B2 Ba3 – – B+ n BB–

Turkey B1n B1 B+ BB- BB– BB–

Turks & Caicos – – BBB+ AAA – –

Uganda B2 Ba3 BB A– B+ B+

Ukraine Caa1p B3 B B B p B

UAE Aa2 Aa2 – – – –

UK Aa2 Aaa AA + AAA AA n AAA

USA Aaa Aaa AA+ AAA AAA AAA

Uruguay Baa2 A2 BBB A– BBB– n BBB+

Venezuela C Ca SD CC – –

Vietnam Ba3 Ba1 BB BB BB p BB

Zambia Caa2 n B3 CCC+ CCC+ CCC B –

7 IFR Global Debt 2325 p 46 .indd 46 20 / 03 / 2020 18 : 54 : 09