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COMMENTS

Sovereign Ratings List


Sovereign Ratings List

As of Sept. 30, 2019, S&P Global Ratings rates 134 sovereign governments and has established transfer and convertibility (T&C) assessments for each country with a rated sovereign, as shown in the table below.

A T&C assessment is the rating associated with the likelihood of the sovereign restricting nonsovereign access to foreign exchange needed for debt service. For most countries, S&P Global Ratings' analysis concludes that this risk is less than the risk of sovereign default on foreign-currency obligations; thus, most T&C assessments exceed the sovereign foreign currency rating. Foreign currency ratings of nonsovereign entities or transactions generally can be as high as the T&C assessment if their stress-tested operating and financial characteristics support the higher rating.

If a sovereign, through membership in a monetary or currency union, has ceded monetary and exchange rate policy responsibility to a monetary authority that the sovereign does not solely control, the T&C assessment reflects the policies of the controlling monetary authority, vis-à-vis the exchange of its currency for other currencies in the context of debt service. The same applies if a sovereign uses as its local currency the currency of another sovereign. A T&C assessment may change sharply if a sovereign introduces a new local currency, by entering or exiting a monetary/currency union, or through some other means. This is because the new local currency, and in some cases the new monetary authority, may operate in very different monetary and exchange regimes. The T&C assessment does not normally reflect the likelihood of change in a country's local currency.

For historical information on these ratings and assessments, please see "Sovereign Ratings History," published monthly on RatingsDirect.

Sovereign Ratings And Country T&C Assessments As Of Sept. 30, 2019
Foreign currency ratings (LT/outlook/ST) Local currency ratings (LT/outlook/ST) T&C assessment

Abu Dhabi

AA/Stable/A-1+ AA/Stable/A-1+ AA+*

Albania

B+/Stable/B B+/Stable/B BB

Andorra

BBB/Positive/A-2 BBB/Positive/A-2 AAA*

Angola

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

Argentina

CCC-/Negative/C CCC-/Negative/C B-

Aruba

BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+

Australia

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

Austria

AA+/Stable/A-1+ AA+/Stable/A-1+ AAA*

Azerbaijan

BB+/Stable/B BB+/Stable/B BB+

Bahamas

BB+/Stable/B BB+/Stable/B BBB-

Bahrain

B+/Stable/B B+/Stable/B BB-

Bangladesh

BB-/Stable/B BB-/Stable/B BB-

Barbados

SD/--/SD B-/Stable/B B-

Belarus

B/Stable/B B/Stable/B B

Belgium

AA/Stable/A-1+ AA/Stable/A-1+ AAA*

Belize

B-/Stable/B B-/Stable/B B-

Benin

B+/Stable/B B+/Stable/B BBB-*

Bermuda

A+/Positive/A-1 A+/Positive/A-1 AA+

Bolivia

BB-/Stable/B BB-/Stable/B BB-

Bosnia and Herzegovina

B/Positive/B B/Positive/B BB-

Botswana

A-/Stable/A-2 A-/Stable/A-2 A+

Brazil

BB-/Stable/B BB-/Stable/B BB+

Bulgaria

BBB-/Positive/A-3 BBB-/Positive/A-3 A-

Burkina Faso

B/Stable/B B/Stable/B BBB-*

Cameroon

B/Negative/B B/Negative/B BBB-*

Canada

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

Cape Verde

B/Stable/B B/Stable/B BB-

Chile

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

China

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

Colombia

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

Congo (DRC)

