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Sovereign Ratings List

As of Aug. 31, 2020, S&P Global Ratings rates 135 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 Aug. 31, 2020
ISO code Foreign currency ratings (LT/outlook/ST) Local currency ratings (LT/outlook/ST) T&C assessment

Abu Dhabi

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

Albania

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

Andorra

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

Angola

AO CCC+/Stable/C CCC+/Stable/C CCC+

Argentina

AR SD/--/SD SD/--/SD B-

Aruba

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

Australia

AU AAA/Negative/A-1+ AAA/Negative/A-1+ AAA

Austria

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

Azerbaijan

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

Bahamas

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

Bahrain

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

Bangladesh

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

Barbados

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

Belarus

BY B/Stable/B B/Stable/B B

Belgium

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

Belize

BZ CCC+/Stable/C CCC+/Stable/C CCC+

Benin

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

Bermuda

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

Bolivia

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

Bosnia and Herzegovina

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

Botswana

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

Brazil

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

Bulgaria

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

Burkina Faso

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

Cameroon

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

Canada

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

Cape Verde

CV B/Negative/B B/Negative/B BB-

Chile

CL A+/Negative/A-1 AA-/Negative/A-1+ AA

China

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

Colombia

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

Congo (DRC)

CD CCC+/Stable/C CCC+/Stable/C CCC+

Congo-Brazzaville

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

Cook Islands

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

Costa Rica

CR B/Negative/B B/Negative/B BB-

Croatia

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

Curacao

CW BBB/Negative/A-2 BBB/Negative/A-2 BBB

Cyprus

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

Czech Republic

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

Denmark

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

Dominican Republic

DO BB-/Negative/B BB-/Negative/B BB+

Ecuador

EC SD/--/SD SD/--/SD CCC-

Egypt

EG B/Stable/B B/Stable/B B

El Salvador

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

Estonia

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

Ethiopia

ET B/Negative/B B/Negative/B B

Fiji

FJ BB-/Negative/B BB-/Negative/B BB-

Finland

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

France

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

Georgia

GE BB/Stable/B BB/Stable/B BBB-

Germany

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

Ghana

GH B/Negative/B B/Negative/B B+

Greece

GR BB-/Stable/B BB-/Stable/B AAA*

Guatemala

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

Guernsey

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

Honduras

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

Hong Kong

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

Hungary

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

Iceland

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

India

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

Indonesia

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

Iraq

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

Ireland

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

Israel

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

Italy

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

Jamaica

JM B+/Negative/B B+/Negative/B BB-

Japan

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

Jersey

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

Jordan

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

Kazakhstan

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

Kenya

KE B+/Negative/B B+/Negative/B BB-

Korea

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

Kuwait

KW AA-/Negative/A-1+ AA-/Negative/A-1+ AA

Latvia

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

Lebanon

LB SD/--/SD CC/Negative/C CC

Liechtenstein

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

Lithuania

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

Luxembourg

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

Malaysia

MY A-/Negative/A-2 A/Negative/A-1 A+

Malta

MT A-/Stable/A-2 A-/Stable/A-2 AAA*

Mexico

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

Mongolia

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

Montenegro

ME B+/Negative/B B+/Negative/B AAA*

Montserrat

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

Morocco

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

Mozambique

MZ CCC+/Stable/C B-/Stable/B CCC+

Netherlands

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

New Zealand

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

Nicaragua

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

Nigeria

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

North Macedonia

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

Norway

NO AAA/Stable/A-1+ AAA/Stable/A-1+ AAA

Oman

OM BB-/Negative/B BB-/Negative/B BB

Pakistan

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

Panama

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

Papua New Guinea

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

Paraguay

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

Peru

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

Philippines

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

Poland

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

Portugal

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

Qatar

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

Ras Al Khaimah

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

Romania

RO BBB-/Negative/A-3 BBB-/Negative/A-3 A-

Russia

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

Rwanda

RW B+/Negative/B B+/Negative/B B+

Saudi Arabia

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

Senegal

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

Serbia

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

Sharjah

AE BBB/Negative/A-2 BBB/Negative/A-2 AA+*

Singapore

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

Slovakia

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

Slovenia

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

South Africa

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

Spain

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

Sri Lanka

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

St. Helena

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

Suriname

SR CCC/Stable/C CCC/Stable/C CCC

Sweden

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

Switzerland

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

Taiwan

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

Tajikistan

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

Thailand

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

Togo

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

Trinidad and Tobago

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

Turkey

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

Turks and Caicos

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

Uganda

UG B/Stable/B B/Stable/B B

Ukraine

UA B/Stable/B B/Stable/B B

United Kingdom

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

United States

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

Uruguay

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

Uzbekistan

UZ BB-/Negative/B BB-/Negative/B BB-

Venezuela

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

Vietnam

VN BB/Stable/B BB/Stable/B BB

Zambia

ZM CCC/Negative/C CCC/Negative/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. ISO - International Organization for Standardization.

Related Criteria

Related Research

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:Shruti Ramakrishnan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
Ashay Gokhale, 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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