GLOBAL DEBT: SOVEREIGN FOREIGN CURRENCY LONG-TERM RATINGS (20/7/2018)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 upgraden Negative outlook/on watch
for downgrade
N New rating
W Rating withdrawn
SD Selective default* Taken off positive watch/
outlook
** Taken off negative watch/
outlookc Improvement in ratings,
outlook or watch status
d Deterioration in ratings,
outlook or watch statusMoody’s S&P Fitch
Sovereign 1 2 3 4 5 6Moody’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– B– B B
Argentina B2 B1 B+ BB– B B
Armenia B1 p Ba2 B+ p BB–
Aruba BBB+ BBB+ BBB– n BBB
Australia Aaa Aaa AAA n AAA AAA
Austria Aa1 Aaa AA+ AAA AA+ AAA
Azerbaijan Ba2 Ba2 BB+ BB+ BB+ BB+
Bahamas Baa3 n Baa1 BB+ BBB–
Bahrain B1 n Ba2 B+ BB– BB– BBB–
Bangladesh Ba3 Ba2 BB– BB– BB– BB
Barbados Caa3 Caa2 SD CC
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 BBB– B BB+
Canada Aaa Aaa AAA AAA AAA AAA
Cape Verde B BB– B B+
Cayman Islands Aa3 Aa2
Chile Aa3 n Aa1 A+ AA A AA
China A1 Aa3 A+ A+ A+ A+
Colombia Baa2 A3 BBB– BBB+ BBB BBB+
Congo (DR) B3 n B3 CCC+ CCC+
Congo (Rep) Caa2 n B2 CCC+ BBB– CC B+
Cook Islands B+ AAA
Costa Rica Ba2 n Baa3 BB– n BB+ BB n BB+
Cote d’Ivoire Ba3 Baa3 B+ BBB–
Croatia Ba2 Baa3 BB + BBB+ BB + p BBB
Cuba Caa2 Caa2
Curacao A– A–
Cyprus Ba3 p A3 BB+ p AAA BB+ p BBB+
Czech Rep A1 Aa2 AA– AA+ A+ p AA+
Denmark Aaa Aaa AAA AAA AAA AAA
Dominican Rep Ba3 Ba1 BB– BB+ BB– BB–
Ecuador B3 B2 B– B– B n B
Egypt B3 B2 B B B n B
El Salvador B3 B1 CCC+ p 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+ AAA
France Aa2 p Aaa AA AAA AA AAA
Gabon B3 n Ba3 B n BB+
Georgia Ba2 Baa3 BB– BB+ BB – p BB
Germany Aaa Aaa AAA AAA AAA AAA
Ghana B3 B1 B– p B B B
Greece B3 p Ba2 B+ AAA B p BB–
Guatemala Ba1 Baa3 BB– BB+ BB BB+
Honduras B1 Ba2 BB– BB
Hong Kong Aa2 Aaa AA+ AAA AA+ AAA
Hungary Baa3 Baa1 BBB– p BBB+ BBB– p 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 A+ p AA A+ AA
Italy Baa2 n Aa2 BBB AAA BBB AA
Jamaica B3 Ba3 B B+ B B
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– p AAA A– AAA
Lebanon B3 B1 B– B+ B– B–
Lesotho B+ BB+
Liechtenstein Aaa AAA AAA
Lithuania A3 Aaa A AAA A– 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 A1 BBB+ A+ BBB+ A
Moldova B3 B2
Mongolia B3 B1 B– B B c B+ c
Montenegro B1 Ba1 B+ AAA
Montserrat BBB– BBB–
Morocco Ba1 p Baa2 BBB– 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 AAA AA AAA
Nicaragua B2 p B1 B+ BB– B n B
Nigeria B2 B1 B B B+ n B+
Norway Aaa Aaa AAA AAA AAA AAA
Oman Baa3 n Baa2 BB BB+ BBB– n BBB
Pakistan B3 n B2 B B B n B
Panama Baa2 p A3 BBB p AAA BBB A
Papua New Guinea B2 n B1 B BB–
Paraguay Ba1 Baa3 BB BB+ BB p BB+
Peru A3 A1 BBB+ A BBB+ A–
Philippines Baa2 A3 BBB p BBB+ BBB BBB+
Poland A2 Aa3 BBB+ p A A– AA–
Portugal Ba1 p A1 BBB– AAA BBB AA
Qatar Aa3 n Aa3 AA– n AA AA– AA
Ras al–Khaimah A AA+ A AA+
Romania Baa3 A3 BBB– A– BBB– BBB+
Russia Ba1 p Baa3 BBB- BBB BBB– p BBB–
Rwanda B2 B1 B 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 BB+ BB BB+
Seychelles BB– BB
Singapore Aaa Aaa AAA AAA AAA AAA
Slovakia A2 p Aaa A+ AAA A+ AAA
Slovenia Baa1 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–
Spain Baa1 Aa1 A– AAA A– AAA
Sri Lanka B1 n Ba2 B+ B+ B+ B+
Suriname B2 n Ba3 B B+ B–
Sweden Aaa Aaa AAA AAA AAA AAA
Switzerland Aaa Aaa AAA AAA AAA AAA
Tanzania B1n Ba3 B1 n
Taiwan Aa3 Aa2 AA– AA+ AA–
Thailand Baa1 A2 BBB+ A BBB+ A–
Trinidad & Tobago Ba1 Baa3 BBB+ n A
Tunisia B2 Ba2 B+ BB–
Turkey Ba2 Baa3 BB– BB+ BBd N BB+ d
Turks & Caicos BBB+ AAA
Uganda B2 Ba3 B B B+ B+
Ukraine Caa2 p Caa1 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– BBB+
Venezuela C Ca SD CC RD CC
Vietnam B1 p Ba2 BB– BB– BB BB
Zambia B3 B1 B B B n B+