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Essential Intelligence: National & Regional

National and Regional Scale Credit Ratings

Special-purpose credit ratings that only apply to issues/issuers in a specific country or region

S&P Global Ratings' National Scale Credit Ratings are an opinion of an obligor's creditworthiness (Issuer, Corporate, or Counterparty Credit Rating) or overall capacity to meet specific financial obligations (Issue Credit Rating), relative to other issuers and issues in a given country.

National Scale Credit Ratings provide a rank ordering of credit risk within the country. Given the focus on credit quality within a single country, national scale credit ratings are not comparable between countries. S&P Global Ratings also assigns regional scale credit ratings for certain groups of countries.

Regional Scale Credit Ratings have the same attributes as National Scale Credit Ratings in that they are not comparable to other regional or national scales, and are a relative rank order within the region and exclude direct sovereign risks of a general or systemic nature. The Regional Scale Ratings definitions are the same as the National Scale Credit Ratings definitions but with the word "national" replaced with the word "regional”.

Both National and Regional Scale Credit Ratings use S&P Global Ratings global rating symbols with the addition of a two-letter prefix to denote the country or region.

National & Regional Scale Credit Rating Prefix   

Scale Name



Argentina National Scale



Brazil National Scale



Canada National Scale

no prefix


CaVal (Mexico) National Scale



Gulf Cooperation Council Regional Scale


Gulf Cooperative Council countries

Japan SME National Scale

no prefix


Kazakhstan National Scale



Maalot (Israel) National Scale



Nigeria National Scale



Nordic Regional Scale

no prefix

Denmark, Finland, Sweden

Russia National Scale



South Africa National Scale


South Africa

Taiwan Ratings National Scale



Turkey National Scale



Ukraine National Scale



Uruguay National Scale



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