This report does not constitute a rating action.
S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month.
Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' "Sovereign Rating Methodology," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating.
Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a change in the rating, nor is a change in the rating necessarily predicated on changes in one or more of the scores. In determining the final rating, the committee can make use of the flexibility afforded by paragraphs 15 and 126-128 of the rating methodology, and this flexibility is reflected in the difference between the indicative and final ratings. Ratings below 'B-' are determined using separate criteria including "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012, and "S&P Global Ratings Definitions" published Nov. 10, 2021 (in particular; see paragraphs 192-275).
The ratings and scores in the table below are as of Aug. 31, 2024.
Table 1
Rating Score Snapshot | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Issuer | Sovereign Foreign-Currency Ratings | Institutional assessment | Economic assessment | External assessment | Fiscal assessment: budget performance | Fiscal assessment: debt | Monetary assessment | Indicative rating | Notches of supplemental adjustments and flexibility | Long-term Foreign-Currency Rating |
Abu Dhabi |
AA/Stable/A-1+ | 3 | 1 | 2 | 1 | 1 | 4 | aa | 0 | AA |
Albania |
BB-/Stable/B | 5 | 4 | 3 | 3 | 4 | 5 | bb- | 0 | BB- |
Andorra |
A-/Positive/A-2 | 3 | 3 | 2 | 1 | 3 | 5 | a- | 0 | A- |
Angola |
B-/Stable/B | 5 | 6 | 5 | 6 | 6 | 5 | b- | 0 | B- |
Argentina |
CCC/Stable/C | 6 | 5 | 6 | 6 | 5 | 6 | b- | N/A | CCC |
Armenia |
BB-/Stable/B | 5 | 3 | 4 | 4 | 4 | 4 | bb | -1 | BB- |
Aruba |
BBB/Positive/A-2 | 2 | 4 | 4 | 1 | 4 | 4 | bbb+ | -1 | BBB |
Australia |
AAA/Stable/A-1+ | 1 | 1 | 5 | 1 | 1 | 1 | aaa | 1 | AAA |
Austria |
AA+/Positive/A-1+ | 2 | 1 | 1 | 3 | 3 | 2 | aaa | -1 | AA+ |
Azerbaijan |
BB+/Stable/B | 5 | 5 | 2 | 1 | 1 | 5 | bb+ | 0 | BB+ |
Bahamas |
B+/Stable/B | 4 | 4 | 6 | 4 | 6 | 4 | b+ | 0 | B+ |
Bahrain |
B+/Stable/B | 4 | 4 | 5 | 6 | 6 | 4 | b+ | 0 | B+ |
Bangladesh |
B+/Stable/B | 5 | 4 | 4 | 6 | 5 | 4 | b+ | 0 | B+ |
