This report does not constitute a rating action.
Credit Rating Agency Regulation: Calendar For Jan. 1 To Dec. 31, 2025
This calendar sets out potential dates for the publication of credit rating actions on sovereign, regional, and local government ratings and related outlooks in accordance with regulatory requirements. S&P Global Ratings has nominated two or three publication dates in 2025 for each sovereign and regional and local government it currently rates, on a solicited or unsolicited basis, from its offices in Dubai, Dublin, Frankfurt, Johannesburg, London, Madrid, Milan, Paris, and Stockholm.
As required by regulation, all such publication dates are on Fridays. Regulations allow credit rating agencies to deviate from their announced calendar where necessary to comply with their other legal obligations, for example, to disclose credit ratings based on all available and relevant information in a timely manner, but state that deviations should not happen "routinely." Credit rating agencies, including S&P Global Ratings, are required to provide a detailed rationale for any deviation.
Applicable regulations define a "sovereign rating" as a credit rating where:
- The entity rated is a state or a regional or local authority of a state.
- The issuer of the debt or financial obligation, debt security or other financial instrument is a state or a regional or local authority of a state, or a special purpose vehicle of a state or of a regional or local authority.
- The issuer is an international financial institution established by two or more states, which has the purpose of mobilizing funding and providing financial assistance for the benefit of the members of that international financial institution, which are experiencing or threatened by severe financing problems.
For convenience, publication dates are listed separately for sovereigns and for regional and local governments. Each listing is available in two versions, with entities sorted by first publication date and alphabetically (see tables 1-4). New ratings, withdrawals, suspensions, and deviations during the preceding six months are also provided (see tables 5 and 6). To search a list for a specific country or government, press CTRL + F on your keyboard and type in the name of entity.
Sovereign Ratings
Table 1
Sovereigns (sorted by publication date) | ||||||||
---|---|---|---|---|---|---|---|---|
Rated entity | First publication date | Second publication date | Third publication date | |||||
Congo (the Democratic Republic of the) |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Congo-Brazzaville |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Luxembourg |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
North Macedonia |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Romania |
Jan. 24, 2025 | Apr. 11, 2025 | Oct. 10, 2025 | |||||
European Financial Stability Facility |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
European Stability Mechanism |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
Germany* |
Jan. 31, 2025 | Jun. 13, 2025 | Dec. 5, 2025 | |||||
Nigeria |
Jan. 31, 2025 | May. 16, 2025 | Nov. 14, 2025 | |||||
San Marino |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
Sweden* |
Jan. 31, 2025 | Jun. 13, 2025 | Dec. 5, 2025 | |||||
Denmark* |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Georgia (Government of) |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Guernsey |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Iraq |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Jersey (States of) |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Switzerland* |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Angola |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Austria |
Feb. 14, 2025 | Aug. 8, 2025 | ||||||
Cape Verde |
Feb. 14, 2025 | Aug. 8, 2025 | ||||||
