This report does not constitute a rating action.
As of July 31, 2021, S&P Global Ratings rates 137 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 July 31, 2021 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
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 | CCC+/Stable/C | CCC+/Stable/C | CCC+ | ||||||
Aruba |
AW | BBB/Stable/A-2 | BBB/Stable/A-2 | BBB | ||||||
Australia |
AU | AAA/Stable/A-1+ | AAA/Stable/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+/Negative/B | B+/Negative/B | BB- | ||||||
Bangladesh |
BD | BB-/Stable/B | BB-/Stable/B | BB- | ||||||
Barbados |
BB | B-/Stable/B | B-/Stable/B | B- | ||||||
Belarus |
BY | B/Negative/B | B/Negative/B | B | ||||||
Belgium |
BE | AA/Stable/A-1+ | AA/Stable/A-1+ | AAA* | ||||||
Belize |
BZ | SD/--/SD | CC/Negative/C | CC | ||||||
Benin |
BJ | B+/Stable/B | B+/Stable/B | BBB-* | ||||||
Bermuda |
BM | A+/Stable/A-1 | A+/Stable/A-1 | AA+ | ||||||
Bolivia |
BO | B+/Negative/B | B+/Negative/B | B+ | ||||||
Bosnia and Herzegovina |
BA | B/Stable/B | B/Stable/B | BB- | ||||||
Botswana |
BW | BBB+/Negative/A-2 | BBB+/Negative/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-/Stable/B | B-/Stable/B | B+ | ||||||
Chile |
CL | A/Stable/A-1 | A+/Stable/A-1 | AA- | ||||||
China |
CN | A+/Stable/A-1 | A+/Stable/A-1 | A+ | ||||||
Colombia |
CO | BB+/Stable/B | BBB-/Stable/A-3 | BBB | ||||||
Congo (DRC) |
CD | CCC+/Positive/C | CCC+/Positive/C | CCC+ | ||||||
Congo-Brazzaville |
CG | CCC+/Stable/C | CCC+/Stable/C | BBB-* | ||||||
Cook Islands |
CK | B+/Stable/B | B+/Stable/B | AAA* | ||||||
Costa Rica |
CR | B/Negative/B | B/Negative/B | BB- | ||||||
Cote d'Ivoire |
CI | BB-/Stable/B | BB-/Stable/B | BBB-* | ||||||
Croatia |
HR | BBB-/Stable/A-3 | BBB-/Stable/A-3 | BBB+ | ||||||
Curacao |
CW | BBB-/Negative/A-3 | BBB-/Negative/A-3 | 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 | B-/Stable/B | B-/Stable/B | B- | ||||||
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-/Watch Neg/B | B-/Watch Neg/B | B- | ||||||
Falkland Islands (The) |
FK | A+/Stable/A-1 | A+/Stable/A-1 | A+ | ||||||
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/Negative/B | BB/Negative/B | BBB- | ||||||
Germany |
DE | AAA/Stable/A-1+ | AAA/Stable/A-1+ | AAA* | ||||||
Ghana |
GH | B-/Stable/B | B-/Stable/B | B | ||||||
Greece |
GR | BB/Positive/B | BB/Positive/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/Stable/A-2 | BBB/Stable/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/Stable/B | B/Stable/B | B+ | ||||||
Korea |
KR | AA/Stable/A-1+ | AA/Stable/A-1+ | AAA | ||||||
Kuwait |
KW | A+/Negative/A-1 | A+/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/Stable/B | B/Stable/B | AAA* | ||||||
Montserrat |
MS | BBB-/Stable/A-3 | BBB-/Stable/A-3 | BBB-* | ||||||
Morocco |
MA | BB+/Stable/B | BB+/Stable/B | 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+/Stable/A-1+ | AAA/Stable/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 | B+/Stable/B | B+/Stable/B | BB- | ||||||
Pakistan |
PK | B-/Stable/B | B-/Stable/B | B- | ||||||
Panama |
PA | BBB/Stable/A-2 | BBB/Stable/A-2 | AAA* | ||||||
Papua New Guinea |
PG | B-/Negative/B | B-/Negative/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-/Stable/A-2 | A-/Stable/A-2 | AA+* | ||||||
Romania |
RO | BBB-/Stable/A-3 | BBB-/Stable/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-/Stable/A-3 | BBB-/Stable/A-3 | AA+* | ||||||
Singapore |
SG | AAA/Stable/A-1+ | AAA/Stable/A-1+ | AAA | ||||||
Slovakia |
SK | A+/Stable/A-1 | A+/Stable/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/Negative/A-1 | A/Negative/A-1 | AAA* | ||||||
Sri Lanka |
LK | CCC+/Stable/C | CCC+/Stable/C | CCC+ | ||||||
St Helena |
SH | BBB-/Stable/A-3 | BBB-/Stable/A-3 | BBB- | ||||||
Suriname |
SR | SD/--/SD | SD/--/SD | 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/Positive/A-1+ | AA/Positive/A-1+ | AAA | ||||||
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-/Negative/A-3 | BBB-/Negative/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-/Stable/B | BB-/Stable/B | BB- | ||||||
Venezuela |
VE | SD/--/D | CCC-/Negative/C | CC | ||||||
Vietnam |
VN | BB/Positive/B | BB/Positive/B | BB | ||||||
Zambia |
ZM | SD/--/SD | 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, Cote d'Ivoire, 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. ISO--International Organization for Standardization. LT--Long-term rating. ST--Short-term rating. |
Related Criteria
- S&P Global Ratings Definitions, Aug. 7, 2020
- Sovereign Rating Methodology, Jan. 22, 2019
- Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
- General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
- General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
- Methodology: Criteria For Determining Transfer And Convertibility Assessments, May 18, 2009
Related Research
- COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, And Project Finance To Date, Feb. 24, 2021
- Credit FAQ: IMF Lending And Sovereign Ratings, May 28, 2020
- An Overview Of Sovereign Rating Actions Related To COVID-19, May 11, 2020
- COVID-19 And Implications Of Temporary Debt Moratoriums For Rated African Sovereigns, April 29, 2020
Primary Credit Analyst: | Roberto H Sifon-arevalo, New York + 1 (212) 438 7358; roberto.sifon-arevalo@spglobal.com |
Research Contributors: | Ashay Gokhale, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
Hari Krishan, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
Additional Contacts: | EMEA Sovereign and IPF; SovereignIPF@spglobal.com |
SovereignAmericas; sovereignamericas@spglobal.com |
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