articles Ratings /ratings/en/research/articles/190702-calendar-of-2019-emea-sovereign-regional-and-local-government-rating-publication-dates-midyear-update-10798236 content esgSubNav
In This List
COMMENTS

Calendar Of 2023 EMEA Sovereign, Regional, And Local Government Rating Publication Dates

COMMENTS

Russia-Ukraine Military Conflict: Key Takeaways From Our Articles

COMMENTS

Instant Insights: Key Takeaways From Our Research

NEWS

2022 Annual International Public Finance Default And Rating Transition Study Published

COMMENTS

New German Municipal Wage Deal: Expensive But Still Manageable


Calendar Of 2023 EMEA Sovereign, Regional, And Local Government Rating Publication Dates

This report does not constitute a rating action.

Credit Rating Agency Regulation: Calendar For Jan. 1 To Dec. 31, 2023

This calendar sets out potential dates for the publication of credit rating actions on sovereign, regional, and local government ratings and related outlooks in accordance with regulatory requirements. S&P Global Ratings has nominated two or three publication dates in 2023 for each sovereign and regional and local government it currently rates, on a solicited or unsolicited basis, from its offices in Dubai, Dublin, Frankfurt, Johannesburg, London, Madrid, Milan, Paris, and Stockholm.

As required by regulation, all such publication dates are on Fridays. Regulations allow credit rating agencies to deviate from their announced calendar where necessary to comply with their other legal obligations, for example, to disclose credit ratings based on all available and relevant information in a timely manner, but state that deviations should not happen "routinely." Credit rating agencies, including S&P Global Ratings, are required to provide a detailed rationale for any deviation.

Applicable regulations define a "sovereign rating" as a credit rating where:

  • The entity rated is a state or a regional or local authority of a state.
  • The issuer of the debt or financial obligation, debt security or other financial instrument is a state or a regional or local authority of a state, or a special purpose vehicle of a state or of a regional or local authority.
  • The issuer is an international financial institution established by two or more states, which has the purpose of mobilizing funding and providing financial assistance for the benefit of the members of that international financial institution, which are experiencing or threatened by severe financing problems.

For convenience, publication dates are listed separately for sovereigns and for regional and local governments. Each listing is available in two versions, with entities sorted by first publication date and alphabetically (see tables 1-4). New ratings, withdrawals, suspensions, and deviations during the preceding 12 months are also provided (see tables 5 and 6). To search a list for a specific country or government, press CTRL + F on your keyboard and type in the name of entity.

Sovereign Ratings

Table 1

Sovereigns (Sorted By Publication Date)
Rated entity First publication date Second publication date Third publication date

Guernsey

Jan. 13, 2023 July 14, 2023

Jersey

Jan. 13, 2023 July 14, 2023

Congo (the Democratic Republic of the)

Jan. 27, 2023 July 28, 2023

Congo-Brazzaville

Jan. 27, 2023 July 28, 2023

Hungary

Jan. 27, 2023 July 7, 2023 Dec. 8, 2023

Luxembourg

Jan. 27, 2023 July 28, 2023

North Macedonia

Jan. 27, 2023 July 28, 2023

Rwanda

Jan. 27, 2023 July 28, 2023

Bosnia and Herzegovina

Feb. 3, 2023 Aug. 4, 2023

European Financial Stability Facility

Feb. 3, 2023 Aug. 4, 2023

European Stability Mechanism

Feb. 3, 2023 Aug. 4, 2023

Nigeria

Feb. 3, 2023 Aug. 4, 2023

Denmark*

Feb. 10, 2023 Aug. 11, 2023

Georgia (Government of)