Lebanon |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Tajikistan |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Armenia |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
Bosnia and Herzegovina |
Feb. 21, 2025 |
Aug. 1, 2025 | ||||||
Kazakhstan |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
Kenya |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
France* |
Feb. 28, 2025 | May 30, 2025 | Nov. 28, 2025 | |||||
Montenegro |
Feb. 28, 2025 | Aug. 29, 2025 | ||||||
Portugal* |
Feb. 28, 2025 | Aug. 29, 2025 | ||||||
Iceland |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
Jordan |
Mar. 7, 2025 | Aug. 29, 2025 | ||||||
Norway* |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
Ukraine |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
Botswana |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Chad |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Croatia |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Saudi Arabia* |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Spain* |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Albania |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Cameroon |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Ethiopia |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Ireland |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
St Helena |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Czech Republic |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Morocco |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Oman |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Madagascar |
Apr. 4, 2025 | Oct. 3, 2025 | ||||||
Serbia |
Apr. 4, 2025 | Oct. 3, 2025 | ||||||
Egypt |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Hungary |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Italy* |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Mozambique |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
United Kingdom* |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Benin |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Greece |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Netherlands* |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Togo |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Belgium* |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Finland |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Mauritius |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Slovakia |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Turkiye* |
Apr. 25, 2025 | Oct. 17, 2025 | ||||||
Qatar |
May. 2, 2025 | Oct. 31, 2025 | ||||||
Andorra |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Burkina Faso |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Ghana |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Israel |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Poland |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Uganda |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Cote d'Ivoire |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Cyprus |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Rwanda |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Senegal |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Sharjah (Emirate of) |
May. 16, 2025 | Nov. 14, 2025 | ||||||
South Africa |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Abu Dhabi (Emirate of) |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Bahrain |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Bulgaria |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Kuwait |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Liechtenstein |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Ras Al Khaimah (Emirate of) |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Uzbekistan |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Zambia |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Estonia |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Latvia |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Lithuania |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Azerbaijan |
