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ISO Moody's

code Country S&P Rating S&P Outlook Moody's rating Outlook Fitch Rating Fitch Outlook
IL Israel A+ STA A1 STA A STA
PL Poland A- STA A2 STA A- POS
MY Malaysia A- STA A3 STA A- STA
SI Slovenia A- STA Baa2 NEG A- NEG
IT Italy BBB+ NEG Baa2 NEG A- NEG
CZ Czech Republic AA- STA A1 STA A+ STA
EE Estonia AA- STA A1 STA A+ STA
SK Slovakia A STA A2 NEG A+ STA
MT Malta BBB+ STA A3 NEG A+ STA
CL Chile AA- STA Aa3 STA A+ STA
CN China AA- STA Aa3 POS A+ STA
JP Japan AA- NEG Aa3 STA A+ NEG
SY Taiwan AA- STA Aa3 STA A+ STA
KW Kuwait AA STA Aa2 STA AA STA
BM Bermuda AA- STA Aa2 STA AA STA
AE United Arab Emirates Aa2 STA AA STA
BE Belgium AA NEG Aa3 NEG AA STA
NZ New Zealand AA STA Aaa STA AA STA
SA Saudi Arabia AA- STA Aa3 STA AA- STA
HK Hong Kong AAA STA Aa1 POS AA+ STA
FR France AA+ NEG Aa1 NEG AAA NEG
GB United Kingdom AAA NEG Aa1 STA AAA NEG
AT Austria AA+ STA Aaa NEG AAA STA
AU Australia AAA STA Aaa STA AAA STA
CA Canada AAA STA Aaa STA AAA STA
DK Denmark AAA STA Aaa STA AAA STA
FI Finland AAA STA Aaa STA AAA STA
DE Germany AAA STA Aaa NEG AAA STA
LU Luxembourg AAA STA Aaa NEG AAA STA
NL Netherlands AAA NEG Aaa NEG AAA NEG
NO Norway AAA STA Aaa STA AAA STA
SG Singapore AAA STA Aaa STA AAA STA
SE Sweden AAA STA Aaa STA AAA STA
CH Switzerland AAA STA Aaa STA AAA STA
LB Lebanon B NEG B1 STA B STA
DO Dominican Republic B+ STA B1 STA B STA
UA Ukraine B NEG B3 NEG B STA
EG Egypt B- NEG B3 RUR B NEG
CY Cyprus CCC+ NEG Caa3 NEG B NEG
CM Cameroon B STA B STA
RW Rwanda B STA B STA
MZ Mozambique B+ STA B POS
UG Uganda B+ NEG B STA
SC Seychelles B POS
EC Ecuador B STA Caa1 STA B- POS
GH Ghana B STA B1 STA B+ NEG
KE Kenya B+ STA B1 STA B+ STA
ZW Zambia B+ STA B1 STA B+ NEG
MN Mongolia BB- STA B1 STA B+ STA
VU Venezuela B+ STA B2 NEG B+ NEG
VN Vietnam BB- STA B2 STA B+ STA
CV Cape Verde B+ STA B+ STA
SV El Salvador BB- NEG Ba3 STA BB NEG
LK Sri Lanka B+ STA B1 POS BB- STA
AM Armenia Ba2 NEG BB- STA
AO Angola BB- STA Ba3 POS BB- POS
BT Bolivia BB- STA Ba3 STA BB- STA
GE Georgia BB- STA Ba3 STA BB- STA
NG Nigeria BB- STA Ba3 STA BB- STA
PY Paraguay BB- STA Ba3 STA BB- STA
SR Suriname BB- STA Ba3 POS BB- STA
GA Gabon BB- NEG BB- POS
RS Serbia BB- NEG BB- NEG
GT Guatemala BB STA Ba1 STA BB+ STA
HU Hungary BB STA Ba1 NEG BB+ STA
PH Philippines BB+ POS Ba1 STA BB+ STA
PT Portugal BB NEG Ba3 NEG BB+ NEG
CR Costa Rica BB STA Baa3 STA BB+ STA
TN Tunisia BB- NEG Baa3 NEG BB+ NEG
UY Uruguay BBB- STA Baa3 POS BB+ POS
MKD Macedonia BB STA BB+ STA
BH Bahrain BBB STA Baa1 NEG BBB STA
LT Lithuania BBB STA Baa1 STA BBB STA
MX Mexico BBB STA Baa1 STA BBB STA
RO Russia BBB STA Baa1 STA BBB STA
ZA South Africa BBB NEG Baa1 NEG BBB STA
TH Thailand BBB+ STA Baa1 STA BBB STA
BR Brazil BBB STA Baa2 POS BBB STA
PA Panama BBB STA Baa2 STA BBB STA
PE Peru BBB POS Baa2 POS BBB STA
LV Latvia BBB POS Baa3 POS BBB POS
IS Iceland BBB- STA Baa3 STA BBB STA
ES Spain BBB- NEG Baa3 NEG BBB NEG
AW Aruba A- NEG BBB STA
TR Turkey BB STA Ba1 POS BBB- STA
HR Croatia BB+ STA Ba1 STA BBB- NEG
MA Morocco BBB- NEG Ba1 NEG BBB- STA
BG Bulgaria BBB STA Baa2 STA BBB- STA
ID Indonesia BB+ POS Baa3 STA BBB- STA
RO Romania BB+ STA Baa3 NEG BBB- STA
AZ Azerbaijan BBB- STA Baa3 STA BBB- STA
CO Colombia BBB- POS Baa3 STA BBB- STA
IN India BBB- NEG Baa3 STA BBB- NEG
IE Ireland BBB+ STA Ba1 NEG BBB+ STA
KZ Kazakhstan BBB+ STA Baa2 STA BBB+ STA
AR Argentina B- NEG B3 NEG CC NEG
GR Greece B- STA C CCC
JM Jamaica SD NM B3 RUR RD
OM Oman A STA A1 STA
BW Botswana A- STA A2 STA
QA Qatar AA STA Aa2 STA
KP Korea A+ STA Aa3 STA
CYM Cayman Islands Aa3 STA
MO Macao Aa3 STA
IM Isle of Man AA+ STA Aaa STA
United States of
US America AA+ NEG Aaa NEG
FJ Fiji B STA B1 STA
AL Albania B+ STA B1 STA
PG Papua New Guinea B+ STA B1 STA
SN Senegal B+ NEG B1 STA
KH Cambodia B STA B2 STA
HN Honduras B+ STA B2 STA
St. Vincent & the
VC Grenadines B2 STA
Bosnia and
BA Herzegovina B STA B3 STA
BY Belarus B- STA B3 NEG
MDA Moldova B3 STA
NI Nicaragua B3 STA
BB Barbados BB+ STA Ba1 NEG
JO Jordan BB NEG Ba2 NEG
BD Bangladesh BB- STA Ba3 STA
ME Montenegro BB- STA Ba3 STA
TO Trinidad and Tobago A STA Baa1 STA
BS Bahamas BBB NEG Baa1 NEG
MUS Mauritius Baa1 STA
SX St. Maarten Baa1 STA
NA Namibia Baa3 STA
BZ Belize SD NM Ca NEG
PK Pakistan B- STA Caa1 NEG
CU Cuba Caa1 STA
AD Andorra A- NEG
LI Liechtenstein AAA STA
BJ Benin B NEG
BF Burkina Faso B STA
CK Cook Islands B+ STA
MS Montserrat BBB- STA
GD Grenada CCC+ NEG
GG Guernsey
LY Libya
ML Mali
Red: junk, Orange:
under observation,
Green: top notch
ISO Moody's
code Country S&P Rating S&P Outlook Moody's rating Outlook Fitch Rating Fitch Outlook
AL Albania B1 STABLE B1 STABLE
AD Andorra A- NEGATIVE
AO Angola BB- STABLE Ba3 POSITIVE BB- POSITIVE
AR Argentina B- NEGATIVE B3 NEGATIVE CC
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba A- NEGATIVE BBB STABLE
AU Australia AAA STABLE Aaa STABLE AAA STABLE
AT Austria AA+ NEGATIVE Aaa NEGATIVE AAA STABLE
AZ Azerbaijan BBB- STABLE Baa3 STABLE BBB- STABLE
BS Bahamas BBB NEGATIVE Baa1 NEGATIVE
BH Bahrain BBB NEGATIVE Baa1 NEGATIVE BBB STABLE
BD Bangladesh BB- STABLE Ba3 STABLE
BB Barbados BB+ STABLE Baa3 NEGATIVE
BY Belarus B- STABLE B3 NEGATIVE
BE Belgium AA NEGATIVE Aa3 NEGATIVE AA NEGATIVE
BZ Belize SD Ca NEGATIVE
BJ Benin B NEGATIVE
BM Bermuda AA- STABLE Aa2 STABLE AA STABLE
BT Bolivia BB- STABLE Ba3 STABLE BB- STABLE
Bosnia and
BA Herzegovina B STABLE B3 STABLE
BW Botswana A- STABLE A2 STABLE
BR Brazil BBB STABLE Baa2 POSITIVE BBB STABLE
BG Bulgaria BBB STABLE Baa2 STABLE BBB- STABLE
BF Burkina Faso B STABLE