Feb. 10, 2023 Aug. 11, 2023

Iraq

Feb. 10, 2023 Aug. 11, 2023

Switzerland*

Feb. 10, 2023 Aug. 11, 2023

Angola

Feb. 17, 2023 Aug. 18, 2023

Cape Verde

Feb. 17, 2023 Aug. 18, 2023

Estonia

Feb. 17, 2023 Aug. 18, 2023

Lebanon

Feb. 17, 2023 Aug. 18, 2023

Poland

Feb. 17, 2023 June 23, 2023 Dec. 1, 2023

Tajikistan

Feb. 17, 2023 Aug. 18, 2023

Armenia

Feb. 24, 2023 Aug. 25, 2023

Austria

Feb. 24, 2023 Aug. 25, 2023

Kenya

Feb. 24, 2023 Aug. 25, 2023

Cyprus

March 3, 2023 Sep. 1, 2023

Kazakhstan

March 3, 2023 Sep. 1, 2023

Montenegro

March 3, 2023 Sep. 1, 2023

Jordan

March 10, 2023 Sep. 8, 2023

Norway

March 10, 2023 Sep. 8, 2023

Portugal*

March 10, 2023 Sep. 8, 2023

Ukraine

March 10, 2023 Sep. 8, 2023

Belarus

March 17, 2023 Sep. 15, 2023

Belgium*

March 17, 2023 Sep. 15, 2023

Botswana

March 17, 2023 Sep. 15, 2023

Croatia

March 17, 2023 Sep. 15, 2023

Saudi Arabia*

March 17, 2023 Sep. 15, 2023

Spain*

March 17, 2023 Sep. 15, 2023

Togo

March 17, 2023 Sep. 15, 2023

Albania

March 24, 2023 Sep. 22, 2023

Ethiopia

March 24, 2023 Sep. 22, 2023

Germany*

March 24, 2023 Sep. 22, 2023

Cameroon

March 31, 2023 Sep. 29, 2023

Morocco

March 31, 2023 Sep. 29, 2023

Oman

March 31, 2023 Sep. 29, 2023

St Helena

March 31, 2023 Sep. 29, 2023

Turkey*

March 31, 2023 Sep. 29, 2023

Madagascar

April 7, 2023 Oct. 6, 2023

Serbia

April 7, 2023 Oct. 6, 2023

Czech Republic

April 14, 2023 Oct. 13, 2023

Ras Al Khaimah (Emirate of)

April 14, 2023 Oct. 13, 2023

Romania

April 14, 2023 Oct. 13, 2023

Benin

April 21, 2023 Oct. 20, 2023

Egypt

April 21, 2023 Oct. 20, 2023

Greece

April 21, 2023 Oct. 20, 2023

Italy*

April 21, 2023 Oct. 20, 2023

Mozambique

April 21, 2023 Oct. 20, 2023

Netherlands*

April 21, 2023 Oct. 20, 2023

United Kingdom*

April 21, 2023 Oct. 20, 2023

Finland

April 28, 2023 Oct. 27, 2023

Sweden*

April 28, 2023 Oct. 27, 2023

Qatar

May 5, 2023 Nov. 3, 2023

Andorra

May 12, 2023 Nov. 10, 2023

Burkina Faso

May 12, 2023 Nov. 10, 2023

Iceland

May 12, 2023 Nov. 10, 2023

Israel

May 12, 2023 Nov. 10, 2023

Cote d'Ivoire

May 19, 2023 Nov. 17, 2023

Ireland

May 19, 2023 Nov. 17, 2023

Sharjah (Emirate of)

May 19, 2023 Nov. 17, 2023

Slovakia

May 19, 2023 Nov. 17, 2023

South Africa

May 19, 2023 Nov. 17, 2023

Abu Dhabi (Emirate of)

May 26, 2023 Nov. 24, 2023

Bahrain

May 26, 2023 Nov. 24, 2023

Bulgaria

May 26, 2023 Nov. 24, 2023

Liechtenstein

May 26, 2023 Nov. 24, 2023

Zambia

May 26, 2023 Nov. 24, 2023

France*

June 2, 2023 Dec. 1, 2023

Ghana

June 2, 2023 Nov. 24, 2023

Lithuania

June 2, 2023 Dec. 1, 2023

Senegal

June 2, 2023 Dec. 1, 2023

Uganda

June 2, 2023 Dec. 1, 2023

Uzbekistan

June 2, 2023 Dec. 1, 2023

Azerbaijan

June 9, 2023 Dec. 8, 2023

Kuwait

June 9, 2023 Dec. 8, 2023

Malta

June 9, 2023 Dec. 8, 2023

Slovenia

June 9, 2023 Dec. 8, 2023

Latvia

June 16, 2023 Dec. 15, 2023
*Unsolicited rating.

Table 2

Sovereigns (Sorted Alphabetically)
Rated entity First publication date Second publication date Third publication date

Abu Dhabi (Emirate of)

May 26, 2023 Nov. 24, 2023

Albania

March 24, 2023 Sep. 22, 2023

Andorra

May 12, 2023 Nov. 10, 2023

Angola

Feb. 17, 2023 Aug. 18, 2023

Armenia

Feb. 24, 2023 Aug. 25, 2023

Austria

Feb. 24, 2023 Aug. 25, 2023

Azerbaijan

June 9, 2023 Dec. 8, 2023

Bahrain

May 26, 2023 Nov. 24, 2023

Belarus

March 17, 2023 Sep. 15, 2023

Belgium*

March 17, 2023 Sep. 15, 2023

Benin

April 21, 2023 Oct. 20, 2023

Bosnia and Herzegovina

Feb. 3, 2023 Aug. 4, 2023

Botswana

March 17, 2023 Sep. 15, 2023

Bulgaria

May 26, 2023 Nov. 24, 2023

Burkina Faso

May 12, 2023 Nov. 10, 2023

Cameroon

March 31, 2023 Sep. 29, 2023

Cape Verde

Feb. 17, 2023 Aug. 18, 2023

Congo (the Democratic Republic of the)