Jun. 6, 2025 | Dec. 5, 2025 | ||||||
Malta |
Jun. 6, 2025 | Dec. 5, 2025 | ||||||
Slovenia |
Jun. 6, 2025 | Nov. 21, 2025 | ||||||
*Unsolicited ratings. |
Table 2
Sovereigns (sorted alphabetically) | ||||||||
---|---|---|---|---|---|---|---|---|
Rated entity | First publication date | Second publication date | Third publication date | |||||
Abu Dhabi (Emirate of) |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Albania |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Andorra |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Angola |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Armenia |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
Austria |
Feb. 14, 2025 | Aug. 8, 2025 | ||||||
Azerbaijan |
Jun. 6, 2025 | Dec. 5, 2025 | ||||||
Bahrain |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Belgium* |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Benin |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Bosnia and Herzegovina |
Feb. 21, 2025 | Aug. 1, 2025 | ||||||
Botswana |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Bulgaria |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Burkina Faso |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Cameroon |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Cape Verde |
Feb. 14, 2025 | Aug. 8, 2025 | ||||||
Chad |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Congo (the Democratic Republic of the) |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Congo-Brazzaville |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Cote d'Ivoire |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Croatia |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Cyprus |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Czech Republic |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Denmark* |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Egypt |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Estonia |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Ethiopia |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
European Financial Stability Facility |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
European Stability Mechanism |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
Finland |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
France* |
Feb. 28, 2025 | May. 30, 2025 | Nov. 28, 2025 | |||||
Georgia (Government of) |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Germany* |
Jan. 31, 2025 | Jun. 13, 2025 | Dec. 5, 2025 | |||||
Ghana |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Greece |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Guernsey |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Hungary |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Iceland |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
Iraq |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Ireland |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Israel |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Italy* |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Jersey (States of) |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Jordan |
Mar. 7, 2025 | Aug. 29, 2025 | ||||||
Kazakhstan |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
Kenya |
Feb. 21, 2025 | Aug. 22, 2025 | ||||||
Kuwait |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Latvia |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Lebanon |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Liechtenstein |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Lithuania |
May. 30, 2025 | Nov. 28, 2025 | ||||||
Luxembourg |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Madagascar |
Apr. 4, 2025 | Oct. 3, 2025 | ||||||
Malta |
Jun. 6, 2025 | Dec. 5, 2025 | ||||||
Mauritius |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Montenegro |
Feb. 28, 2025 | Aug. 29, 2025 | ||||||