KH Cambodia B STABLE B2 STABLE
CM Cameroon B STABLE B STABLE
CA Canada AAA STABLE Aaa STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CYM Cayman Islands Aa3 STABLE
CL Chile AA- STABLE Aa3 STABLE A+ STABLE
CN China AA- STABLE Aa3 POSITIVE A+ STABLE
CO Colombia BBB- POSITIVE Baa3 STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica BB STABLE Baa3 STABLE BB+ STABLE
HR Croatia BB+ STABLE Baa3 NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
CY Cyprus CCC+ NEGATIVE B3 RUR- BB- NEGATIVE
CZ Czech Republic AA- STABLE A1 STABLE A+ STABLE
DK Denmark AAA STABLE Aaa STABLE AAA STABLE
DO Dominican Republic B+ STABLE B1 STABLE B STABLE
EC Ecuador B STABLE Caa1 STABLE B- POSITIVE
EG Egypt B- NEGATIVE B2 NEGATIVE B+ NEGATIVE
SV El Salvador BB- NEGATIVE Ba3 STABLE BB NEGATIVE
EE Estonia AA- STABLE A1 STABLE A+ STABLE
FJ Fiji B STABLE B1
FI Finland AAA NEGATIVE Aaa STABLE AAA STABLE
FR France AA+ NEGATIVE Aa1 NEGATIVE AAA NEGATIVE
GA Gabon BB- NEGATIVE BB- POSITIVE
GE Georgia BB- STABLE Ba3 STABLE BB- STABLE
DE Germany AAA STABLE Aaa NEGATIVE AAA STABLE
GH Ghana B STABLE B+ STABLE
GR Greece B- STABLE C - CCC
GD Grenada CCC+ NEGATIVE
GT Guatemala BB STABLE Ba1 STABLE BB+ STABLE
GG Guernsey AA+ STABLE
HN Honduras B+ STABLE B2 STABLE
HK Hong Kong AAA STABLE Aa1 POSITIVE AA+ STABLE
HU Hungary BB STABLE Ba1 NEGATIVE BB+ STABLE
IS Iceland BBB- STABLE Baa3 NEGATIVE BBB- STABLE
IN India BBB- NEGATIVE Baa3 STABLE BBB- NEGATIVE
ID Indonesia BB+ POSITIVE Baa3 STABLE BBB- STABLE
IE Ireland BBB+ NEGATIVE Ba1 NEGATIVE BBB+ STABLE
IM Isle of Man AA+ STABLE Aaa STABLE
IL Israel A+ STABLE A1 STABLE A STABLE
IT Italy BBB+ NEGATIVE Baa2 NEGATIVE A- NEGATIVE
JM Jamaica B- NEGATIVE B3 STABLE B- STABLE
JP Japan AA- NEGATIVE Aa3 STABLE A+ NEGATIVE
JO Jordan BB NEGATIVE Ba2 NEGATIVE
KZ Kazakhstan BBB+ STABLE Baa2 STABLE BBB+ STABLE
KE Kenya B+ STABLE B1 STABLE B+ STABLE
KP Korea A+ STABLE Aa3 STABLE
KW Kuwait AA STABLE Aa2 STABLE AA STABLE
LV Latvia BBB POSITIVE Baa3 POSITIVE BBB POSITIVE
LB Lebanon B NEGATIVE B1 STABLE B STABLE
LY Libya NR
LI Liechtenstein AAA STABLE
LT Lithuania BBB STABLE Baa1 STABLE BBB STABLE
LU Luxembourg AAA NEGATIVE Aaa NEGATIVE AAA STABLE
MKD Macedonia BB STABLE BB+ STABLE
MO Macao Aa3 STABLE
MY Malaysia A- STABLE A3 STABLE A- STABLE
ML Mali NR
MT Malta A- NEGATIVE A3 NEGATIVE A+ STABLE
MUS Mauritius Baa1 STABLE
MX Mexico BBB STABLE Baa1 STABLE BBB STABLE
MDA Moldova B3 STABLE
MN Mongolia BB- STABLE B1 STABLE B+ STABLE
ME Montenegro BB- STABLE Ba3 STABLE
MS Montserrat BBB- STABLE
MA Morocco BBB- NEGATIVE Ba1 STABLE BBB- STABLE
MZ Mozambique B+ STABLE B POSITIVE
NA Namibia Baa3 STABLE
NL Netherlands AAA NEGATIVE Aaa NEGATIVE AAA STABLE
NZ New Zealand AA STABLE Aaa STABLE AA STABLE
NI Nicaragua B3 STABLE
NG Nigeria BB- STABLE Ba3 STABLE BB- STABLE
NO Norway AAA STABLE Aaa STABLE AAA STABLE
OM Oman A STABLE A1 STABLE
PK Pakistan B- STABLE Caa1 NEGATIVE
PA Panama BBB STABLE Baa2 STABLE BBB STABLE
PG Papua New Guinea B+ STABLE B1 STABLE
PY Paraguay BB- STABLE B1 STABLE
PE Peru BBB POSITIVE Baa2 POSITIVE BBB STABLE
PH Philippines BB+ POSITIVE Ba1 STABLE BB+ STABLE
PL Poland A- STABLE A2 STABLE A- STABLE
PT Portugal BB NEGATIVE Ba3 NEGATIVE BB+ NEGATIVE
QA Qatar AA STABLE Aa2 STABLE
RO Romania BB+ STABLE Baa3 NEGATIVE BBB- STABLE
RO Russia BBB STABLE Baa1 STABLE BBB STABLE
RW Rwanda B STABLE B STABLE
SA Saudi Arabia AA- STABLE Aa3 STABLE AA- STABLE
SN Senegal B+ NEGATIVE B1 STABLE
RS Serbia BB- NEGATIVE BB- NEGATIVE
SC Seychelles NR B STABLE
SG Singapore AAA STABLE Aaa STABLE AAA STABLE
SK Slovakia A STABLE A2 NEGATIVE A+ STABLE
CreditWatch
SI Slovenia A Negative Baa2 NEGATIVE A- NEGATIVE
ZA South Africa BBB NEGATIVE Baa1 NEGATIVE BBB+ NEGATIVE
ES Spain BBB- NEGATIVE Baa3 NEGATIVE BBB NEGATIVE
LK Sri Lanka B+ STABLE B1 POSITIVE BB- STABLE
SX St. Maarten Baa1 STABLE
St. Vincent & the
VC Grenadines B2 STABLE
SR Suriname BB- STABLE Ba3 POSITIVE BB- STABLE
SE Sweden AAA STABLE Aaa STABLE AAA STABLE
CH Switzerland AAA STABLE Aaa STABLE AAA STABLE
SY Taiwan AA- STABLE Aa3 STABLE A+ STABLE
TH Thailand BBB+ STABLE Baa1 STABLE BBB STABLE
TO Trinidad and Tobago A STABLE Baa1 STABLE
TN Tunisia BB STABLE Baa3 NEGATIVE BB+ NEGATIVE
TR Turkey BB STABLE Ba1 POSITIVE BBB- STABLE
UG Uganda B+ NEGATIVE B STABLE
UA Ukraine B NEGATIVE B3 NEGATIVE B STABLE
AE United Arab Emirates Aaa STABLE AA STABLE
GB United Kingdom AAA NEGATIVE Aaa NEGATIVE AAA NEGATIVE
United States of
US America AA+ NEGATIVE Aaa NEGATIVE
UY Uruguay BBB- STABLE Baa3 POSITIVE BB+ POSITIVE
VU Venezuela B+ STABLE B2 STABLE B+ NEGATIVE
VN Vietnam BB- STABLE B2 STABLE B+ STABLE
ZW Zambia B+ STABLE B1 STABLE B+ NEGATIVE
Red: junk, Orange:
under observation,
Green: top notch
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS FITCH FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK S & P RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 POSITIVE BB- POSITIVE BB- STABLE
AR Argentina B3 NEGATIVE B STABLE B NEGATIVE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Baa3 STABLE BBB- STABLE BBB- STABLE
BS Bahamas A3 NEGATIVE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BB+ STABLE
BY Belarus B3 NEGATIVE B- STABLE
BE Belgium Aa3 NEGATIVE AA NEGATIVE AA NEGATIVE
BZ Belize Ca NEGATIVE SELECTIVE DEFAULT NEGATIVE
BJ Benin B STABLE
BM Bermuda Aa2 STABLE AA STABLE AA- AA-
BT Bolivia Ba3 STABLE BB- STABLE BB- POSITIVE
BA Bosnia and Herzegovina B3 STABLE B NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- STABLE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CYM Cayman Islands Aa3 STABLE