CCC+/Positive/C CCC+/Positive/C CCC+

Congo-Brazzaville

B-/Stable/B B-/Stable/B BBB-*

Cook Islands

B+/Stable/B B+/Stable/B AAA*

Costa Rica

B+/Negative/B B+/Negative/B BB

Croatia

BBB-/Stable/A-3 BBB-/Stable/A-3 BBB+

Curacao

BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+

Cyprus

BBB-/Stable/A-3 BBB-/Stable/A-3 AAA*

Czech Republic

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

Denmark

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

Dominican Republic

BB-/Stable/B BB-/Stable/B BB+

Ecuador

B-/Stable/B B-/Stable/B B-

Egypt

B/Stable/B B/Stable/B B

El Salvador

B-/Stable/B B-/Stable/B AAA*

Estonia

AA-/Stable/A-1+ AA-/Stable/A-1+ AAA*

Ethiopia

B/Stable/B B/Stable/B B

Fiji

BB-/Stable/B BB-/Stable/B BB-

Finland

AA+/Stable/A-1+ AA+/Stable/A-1+ AAA*

France

AA/Stable/A-1+ AA/Stable/A-1+ AAA*

Georgia

BB-/Positive/B BB-/Positive/B BB+

Germany

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

Ghana

B/Stable/B B/Stable/B B+

Greece

B+/Positive/B B+/Positive/B AAA*

Guatemala

BB-/Stable/B BB/Stable/B BB+

Guernsey

AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*

Honduras

BB-/Stable/B BB-/Stable/B BB

Hong Kong

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

Hungary

BBB/Stable/A-2 BBB/Stable/A-2 A-

Iceland

A/Stable/A-1 A/Stable/A-1 A

India

BBB-/Stable/A-3 BBB-/Stable/A-3 BBB+

Indonesia

BBB/Stable/A-2 BBB/Stable/A-2 BBB+

Iraq

B-/Stable/B B-/Stable/B B-

Ireland

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

Israel

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

Italy

BBB/Negative/A-2 BBB/Negative/A-2 AAA*

Jamaica

B+/Stable/B B+/Stable/B BB-

Japan

A+/Positive/A-1 A+/Positive/A-1 AA+

Jersey

AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*

Jordan

B+/Stable/B B+/Stable/B BB

Kazakhstan

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

Kenya

B+/Stable/B B+/Stable/B BB-

Korea

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

Kuwait

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

Latvia

A/Stable/A-1 A/Stable/A-1 AAA*

Lebanon

B-/Negative/B B-/Negative/B B+

Liechtenstein

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

Lithuania

A/Stable/A-1 A/Stable/A-1 AAA*

Luxembourg

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

Macedonia

BB-/Stable/B BB-/Stable/B BB

Malaysia

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

Malta

A-/Positive/A-2 A-/Positive/A-2 AAA*

Mexico

BBB+/Negative/A-2 A-/Negative/A-2 A+

Mongolia

B/Stable/B B/Stable/B B+

Montenegro

B+/Stable/B B+/Stable/B AAA*

Montserrat

BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-*

Morocco

BBB-/Negative/A-3 BBB-/Negative/A-3 BBB+

Mozambique

SD/--/SD B-/Stable/B CCC

Netherlands

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

New Zealand

AA/Positive/A-1+ AA+/Positive/A-1+ AAA

Nicaragua

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

Nigeria

B/Stable/B B/Stable/B B

Norway

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

Oman

BB/Negative/B BB/Negative/B BB+

Pakistan

B-/Stable/B B-/Stable/B B-

Panama

BBB+/Stable/A-2 BBB+/Stable/A-2 AAA*

Papua New Guinea

B/Stable/B B/Stable/B B

Paraguay

BB/Stable/B BB/Stable/B BB+

Peru

BBB+/Stable/A-2 A-/Stable/A-2 A

Philippines

BBB+/Stable/A-2 BBB+/Stable/A-2 A-

Poland

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

Portugal

BBB/Positive/A-2 BBB/Positive/A-2 AAA*

Qatar

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

Ras Al Khaimah

A/Stable/A-1 A/Stable/A-1 AA+*

Romania

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

Russia

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

Rwanda

B+/Stable/B B+/Stable/B B+

Saudi Arabia

A-/Stable/A-2 A-/Stable/A-2 A

Senegal

B+/Positive/B B+/Positive/B BBB-*

Serbia

BB/Positive/B BB/Positive/B BB+

Sharjah

BBB+/Stable/A-2 BBB+/Stable/A-2 AA+*

Singapore

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

Slovakia

