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COMMENTS

Sovereign Ratings Score Snapshot


Sovereign Ratings Score Snapshot

S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month.

Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' "Sovereign Rating Methodology," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating.

Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a change in the rating, nor is a change in the rating necessarily predicated on changes in one or more of the scores. In determining the final rating, the committee can make use of the flexibility afforded by paragraphs 15 and 126-128 of the rating methodology.

The ratings and scores in the table below are as of Aug. 31, 2019.

Table 1

Rating Score Snapshot
Issuer Sovereign Foreign-Currency Ratings Institutional assessment Economic assessment External assessment Fiscal assessment: budget performance Fiscal assessment: debt Monetary assessment

Abu Dhabi

AA/Stable/A-1+ 4 1 2 1 1 4

Albania

B+/Stable/B 5 5 4 3 5 5

Andorra

BBB/Positive/A-2 3 2 5 1 3 5

Angola

B-/Negative/B 5 6 6 6 6 5

Argentina

CCC-/Negative/C 6 5 6 6 5 5

Aruba

BBB+/Stable/A-2 2 4 3 1 3 4

Australia

AAA/Stable/A-1+ 1 1 6 1 1 1

Austria

AA+/Stable/A-1+ 2 1 1 1 3 2

Azerbaijan

BB+/Stable/B 5 5 3 1 1 5

Bahamas

BB+/Stable/B 2 4 6 3 4 4

Bahrain

B+/Stable/B 5 4 4 6 6 4

Bangladesh

BB-/Stable/B 5 4 2 6 4 4

Barbados

SD/NM/SD 5 5 6 3 5 6

Belarus

B/Stable/B 5 5 5 4 4 5

Belgium

AA/Stable/A-1+ 3 1 2 2 4 2

Belize

B-/Stable/B 6 6 6 5 6 5

Benin

B+/Stable/B 4 6 5 4 4 5

Bermuda

A+/Positive/A-1 2 2 3 1 2 5

Bolivia

BB-/Stable/B 5 5 3 5 1 4

Bosnia and Herzegovina

B/Positive/B 5 5 4 3 1 6

Botswana

A-/Stable/A-2 3 5 1 2 1 4

Brazil

BB-/Stable/B 4 5 3 6 6 3

Bulgaria

BBB-/Positive/A-3 4 4 2 2 1 5

Burkina Faso

B/Stable/B 5 6 5 5 2 5

Cameroon

B/Negative/B 6 5 4 4 3 5

Canada

AAA/Stable/A-1+ 1 1 2 1 3 1

Cape Verde

B/Stable/B 4 5 5 4 6 5

Chile

A+/Stable/A-1 2 4 4 2 1 2

China

A+/Stable/A-1 3 4 1 3 2 3

Colombia

BBB-/Stable/A-3 3 4 5 3 4 3

Congo

B-/Stable/B 6 6 6 3 6 5

Congo, D.R.