Morocco |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Mozambique |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Netherlands* |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Nigeria |
Jan. 31, 2025 | May. 16, 2025 | Nov. 14, 2025 | |||||
North Macedonia |
Jan. 24, 2025 | Jul. 25, 2025 | ||||||
Norway* |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
Oman |
Mar. 28, 2025 | Sep. 26, 2025 | ||||||
Poland |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Portugal* |
Feb. 28, 2025 | Aug. 29, 2025 | ||||||
Qatar |
May. 2, 2025 | Oct. 31, 2025 | ||||||
Ras Al Khaimah (Emirate of) |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Romania |
Jan. 24, 2025 | Apr. 11, 2025 | Oct. 10, 2025 | |||||
Rwanda |
May. 16, 2025 | Nov. 14, 2025 | ||||||
San Marino |
Jan. 31, 2025 | Aug. 1, 2025 | ||||||
Saudi Arabia* |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
Senegal |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Serbia |
Apr. 4, 2025 | Oct. 3, 2025 | ||||||
Sharjah (Emirate of) |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Slovakia |
Apr. 25, 2025 | Oct. 24, 2025 | ||||||
Slovenia |
Jun. 6, 2025 | Nov. 21, 2025 | ||||||
South Africa |
May. 16, 2025 | Nov. 14, 2025 | ||||||
Spain* |
Mar. 14, 2025 | Sep. 12, 2025 | ||||||
St Helena |
Mar. 21, 2025 | Sep. 19, 2025 | ||||||
Sweden* |
Jan. 31, 2025 | Jun. 13, 2025 | Dec. 5, 2025 | |||||
Switzerland* |
Feb. 7, 2025 | Aug. 8, 2025 | ||||||
Tajikistan |
Feb. 14, 2025 | Aug. 15, 2025 | ||||||
Togo |
Apr. 18, 2025 | Oct. 17, 2025 | ||||||
Turkiye* |
Apr. 25, 2025 | Oct. 17, 2025 | ||||||
Uganda |
May. 9, 2025 | Nov. 7, 2025 | ||||||
Ukraine |
Mar. 7, 2025 | Sep. 5, 2025 | ||||||
United Kingdom* |
Apr. 11, 2025 | Oct. 10, 2025 | ||||||
Uzbekistan |
May. 23, 2025 | Nov. 21, 2025 | ||||||
Zambia |
May. 23, 2025 | Nov. 21, 2025 | ||||||
*Unsolicited ratings. |
Local And Regional Government Ratings
Table 3
Local and regional governments (sorted by publication date) | ||||
---|---|---|---|---|
Rated entity | Country | First publication date | Second publication date | Third publication date |
Sicily (Region of) |
Italy | Jan. 17, 2025 | May. 30, 2025 | Nov. 28, 2025 |
Gironde (Department of) |
France | Jan. 24, 2025 | Jul. 25, 2025 | |
Hauts-de-Seine (Department of) |
France | Jan. 24, 2025 | Jul. 25, 2025 | |
Rome (Metropolitan City of) |
Italy | Jan. 24, 2025 | Jul. 25, 2025 | |
Barcelona (City of) |
Spain | Jan. 24, 2025 | Jul. 25, 2025 | |
Madrid (Autonomous Community of) |
Spain | Jan. 24, 2025 | Jul. 25, 2025 | |
Madeira (Autonomous Region of) |
Portugal | Jan. 31, 2025 | Aug. 1, 2025 | |
Tyrol (State of) |
Austria | Feb. 7, 2025 | Aug. 1, 2025 | |
Republika Srpska |
Bosnia and Herzegovina | Feb. 7, 2025 | Aug. 8, 2025 | |
Rome (City of) |
Italy | Feb. 7, 2025 | Jul. 25, 2025 | |
Boras (City of) |
Sweden | Feb. 7, 2025 | Aug. 8, 2025 | |
Vellinge (Municipality of) |
Sweden | Feb. 7, 2025 | Aug. 8, 2025 | |
Bavaria (State of) |
Germany | Feb. 28, 2025 | Aug. 29, 2025 | |
Saxony (State of) |
Germany | Feb. 28, 2025 | Aug. 29, 2025 | |
Taby (Municipality of) |
Sweden | Feb. 28, 2025 | Aug. 29, 2025 | |
Styria (State of) |
Austria | Mar. 7, 2025 | Sep. 5, 2025 | |
Krakow (City of) |
Poland | Mar. 7, 2025 | Sep. 5, 2025 | |
Goteborg (City of) |
Sweden | Mar. 7, 2025 | Sep. 5, 2025 | |
Vorarlberg (State of) |
Austria | Mar. 14, 2025 | Sep. 12, 2025 | |
Provence-Alpes-Cote d'Azur (Region of) |
France | Mar. 14, 2025 | Sep. 12, 2025 | |
Skopje (Municipality of) |
North Macedonia | Mar. 14, 2025 | Sep. 12, 2025 | |
Lodz (City of) |
Poland | Mar. 14, 2025 | Sep. 12, 2025 | |
Sundsvall (Municipality of) |
Sweden | Mar. 14, 2025 | Sep. 12, 2025 | |
Lancashire County Council |
United Kingdom | Mar. 14, 2025 | Sep. 12, 2025 | |
Zagreb (City of) |
Croatia | Mar. 21, 2025 | Sep. 19, 2025 | |
Collectivite Europeenne d'Alsace |
France | Mar. 21, 2025 | Sep. 19, 2025 | |