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

Slovenia

AA-/Stable/A-1+ AA-/Stable/A-1+ AAA*

South Africa

BB/Stable/B BB+/Stable/B BBB-

Spain

A/Stable/A-1 A/Stable/A-1 AAA*

Sri Lanka

B/Stable/B B/Stable/B B

Suriname

B/Stable/B B/Stable/B B+

Sweden

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

Switzerland

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

Taiwan

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

Tajikistan

B-/Stable/B B-/Stable/B B-

Thailand

BBB+/Stable/A-2 A-/Stable/A-2 A

Togo

B/Stable/B B/Stable/B BBB-*

Trinidad and Tobago

BBB/Stable/A-2 BBB/Stable/A-2 BBB+

Turkey

B+/Stable/B BB-/Stable/B BB-

Turks and Caicos

BBB+/Stable/A-2 BBB+/Stable/A-2 AAA

Uganda

B/Stable/B B/Stable/B B

Ukraine

B/Stable/B B/Stable/B B

United Kingdom

AA/Negative/A-1+ AA/Negative/A-1+ AAA

United States

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

Uruguay

BBB/Stable/A-2 BBB/Stable/A-2 A-

Uzbekistan

BB-/Stable/B BB-/Stable/B BB-

Venezuela

SD/--/D CCC-/Negative/C CC

Vietnam

BB/Stable/B BB/Stable/B BB

Zambia

CCC+/Stable/C CCC+/Stable/C CCC+
*These T&C assessments are for countries that are either members of monetary or currency unions or use as their local currency the currency of another sovereign. Because of this, the assessment shown is based on S&P Global Ratings' analysis of either the monetary authority of the monetary/currency union or the sovereign issuing the currency. Thus, for European Economic and Monetary Union (EMU) members (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia, and Spain), the T&C assessments reflect our view of the likelihood of the European Central Bank restricting nonsovereign access to foreign exchange needed for debt service. Similarly, the T&C assessments for countries with rated sovereigns in the Eastern Caribbean Currency Union (Montserrat) reflect the current and projected policies of the Eastern Caribbean Central Bank. Likewise, the T&C assessments for countries with rated sovereigns in the West African Economic and Monetary Union (Benin, Burkina Faso, Senegal, and Togo) are based on the policies of the Central Bank of West African States, and the T&C assessments for countries with rated sovereigns in the Central African Economic and Monetary Community (Cameroon and Congo-Brazzaville) are based on the policies of the Bank of Central African States. As for countries that use the currency of another, the T&C assessments of El Salvador and Panama are equalized with that of the U.S., while those of Abu Dhabi, Ras Al Khaimah, and Sharjah are equalized with that of the United Arab Emirates, Andorra and Montenegro with EMU members, the Cook Islands with New Zealand, and Liechtenstein with Switzerland. LT--Long-term rating. ST--Short-term rating. SD--Selective Default.

Related Criteria

  • Sovereign Rating Methodology, Dec. 18, 2017
  • Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
  • General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
  • General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
  • Methodology: Criteria For Determining Transfer And Convertibility Assessments, May 18, 2009

Related Research

  • Global Corporate And Sovereign Credit Outlook: Ratings Are Poised To Remain Stable In 2019 But Could Become Vulnerable Should The Credit Cycle Turn, Jan. 11, 2019
  • Global Corporate And Sovereign Credit Outlook: Growing Risks Threaten Stable Credit Quality, July 5, 2018

This report does not constitute a rating action.

Primary Credit Analyst:Roberto H Sifon-arevalo, New York (1) 212-438-7358;
roberto.sifon-arevalo@spglobal.com
Research Contributors:Ashay Gokhale, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Hari Krishan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Additional Contacts:EMEA Sovereign and IPF;
SovereignIPF@spglobal.com
SovereignAmericas;
sovereignamericas@spglobal.com

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