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ARCHIVE | Guidance | General Criteria: Methodology For National And Regional Scale Credit Ratings

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ARCHIVE | Guidance | General Criteria: Methodology For National And Regional Scale Credit Ratings

(Editor's Note: This guidance document is no longer current. We moved its contents into "Sector And Industry Variables: Methodology For National And Regional Scale Credit Ratings," published April 28, 2022, without any substantive changes.)

OVERVIEW AND SCOPE

This document provides additional information and guidance relating to our criteria article, "Methodology For National And Regional Scale Credit Ratings," published June 25, 2018. This report should be read in conjunction with those criteria. For further explanation of guidance documents, please see the description at the end of this document.

This guidance provides the specifications for various national and regional scale mappings (together referred to as national scale) S&P Global Ratings uses. We determine these mapping specifications based on our national scale framework criteria. National scale ratings express relative opinions about an issuer's creditworthiness or an individual debt issue's credit quality in a given country.

GUIDANCE

The current mapping specifications for the national and regional scales are listed in table 1. National scale credit ratings include a prefix to denote the country (such as 'mx' for Mexico) and to distinguish them from global scale ratings and other national scales. On certain national scales, we have only long-term ratings. Some of the national scales may incorporate outlooks. We use CreditWatch listings on national scales the same way we do for global scale ratings.

Table 1

List Of National And Regional Scale Mappings
National/regional scale name Prefix Use of long-term rating Use of short-term rating Use of outlooks CreditWatch listings
Argentina national scale ra X X X X
Brazil national scale br X X X X
Gulf Cooperation Council regional scale* gc X X X
Israel (Maalot) national scale il X X X X
Kazakhstan national scale kz X X
Mexico (CaVal) national scale mx X X X X
Nigeria national scale ng X X X
South Africa national scale za X X X
Taiwan ratings national scale tw X X X X
Turkey national scale tr X X X
Ukraine national scale ua X X
Uruguay national scale uy X X X X
Saudi Arabia national scale ksa X X X X
*The Gulf Cooperation Council regional scale's countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates.

Tables 2 through 14 provide the national and regional scale mapping specifications we currently use. See Appendix 2 of the criteria for Israel (Maalot) national scale mapping specifications. See table 2 of the criteria for the national scale long- to short-term rating mapping.

Table 2

Argentina Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BB- and above raAAA
B+ raAA+, raAA, raAA-
B raAA-, raA+, raA, raA-
B- raA-, raBBB+, raBBB, raBBB-
CCC+ raBBB-, raBB+, raBB, raBB-
CCC raB+, raB, raB-
CCC- raCCC+, raCCC, raCCC-
CC raCC
C raC
SD SD
D D
SD--Selective default. D--Default.

Table 3

Brazil Mapping Specification
Global scale long-term local-currency rating National scale long-term rating
BB and above brAAA
BB- brAAA, brAA+
B+ brAA+, brAA, brAA-
B brA+, brA, brA-
B- brBBB+, brBBB, brBBB-
CCC+ brBB+, brBB, brBB-
CCC brB+, brB, brB-
CCC- brCCC+, brCCC, brCCC-
CC brCC
C brC
SD SD
D D
SD--Selective default. D--Default.

[Table 4 has been deleted.]

Table 5

Gulf Cooperation Council Mapping Specification
Global scale long-term local-currency rating Regional scale long-term rating
A- and above gcAAA
BBB+ gcAA+
BBB gcAA
BBB- gcAA-
BB+ gcA+; gcA
BB gcA-; gcBBB+
BB- gcBBB; gcBBB-
B+ gcBB+; gcBB
B gcBB-; gcB+
B- gcB; gcB-
CCC+ gcCCC+
CCC gcCCC
CCC- gcCCC-
CC gcCC
C gcC
SD SD
D D
SD--Selective default. D--Default.

Table 6

Kazakhstan Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BBB- and above kzAAA
BB+ kzAA+, kzAA
BB kzAA-, kzA+
BB- kzA, kzA-
B+ kzBBB+, kzBBB
B kzBBB-, kzBB+
B- kzBB, kzBB-
CCC+ kzB+, kzB
CCC kzB-, kzCCC+
CCC- kzCCC, kzCCC-
CC kzCC
C kzC
SD SD
D D
SD--Selective default. D--Default.