CCC+/Positive/C 6 6 6 4 2 6

Cook Islands

B+/Stable/B 5 4 5 2 1 6

Costa Rica

B+/Negative/B 4 4 5 6 5 5

Croatia

BBB-/Stable/A-3 4 4 2 2 5 4

Curacao

BBB+/Stable/A-2 2 4 2 3 1 6

Cyprus

BBB-/Stable/A-3 3 2 4 1 6 4

Czech Republic

AA-/Stable/A-1+ 2 3 2 2 1 2

Denmark

AAA/Stable/A-1+ 1 1 3 2 1 3

Dominican Republic

BB-/Stable/B 5 3 5 5 5 4

Ecuador

B-/Stable/B 6 5 6 3 4 6

Egypt

B/Stable/B 5 5 5 6 6 4

El Salvador

B-/Stable/B 6 5 5 5 5 6

Estonia

AA-/Stable/A-1+ 2 3 2 2 1 3

Ethiopia

B/Stable/B 5 5 6 6 3 5

Fiji

BB-/Stable/B 5 4 3 4 3 5

Finland

AA+/Stable/A-1+ 2 1 4 1 1 2

France

AA/Stable/A-1+ 2 1 4 3 4 2

Georgia

BB-/Positive/B 4 5 5 3 2 4

Germany

AAA/Stable/A-1+ 2 1 1 1 2 2

Ghana

B/Stable/B 5 5 6 6 6 4

Greece

B+/Positive/B 5 3 5 2 6 5

Guatemala

BB-/Stable/B 4 6 2 4 4 4

Guernsey

AA-/Negative/A-1+ 2 2 4 1 2 5

Honduras

BB-/Stable/B 5 5 2 5 4 4

Hong Kong

AA+/Stable/A-1+ 2 1 1 1 2 2

Hungary

BBB/Stable/A-2 4 4 2 2 4 3

Iceland

A/Stable/A-1 2 2 4 2 3 4

India

BBB-/Stable/A-3 3 4 2 6 6 3

Indonesia

BBB/Stable/A-2 3 4 3 3 2 3

Iraq

B-/Stable/B 6 6 3 6 4 6

Ireland

A+/Stable/A-1 2 1 4 2 4 2

Israel

AA-/Stable/A-1+ 4 1 1 3 3 2

Italy

BBB/Negative/A-2 3 3 3 3 6 3

Jamaica

B/Positive/B 4 6 5 2 6 4

Japan

A+/Positive/A-1 2 1 1 5 6 2

Jersey

AA-/Negative/A-1+ 2 2 4 1 2 5

Jordan

B+/Stable/B 4 6 6 2 5 4

Kazakhstan

BBB-/Stable/A-3 5 4 2 1 2 4

Kenya

B+/Stable/B 4 5 5 6 6 4

Korea

AA/Stable/A-1+ 3 1 1 1 4 2

Kuwait

AA/Stable/A-1+ 4 3 1 1 1 3

Latvia

A/Stable/A-1 3 3 2 2 2 3

Lebanon

B-/Negative/B 6 6 6 6 6 6

Liechtenstein

AAA/Stable/A-1+ 1 1 3 1 2 3

Lithuania

A/Stable/A-1 3 3 2 2 2 3

Luxembourg

AAA/Stable/A-1+ 2 1 3 1 2 2

Malaysia

A-/Stable/A-2 3 4 2 3 4 2

Malta

A-/Positive/A-2 3 2 3 1 2 4

Mexico

BBB+/Negative/A-2 3 4 2 4 3 3

Mongolia

B/Stable/B 5 4 6 5 6 4

Montenegro

B+/Stable/B 4 4 6 3 5 6

Montserrat

BBB-/Stable/A-3 2 5 4 2 1 5

Morocco

BBB-/Negative/A-3 4 5 3 3 3 3

Mozambique

SD/NM/SD 6 6 6 6 6 5

Nicaragua

B-/Negative/B 5 5 6 6 3 6

Netherlands

AAA/Stable/A-1+ 2 1 3 1 2 2

New Zealand

AA/Positive/A-1+ 1 1 6 2 1 1

Nigeria

B/Stable/B 5 6 4 5 4 4

North Macedonia

BB-/Stable/B 5 4 3 3 3 4

Norway

AAA/Stable/A-1+ 1 1 1 1 1 1

Oman

BB/Negative/B 4 5 4 6 2 4

Pakistan

B-/Stable/B 6 5 6 6 6 4

Panama

BBB+/Stable/A-2 3 2 5 2 2 5

Papua New Guinea

B/Stable/B 5 6 6 4 5 5

Paraguay

BB/Stable/B 5 5 1 3 1 5

Peru

BBB+/Stable/A-2 3 4 3 2 2 3

Philippines

BBB+/Stable/A-2 4 4 1 3 2 3

Poland

A-/Stable/A-2 4 4 2 3 2 2

Portugal

BBB/Stable/A-2 3 3 5 2 6 2

Qatar

AA-/Stable/A-1+ 4 1 4 1 1 4