Basque Country (Autonomous Community of) (The) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Bizkaia (Historical Territory of) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Navarre (Autonomous Community of) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Lund (Municipality of) |
Sweden | Mar. 21, 2025 | Sep. 19, 2025 | |
St. Gallen (Canton of) |
Switzerland | Mar. 21, 2025 | Sep. 19, 2025 | |
Baden-Wuerttemberg (State of) |
Germany | Mar. 28, 2025 | Sep. 26, 2025 | |
Orebro (Municipality of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Stockholm (Region of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Vastra Gotaland (Region of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Greater London Authority |
United Kingdom | Mar. 28, 2025 | Sep. 26, 2025 | |
Sofia (City of) |
Bulgaria | Apr. 4, 2025 | Oct. 3, 2025 | |
Marseille (City of) |
France | Apr. 4, 2025 | Oct. 3, 2025 | |
Paris (City of) |
France | Apr. 4, 2025 | Oct. 3, 2025 | |
Extremadura (Autonomous Community of) |
Spain | Apr. 4, 2025 | Oct. 3, 2025 | |
Huddinge (Municipality of) |
Sweden | Apr. 4, 2025 | Oct. 3, 2025 | |
Plovdiv (City of) |
Bulgaria | Apr. 11, 2025 | Oct. 10, 2025 | |
Stara Zagora (City of) |
Bulgaria | Apr. 11, 2025 | Oct. 10, 2025 | |
Hesse (State of) |
Germany | Apr. 11, 2025 | Oct. 10, 2025 | |
Andalusia (Autonomous Community of) |
Spain | Apr. 11, 2025 | Oct. 10, 2025 | |
Jonkoping (Municipality of) |
Sweden | Apr. 11, 2025 | Oct. 10, 2025 | |
Ostersund (Municipality of) |
Sweden | Apr. 11, 2025 | Oct. 10, 2025 | |
Zurich (City of) |
Switzerland | Apr. 11, 2025 | Oct. 10, 2025 | |
Burgenland (State of) |
Austria | Apr. 18, 2025 | Oct. 17, 2025 | |
Brno (City of) |
Czech Republic | Apr. 18, 2025 | Oct. 17, 2025 | |
Liguria (Region of) |
Italy | Apr. 18, 2025 | Oct. 17, 2025 | |
Umbria (Region of) |
Italy | Apr. 18, 2025 | Oct. 17, 2025 | |
Riga (City of) |
Latvia | Apr. 18, 2025 | Oct. 17, 2025 | |
Helsingborg (City of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Norrtalje (Municipality of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Skane (Region of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Geneva (City of) |
Switzerland | Apr. 18, 2025 | Oct. 17, 2025 | |
North Rhine-Westphalia (State of) |
Germany | Apr. 25, 2025 | Oct. 24, 2025 | |
Aragon (Autonomous Community of) |
Spain | Apr. 25, 2025 | Oct. 24, 2025 | |
Linkoping (Municipality of) |
Sweden | Apr. 25, 2025 | Oct. 24, 2025 | |
Kyiv (City of) |
Ukraine | Apr. 25, 2025 | Oct. 24, 2025 | |
Basel-City (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Basel-Country (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Lausanne (City of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Solothurn (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Vaud (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Campania (Region of) |
Italy | May. 9, 2025 | Nov. 7, 2025 | |
Oslo (City of) |
Norway | May. 9, 2025 | Nov. 7, 2025 | |
Stavanger (Municipality of) |
Norway | May. 9, 2025 | Nov. 7, 2025 | |
Balearic Islands (Autonomous Community of) (The) |
Spain | May. 9, 2025 | Nov. 7, 2025 | |
Stockholm (City of) |
Sweden | May. 9, 2025 | Nov. 7, 2025 | |
Upper Austria (State of) |
Austria | May. 16, 2025 | Nov. 14, 2025 | |
Communaute D'agglomeration De Cergy Pontoise |
France | May. 16, 2025 | Nov. 14, 2025 | |
Valencia (Autonomous Community of) |
Spain | May. 16, 2025 | Nov. 14, 2025 | |
Trelleborg (Municipality of) |
Sweden | May. 16, 2025 | Nov. 14, 2025 | |
Zurich (Canton of) |
Switzerland | May. 16, 2025 | Nov. 14, 2025 | |
Federation of Bosnia and Herzegovina |
Bosnia and Herzegovina | May. 23, 2025 | Nov. 21, 2025 | |
Canary Islands (Autonomous Community of) |
Spain | May. 23, 2025 | Nov. 21, 2025 | |
Malmo (City of) |
Sweden | May. 23, 2025 | Nov. 21, 2025 | |
Uppsala (City of) |
Sweden | May. 23, 2025 | Nov. 21, 2025 | |
Galicia (Autonomous Community of) |
Spain | May. 30, 2025 | Nov. 28, 2025 | |
Sodertalje (Municipality of) |
Sweden | May. 30, 2025 | Nov. 28, 2025 | |