Jan. 27, 2023 July 28, 2023

Congo-Brazzaville

Jan. 27, 2023 July 28, 2023

Cote D'Ivoire

May 19, 2023 Nov. 17, 2023

Croatia

March 17, 2023 Sep. 15, 2023

Cyprus

March 3, 2023 Sep. 1, 2023

Czech Republic

April 14, 2023 Oct. 13, 2023

Denmark*

Feb. 10, 2023 Aug. 11, 2023

Egypt

April 21, 2023 Oct. 20, 2023

Estonia

Feb. 17, 2023 Aug. 18, 2023

Ethiopia

March 24, 2023 Sep. 22, 2023

European Financial Stability Facility

Feb. 3, 2023 Aug. 4, 2023

European Stability Mechanism

Feb. 3, 2023 Aug. 4, 2023

Finland

April 28, 2023 Oct. 27, 2023

France*

June 2, 2023 Dec. 1, 2023

Georgia (Government of)

Feb. 10, 2023 Aug. 11, 2023

Germany*

March 24, 2023 Sep. 22, 2023

Ghana

June 2, 2023 Nov. 24, 2023

Greece

April 21, 2023 Oct. 20, 2023

Guernsey

Jan. 13, 2023 July 14, 2023

Hungary

Jan. 27, 2023 July 7, 2023 Dec. 8, 2023

Iceland

May 12, 2023 Nov. 10, 2023

Iraq

Feb. 10, 2023 Aug. 11, 2023

Ireland

May 19, 2023 Nov. 17, 2023

Israel

May 12, 2023 Nov. 10, 2023

Italy*

April 21, 2023 Oct. 20, 2023

Jersey

Jan. 13, 2023 July 14, 2023

Jordan

March 10, 2023 Sep. 8, 2023

Kazakhstan

March 3, 2023 Sep. 1, 2023

Kenya

Feb. 24, 2023 Aug. 25, 2023

Kuwait

June 9, 2023 Dec. 8, 2023

Latvia

June 16, 2023 Dec. 15, 2023

Lebanon

Feb. 17, 2023 Aug. 18, 2023

Liechtenstein

May 26, 2023 Nov. 24, 2023

Lithuania

June 2, 2023 Dec. 1, 2023

Luxembourg

Jan. 27, 2023 July 28, 2023

Madagascar

April 7, 2023 Oct. 6, 2023

Malta

June 9, 2023 Dec. 8, 2023

Montenegro

March 3, 2023 Sep. 1, 2023

Morocco

March 31, 2023 Sep. 29, 2023

Mozambique

April 21, 2023 Oct. 20, 2023

Netherlands*

April 21, 2023 Oct. 20, 2023

Nigeria

Feb. 3, 2023 Aug. 4, 2023

North Macedonia

Jan. 27, 2023 July 28, 2023

Norway

March 10, 2023 Sep. 8, 2023

Oman

March 31, 2023 Sep. 29, 2023

Poland

Feb. 17, 2023 June 23, 2023 Dec. 1, 2023

Portugal*

March 10, 2023 Sep. 8, 2023

Qatar

May 5, 2023 Nov. 3, 2023

Ras Al Khaimah (Emirate of)

April 14, 2023 Oct. 13, 2023

Romania

April 14, 2023 Oct. 13, 2023

Rwanda

Jan. 27, 2023 July 28, 2023

Saudi Arabia*

March 17, 2023 Sep. 15, 2023

Senegal

June 2, 2023 Dec. 1, 2023

Serbia

April 7, 2023 Oct. 6, 2023

Sharjah (Emirate of)

May 19, 2023 Nov. 17, 2023

Slovakia

May 19, 2023 Nov 17, 2023

Slovenia

June 9, 2023 Dec. 8, 2023

South Africa

May 19, 2023 Nov. 17, 2023

Spain*

March 17, 2023 Sep. 15, 2023

St. Helena

March 31, 2023 Sep. 29, 2023

Sweden*

April 28, 2023 Oct. 27, 2023

Switzerland*

Feb. 10, 2023 Aug. 11, 2023

Tajikistan

Feb. 17, 2023 Aug. 18, 2023

Togo

March 17, 2023 Sep. 15, 2023

Turkey*

March 31, 2023 Sep. 29, 2023

Uganda

June 2, 2023 Dec. 1, 2023

Ukraine

March 10, 2023 Sep. 8, 2023

United Kingdom*

April 21, 2023 Oct. 20, 2023

Uzbekistan

June 2, 2023 Dec. 1, 2023

Zambia

May 26, 2023 Nov. 24, 2023
*Unsolicited rating.

Local And Regional Government Ratings

Table 3

Local And Regional Governments (Sorted By Publication Date)
Rated entity First publication date Second publication date Third publication date

Sicily (Region of)

Italy Jan. 20, 2023 July 21, 2023

Barcelona (City of)

Spain Jan. 27, 2023 July 28, 2023

Hauts-de-Seine (Department of)

France Jan. 27, 2023 July 28, 2023

Madrid (Autonomous Community of)

Spain Jan. 27, 2023 July 28, 2023

Metropolitan City of Rome

Italy Jan. 27, 2023 July 28, 2023

Styria (State of)

Austria Jan. 27, 2023 July 28, 2023

Plovdiv (City of)

Bulgaria Feb. 3, 2023 Aug. 4, 2023

Baden-Wuerttemberg (State of)