CL Chile Aa3 STABLE A+ STABLE A+ STABLE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- POSITIVE
CK Cook Islands B+ NEGATIVE
CR Costa Rica Baa3 STABLE BB+ STABLE BBB- STABLE
HR Croatia Baa3 NEGATIVE BBB- STABLE BBB- STABLE
CU Cuba Caa1 STABLE
CUW Curacao A- STABLE
CY Cyprus Ba3 UNDER REVIEW BB+ NEGATIVE BB NEGATIVE
CZ Czech Republic A1 STABLE A+ STABLE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa1 STABLE B- STABLE B STABLE
EG Egypt B2 NEGATIVE B+ NEGATIVE B NEGATIVE
SV El Salvador Ba2 STABLE BB NEGATIVE B STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA NEGATIVE
FR France Aaa NEGATIVE AAA NEGATIVE AA+ NEGATIVE
GA Gabon BB- POSITIVE BB- STABLE
GE Georgia Ba3 STABLE BB- STABLE BB- STABLE
DE Germany Aaa NEGATIVE AAA STABLE AAA NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece C - CCC STABLE CCC STABLE
GD Grenada SELECTIVE DEFAULT STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB- NEGATIVE
GG Guernsey AA+ STABLE
HN Honduras B2 STABLE B+ POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Ba1 NEGATIVE BB+ NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BBB- STABLE BBB- STABLE
IN India Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
ID Indonesia Baa3 STABLE BBB- STABLE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ STABLE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy Baa2 NEGATIVE A- NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS FITCH FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK S & P RATING OUTLOOK
JP Japan Aa3 STABLE A+ NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea Aa3 STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia Baa3 POSITIVE BBB- STABLE BBB- STABLE
LB Lebanon B1 STABLE B STABLE B NEGATIVE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB STABLE BBB STABLE
LU Luxembourg Aaa NEGATIVE AAA STABLE AAA NEGATIVE
MO Macau
MKD Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MUS Mauritius Baa1 STABLE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MDA Moldova B3 STABLE
MN Mongolia B1 STABLE B+ STABLE BB- POSITIVE
MS Monstserrat BBB- STABLE
ME Montenegro Ba3 STABLE BB- STABLE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B POSITIVE B+ STABLE
NA Namibia Baa3 STABLE BBB- STABLE
NL Netherlands Aaa NEGATIVE AAA STABLE AAA NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AAA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman A1 STABLE A STABLE
PK Pakistan Caa1 NEGATIVE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB STABLE
PG Papua New Guinea B1 STABLE B+ NEGATIVE
PY Paraguay B1 STABLE BB- NEGATIVE
PE Peru Baa2 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 POSITIVE BB+ STABLE BB+ STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba3 NEGATIVE BB+ NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AAA STABLE
RO Romania Baa3 NEGATIVE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB STABLE BBB STABLE
RW Rwanda B STABLE B
SM San Marino BBB+ NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- NEGATIVE BB- NEGATIVE
SC Seychelles B STABLE
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovakia A2 NEGATIVE A+ STABLE A STABLE
SI Slovenia Baa2 NEGATIVE A- NEGATIVE A NEGATIVE
ZA South Africa Baa1 NEGATIVE BBB+ NEGATIVE BBB+ STABLE
KR South Korea AA- STABLE A+ STABLE
ES Spain Baa3 UNDER REVIEW BBB NEGATIVE BBB- NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ STABLE
SR Suriname Ba3 POSITIVE BB- STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BB STABLE
TR Turkey Ba1 POSITIVE BB+ STABLE BB STABLE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 NEGATIVE B STABLE B+ NEGATIVE
United Arab Emirates (Abu
AE Dhabi) Aa2 STABLE AA STABLE AA STABLE
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS FITCH FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK S & P RATING OUTLOOK
United Arab Emirates (Emirate of
AE Ras Al Khaimah) A STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA NEGATIVE AAA STABLE
US United States Aaa NEGATIVE AAA NEGATIVE AA+ NEGATIVE
UY Uruguay Baa3 POSITIVE BB+ POSITIVE BBB- STABLE
VU Venezuela B2 STABLE B+ NEGATIVE B+
VN Vietnam B2 STABLE B+ STABLE BB- STABLE
ZW Zambia B+ NEGATIVE B+ STABLE
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS Fitch FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK RATING S & P OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- POSITIVE BB- STABLE
AR Argentina B3 STABLE B STABLE B NEGATIVE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Baa3 STABLE BBB- STABLE BBB- STABLE
BS Bahamas A3 NEGATIVE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BB+ STABLE
BY Belarus B3 NEGATIVE B- STABLE
BE Belgium Aa3 NEGATIVE AA NEGATIVE AA NEGATIVE
BZ Belize Ca DEVELOPING CCC+ NEGATIVE
BJ Benin B STABLE
BM Bermuda Aa2 STABLE AA STABLE AA- AA-
BT Bolivia Ba3 STABLE B+ STABLE BB- POSITIVE
BA Bosnia and Herzegovina B3 STABLE B NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- STABLE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CYM Cayman Islands Aa3 STABLE
CL Chile Aa3 STABLE A+ STABLE A+ STABLE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ NEGATIVE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 NEGATIVE BBB- NEGATIVE BBB- STABLE
CU Cuba Caa1 STABLE
CUW Curacao A- STABLE
CY Cyprus Ba3 UNDER REVIEW BB+ NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ STABLE AA STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B STABLE
EG Egypt B2 UNDER REVIEW B+ NEGATIVE B NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA NEGATIVE
FR France Aaa NEGATIVE AAA NEGATIVE AA+ NEGATIVE
GA Gabon BB- POSITIVE BB- STABLE
GE Georgia Ba3 STABLE BB- STABLE BB- STABLE
