(^54) International Financing Review March 7 2020
GLOBAL DEBT: SOVEREIGN FOREIGN CURRENCY LONG-TERM RATINGS (6/3/2020)
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W Rating withdrawn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 n 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+ 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 B1 B- AAA B– B
Estonia A1 Aaa AA– p cAAA 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 CC 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– p 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 d B B+ n B+
Norway Aaa Aaa AAA AAA AAA AAA
Oman Ba2 d Baa3 BB n BB+ BB+ BBB-
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+ p 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 2323 p 54 .indd 54 06 / 03 / 2020 19 : 27 : 58