Germany Feb. 10, 2023 March 31, 2023 Sep. 29, 2023

Boras (City of)

Sweden Feb. 10, 2023 Aug. 11, 2023

Lower Austria (State of)*

Austria Feb. 10, 2023 Aug. 11, 2023

Republika Srpska

Bosnia and Herzegovina Feb. 10, 2023 Aug. 11, 2023

Tyrol (State of)

Austria Feb. 10, 2023 Aug. 11, 2023

Vellinge (Municipality of)

Sweden Feb. 10, 2023 Aug. 11, 2023

Nacka (Municipality of)

Sweden Feb. 17, 2023 Aug. 18, 2023

North Rhine-Westphalia (State of)

Germany Feb. 24, 2023 Aug. 25, 2023 Dec. 15, 2023

Sofia (City of)

Bulgaria Feb. 24, 2023 Aug. 25, 2023

Bavaria (State of)

Germany March 3, 2023 Sep. 1, 2023

Saxony (State of)

Germany March 3, 2023 Sep. 1, 2023

Taby (Municipality of)

Sweden March 3, 2023 Sep. 1, 2023

Stara Zagora (City of)

Bulgaria March 10, 2023 Sep. 8, 2023

Krakow (City of)

Poland March 10, 2023 Sep. 8, 2023

Goteborg (City of)

Sweden March 10, 2023 Sep. 8, 2023

Vorarlberg (State of)

Austria March 17, 2023 Sep. 15, 2023

Saxony-Anhalt (State of)

Germany March 17, 2023 Sep. 15, 2023

Skopje (Municipality of)

North Macedonia March 17, 2023 Sep. 15, 2023

Lodz (City of)

Poland March 17, 2023 Sep. 15, 2023

Sundsvall (Municipality of)

Sweden March 17, 2023 Sep. 15, 2023

Basque Country (Autonomous Community of the)

Spain March 24, 2023 Sep. 22, 2023

Bizkaia (Historical Territory of)

Spain March 24, 2023 Sep. 22, 2023

Zagreb (City of)

Croatia March 24, 2023 Sep. 22, 2023

Brussels-Capital (Region of)

Belgium March 24, 2023 Sep. 22, 2023

Navarre (Autonomous Community of)

Spain March 24, 2023 Sep. 22, 2023

Lund (Municipality of)

Sweden March 24, 2023 Sep. 22, 2023

St. Gallen (Canton of)

Switzerland March 24, 2023 Sep. 22, 2023

Extremadura (Autonomous Community of)

Spain March 31, 2023 Sep. 29, 2023

Olomouc (City of)

Czech Republic March 31, 2023 Sep. 29, 2023

Orebro (Municipality of)

Sweden March 31, 2023 Sep. 29, 2023

Stockholm (Region of)

Sweden March 31, 2023 Sep. 29, 2023

Vastra Gotaland (Region of)

Sweden March 31, 2023 Sep. 29, 2023

Greater London Authority

United Kingdom March 31, 2023 Sep. 29, 2023

Marseille (City of)

France April 7, 2023 Oct. 6, 2023

Paris (City of)

France April 7, 2023 Oct. 6, 2023

Hesse (State of)

Germany April 14, 2023 Oct. 13, 2023

Jonkoping (Municipality of)

Sweden April 14, 2023 Oct. 13, 2023

Ostersund (Municipality of)

Sweden April 14, 2023 Oct. 13, 2023

Andalusia (Autonomous Community of)

Spain April 21, 2023 Oct. 20, 2023

Brno (City of)

Czech Republic April 21, 2023 Oct. 20, 2023

Burgenland (State of)

Austria April 21, 2023 Oct. 20, 2023

Geneva (City of)

Switzerland April 21, 2023 Oct. 20, 2023

Helsingborg (City of)

Sweden April 21, 2023 Oct. 20, 2023

Riga (City of)

Latvia April 21, 2023 Oct. 20, 2023

Skane (Region of)

Sweden April 21, 2023 Oct. 20, 2023

Zurich (City of)

Switzerland April 21, 2023 Oct. 20, 2023

Aragon (Autonomous Community of)

Spain April 28, 2023 Oct. 27, 2023

Kyiv (City of)

Ukraine April 28, 2023 Oct. 27, 2023

Liguria (Region of)

Italy April 28, 2023 Oct. 27, 2023

Linkoping (Municipality of)

Sweden April 28, 2023 Oct. 27, 2023

Norrtalje (Municipality of)

Sweden April 28, 2023 Oct. 27, 2023

Umbria (Region of)

Italy April 28, 2023 Oct. 27, 2023

Basel-City (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

Basel-Country (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

Gironde (Department of)

France May 5, 2023 July 28, 2023

Huddinge (Municipality of)

Sweden May 5, 2023 Nov. 3, 2023

Seine-et-Marne (Department of)

France May 5, 2023 Nov. 3, 2023

Solothurn (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

Balearic Islands (Autonomous Community of the)

Spain May 12, 2023 Nov. 10, 2023

Campania (Region of)

Italy May 12, 2023 Nov. 10, 2023

Oslo (City of)