DE Germany Aaa NEGATIVE AAA STABLE AAA NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece C - CCC STABLE CCC STABLE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
HN Honduras B2 STABLE B+ POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Ba1 NEGATIVE BB+ NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BBB- STABLE BBB- STABLE
IN India Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
ID Indonesia Baa3 STABLE BBB- STABLE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ STABLE
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS Fitch FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK RATING S & P OUTLOOK
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy Baa2 NEGATIVE A- NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE A+ NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 POSITIVE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- STABLE BBB- STABLE
LB Lebanon B1 STABLE B STABLE B NEGATIVE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB STABLE BBB STABLE
LU Luxembourg Aaa NEGATIVE AAA STABLE AAA NEGATIVE
MO Macau Aa3 STABLE
MKD Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MUS Mauritius Baa1 STABLE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MDA Moldova B3 STABLE
MN Mongolia B1 STABLE B+ STABLE BB- POSITIVE
MS Monstserrat BBB- STABLE
ME Montenegro Ba3 STABLE BB- STABLE
MA Morocco Ba1 STABLE BBB- STABLE BBB STABLE
MZ Mozambique B POSITIVE B+ STABLE
NA Namibia Baa3 STABLE BBB- STABLE
NL Netherlands Aaa NEGATIVE AAA STABLE AAA NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria B3 STABLE BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A STABLE
PK Pakistan Caa1 NEGATIVE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB STABLE
PG Papua New Guinea B1 STABLE B+ NEGATIVE
PY Paraguay B1 STABLE BB- NEGATIVE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 POSITIVE BB+ STABLE BB+ STABLE
PL Poland A2 STABLE A- STABLE A STABLE
PT Portugal Ba3 NEGATIVE BB+ NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 NEGATIVE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB STABLE BBB STABLE
RW Rwanda B STABLE
SM San Marino BBB+ NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A2 NEGATIVE A+ STABLE A STABLE
SI Slovenia A2 NEGATIVE A NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ NEGATIVE BBB+ STABLE
KR South Korea A+ POSITIVE A STABLE
ES Spain Baa3 UNDER REVIEW BBB NEGATIVE BBB+ NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ STABLE
SR Suriname B1 STABLE BB- STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
Red: junk, Orange: under
observation, Green: top notch
MOODYS MOODYS Fitch FITCH S&P
ISO code Country RATING OUTLOOK RATING OUTLOOK RATING S & P OUTLOOK
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BB STABLE
TR Turkey Ba1 POSITIVE BB+ STABLE BB STABLE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 NEGATIVE B STABLE B+ NEGATIVE
United Arab Emirates (Abu
AE Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates (Emirate of
AE Ras Al Khaimah) A STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA NEGATIVE AAA STABLE
US United States Aaa NEGATIVE AAA NEGATIVE AA+ NEGATIVE
UY Uruguay Ba1 POSITIVE BB+ POSITIVE BBB- STABLE
VU Venezuela B2 STABLE B+ NEGATIVE
VN Vietnam B1 NEGATIVE B+ STABLE BB- STABLE
ZW Zambia B+ NEGATIVE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BBB- NEGATIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA- STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
Curacao A- NEGATIVE
CY Cyprus Ba1 NEGATIVE BBB NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE B+ NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece C DEVELOPING CCC NEGATIVE SD NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HN Honduras B2 STABLE B+ STABLE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A3 NEGATIVE A+ NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA NEGATIVE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
MS Monstserrat
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba3 NEGATIVE BBB- NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE B POSITIVE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A2 NEGATIVE A+ STABLE A NEGATIVE
SI Slovenia A2 NEGATIVE AA- NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A3 NEGATIVE BBB NEGATIVE A NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
SR Suriname B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 STABLE B STABLE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA NEGATIVE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE B+ STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BBB- NEGATIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA- STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
Curacao A- NEGATIVE
CY Cyprus Ba1 NEGATIVE BBB NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE B+ NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece C DEVELOPING B- STABLE SD NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HN Honduras B2 STABLE B POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A3 NEGATIVE A+ NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA NEGATIVE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
MS Monstserrat
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba3 NEGATIVE BBB- NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE B POSITIVE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A2 NEGATIVE A+ STABLE A NEGATIVE
SI Slovenia A2 NEGATIVE AA- NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A3 NEGATIVE AA- NEGATIVE A NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