Table 7

Mexico (CaVal) Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BBB+ and above mxAAA
BBB mxAAA, mxAA+
BBB- mxAA+, mxAA
BB+ mxAA, mxAA-, mxA+
BB mxA+, mxA, mxA-
BB- mxA-, mxBBB+, mxBBB
B+ mxBBB, mxBBB-
B mxBBB-, mxBB+, mxBB
B- mxBB-, mxB+, mxB
CCC+ mxB, mxB-, mxCCC+
CCC mxCCC+, mxCCC
CCC- mxCCC, mxCCC-
CC mxCC
C mxC
SD SD
D D
SD--Selective default. D--Default.

Table 8

Nigeria Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BB- and above ngAAA
B+ ngAA+, ngAA, ngAA-
B ngA+, ngA, ngA-
B- ngBBB+, ngBBB, ngBBB-
CCC+ ngBB+, ngBB, ngBB-
CCC ngB+, ngB, ngB-
CCC- ngCCC+, ngCCC, ngCCC-
CC ngCC
C ngC
SD SD
D D
SD--Selective default. D--Default.

Table 9

South Africa Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BB and above zaAAA
BB- zaAA+, zaAA, zaAA-
B+ zaA+, zaA, zaA-
B zaA-, zaBBB+, zaBBB
B- zaBBB-, zaBB+, zaBB
CCC+ zaBB-, zaB+, zaB
CCC zaB-, zaCCC+
CCC- zaCCC, zaCCC-
CC zaCC
C zaC
SD SD
D D
SD--Selective default. D--Default.

Table 10

Taiwan Mapping Specification
Global scale long-term local currency rating National scale long-term rating
A+ and above twAAA
A twAAA, twAA+
A- twAA+, twAA
BBB+ twAA, twAA-
BBB twAA-, twA+
BBB- twA+, twA
BB+ twA, twA-, twBBB+
BB twBBB+, twBBB
BB- twBBB, twBBB-
B+ twBBB-, twBB+, twBB
B twBB, twBB-, twB+
B- twB+, twB, twB-
CCC+ twCCC+
CCC twCCC
CCC- twCCC-
CC twCC
C twC
SD SD
D D
SD--Selective default. D--Default.

Table 11

Turkey Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BB and above trAAA
BB- trAA+, trAA
B+ trAA-, trA+
B trA, trA-, trBBB+
B- trBBB, trBBB-, trBB+
CCC+ trBB, trBB-, trB+
CCC trB, trB-, trCCC+
CCC- trCCC, trCCC-
CC trCC
C trC
SD SD
D D
SD--Selective default. D--Default.

Table 12

Ukraine Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BB- and above uaAAA
B+ uaAA+, uaAA, uaAA-
B uaA+, uaA, uaA-
B- uaBBB+, uaBBB, uaBBB-
CCC+ uaBB+, uaBB, uaBB-
CCC uaB+, uaB, uaB-
CCC- uaCCC+, uaCCC, uaCCC-
CC uaCC
C uaC
SD SD
D D
SD--Selective default. D--Default.

Table 13

Uruguay Mapping Specification
Global scale long-term local currency rating National scale long-term rating
BBB- and above uyAAA
BB+ uyAA+, uyAA
BB uyAA-, uyA+
BB- uyA, uyA-
B+ uyBBB+, uyBBB
B uyBBB-, uyBB+
B- uyBB, uyBB-
CCC+ uyB+, uyB
CCC uyB-, uyCCC+
CCC- uyCCC, uyCCC-
CC uyCC
C uyC
SD SD
D D
SD--Selective default. D--Default.