Norway May 12, 2023 Nov. 10, 2023

Rome (City of)

Italy May 12, 2023 Nov. 10, 2023

Stavanger (Municipality of)

Norway May 12, 2023 Nov. 10, 2023

Stockholm (City of)

Sweden May 12, 2023 Nov. 10, 2023

Trelleborg (Municipality of)

Sweden May 19, 2023 Nov. 17, 2023

Upper Austria (State of)

Austria May 19, 2023 Nov. 17, 2023

Valencia (Autonomous Community of)

Spain May 19, 2023 Nov. 17, 2023

Zurich (Canton of)

Switzerland May 19, 2023 Nov. 17, 2023

Canary Islands (Autonomous Community of)

Spain May 26, 2023 Nov. 24, 2023

Malmo (City of)

Sweden May 26, 2023 Nov. 24, 2023

Uppsala (City of)

Sweden May 26, 2023 Nov. 24, 2023

Vaud (Canton of)

Switzerland May 26, 2023 Nov. 3, 2023

Lausanne (City of)

Switzerland June 2, 2023 Nov. 3, 2023

Sodertalje (Municipality of)

Sweden June 2, 2023 Dec. 1, 2023

Vasteras (City of)

Sweden June 2, 2023 Dec. 1, 2023

Auvergne-Rhone-Alpes (Region of)

France June 9, 2023 Dec. 8, 2023

Fergana Region

Uzbekistan June 9, 2023 Dec. 8, 2023

Hauts-de-France (Region of)

France June 9, 2023 Dec. 8, 2023

Norrkoping (Municipality of)

Sweden June 9, 2023 Dec. 8, 2023

Pays de La Loire (Region of)

France June 9, 2023 Dec. 8, 2023

Saint-Quentin-en-Yvelines (Intercity of)

France June 9, 2023 Dec. 8, 2023

Yvelines (Department of)

France June 9, 2023 Dec. 8, 2023

Aargau (Canton of)

Switzerland June 16, 2023 Dec. 15, 2023

Galicia (Autonomous Community of)

Spain June 16, 2023 Dec. 15, 2023

Geneva (Republic and Canton of)

Switzerland June 16, 2023 Dec. 15, 2023
*Unsolicited rating.

Table 4

Local And Regional Governments (Sorted Alphabetically By Country And Then By Entity)
Rated entity Country First publication date Second publication date Third publication date

Burgenland (State of)

Austria April 21, 2023 Oct. 20, 2023

Lower Austria (State of)*

Austria Feb. 10, 2023 Aug. 11, 2023

Styria (State of)

Austria Jan. 27, 2023 July 28, 2023

Tyrol (State of)

Austria Feb. 10, 2023 Aug. 11, 2023

Upper Austria (State of)

Austria May 19, 2023 Nov. 17, 2023

Vorarlberg (State of)

Austria March 17, 2023 Sep. 15, 2023

Brussels-Capital (Region of)

Belgium March 24, 2023 Sep. 22, 2023

Republika Srpska

Bosnia and Herzegovina Feb. 10, 2023 Aug. 11, 2023

Plovdiv (City of)

Bulgaria Feb. 3, 2023 Aug. 4, 2023

Sofia (City of)

Bulgaria Feb. 24, 2023 Aug. 25, 2023

Stara Zagora (City of)

Bulgaria March 10, 2023 Sep. 8, 2023

Zagreb (City of)

Croatia March 24, 2023 Sep. 22, 2023

Brno (City of)

Czech Republic April 21, 2023 Oct. 20, 2023

Olomouc (City of)

Czech Republic March 31, 2023 Sep. 29, 2023

Auvergne-Rhone-Alpes (Region of)

France June 9, 2023 Dec. 8, 2023

Gironde (Department of)

France May 5, 2023 July 28, 2023

Hauts-de-France (Region of)

France June 9, 2023 Dec. 8, 2023

Hauts-de-Seine (Department of)

France Jan. 27, 2023 July 28, 2023

Marseille (City of)

France April 7, 2023 Oct. 6, 2023

Paris (City of)

France April 7, 2023 Oct. 6, 2023

Pays de La Loire (Region of)

France June 9, 2023 Dec. 8, 2023

Saint-Quentin-en-Yvelines (Intercity of)

France June 9, 2023 Dec. 8, 2023

Seine-et-Marne (Department of)

France May 5, 2023 Nov. 3, 2023

Yvelines (Department of)

France June 9, 2023 Dec. 8, 2023

Baden-Wuerttemberg (State of)

Germany Feb. 10, 2023 March 31, 2023 Sep. 29, 2023

Bavaria (State of)

Germany March 3, 2023 Sep. 1, 2023

Hesse (State of)

Germany April 14, 2023 Oct. 13, 2023

North Rhine-Westphalia (State of)

Germany Feb. 24, 2023 Aug. 25, 2023 Dec. 15, 2023

Saxony (State of)

Germany March 3, 2023 Sep. 1, 2023

Saxony-Anhalt (State of)