SR Suriname B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 STABLE B STABLE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA NEGATIVE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE B+ STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BBB- NEGATIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA- STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
Curacao A- NEGATIVE
CY Cyprus Baa3 RUR- BBB NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE B+ NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece Ca DEVELOPING CCC SD NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HN Honduras B2 STABLE B POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A3 NEGATIVE A+ NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA NEGATIVE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
MS Monstserrat
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba3 NEGATIVE BBB- NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE B POSITIVE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A2 NEGATIVE A+ STABLE A NEGATIVE
SI Slovenia A2 NEGATIVE AA- NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A3 NEGATIVE AA- NEGATIVE A NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
SR Suriname B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 STABLE B STABLE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA STABLE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE B+ STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BBB- NEGATIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA- STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
Curacao A- NEGATIVE
CY Cyprus Baa3 RUR- BBB NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE B+ NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece Ca DEVELOPING CCC CC NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HN Honduras B2 STABLE B POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A3 NEGATIVE A+ NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA NEGATIVE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A3 NEGATIVE A+ STABLE A- NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
MS Monstserrat
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba3 NEGATIVE BBB- NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE B POSITIVE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A2 NEGATIVE A+ STABLE A NEGATIVE
SI Slovenia A2 NEGATIVE AA- NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A3 NEGATIVE AA- NEGATIVE A NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
SR Suriname B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 STABLE B STABLE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE A STABLE
GB United Kingdom Aaa NEGATIVE AAA STABLE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE B+ STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AAA STABLE AAA STABLE
AT Austria Aaa STABLE AAA STABLE AA+ NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BBB- NEGATIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA- STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands B+ STABLE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
Curacao A- NEGATIVE
CY Cyprus Baa3 RUR- BBB NEGATIVE BB+ NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE B+ NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa STABLE AAA STABLE AA+ NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece Ca DEVELOPING CCC CC NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HN Honduras B2 STABLE B POSITIVE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BB+ NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A2 NEGATIVE A+ NEGATIVE BBB+ NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA NEGATIVE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A2 NEGATIVE A+ STABLE A- NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
MS Monstserrat
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba2 NEGATIVE BBB- NEGATIVE BB NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE B POSITIVE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A1 STABLE A+ STABLE A NEGATIVE
SI Slovenia Aa3 RUR- AA- NEGATIVE A+ NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A1 NEGATIVE AA- NEGATIVE A NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
SR Suriname B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine B2 STABLE B STABLE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE A STABLE
GB United Kingdom Aaa STABLE AAA STABLE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE B+ STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 NEGATIVE BB- STABLE
AW Aruba BBB STABLE A- STABLE
AU Australia Aaa STABLE AA+ STABLE AAA STABLE
AT Austria Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BB+ POSITIVE
BS Bahamas A3 NEGATIVE BBB STABLE
BH Bahrain Baa1 NEGATIVE BBB STABLE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- NEGATIVE
BY Belarus B3 NEGATIVE B- NEGATIVE
BE Belgium Aa1 RUR- AA+ NEGATIVE AA WATCH NEGATIVE
BZ Belize B3 STABLE B- NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ POSITIVE
BA Bosnia and Herzegovina B2 NEGATIVE B WATCH NEGATIVE
BW Botswana A2 STABLE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB STABLE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands BB- NEGATIVE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
CY Cyprus Baa3 RUR- BBB NEGATIVE BBB WATCH NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE AA- STABLE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- POSITIVE
EG Egypt B1 NEGATIVE BB NEGATIVE
SV El Salvador Ba2 STABLE BB STABLE BB- STABLE