Ras Al Khaimah

A/Stable/A-1 4 3 2 1 1 5

Romania

BBB-/Stable/A-3 4 4 3 4 3 3

Russia

BBB-/Stable/A-3 5 5 1 3 1 3

Rwanda

B+/Stable/B 4 5 5 6 3 4

Saudi Arabia

A-/Stable/A-2 4 4 1 4 1 4

Senegal

B+/Positive/B 4 5 5 4 4 5

Serbia

BB/Positive/B 4 4 4 2 4 4

Sharjah

BBB+/Stable/A-2 4 3 2 2 2 5

Singapore

AAA/Stable/A-1+ 1 1 1 1 1 1

Slovakia

A+/Stable/A-1 3 3 2 3 2 2

Slovenia

AA-/Stable/A-1+ 3 3 1 1 2 2

South Africa

BB/Stable/B 4 5 4 5 5 2

Spain

A-/Positive/A-2 3 1 4 3 5 2

Sri Lanka

B/Stable/B 5 5 6 5 6 4

Suriname

B/Stable/B 5 6 2 5 6 5

Sweden

AAA/Stable/A-1+ 1 2 2 1 1 1

Switzerland

AAA/Stable/A-1+ 1 1 1 1 1 2

Taiwan

AA-/Stable/A-1+ 3 3 1 2 3 2

Tajikistan

B-/Stable/B 5 6 5 6 4 6

Thailand

BBB+/Stable/A-2 4 4 1 3 2 3

Togo

B/Stable/B 5 6 6 3 3 5

Trinidad and Tobago

BBB/Stable/A-2 3 4 3 2 3 4

Turkey

B+/Stable/B 5 4 6 4 3 4

Turks and Caicos

BBB+/Stable/A-2 2 4 4 1 1 6

Uganda

B/Stable/B 5 6 4 5 6 4

Ukraine

B-/Stable/B 6 5 6 4 4 6

United Kingdom

AA/Negative/A-1+ 3 1 3 3 5 1

United States

AA+/Stable/A-1+ 2 1 2 4 6 1

Uruguay

BBB/Stable/A-2 3 3 2 5 4 5

Uzbekistan

BB-/Stable/B 5 5 3 3 1 5

Venezuela

SD/NM/SD 6 6 6 6 6 6

Vietnam

BB/Stable/B 4 4 3 4 4 4

Zambia

CCC+/Stable/C 5 6 6 6 6 4

Table 2

Distribution Of Key Rating Factors Across Rating Categories (%)
Rating AAA AA A BBB BB B CCC /CC Total count (no.)
Assessment
Institutional
1 73 5 - - - - - 9
2 27 47 31 15 6 - - 22
3 - 26 50 46 - - - 25
4 - 21 19 31 41 23 - 31
5 - - - 8 53 54 33 34
6 - - - - - 23 67 13
Economic
1 91 63 19 - - - - 25
2 9 11 19 12 - - - 9
3 - 26 25 15 6 3 - 15
4 - - 31 62 35 15 - 33
5 - - 6 12 53 44 33 32
6 - - - - 6 38 67 20
External
1 36 37 25 12 6 - - 19
2 18 26 38 35 18 3 - 26
3 36 5 13 27 41 3 - 22
4 - 26 25 12 18 15 - 21
5 - - - 15 12 36 - 20
6 9 5 - - 6 44 100 26
Fiscal: budget
1 91 53 19 19 6 - - 29
2 9 26 38 35 6 10 - 26
3 - 16 31 31 29 15 - 28
4 - 5 6 8 18 21 33 16
5 - - 6 4 24 21 - 14
6 - - - 4 18 33 67 21
Fiscal: debt
1 55 37 25 19 24 5 - 28
2 36 21 44 27 12 3 33 26
3 9 16 6 23 12 15 - 19
4 - 16 13 12 35 21 - 22
5 - 5 6 4 12 15 33 13
6 - 5 6 15 6 41 33 26
Monetary
1 45 16 - - - - - 8
2 36 53 44 4 6 - - 23
3 18 11 19 46 6 - - 20
4 - 11 25 19 65 33 33 36
5 - 11 13 23 24 41 33 32
6 - - - 8 - 26 33 15
Total count (no.) 11 19 16 26 17 39 3

This report does not constitute a rating action.

Primary Credit Analyst:Johanna Melinder, Stockholm + 46 84 40 5926;
johanna.melinder@spglobal.com
Additional Contact:EMEA Sovereign and IPF;
SovereignIPF@spglobal.com

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