Germany March 17, 2023 Sep. 15, 2023

Campania (Region of)

Italy May 12, 2023 Nov. 10, 2023

Liguria (Region of)

Italy April 28, 2023 Oct. 27, 2023

Metropolitan City of Rome

Italy Jan 27, 2023 July 28, 2023

Rome (City of)

Italy May 12, 2023 Nov. 10, 2023

Sicily (Region of)

Italy Jan. 20, 2023 July 21, 2023

Umbria (Region of)

Italy April 28, 2023 Oct. 27, 2023

Riga (City of)

Latvia April 21, 2023 Oct. 20, 2023

Skopje (Municipality of)

North Macedonia March 17, 2023 Sep. 15, 2023

Oslo (City of)

Norway May 12, 2023 Nov. 10, 2023

Stavanger (Municipality of)

Norway May 12, 2023 Nov. 10, 2023

Krakow (City of)

Poland March 10, 2023 Sep. 8, 2023

Lodz (City of)

Poland March 17, 2023 Sep. 15, 2023

Andalusia (Autonomous Community of)

Spain April 21, 2023 Oct. 20, 2023

Aragon (Autonomous Community of)

Spain April 28, 2023 Oct. 27, 2023

Balearic Islands (Autonomous Community of the)

Spain May 12, 2023 Nov. 10, 2023

Barcelona (City of)

Spain Jan. 27, 2023 July 28, 2023

Basque Country (Autonomous Community of the)

Spain March 24, 2023 Sep. 22, 2023

Bizkaia (Historical Territory of)

Spain March 24, 2023 Sep. 22, 2023

Canary Islands (Autonomous Community of)

Spain May 26, 2023 Nov. 24, 2023

Extremadura (Autonomous Community of)

Spain March 31, 2023 Sep. 29, 2023

Galicia (Autonomous Community of)

Spain June 16, 2023 Dec. 15, 2023

Madrid (Autonomous Community of)

Spain January 27, 2023 July 28, 2023

Navarre (Autonomous Community of)

Spain March 24, 2023 Sep. 22, 2023

Valencia (Autonomous Community of)

Spain May 19, 2023 Nov. 17, 2023

Boras (City of)

Sweden Feb. 10, 2023 Aug. 11, 2023

Goteborg (City of)

Sweden March 10, 2023 Sep. 8, 2023

Helsingborg (City of)

Sweden April 21, 2023 Oct. 20, 2023

Huddinge (Municipality of)

Sweden May 5, 2023 Nov. 3, 2023

Jonkoping (Municipality of)

Sweden April 14, 2023 Oct. 13, 2023

Linkoping (Municipality of)

Sweden April 28, 2023 Oct. 27, 2023

Lund (Municipality of)

Sweden March 24, 2023 Sep. 22, 2023

Malmo (City of)

Sweden May 26, 2023 Nov. 24, 2023

Nacka (Municipality of)

Sweden Feb. 17, 2023 Aug. 18, 2023

Norrkoping (Municipality of)

Sweden June 9, 2023 Dec. 8, 2023

Norrtalje (Municipality of)

Sweden April 28, 2023 Oct. 27, 2023

Orebro (Municipality of)

Sweden March 31, 2023 Sep. 29, 2023

Ostersund (Municipality of)

Sweden April 14, 2023 Oct. 13, 2023

Skane (Region of)

Sweden April 21, 2023 Oct. 20, 2023

Sodertalje (Municipality of)

Sweden June 2, 2023 Dec. 1, 2023

Stockholm (City of)

Sweden May 12, 2023 Nov. 10, 2023

Stockholm (Region of)

Sweden March 31, 2023 Sep. 29, 2023

Sundsvall (Municipality of)

Sweden March 17, 2023 Sep. 15, 2023

Taby (Municipality of)

Sweden March 3, 2023 Sep. 1, 2023

Trelleborg (Municipality of)

Sweden May 19, 2023 Nov. 17, 2023

Uppsala (City of)

Sweden May 26, 2023 Nov. 24, 2023

Vasteras (City of)

Sweden June 2, 2023 Dec. 1, 2023

Vastra Gotaland (Region of)

Sweden March 31, 2023 Sep. 29, 2023

Vellinge (Municipality of)

Sweden Feb. 10, 2023 Aug. 11, 2023

Aargau (Canton of)

Switzerland June 16, 2023 Dec. 15, 2023

Basel-City (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

Basel-Country (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

Geneva (City of)

Switzerland April 21, 2023 Oct. 20, 2023

Geneva (Republic and Canton of)

Switzerland June 16, 2023 Dec. 15, 2023

Lausanne (City of)

Switzerland June 2, 2023 Nov. 3, 2023

Solothurn (Canton of)

Switzerland May 5, 2023 Nov. 3, 2023

St. Gallen (Canton of)

Switzerland March 24, 2023 Sep. 22, 2023

Vaud (Canton of)

Switzerland May 26, 2023 Nov. 3, 2023

Zurich (Canton of)

Switzerland May 19, 2023 Nov. 17, 2023

Zurich (City of)

Switzerland April 21, 2023 Oct. 20, 2023

Kyiv (City of)

Ukraine April 28, 2023 Oct. 27, 2023

Greater London Authority

United Kingdom March 31, 2023 Sep. 29, 2023

Fergana Region

Uzbekistan June 9, 2023 Dec. 8, 2023
*Unsolicited rating.