Vasteras (City of) |
Sweden | May. 30, 2025 | Nov. 28, 2025 | |
Fergana Region |
Uzbekistan | May. 30, 2025 | Nov. 28, 2025 | |
Auvergne-Rhone-Alpes (Region of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Hauts-de-France |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Pays de La Loire (Region of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Saint-Quentin-en-Yvelines (Intercity of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Norrkoping (Municipality of) |
Sweden | Jun. 6, 2025 | Dec. 5, 2025 | |
Lower Austria (State of)* |
Austria | Jun. 13, 2025 | Dec. 12, 2025 | |
Brussels-Capital (Region of) |
Belgium | Jun. 13, 2025 | Oct. 10, 2025 | |
French Polynesia (Overseas Country of) |
France | Jun. 13, 2025 | Dec. 12, 2025 | |
Aargau (Canton of) |
Switzerland | Jun. 13, 2025 | Dec. 12, 2025 | |
Geneva (Republic and Canton of) |
Switzerland | Jun. 13, 2025 | Dec. 12, 2025 |
Table 4
Local and regional governments (sorted alphabetically by country and then by entity) | ||||
---|---|---|---|---|
Rated entity | Country | First publication date | Second publication date | Third publication date |
Burgenland (State of) |
Austria | Apr. 18, 2025 | Oct. 17, 2025 | |
Lower Austria (State of)* |
Austria | Jun. 13, 2025 | Dec. 12, 2025 | |
Styria (State of) |
Austria | Mar. 7, 2025 | Sep. 5, 2025 | |
Tyrol (State of) |
Austria | Feb. 7, 2025 | Aug. 1, 2025 | |
Upper Austria (State of) |
Austria | May. 16, 2025 | Nov. 14, 2025 | |
Vorarlberg (State of) |
Austria | Mar. 14, 2025 | Sep. 12, 2025 | |
Brussels-Capital (Region of) |
Belgium | Jun. 13, 2025 | Oct. 10, 2025 | |
Federation of Bosnia and Herzegovina |
Bosnia and Herzegovina | May. 23, 2025 | Nov. 21, 2025 | |
Republika Srpska |
Bosnia and Herzegovina | Feb. 7, 2025 | Aug. 8, 2025 | |
Plovdiv (City of) |
Bulgaria | Apr. 11, 2025 | Oct. 10, 2025 | |
Sofia (City of) |
Bulgaria | Apr. 4, 2025 | Oct. 3, 2025 | |
Stara Zagora (City of) |
Bulgaria | Apr. 11, 2025 | Oct. 10, 2025 | |
Zagreb (City of) |
Croatia | Mar. 21, 2025 | Sep. 19, 2025 | |
Brno (City of) |
Czech Republic | Apr. 18, 2025 | Oct. 17, 2025 | |
Auvergne-Rhone-Alpes (Region of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Collectivite Europeenne d'Alsace |
France | Mar. 21, 2025 | Sep. 19, 2025 | |
Communaute D'agglomeration De Cergy Pontoise |
France | May. 16, 2025 | Nov. 14, 2025 | |
French Polynesia (Overseas Country of) |
France | Jun. 13, 2025 | Dec. 12, 2025 | |
Gironde (Department of) |
France | Jan. 24, 2025 | Jul. 25, 2025 | |
Hauts-de-Seine (Department of) |
France | Jan. 24, 2025 | Jul. 25, 2025 | |
Hauts-de-France |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Marseille (City of) |
France | Apr. 4, 2025 | Oct. 3, 2025 | |
Paris (City of) |
France | Apr. 4, 2025 | Oct. 3, 2025 | |
Pays de La Loire (Region of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Provence-Alpes-Cote d'Azur (Region of) |
France | Mar. 14, 2025 | Sep. 12, 2025 | |
Saint-Quentin-en-Yvelines (Intercity of) |
France | Jun. 6, 2025 | Dec. 5, 2025 | |
Baden-Wuerttemberg (State of) |
Germany | Mar. 28, 2025 | Sep. 26, 2025 | |
Bavaria (State of) |
Germany | Feb. 28, 2025 | Aug. 29, 2025 | |
Hesse (State of) |
Germany | Apr. 11, 2025 | Oct. 10, 2025 | |
North Rhine-Westphalia (State of) |
Germany | Apr. 25, 2025 | Oct. 24, 2025 | |
Saxony (State of) |
Germany | Feb. 28, 2025 | Aug. 29, 2025 | |
Campania (Region of) |
Italy | May. 9, 2025 | Nov. 7, 2025 | |
Rome (Metropolitan City of) |
Italy | Jan. 24, 2025 | Jul. 25, 2025 | |
Liguria (Region of) |
Italy | Apr. 18, 2025 | Oct. 17, 2025 | |
Rome (City of) |
Italy | Feb. 7, 2025 | Jul. 25, 2025 | |
Sicily (Region of) |
Italy | Jan. 17, 2025 | May. 30, 2025 | Nov. 28, 2025 |
Umbria (Region of) |
Italy | Apr. 18, 2025 | Oct. 17, 2025 | |
Riga (City of) |
Latvia | Apr. 18, 2025 | Oct. 17, 2025 | |
Skopje (Municipality of) |
North Macedonia | Mar. 14, 2025 | Sep. 12, 2025 | |
Oslo (City of) |
