(Editor's Note: This guidance document is no longer current.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.
Key Publication Information
- This article is related to "Methodology For National And Regional Scale Credit Ratings," published June 25, 2018.
- We may revise our guidance from time to time when market dynamics warrant reevaluating the variables and assumptions we generally use in our analysis.
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.
RELATED PUBLICATIONS
Related Criteria
- Methodology For National And Regional Scale Credit Ratings, June 25, 2018
Related Research
- Criteria And Guidance: Understanding The Difference, Dec. 15, 2017
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.
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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 | |
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Leandro C Albuquerque, LATAM, New York +1 (212) 438-9729; leandro.albuquerque@spglobal.com | |
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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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