EE Estonia A1 STABLE A+ STABLE AA- WATCH NEGATIVE
FJ Fiji B1 NEGATIVE B STABLE
FI Finland Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
FR France Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE BB- STABLE
DE Germany Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
GH Ghana B+ STABLE B STABLE
GR Greece Ca DEVELOPING CCC CC NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB NEGATIVE
GG Guernsey AA+ STABLE
HN Honduras B2 STABLE B POSITIVE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HK Hong Kong Aa1 POSITIVE AA+ STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BBB- WATCH NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- STABLE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ WATCH NEGATIVE
IM Isle of Man Aaa STABLE AA+ STABLE
IL Israel A1 STABLE A STABLE A+ STABLE
IT Italy A2 NEGATIVE A+ NEGATIVE A WATCH NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- NEGATIVE
JP Japan Aa3 STABLE AA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB POSITIVE BBB+ STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ POSITIVE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
MO Macedonia BB+ STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A2 NEGATIVE A+ STABLE A WATCH NEGATIVE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
NA Namibia Baa3 STABLE BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA WATCH NEGATIVE
NZ New Zealand Aaa STABLE AA STABLE
NG Nigeria BB- STABLE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 POSITIVE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE BB- STABLE
PE Peru Baa3 POSITIVE BBB STABLE BBB STABLE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba2 NEGATIVE BBB- NEGATIVE BBB- WATCH NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A1 STABLE A+ STABLE A+ WATCH NEGATIVE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SI Slovenia Aa3 RUR- AA- NEGATIVE
ZA South Africa A3 NEGATIVE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain A1 NEGATIVE AA- NEGATIVE AA- NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
Suriname (The Republic
SR of) B1 STABLE B+ STABLE BB- STABLE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B STABLE B+ STABLE
UA Ukraine (Republic of) B2 STABLE B STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE
GB United Kingdom Aaa STABLE AAA STABLE AAA STABLE
US United States Aaa NEGATIVE AAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE BB- STABLE
VN Vietnam B1 NEGATIVE B+ STABLE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AO Angola Ba3 STABLE BB- STABLE BB- STABLE
AR Argentina B3 STABLE B STABLE B STABLE
AM Armenia Ba2 STABLE BB- STABLE
AW Aruba BBB STABLE A- NEGATIVE
AU Australia Aaa STABLE AA+ STABLE AAA STABLE
AT Austria Aaa STABLE AAA STABLE AAA STABLE
AZ Azerbaijan Ba1 POSITIVE BBB- POSITIVE BB+ POSITIVE
BS Bahamas A3 STABLE BBB+ STABLE
BH Bahrain Baa1 NEGATIVE BBB NEGATIVE BBB NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 NEGATIVE BBB- STABLE
BY Belarus B3 UNDER REVIEW B NEGATIVE
BE Belgium Aa1 STABLE AA+ NEGATIVE AA+ NEGATIVE
BZ Belize B3 STABLE B NEGATIVE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA STABLE
BT Bolivia B1 POSITIVE B+ STABLE B+ STABLE
BA Bosnia and Herzegovina B2 NEGATIVE B+ NEGATIVE
BW Botswana A2 NEGATIVE A- STABLE
BR Brazil Baa2 POSITIVE BBB STABLE BBB- POSITIVE
BG Bulgaria Baa2 STABLE BBB- POSITIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B+ STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ STABLE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Baa3 STABLE BBB- STABLE BBB- STABLE
CK Cook Islands BB- NEGATIVE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CU Cuba Caa1 STABLE
CY Cyprus Baa1 NEGATIVE A- NEGATIVE A- NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE A POSITIVE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B+ STABLE
EC Ecuador Caa2 STABLE B- STABLE B- STABLE
EG Egypt Ba3 NEGATIVE BB NEGATIVE BB NEGATIVE
SV El Salvador Ba2 STABLE BB NEGATIVE BB- STABLE
EE Estonia A1 STABLE A+ STABLE A POSITIVE
FJ Fiji B1 NEGATIVE B- POSITIVE
FI Finland Aaa STABLE AAA STABLE AAA STABLE
FR France Aaa STABLE AAA STABLE AAA STABLE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Ba3 STABLE B+ POSITIVE B+ POSITIVE
DE Germany Aaa STABLE AAA STABLE AAA STABLE
GH Ghana B+ STABLE B STABLE
GR Greece Ca DEVELOPING CCC CC NEGATIVE
GD Grenada B- STABLE
GT Guatemala Ba1 STABLE BB+ STABLE BB STABLE
GG Guernsey AAA STABLE
HN Honduras B2 STABLE B POSITIVE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- STABLE BBB- NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ STABLE BBB- NEGATIVE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB+ POSITIVE
IE Ireland Ba1 NEGATIVE BBB+ NEGATIVE BBB+ STABLE
IM Isle of Man AAA STABLE
IL Israel A1 STABLE A STABLE A STABLE
IT Italy Aa2 UNDER REVIEWAA- STABLE A NEGATIVE
JM Jamaica B3 STABLE B- STABLE B- STABLE
JP Japan Aa2 UNDER REVIEWAA NEGATIVE AA- NEGATIVE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB- POSITIVE BBB STABLE
KE Kenya B+ STABLE B+ STABLE
KP Korea A1 STABLE A+ STABLE A STABLE
KW Kuwait Aa2 STABLE AA STABLE AA STABLE
LV Latvia (Republic of) Baa3 POSITIVE BBB- POSITIVE BB+ POSITIVE
LB Lebanon B1 STABLE B STABLE B STABLE
LS Lesotho BB- NEGATIVE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB POSITIVE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA STABLE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A1 STABLE A+ STABLE A STABLE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 STABLE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
NA Namibia BBB- POSITIVE