Sovereign, Regional, And Local Government New Ratings, Withdrawals, Suspensions, And Deviations

Table 5

Sovereign, Regional, And Local Government New Ratings, Withdrawals, And Suspensions: Jan. 1 To Dec. 21, 2022
Entity Rating action Date
Withdrawals
Lyon (City of) Withdrawal (at issuer request) Sep. 16, 2022
City of Prague Withdrawal (at issuer request) May 13, 2022
Essonne (Department of) Withdrawal (at issuer request) April 18, 2022
Russia Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) April 09, 2022
Krasnoyarsk Krai Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) March 30, 2022
Leningrad Oblast Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) March 30, 2022
Moscow (City of) Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) March 30, 2022
Samara Oblast Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) March 30, 2022
Yamal-Nenets Autonomous Okrug Withdrawal (following the EU's decision to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia) March 30, 2022
New ratings

Metropolitan City of Rome

New rating July 29, 2022

Fergana Region

New rating June 03, 2022

Trelleborg (Municipality of)

New rating June 03, 2022

Madagascar

New rating April 11, 2022

Table 6

Sovereign, Regional, And Local Government Rating Deviations: Jan. 1 To Dec. 21, 2022
Rated entity Rating action date Rationale

Ghana

Dec. 20 2022 Research Update: Ghana Foreign Currency Ratings Lowered To 'SD' On Suspension Of Commercial Principal And Interest Payments

Hauts-de-Seine (Department of)

Dec. 9 2022 Research Update: Department of Hauts-de-Seine Outlook Revised To Negative Following A Similar Action On France; 'AA/A-1+'Ratings Affirmed

Paris (City of)

Dec. 9 2022 Research Update: City of Paris Outlook Revised To Negative Following A Similar Action On France; 'AA/A-1+'Ratings Affirmed

Seine-et-Marne (Department of)

Dec. 9 2022 Research Update: Department of Seine-et-Marne Outlook Revised To Negative Following Similar Action On France; 'AA/A-1+' Ratings Affirmed

Latvia

Dec. 6 2022 Research Update: Latvia Outlook Revised To Negative From Stable On War Spillover Risks; 'A+/A-1' Ratings Affirmed

Estonia

Dec. 6 2022 Research Update: Estonia Outlook Revised To Negative From Stable On Spillover Risks From The War; 'AA-/A-1+' Ratings Affirmed

Ghana

Dec. 6 2022 Research Update: Ghana LC Rating Lowered To 'SD' On Domestic Distressed Exchange; FC Lowered To 'CC' With A Negative Outlook

Oman

Nov. 25 2022 Research Update: Oman Upgraded To 'BB' From 'BB-' On Stronger External And Fiscal Performance; Outlook Stable

Greater London Authority

Oct. 7 2022 Research Update: Greater London Authority Outlook Revised To Negative After Similar Action On The U.K.; 'AA/A-1+' Ratings Affirmed

United Kingdom

Sep. 30 2022 Research Update: United Kingdom Outlook Revised To Negative On Rising Fiscal Risks; 'AA/A-1+' Ratings Affirmed

Kyiv (City of)

Sep. 1 2022 Research Update: City of Kyiv Outlook Revised To Stable From Negative, 'CCC+' Ratings Affirmed

Ukraine

Aug. 19 2022 Research Update: Ukraine Foreign Currency Ratings Raised To 'CCC+' From 'SD' On Completed Debt Restructuring; Outlook Stable

Ukraine

Aug. 12 2022 Research Update: Ukraine FC Rating Lowered To 'SD' On Approved Debt Restructuring; LC Rating Lowered To 'CCC+' With Negative Outlook

Belarus

Aug. 3 2022 Research Update: Belarus Foreign Currency Ratings Lowered To 'SD/SD' On Ruble Payment Of Coupon On Dollar-Denominated Eurobond

Kyiv (City of)

Aug. 2 2022 Research Update: City of Kyiv Rating Affirmed At 'CCC+' Despite Ukraine Downgrade To 'CC'; Outlook Remains Negative

Ukraine

July 29 2022 Research Update: Ukraine FC Rating Lowered To 'CC' On Proposed Debt Restructuring; 'B-/B' LC Ratings Affirmed; Outlook Negative

Liguria (Region of)

July 29 2022 Research Update: Region of Liguria Outlook Revised To Stable From Positive Following Similar Action On Italy; 'BBB' Rating Affirmed

Umbria (Region of)

July 29 2022 Research Update: Italian Region of Umbria Outlook Revised To Stable From Positive Following Similar Sovereign Action; Affirmed At 'BBB'

Italy

July 26 2022 Research Update: Italy Outlook Revised To Stable From Positive On Risks To Reforms; Ratings Affirmed