Table 14

Saudi Arabia Mapping Specification
Global scale long-term local-currency rating National scale long-term rating
A- and above ksaAAA
BBB+ ksaAA+
BBB ksaAA
BBB- ksaAA-
BB+ ksaA+; ksaA
BB ksaA-; ksaBBB+
BB- ksaBBB; ksaBBB-
B+ ksaBB+; ksaBB
B ksaBB-; ksaB+
B- ksaB; ksaB-
CCC+ ksaCCC+
CCC ksaCCC
CCC- ksaCCC-
CC ksaCC
C ksaC
SD SD
D D
SD--Selective default. D--Default.

REVISIONS AND UPDATES

This article was originally published June 25, 2018.

Changes introduced after original publication:

  • On Nov. 12, 2018, we updated the Argentina mapping specification (table 2).
  • On July 5, 2019, we republished this article to remove the 'R' rating symbol from all tables following its removal from "S&P Global Ratings Definitions," effective July 5, 2019.
  • On Sept. 11, 2019, we republished this guidance document to update the Argentina mapping specification (table 2). This followed the lowering of our sovereign rating on Argentina to B-/Negative/B on Aug. 16, 2019, and to 'SD' on Aug. 29, 2019, and our subsequent upgrade to CCC-/Negative/C on Aug. 30, 2019.
  • On Sept. 19, 2019, we republished this guidance document to remove the Chilean mapping specification table because we ceased providing national scale ratings in that country.
  • On April 29, 2020, we republished this guidance document to update the South Africa mapping specification (table 9). This followed the sovereign rating action we took on April 29, 2020, when we lowered the long-term foreign currency sovereign credit rating on South Africa to 'BB-' from 'BB'. The outlook is stable.
  • On June 22, 2020, we republished this guidance document to update the Argentina mapping specification (table 2). This was done to ensure that the national scale continues to address the relevant range of credit quality and to provide greater differentiation among issuer and issue credit quality than is possible with the global rating scale. This followed the lowering of our transfer and convertibility (T&C) assessment for Argentina to 'CCC+' from 'B-' on May 8, 2020.
  • On Nov. 12, 2021, we republished this guidance document to add the newly created Saudi Arabia mapping specification (table 14). We also updated the analytical and methodology contacts.

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This article is a guidance document for Criteria (Guidance Document). Guidance Documents are not Criteria, as they do not establish a methodological framework for determining Credit Ratings. Guidance Documents provide guidance on various matters, including: articulating how we may apply specific aspects of Criteria; describing variables or considerations related to Criteria that may change over time; providing additional information on non-fundamental factors that our analysts may consider in the application of Criteria; and/or providing additional guidance on the exercise of analytical judgment under our Criteria.

Our analysts consider Guidance Documents as they apply Criteria and exercise analytical judgment in the analysis and determination of Credit Ratings. However, in applying Criteria and the exercise of analytic judgment to a specific issuer or issue, analysts may determine that it is suitable to follow an approach that differs from one described in the Guidance Document. Where appropriate, the rating rationale will highlight that a different approach was taken.

Analytical Contacts:Emmanuel F Volland, Paris + 33 14 420 6696;
emmanuel.volland@spglobal.com
Yuval Torbati, EMEA, RAMAT-GAN (972) 3-753-9714;
yuval.torbati@spglobal.com
Luciano D Gremone, LATAM, Buenos Aires (54) 114-891-2143;
luciano.gremone@spglobal.com
Sergio A Garibian, LATAM, Sao Paulo (55) 11-3039-9749;
sergio.garibian@spglobal.com
Leandro C Albuquerque, LATAM, New York +1 (212) 438-9729;
leandro.albuquerque@spglobal.com
Andy Chang, CFA, FRM, APAC, Taipei (8862) 8722-5815;
andy.chang@spglobal.com
Samira Mensah, Johannesburg (27) 11-214-4869;
samira.mensah@spglobal.com
Dhruv Roy, Dubai + 971(0)56 413 3480;
dhruv.roy@spglobal.com
Timucin Engin, Dubai + 971 4 372 7152;
timucin.engin@spglobal.com
Methodology Contacts:Erkan Erturk, PhD, New York (1) 212-438-2450;
erkan.erturk@spglobal.com
Nik Khakee, New York (1) 212-438-2473;
nik.khakee@spglobal.com

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