Barbados |
B-/Positive/B | 5 | 4 | 6 | 4 | 6 | 5 | b- | 0 | B- |
Belgium |
AA/Stable/A-1+ | 3 | 1 | 2 | 4 | 4 | 2 | aa | 0 | AA |
Belize |
B-/Stable/B | 6 | 5 | 6 | 6 | 5 | 5 | b- | 0 | B- |
Benin |
BB-/Stable/B | 4 | 4 | 4 | 3 | 5 | 5 | bb- | 0 | BB- |
Bermuda |
A+/Stable/A-1 | 2 | 2 | 3 | 1 | 4 | 5 | a+ | 0 | A+ |
Bolivia |
CCC+/Negative/C | 5 | 6 | 6 | 6 | 5 | 5 | b- | N/A | CCC+ |
Bosnia and Herzegovina |
B+/Stable/B | 5 | 4 | 3 | 3 | 1 | 6 | bb | -2 | B+ |
Botswana |
BBB+/Stable/A-2 | 3 | 5 | 2 | 3 | 1 | 4 | bbb+ | 0 | BBB+ |
Brazil |
BB/Stable/B | 4 | 5 | 2 | 6 | 6 | 3 | bb | 0 | BB |
Bulgaria |
BBB/Positive/A-2 | 4 | 4 | 2 | 2 | 1 | 5 | bbb- | 1 | BBB |
Burkina Faso |
CCC+/Stable/C | 6 | 6 | 6 | 6 | 4 | 5 | b- | N/A | CCC+ |
Cameroon |
B-/Stable/B | 6 | 5 | 5 | 3 | 4 | 5 | b- | 0 | B- |
Canada |
AAA/Stable/A-1+ | 1 | 1 | 2 | 1 | 3 | 1 | aaa | 0 | AAA |
Cape Verde |
B/Stable/B | 4 | 5 | 5 | 4 | 6 | 5 | b | 0 | B |
Chile |
A/Negative/A-1 | 2 | 4 | 4 | 3 | 2 | 2 | a- | 1 | A |
China |
A+/Stable/A-1 | 3 | 3 | 1 | 5 | 4 | 2 | a | 1 | A+ |
Colombia |
BB+/Negative/B | 3 | 4 | 5 | 4 | 4 | 3 | bb+ | 0 | BB+ |
Congo |
B-/Stable/B | 6 | 6 | 6 | 3 | 6 | 5 | b- | 0 | B- |
Congo, D.R. |
B-/Stable/B | 5 | 6 | 5 | 4 | 1 | 6 | b- | 0 | B- |
Cook Islands |
B+/Stable/B | 5 | 4 | 5 | 4 | 1 | 6 | b+ | 0 | B+ |
Costa Rica |
BB-/Stable/B | 4 | 4 | 4 | 5 | 6 | 4 | bb- | 0 | BB- |
Cote d'Ivoire |
BB-/Positive/B | 4 | 4 | 4 | 3 | 5 | 5 | bb- | 0 | BB- |
Croatia |
BBB+/Positive/A-2 | 4 | 4 | 2 | 2 | 2 | 3 | bbb+ | 0 | BBB+ |
Curacao |
BBB-/Stable/A-3 | 3 | 5 | 2 | 2 | 1 | 5 | bbb- | 0 | BBB- |
Cyprus |
BBB+/Positive/A-2 | 3 | 2 | 5 | 1 | 2 | 4 | a | -2 | BBB+ |
Czech Republic |
AA-/Stable/A-1+ | 2 | 3 | 1 | 3 | 2 | 2 | aa | -1 | AA- |
Denmark |
AAA/Stable/A-1+ | 1 | 1 | 3 | 1 | 1 | 3 | aaa | 0 | AAA |
Dominican Republic |
BB/Stable/B | 4 | 3 | 4 | 5 | 5 | 4 | bb | 0 | BB |
Ecuador |
B-/Negative/B | 6 | 5 | 6 | 4 | 3 | 6 | b- | 0 | B- |
Egypt |
B-/Positive/B | 5 | 5 | 5 | 6 | 6 | 5 | b- | 0 | B- |
El Salvador |
B-/Stable/B | 6 | 5 | 5 | 6 | 6 | 6 | b- | 0 | B- |
Estonia |
A+/Stable/A-1 | 2 | 3 | 2 | 3 | 1 | 3 | aa- | -1 | A+ |
Ethiopia |
SD/NM/SD | 6 | 6 | 6 | 6 | 5 | 6 | b- | N/A | SD |