Belarus

July 15 2022 Research Update: Belarus 'CC/C' Foreign Currency Ratings Remain On CreditWatch Negative

Croatia

July 14 2022 Research Update: Croatia Upgraded To 'BBB+/A-2' On Confirmation Of Euro Adoption; Outlook Stable

Kyiv (City of)

May 31 2022 Research Update: City of Kyiv Rating Lowered To 'CCC+' On Similar Action On Ukraine; Outlook Negative

Ukraine

May 27 2022 Research Update: Ukraine Foreign Currency Ratings Lowered To 'CCC+/C' On Larger Fallout From Russia's Military Attack; Outlook Negative

Belarus

May 5 2022 Research Update: Belarus Foreign Currency Long-Term Ratings Lowered To 'CC' On High Vulnerability To Debt Nonpayment; Kept On Watch Neg

Bahrain

April 12 2022 Research Update: Bahrain 'B+/B' Ratings Affirmed; Outlook Stable; Upward revision of our internal oil price assumptions and stronger-than-forecasted year-end external performance

Kuwait

April 7 2022 Research Update: Kuwait Ratings Affirmed At 'A+'; Outlook Remains Negative; Upward revision of our internal oil price assumptions

Kazakhstan

April 1 2022 Research Update: Kazakhstan 'BBB-/A-3' Ratings Affirmed; Outlook Stable; Disruption of oil exports through the Caspian Pipeline Consortium pipeline

Estonia

March 31 2022 Research Update: Estonia Outlook Revised To Stable From Positive On Reduced Economic Upside; 'AA-/A-1+' Ratings Affirmed

Galicia (Autonomous Community of)

March 25 2022 Research Update: Autonomous Community of Galicia Outlook Revised To Stable After Same Action On Spain; 'A/A-1' Ratings Affirmed

Canary Islands (Autonomous Community of)

March 25 2022 Research Update: Canary Islands Autonomous Community Outlook Revised To Stable From Negative After Same Action On Spain; Affirmed At 'A'

Barcelona (City of)

March 25 2022 Research Update: Spanish City of Barcelona Outlook Revised To Stable From Negative After Same Action On Spain; 'A' Rating Affirmed

Russia

March 17 2022 Research Update: Russia Foreign And Local Currency Ratings Lowered To 'CC' On High Vulnerability To Debt Nonpayment, Still On Watch Neg
Yamal-Nenets Autonomous Okrug March 7 2022 Research Update: Yamal-Nenets Autonomous Okrug Long-Term Ratings Lowered To 'CCC-' From 'BBB-' And Placed On CreditWatch Negative
Moscow (City of) March 7 2022 Research Update: City Of Moscow Long-Term Ratings Lowered To 'CCC-' From 'BBB-' And Placed On CreditWatch Negative
Leningrad Oblast March 7 2022 Research Update: Leningrad Oblast Long-Term Ratings Lowered To 'CCC-' From 'BB+' And Placed On CreditWatch Negative
Samara Oblast March 7 2022 Research Update: Samara Oblast Long-Term Ratings Lowered To 'CCC-' From 'BB+' And Placed On CreditWatch Negative
Krasnoyarsk Krai March 7 2022 Research Update: Krasnoyarsk Krai Long-Term Ratings Lowered To 'CCC-' From 'BB' And Placed On CreditWatch Negative

Belarus

March 5 2022 Research Update: Belarus Ratings Lowered To 'CCC' And Placed On CreditWatch Negative On Mounting Risks Related To Russia-Ukraine Conflict

Russia

March 3 2022 Research Update: Russia Ratings Lowered To 'CCC-' And Kept On CreditWatch Negative On Increasing Risk Of Default

Kyiv (City of)

March 1 2022 Research Update: City of Kyiv Rating Lowered To 'B-' And Placed On CreditWatch Negative After Similar Rating Action On Ukraine

Russia

Feb. 26 2022 Research Update: Russia Foreign Currency Rating Lowered To 'BB+' And Put On CreditWatch Negative On Risks Related To Invasion Of Ukraine

Ukraine

Feb. 26 2022 Research Update: Ukraine Long-Term Ratings Lowered To 'B-', Placed On CreditWatch Negative On Fallout From Russia's Military Attack

Burkina Faso

Jan. 26 2022 Research Update: Burkina Faso Ratings Lowered To ‘CCC+/C’ And Put On CreditWatch Developing Following Military Coup
Primary Credit Analysts:Guy Deslondes, Madrid + 34914233179;
guy.deslondes@spglobal.com
Christian Esters, CFA, Frankfurt + 49 693 399 9262;
christian.esters@spglobal.com
Eileen X Zhang, CFA, London + 44 20 7176 7105;
eileen.zhang@spglobal.com
Dhruv Roy, Dubai + 971(0)56 413 3480;
dhruv.roy@spglobal.com
Marko Mrsnik, Madrid +34-91-389-6953;
marko.mrsnik@spglobal.com
Additional Contact:Sovereign and IPF EMEA;
SOVIPF@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back