Norway | May. 9, 2025 | Nov. 7, 2025 | |
Stavanger (Municipality of) |
Norway | May. 9, 2025 | Nov. 7, 2025 | |
Krakow (City of) |
Poland | Mar. 7, 2025 | Sep. 5, 2025 | |
Lodz (City of) |
Poland | Mar. 14, 2025 | Sep. 12, 2025 | |
Madeira (Autonomous Region of) |
Portugal | Jan. 31, 2025 | Aug. 1, 2025 | |
Andalusia (Autonomous Community of) |
Spain | Apr. 11, 2025 | Oct. 10, 2025 | |
Aragon (Autonomous Community of) |
Spain | Apr. 25, 2025 | Oct. 24, 2025 | |
Balearic Islands (Autonomous Community of) (The) |
Spain | May. 9, 2025 | Nov. 7, 2025 | |
Barcelona (City of) |
Spain | Jan. 24, 2025 | Jul. 25, 2025 | |
Basque Country (Autonomous Community of) (The) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Bizkaia (Historical Territory of) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Canary Islands (Autonomous Community of) |
Spain | May. 23, 2025 | Nov. 21, 2025 | |
Extremadura (Autonomous Community of) |
Spain | Apr. 4, 2025 | Oct. 3, 2025 | |
Galicia (Autonomous Community of) |
Spain | May. 30, 2025 | Nov. 28, 2025 | |
Madrid (Autonomous Community of) |
Spain | Jan. 24, 2025 | Jul. 25, 2025 | |
Navarre (Autonomous Community of) |
Spain | Mar. 21, 2025 | Sep. 19, 2025 | |
Valencia (Autonomous Community of) |
Spain | May. 16, 2025 | Nov. 14, 2025 | |
Boras (City of) |
Sweden | Feb. 7, 2025 | Aug. 8, 2025 | |
Goteborg (City of) |
Sweden | Mar. 7, 2025 | Sep. 5, 2025 | |
Helsingborg (City of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Huddinge (Municipality of) |
Sweden | Apr. 4, 2025 | Oct. 3, 2025 | |
Jonkoping (Municipality of) |
Sweden | Apr. 11, 2025 | Oct. 10, 2025 | |
Linkoping (Municipality of) |
Sweden | Apr. 25, 2025 | Oct. 24, 2025 | |
Lund (Municipality of) |
Sweden | Mar. 21, 2025 | Sep. 19, 2025 | |
Malmo (City of) |
Sweden | May. 23, 2025 | Nov. 21, 2025 | |
Norrkoping (Municipality of) |
Sweden | Jun. 6, 2025 | Dec. 5, 2025 | |
Norrtalje (Municipality of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Orebro (Municipality of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Ostersund (Municipality of) |
Sweden | Apr. 11, 2025 | Oct. 10, 2025 | |
Skane (Region of) |
Sweden | Apr. 18, 2025 | Oct. 17, 2025 | |
Sodertalje (Municipality of) |
Sweden | May. 30, 2025 | Nov. 28, 2025 | |
Stockholm (City of) |
Sweden | May. 9, 2025 | Nov. 7, 2025 | |
Stockholm (Region of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Sundsvall (Municipality of) |
Sweden | Mar. 14, 2025 | Sep. 12, 2025 | |
Taby (Municipality of) |
Sweden | Feb. 28, 2025 | Aug. 29, 2025 | |
Trelleborg (Municipality of) |
Sweden | May. 16, 2025 | Nov. 14, 2025 | |
Uppsala (City of) |
Sweden | May. 23, 2025 | Nov. 21, 2025 | |
Vasteras (City of) |
Sweden | May. 30, 2025 | Nov. 28, 2025 | |
Vastra Gotaland (Region of) |
Sweden | Mar. 28, 2025 | Sep. 26, 2025 | |
Vellinge (Municipality of) |
Sweden | Feb. 7, 2025 | Aug. 8, 2025 | |
Aargau (Canton of) |
Switzerland | Jun. 13, 2025 | Dec. 12, 2025 | |
Basel-City (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Basel-Country (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Geneva (City of) |
Switzerland | Apr. 18, 2025 | Oct. 17, 2025 | |
Geneva (Republic and Canton of) |
Switzerland | Jun. 13, 2025 | Dec. 12, 2025 | |
Lausanne (City of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Solothurn (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
St. Gallen (Canton of) |
Switzerland | Mar. 21, 2025 | Sep. 19, 2025 | |
Vaud (Canton of) |
Switzerland | May. 2, 2025 | Oct. 31, 2025 | |
Zurich (Canton of) |
Switzerland | May. 16, 2025 | Nov. 14, 2025 | |
Zurich (City of) |
Switzerland | Apr. 11, 2025 | Oct. 10, 2025 | |
Kyiv (City of) |
Ukraine | Apr. 25, 2025 | Oct. 24, 2025 | |
Greater London Authority |
United Kingdom | Mar. 28, 2025 | Sep. 26, 2025 | |
Lancashire County Council |
United Kingdom | Mar. 14, 2025 | Sep. 12, 2025 | |
Fergana Region |
Uzbekistan | May. 30, 2025 | Nov. 28, 2025 |
