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Calendar Of 2025 EMEA Sovereign, Regional, And Local Government Rating Publication Dates

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Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published


Calendar Of 2025 EMEA Sovereign, Regional, And Local Government Rating Publication Dates

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.
Primary Credit Analysts:Guy Deslondes, Milan +39 0272111307;
guy.deslondes@spglobal.com
Christian Esters, CFA, Frankfurt + 49 693 399 9262;
christian.esters@spglobal.com
Dhruv Roy, Dubai + 971(0)56 413 3480;
dhruv.roy@spglobal.com
Marko Mrsnik, Madrid +34-91-389-6953;
marko.mrsnik@spglobal.com
Beatrice de Taisne, CFA, London + 44 20 7176 3938;
beatrice.de.taisne@spglobal.com
Additional Contact:Sovereign and IPF EMEA;
SOVIPF@spglobal.com

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