Falkland Islands |
A+/Stable/A-1 | 3 | 2 | 4 | 1 | 1 | 6 | a | 1 | A+ |
Fiji |
B+/Stable/B | 5 | 5 | 3 | 4 | 6 | 5 | b | 1 | B+ |
Finland |
AA+/Stable/A-1+ | 2 | 1 | 4 | 1 | 2 | 2 | aa+ | 0 | AA+ |
France |
AA-/Stable/A-1+ | 2 | 1 | 4 | 4 | 5 | 2 | aa- | 0 | AA- |
Georgia |
BB/Stable/B | 4 | 4 | 4 | 4 | 3 | 4 | bb | 0 | BB |
Germany |
AAA/Stable/A-1+ | 2 | 1 | 1 | 2 | 2 | 2 | aaa | 0 | AAA |
Ghana |
SD/NM/SD | 5 | 5 | 6 | 6 | 6 | 5 | b- | N/A | SD |
Greece |
BBB-/Positive/A-3 | 3 | 3 | 5 | 1 | 6 | 2 | bbb+ | -2 | BBB- |
Guatemala |
BB/Positive/B | 4 | 5 | 2 | 3 | 3 | 4 | bb+ | -1 | BB |
Guernsey |
A+/Stable/A-1 | 2 | 2 | 4 | 2 | 2 | 5 | a+ | 0 | A+ |
Honduras |
BB-/Stable/B | 5 | 5 | 2 | 5 | 4 | 4 | bb- | 0 | BB- |
Hong Kong |
AA+/Stable/A-1+ | 3 | 1 | 1 | 1 | 2 | 2 | aaa | -1 | AA+ |
Hungary |
BBB-/Stable/A-3 | 4 | 3 | 3 | 4 | 4 | 4 | bbb- | 0 | BBB- |
Iceland |
A+/Stable/A-1 | 2 | 2 | 3 | 2 | 4 | 4 | a+ | 0 | A+ |
India |
BBB-/Positive/A-3 | 3 | 4 | 1 | 6 | 6 | 3 | bbb- | 0 | BBB- |
Indonesia |
BBB/Stable/A-2 | 3 | 4 | 3 | 3 | 4 | 3 | bbb | 0 | BBB |
Iraq |
B-/Stable/B | 6 | 6 | 3 | 6 | 4 | 6 | b- | 0 | B- |
Ireland |
AA/Stable/A-1+ | 2 | 1 | 3 | 2 | 2 | 2 | aa+ | -1 | AA |
Israel |
A+/Negative/A-1 | 4 | 1 | 1 | 4 | 4 | 2 | aa- | -1 | A+ |
Italy |
BBB/Stable/A-2 | 3 | 2 | 4 | 5 | 6 | 2 | bbb+ | -1 | BBB |
Jamaica |
BB-/Stable/B | 4 | 6 | 4 | 1 | 5 | 4 | bb- | 0 | BB- |
Japan |
A+/Stable/A-1 | 2 | 2 | 1 | 6 | 6 | 2 | aa- | -1 | A+ |
Jersey |
AA-/Stable/A-1+ | 2 | 2 | 4 | 1 | 2 | 5 | a+ | 1 | AA- |
Jordan |
B+/Stable/B | 4 | 6 | 5 | 3 | 6 | 4 | b | 1 | B+ |
Kazakhstan |
BBB-/Stable/A-3 | 5 | 4 | 2 | 2 | 2 | 4 | bbb | -1 | BBB- |
Kenya |
B-/Stable/B | 4 | 4 | 6 | 6 | 6 | 4 | b | -1 | B- |
Korea |
AA/Stable/A-1+ | 3 | 1 | 1 | 1 | 4 | 2 | aa+ | -1 | AA |
Kuwait |
A+/Stable/A-1 | 4 | 3 | 1 | 1 | 1 | 4 | a | 1 | A+ |
Latvia |
A/Stable/A-1 | 3 | 3 | 2 | 3 | 2 | 3 | a | 0 | A |
Lebanon |
SD/NM/SD | 6 | 6 | 6 | 6 | 6 | 6 | b- | N/A | SD |
Liechtenstein |
AAA/Stable/A-1+ | 1 | 1 | 3 | 1 | 2 | 3 | aaa | 0 | AAA |
Lithuania |
A/Stable/A-1 | 3 | 3 | 2 | 2 | 2 | 3 | a | 0 | A |
Luxembourg |
AAA/Stable/A-1+ | 2 | 1 | 3 | 1 | 2 | 2 | aaa | 0 | AAA |
Madagascar |