NL Netherlands Aaa STABLE AAA STABLE AAA STABLE
NZ New Zealand Aaa STABLE AA+ NEGATIVE AA+ NEGATIVE
NG Nigeria BB- NEGATIVE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A NEGATIVE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 STABLE BBB STABLE BBB- POSITIVE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE B+ POSITIVE
PE Peru Baa3 POSITIVE BBB- POSITIVE BBB- POSITIVE
PH Philippines Ba2 STABLE BB+ STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal Ba2 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BBB- STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
RW Rwanda B STABLE
SM San Marino A NEGATIVE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B1 STABLE B+ NEGATIVE
RS Serbia BB- STABLE BB STABLE
SC Seychelles B STABLE
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A1 STABLE A+ STABLE A+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
SI Slovenia Aa2 STABLE AA STABLE AA NEGATIVE
ZA South Africa A3 STABLE BBB+ STABLE BBB+ STABLE
KR South Korea
ES Spain Aa2 UNDER REVIEWAA+ NEGATIVE AA NEGATIVE
LK Sri Lanka B1 POSITIVE BB- STABLE B+ POSITIVE
Suriname (The Republic
SR of) B1 STABLE B POSITIVE B+ POSITIVE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE BBB+ STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B POSITIVE B+ STABLE
UA Ukraine (Republic of) B2 STABLE B POSITIVE B+ STABLE
United Arab Emirates
AE (Abu Dhabi) Aa2 STABLE AA STABLE AA STABLE
United Arab Emirates
(Emirate of Ras Al
AE Khaimah) Aa2 STABLE
GB United Kingdom Aaa STABLE AAA STABLE AAA STABLE
US United States Aaa UNDER REVIEWAAA STABLE AA+ NEGATIVE
UY Uruguay Ba1 STABLE BB POSITIVE BB+ STABLE
VU Venezuela B2 STABLE B+ STABLE BB- STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
ZW Zambia B+ STABLE B+ STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
AL Albania B1 STABLE B+ STABLE
AD Andorra (Principality of) A NEGATIVE
AR Argentina B3 STABLE B STABLE B STABLE
AW Aruba BBB STABLE A- NEGATIVE
AU Australia Aaa STABLE AA+ STABLE AAA STABLE
AT Austria Aaa STABLE AAA STABLE AAA STABLE
AZ Azerbaijan Ba1 STABLE BBB- STABLE BB+ POSITIVE
BS Bahamas A3 STABLE BBB+ STABLE
BH Bahrain A3 RUR- BBB NEGATIVE A- NEGATIVE
BD Bangladesh Ba3 STABLE BB- STABLE
BB Barbados Baa3 STABLE BBB- STABLE
BY Belarus B1 STABLE B+ NEGATIVE
BE Belgium Aa1 STABLE AA+ STABLE AA+ NEGATIVE
BZ Belize B3 STABLE B STABLE
BJ Benin B STABLE B STABLE
BM Bermuda Aa2 STABLE AA+ STABLE AA STABLE
BT Bolivia B1 POSITIVE B+ STABLE B POSITIVE
BA Bosnia and Herzegovina B2 STABLE B+ STABLE
BW Botswana A2 NEGATIVE A- STABLE
BR Brazil Baa3 POSITIVE BBB- POSITIVE BBB- STABLE
BG Bulgaria Baa3 POSITIVE BBB- NEGATIVE BBB STABLE
BF Burkina Faso B STABLE
KH Cambodia B2 STABLE B+ STABLE
CM Cameroon B STABLE B STABLE
CA Canada Aaa STABLE AAA STABLE AAA STABLE
CV Cape Verde B+ STABLE B+ NEGATIVE
CL Chile Aa3 STABLE A+ STABLE A+ POSITIVE
CN China Aa3 POSITIVE A+ STABLE AA- STABLE
CO Colombia Ba1 POSITIVE BB+ POSITIVE BB+ POSITIVE
CK Cook Islands BB- NEGATIVE
CR Costa Rica Baa3 STABLE BB+ STABLE BB STABLE
HR Croatia Baa3 STABLE BBB- NEGATIVE BBB- NEGATIVE
CY Cyprus A2 STABLE AA- NEGATIVE/WATCH
A NEGATIVE
CZ Czech Republic A1 STABLE A+ POSITIVE A POSITIVE
DK Denmark Aaa STABLE AAA STABLE AAA STABLE
DO Dominican Republic B1 STABLE B POSITIVE B POSITIVE
EC Ecuador Caa2 STABLE B- STABLE B- STABLE
EG Egypt Ba2 NEGATIVE BB NEGATIVE/WATCH
BB NEGATIVE
SV El Salvador Ba1 NEGATIVE BB NEGATIVE BB- STABLE
EE Estonia A1 STABLE A STABLE A STABLE
FJ Fiji B1 NEGATIVE B- POSITIVE
FI Finland Aaa STABLE AAA STABLE AAA STABLE
FR France Aaa STABLE AAA STABLE AAA STABLE
GA Gabon BB- STABLE BB- STABLE
GE Georgia Aaa STABLE B+ POSITIVE B STABLE
DE Germany Aaa STABLE AAA STABLE AAA STABLE
GH Ghana B+ STABLE B+ NEGATIVE
GR Greece B1 NEGATIVE BB+ NEGATIVE BB+ NEGATIVE
GD Grenada B- STABLE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
GT Guatemala Ba1 STABLE BB+ STABLE BB STABLE
GG Guernsey AAA STABLE
HN Honduras B2 STABLE B STABLE
HK Hong Kong Aa1 POSITIVE AA+ STABLE AAA STABLE
HU Hungary Baa3 NEGATIVE BBB- NEGATIVE BBB- NEGATIVE
IS Iceland Baa3 NEGATIVE BB+ NEGATIVE BBB- NEGATIVE
IN India Baa3 STABLE BBB- STABLE BBB- STABLE
ID Indonesia Ba1 STABLE BB+ POSITIVE BB POSITIVE
IE Ireland Baa3 NEGATIVE BBB+ STABLE BBB+ STABLE
IM Isle of Man Aaa STABLE AAA STABLE
IL Israel A1 STABLE A STABLE A STABLE
IT Italy Aa2 STABLE AA- STABLE A+ STABLE
JM Jamaica B3 STABLE B- STABLE B- STABLE
JP Japan Aa2 NEGATIVE AA STABLE AA- STABLE
JO Jordan Ba2 NEGATIVE BB NEGATIVE
KZ Kazakhstan Baa2 STABLE BBB- POSITIVE BBB STABLE
KE Kenya B+ STABLE B+ STABLE
KW Kuwait Aa2 STABLE AA STABLE AA- STABLE
LV Latvia (Republic of) Baa3 STABLE BBB- POSITIVE BB+ STABLE
LB Lebanon B1 STABLE B STABLE B STABLE
LI Liechtenstein AAA STABLE
LT Lithuania Baa1 STABLE BBB STABLE BBB STABLE
LU Luxembourg Aaa STABLE AAA STABLE AAA STABLE
MO Macedonia BB+ STABLE BB STABLE
MY Malaysia A3 STABLE A- STABLE A- STABLE
MT Malta A1 STABLE A+ STABLE A STABLE
MX Mexico Baa1 STABLE BBB STABLE BBB STABLE
MN Mongolia B1 STABLE B+ STABLE BB- STABLE
ME Montenegro Ba3 NEGATIVE BB NEGATIVE
MA Morocco Ba1 STABLE BBB- STABLE BBB- STABLE
MZ Mozambique B STABLE B+ STABLE
NL Netherlands Aaa STABLE AAA STABLE AAA STABLE
NZ New Zealand Aaa STABLE AA+ NEGATIVE AA+ NEGATIVE
NG Nigeria BB- NEGATIVE B+ STABLE
NO Norway Aaa STABLE AAA STABLE AAA STABLE
OM Oman (Sultanate of) A1 STABLE A STABLE
PK Pakistan B3 STABLE B- STABLE
PA Panama Baa3 STABLE BBB- POSITIVE BBB- STABLE
PG Papua New Guinea B1 STABLE B+ STABLE
PY Paraguay B1 STABLE B+ POSITIVE
PE Peru Baa3 STABLE BBB- POSITIVE BBB- POSITIVE