Sovereign, Regional, And Local Government New Ratings, Withdrawals, Suspensions, And Deviations
Table 5
Sovereign, Regional, And Local Government New Ratings, Withdrawals, And Suspensions: Jan. 1 To Dec. 18, 2024 | ||
---|---|---|
Entity | Rating action | Date |
New ratings | ||
San Marino |
New rating | Nov. 12, 2024 |
Chad |
New rating | Oct. 28, 2024 |
Madeira (Autonomous Region of) |
New rating | Oct. 18, 2024 |
Rome (City of) |
New rating | Aug. 9, 2024 |
Lancashire County Council |
New rating | Aug. 1, 2024 |
French Polynesia (Overseas Country of) |
New rating | Jul. 5, 2024 |
Federation of Bosnia and Herzegovina |
New rating | May. 27, 2024 |
Collectivite Europeenne d'Alsace |
New rating | Mar. 22, 2024 |
Withdrawals | ||
Nacka (Municipality of) | Withdrawal at the issuer's request | Oct. 22, 2024 |
Mayenne (Department of) | Withdrawal at the issuer's request | Mar. 15, 2024 |
Yvelines (Department of) | Withdrawal at the issuer's request | Jan. 15, 2024 |
Suspensions | ||
Plovdiv (City of) | Suspended due to lack of sufficient information | Jun. 12, 2024 |
Reinstatements | ||
Plovdiv (City of) |
Reinstated due to sufficient information becoming available | Oct. 11, 2024 |
Table 6
Sovereign, Regional, And Local Government Rating Deviations: Jan. 1 To Dec. 18, 2024 | ||
---|---|---|
Rated entity | Rating action date | Rationale |
Geneva (City of) |
Dec. 6 2024 | Outlook revised to stable on financial implications linked to the reduction of personal income tax. |
Congo-Brazzaville |
Nov. 19 2024 | Ratings raised following distressed exchange plan. |
Congo-Brazzaville |
Nov. 18 2024 | Ratings lowered following finalized debt exchange plan. |
Congo-Brazzaville |
Oct. 30 2024 | Ratings lowered following distressed exchange plan. |
Senegal |
Oct. 18 2024 | Ratings affirmed following the monetary assessment improvement of the West African Economic and Monetary Union; Outlook revised to negative on fiscal slippage. |
Cote d'Ivoire |
Oct. 18 2024 | Rating raised following the monetary assessment improvement of the West African Economic and Monetary Union, and declining budgetary and external imbalances. |
Togo |
Oct. 18 2024 | Ratings affirmed following the monetary assessment improvement of the West African Economic and Monetary Union. |
Burkina Faso |
Oct. 18 2024 | Ratings affirmed following the monetary assessment improvement of the West African Economic and Monetary Union. |
Ghana |
Oct. 14 2024 | Ratings affirmed following the completion of the government's distressed debt exchange on Eurobonds. |
Israel |
Oct. 1 2024 | Ratings lowered following heightened security risk. |
Ukraine |
Sep. 13 2024 | New Eurobonds rated following debt restructuring. |
Ukraine |
Aug. 30 2024 | Issue ratings lowered following debt restructuring. |
Ukraine |
Aug. 2 2024 | Rating lowered following the missed payment on the coupon of Ukraine's 2026 Eurobond. |
Provence-Alpes-Cote d'Azur (Region of) |
Jun. 7 2024 | Ratings lowered after same action on France. |
Collectivite Europeenne d'Alsace |
Jun. 7 2024 | Ratings lowered after same action on France. |
Paris (City of) |
Jun. 7 2024 | Ratings lowered after same action on France. |
Hauts-de-Seine (Department of) |
Jun. 7 2024 | Ratings lowered after same action on France. |
European Financial Stability Facility |
Jun. 3 2024 | Rating lowered after same action on France. |
Israel |
Apr. 19 2024 | Ratings lowered on the significant increase of geopolitical and security risks around Israel. |
Egypt |
Mar. 18 2024 | Outlook revised to positive on the exchange rate liberalization and the significant increase in foreign currency inflows. |
Senegal |
Feb. 23 2024 | Ratings affirmed following decision by the Senegalese president to delay the national elections originally slated for Feb. 25. |
Kenya |
Feb. 9 2024 | Rating affirmed following the Kenyan government's partial buyback of its $2 billion Eurobond maturing in June 2024. |
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