B-/Stable/B | 5 | 6 | 5 | 6 | 3 | 4 | b- | 0 | B- |
Malaysia |
A-/Stable/A-2 | 3 | 3 | 2 | 4 | 5 | 2 | a- | 0 | A- |
Malta |
A-/Stable/A-2 | 3 | 3 | 2 | 3 | 2 | 3 | a | -1 | A- |
Mauritius |
BBB-/Stable/A-3 | 3 | 3 | 3 | 3 | 5 | 5 | bbb | -1 | BBB- |
Mexico |
BBB/Stable/A-2 | 3 | 5 | 2 | 4 | 4 | 3 | bbb- | 1 | BBB |
Mongolia |
B/Stable/B | 5 | 5 | 6 | 4 | 4 | 4 | b | 0 | B |
Montenegro |
B+/Stable/B | 4 | 4 | 5 | 4 | 4 | 6 | b+ | 0 | B+ |
Montserrat |
BBB-/Stable/A-3 | 2 | 5 | 3 | 4 | 1 | 5 | bbb- | 0 | BBB- |
Morocco |
BB+/Positive/B | 4 | 5 | 2 | 3 | 4 | 3 | bb+ | 0 | BB+ |
Mozambique |
CCC+/Stable/C | 6 | 6 | 6 | 6 | 6 | 5 | b- | N/A | CCC+ |
Nicaragua |
B/Stable/B | 5 | 5 | 5 | 4 | 2 | 5 | b | 0 | B |
Netherlands |
AAA/Stable/A-1+ | 2 | 1 | 2 | 2 | 2 | 2 | aaa | 0 | AAA |
New Zealand |
AA+/Stable/A-1+ | 1 | 1 | 5 | 3 | 3 | 1 | aa+ | 0 | AA+ |
Nigeria |
B-/Stable/B | 5 | 6 | 6 | 6 | 5 | 5 | b- | 0 | B- |
North Macedonia |
BB-/Stable/B | 5 | 4 | 4 | 4 | 3 | 4 | bb- | 0 | BB- |
Norway |
AAA/Stable/A-1+ | 1 | 1 | 1 | 1 | 1 | 1 | aaa | 0 | AAA |
Oman |
BB+/Positive/B | 4 | 4 | 4 | 1 | 3 | 4 | bb+ | 0 | BB+ |
Pakistan |
CCC+/Stable/C | 6 | 5 | 6 | 6 | 6 | 4 | b- | N/A | CCC+ |
Panama |
BBB/Negative/A-2 | 3 | 2 | 5 | 3 | 4 | 5 | bbb | 0 | BBB |
Papua New Guinea |
B-/Stable/B | 5 | 6 | 6 | 5 | 6 | 5 | b- | 0 | B- |
Paraguay |
BB+/Stable/B | 4 | 4 | 2 | 3 | 3 | 5 | bb+ | 0 | BB+ |
Peru |
BBB-/Stable/A-3 | 4 | 4 | 3 | 2 | 3 | 3 | bbb- | 0 | BBB- |
Philippines |
BBB+/Stable/A-2 | 4 | 4 | 1 | 3 | 4 | 3 | bbb+ | 0 | BBB+ |
Poland |
A-/Stable/A-2 | 4 | 3 | 2 | 4 | 3 | 2 | a- | 0 | A- |
Portugal |
A-/Positive/A-2 | 3 | 3 | 4 | 1 | 4 | 2 | a- | 0 | A- |
Qatar |
AA/Stable/A-1+ | 4 | 1 | 3 | 1 | 1 | 4 | aa- | 1 | AA |
Ras Al Khaimah |
A-/Positive/A-2 | 4 | 3 | 2 | 1 | 1 | 5 | a- | 0 | A- |
Romania |
BBB-/Stable/A-3 | 4 | 3 | 3 | 5 | 4 | 3 | bbb- | 0 | BBB- |
Rwanda |
B+/Stable/B | 4 | 5 | 5 | 6 | 4 | 4 | b+ | 0 | B+ |
Saudi Arabia |
A/Stable/A-1 | 4 | 3 | 1 | 2 | 1 | 4 | a | 0 | A |
Senegal |
B+/Stable/B | 4 | 4 | 5 | 5 | 5 | 5 | b+ | 0 | B+ |
Serbia |
BB+/Positive/B | 4 | 4 | 4 | 3 | 2 | 4 | bb+ | 0 | BB+ |
Sharjah |
BBB-/Stable/A-3 | 4 | 3 | 2 | 6 | 5 | 5 | bb+ | 1 | BBB- |