PH Philippines Ba3 POSITIVE BB STABLE BB STABLE
PL Poland A2 STABLE A- STABLE A- STABLE
PT Portugal A1 RUR- A- NEGATIVE/WATCH
A- NEGATIVE
QA Qatar Aa2 STABLE AA STABLE
RO Romania Baa3 STABLE BB+ STABLE BB+ STABLE
RO Russia Baa1 STABLE BBB POSITIVE BBB STABLE
SA Saudi Arabia Aa3 STABLE AA- STABLE AA- STABLE
SN Senegal B+ NEGATIVE
Red: junk, Orange: under
observation, Green: top
notch
ISO MOODYS MOODYS Fitch FITCH S and P S and P
code Country RATING OUTLOOK RATING OUTLOOK RATING OUTLOOK
RS Serbia BB- STABLE BB- STABLE
SG Singapore Aaa STABLE AAA STABLE AAA STABLE
SK Slovak Republic A1 STABLE A+ STABLE A+ STABLE
SI Slovenia Aa2 STABLE AA STABLE AA NEGATIVE
ZA South Africa A3 STABLE BBB+ STABLE BBB+ STABLE
KR South Korea A1 STABLE A+ STABLE A STABLE
ES Spain Aa1 RUR- AA+ NEGATIVE AA NEGATIVE
LK Sri Lanka B1 STABLE B+ POSITIVE B+ STABLE
SR Suriname (The Republic of) B1 STABLE B POSITIVE B+ POSITIVE
SE Sweden Aaa STABLE AAA STABLE AAA STABLE
CH Switzerland Aaa STABLE AAA STABLE AAA STABLE
SY Taiwan Aa3 STABLE A+ STABLE AA- STABLE
TH Thailand Baa1 STABLE BBB STABLE A- STABLE
TO Trinidad & Tobago Baa1 STABLE A STABLE
TN Tunisia Baa3 NEGATIVE BBB NEGATIVE BBB NEGATIVE
TR Turkey Ba2 POSITIVE BB+ POSITIVE BB POSITIVE
UG Uganda B POSITIVE B+ STABLE
UA Ukraine (Republic of) B2 STABLE B STABLE B+ STABLE
AE United Arab Emirates (AbuAa2Dhabi) STABLE AA STABLE
AE United Arab Emirates (Emirate
Aa2 of RasSTABLE
Al Khaimah)
A STABLE
GB United Kingdom Aaa STABLE AAA STABLE AAA NEGATIVE
US United States Aaa STABLE AAA STABLE AAA STABLE
UY Uruguay Ba1 STABLE BB POSITIVE BB- STABLE
VU Venezuela B2 STABLE B+ STABLE BB- STABLE
VN Vietnam B1 NEGATIVE B+ STABLE BB- NEGATIVE
Country Code Alternative spelling (see http://www.guardian.co.uk/styleguide)
ACSENSION AC
ISLAND
AFGHANISTANAF
ÅLAND ISLANDS
AX
ALBANIA AL
ALGERIA DZ
AMERICAN SAMOA
AS
ANDORRA AD
ANGOLA AO
ANGUILLA AI
ANTARCTICAAQ
ANTIGUA ANDAGBARBUDA
ARGENTINA AR
ARMENIA AM
ARUBA AW
AUSTRALIA AU
AUSTRIA AT
AZERBAIJANAZ
BAHAMAS BS
BAHRAIN BH
BANGLADESH BD
BARBADOS BB
BELARUS BY
BELGIUM BE
BELIZE BZ
BENIN BJ
BERMUDA BM
BHUTAN BT
BOLIVIA, PLURINATIONAL
BO Bolivia
STATE OF
BOSNIA ANDBAHERZEGOVINA
BOTSWANA BW
BOUVET ISLAND
BV
BRAZIL BR
BRITISH INDIAN
IO OCEAN TERRITORY
BRUNEI DARUSSALAM
BN
BULGARIA BG
BURKINA FASO
BF
BURUNDI BI
CAMBODIA KH
CAMEROON CM
CANADA CA
CAPE VERDECV
CAYMAN ISLANDS
KY
CENTRAL AFRICAN
CF REPUBLIC
CHAD TD
CHILE CL
CHINA CN
CHRISTMAS CX
ISLAND
COCOS (KEELING)
CC ISLANDS
COLOMBIA CO
COMOROS KM
CONGO CG
CONGO, THECDDEMOCRATICCongo,
REPUBLIC
Dem Rep
OF THE
COOK ISLANDS
CK
COSTA RICACR
CÔTE D'IVOIRE
CI
CROATIA HR
CUBA CU
CYPRUS CY
CZECH REPUBLIC
CZ
DENMARK DK
DJIBOUTI DJ
DOMINICA DM
DOMINICAN DO
REPUBLIC
ECUADOR EC
EGYPT EG
EL SALVADORSV
EQUATORIALGQGUINEA
ERITREA ER
ESTONIA EE
ETHIOPIA ET
FALKLAND ISLANDS
FK (MALVINAS)
FAROE ISLANDS
FO
FIJI FJ
FINLAND FI
FRANCE FR
FRENCH GUIANA
GF
FRENCH POLYNESIA
PF
FRENCH SOUTHERN
TF TERRITORIES
GABON GA
GAMBIA GM
GEORGIA GE
GERMANY DE
GHANA GH
GIBRALTAR GI
GREECE GR
GREENLANDGL
GRENADA GD
GUADELOUPE GP
GUAM GU
GUATEMALA GT
GUERNSEY GG
GUINEA GN
GUINEA-BISSAU
GW
GUYANA GY
HAITI HT
HEARD ISLAND
HM AND MCDONALD ISLANDS
HOLY SEE (VATICAN
VA CITY STATE)
HONDURAS HN
HONG KONGHK
HUNGARY HU
ICELAND IS
INDIA IN
INDONESIA ID
IRAN, ISLAMIC
IR REPUBLICIran
OF
IRAQ IQ
IRELAND IE
ISLE OF MANIM
ISRAEL IL
ITALY IT
JAMAICA JM
JAPAN JP
JERSEY JE
JORDAN JO
KAZAKHSTAN KZ
KENYA KE
KIRIBATI KI
KOREA, DEMOCRATIC
KP PEOPLE'S
Korea, North
REPUBLIC OF
KOREA, REPUBLIC
KR OF Korea, South
KUWAIT KW
KYRGYZSTANKG
LAO PEOPLE'S
LADEMOCRATICLaosREPUBLIC
LATVIA LV
LEBANON LB
LESOTHO LS
LIBERIA LR
LIBYAN ARABLYJAMAHIRIYALibya
LIECHTENSTEIN
LI
LITHUANIA LT
LUXEMBOURG LU
MACAO MO
MACEDONIA,MKTHE FORMER Macedonia
YUGOSLAV REPUBLIC OF
MADAGASCAR MG
MALAWI MW
MALAYSIA MY
MALDIVES MV
MALI ML
MALTA MT
MARSHALL ISLANDS
MH
MARTINIQUEMQ
MAURITANIAMR
MAURITIUS MU
MAYOTTE YT
MEXICO MX
MICRONESIA,FMFEDERATED STATES OF
MOLDOVA, REPUBLIC
MD OF
MONACO MC
MONGOLIA MN
MONTENEGRO ME
MONTSERRAT MS
MOROCCO MA
MOZAMBIQUE MZ
MYANMAR MM
NAMIBIA NA
NAURU NR
NEPAL NP
NETHERLANDSNL
NETHERLANDSAN ANTILLES
NEW CALEDONIA
NC
NEW ZEALANDNZ
NICARAGUA NI
NIGER NE
NIGERIA NG
NIUE NU
NORFOLK ISLAND
NF
NORTHERN MARIANA
MP ISLANDS
NORWAY NO
OMAN OM
PAKISTAN PK
PALAU PW
PALESTINIANPSTERRITORY,
Palestine
OCCUPIED
PANAMA PA
PAPUA NEW PG
GUINEA
PARAGUAY PY
PERU PE
PHILIPPINESPH
PITCAIRN PN
POLAND PL
PORTUGAL PT
PUERTO RICOPR
QATAR QA
RÉUNION RE
ROMANIA RO
RUSSIAN FEDERATION
RU
RWANDA RW
SAINT BARTHÉLEMY
BL
SAINT HELENA
SH
SAINT KITTSKN
AND NEVIS
SAINT LUCIALC
SAINT MARTIN
MF
SAINT PIERRE
PMAND MIQUELON
SAINT VINCENT
VC AND THE GRENADINES
SAMOA WS
SAN MARINOSM
SAO TOME AND
ST PRINCIPE
SAUDI ARABIA
SA
SENEGAL SN
SERBIA RS
SEYCHELLESSC
SIERRA LEONE
SL
SINGAPORE SG
SLOVAKIA SK
SLOVENIA SI
SOLOMON ISLANDS
SB
SOMALIA SO
SOUTH AFRICA
ZA
SOUTH GEORGIA
GS AND THE SOUTH SANDWICH ISLANDS
SPAIN ES
SRI LANKA LK
SUDAN SD
SURINAME SR
SVALBARD AND
SJ JAN MAYEN
SWAZILANDSZ
SWEDEN SE
SWITZERLANDCH
SYRIAN ARABSYREPUBLIC Syria
TAIWAN, PROVINCE
TW OF CHINA
TAJIKISTAN TJ
TANZANIA, UNITED
TZ REPUBLIC
Tanzania
OF
THAILAND TH
TIMOR-LESTETL East Timor
TOGO TG
TOKELAU TK
TONGA TO
TRINIDAD AND
TT TOBAGO
TUNISIA TN
TURKEY TR
TURKMENISTAN
TM
TURKS AND TC
CAICOS ISLANDS
TUVALU TV
UGANDA UG
UKRAINE UA
UNITED ARABAEEMIRATES
UNITED KINGDOM
GB
UNITED STATES
US
UNITED STATES
UM MINOR OUTLYING ISLANDS
URUGUAY UY
UZBEKISTANUZ
VANUATU VU
VENEZUELA,VEBOLIVARIANVenezuela
REPUBLIC OF
VIET NAM VN
VIRGIN ISLANDS,
VG BRITISH
VIRGIN ISLANDS,
VI U.S.
WALLIS ANDWFFUTUNA
WESTERN SAHARA
EH
YEMEN YE
ZAMBIA ZM
ZIMBABWE ZW