Singapore |
AAA/Stable/A-1+ | 1 | 1 | 1 | 1 | 1 | 1 | aaa | 0 | AAA |
Slovakia |
A+/Stable/A-1 | 3 | 3 | 2 | 4 | 2 | 2 | a | 1 | A+ |
Slovenia |
AA-/Stable/A-1+ | 3 | 3 | 1 | 3 | 2 | 2 | aa- | 0 | AA- |
South Africa |
BB-/Stable/B | 4 | 5 | 2 | 6 | 6 | 2 | bb | -1 | BB- |
Spain |
A/Stable/A-1 | 3 | 2 | 4 | 3 | 5 | 2 | a | 0 | A |
Sri Lanka |
SD/NM/SD | 6 | 6 | 6 | 6 | 6 | 5 | b- | N/A | SD |
St Helena |
BBB-/Stable/A-3 | 3 | 5 | 4 | 3 | 1 | 5 | bb+ | 1 | BBB- |
Suriname |
CCC+/Stable/C | 6 | 6 | 6 | 6 | 6 | 6 | b- | N/A | CCC+ |
Sweden |
AAA/Stable/A-1+ | 1 | 1 | 2 | 1 | 1 | 1 | aaa | 0 | AAA |
Switzerland |
AAA/Stable/A-1+ | 1 | 1 | 1 | 1 | 1 | 2 | aaa | 0 | AAA |
Taiwan |
AA+/Stable/A-1+ | 3 | 1 | 1 | 2 | 2 | 2 | aaa | -1 | AA+ |
Tajikistan |
B/Stable/B | 5 | 6 | 3 | 4 | 5 | 5 | b | 0 | B |
Thailand |
BBB+/Stable/A-2 | 4 | 4 | 1 | 3 | 3 | 2 | a- | -1 | BBB+ |
Togo |
B/Stable/B | 5 | 6 | 6 | 4 | 4 | 5 | b- | 1 | B |
Trinidad and Tobago |
BBB-/Stable/A-3 | 3 | 4 | 3 | 3 | 4 | 4 | bbb- | 0 | BBB- |
Turkiye |
B+/Positive/B | 4 | 4 | 5 | 5 | 5 | 5 | b+ | 0 | B+ |
Turks and Caicos |
BBB+/Positive/A-2 | 2 | 4 | 3 | 1 | 1 | 6 | bbb+ | 0 | BBB+ |
Uganda |
B-/Stable/B | 5 | 6 | 6 | 6 | 6 | 4 | b- | 0 | B- |
Ukraine |
SD/NM/SD | 5 | 5 | 6 | 6 | 6 | 6 | b- | N/A | SD |
United Kingdom |
AA/Stable/A-1+ | 2 | 1 | 2 | 4 | 5 | 1 | aa+ | -1 | AA |
United States |
AA+/Stable/A-1+ | 2 | 1 | 2 | 5 | 6 | 1 | aa | 1 | AA+ |
Uruguay |
BBB+/Stable/A-2 | 3 | 3 | 2 | 5 | 3 | 5 | bbb+ | 0 | BBB+ |
Uzbekistan |
BB-/Stable/B | 5 | 5 | 3 | 6 | 2 | 4 | bb- | 0 | BB- |
Vietnam |
BB+/Stable/B | 4 | 4 | 3 | 4 | 3 | 4 | bb+ | 0 | BB+ |
Zambia |
SD/NM/SD | 6 | 6 | 6 | 6 | 6 | 5 | b- | N/A | SD |
Table 2
Distribution Of Key Rating Factors Across Rating Categories (%) | ||||||||
---|---|---|---|---|---|---|---|---|
Rating | AAA | AA | A | BBB | BB | B | CCC /CC | Total count (no.) |
Assessment | ||||||||
Institutional | ||||||||
1 | 73 | 6 | - | - | - | - | - | 9 |
2 | 27 | 50 | 29 | 12 | - | - | - | 20 |
3 | - | 38 | 48 | 52 | 5 | - | - | 30 |
4 | - | 6 | 24 | 32 | 67 | 29 | - | 37 |
5 | - | - | - | 4 | 29 | 52 | 17 | 26 |
6 | - | - | - | - | - | 19 | 83 | 15 |
Economic | ||||||||
1 | 100 | 81 | 5 | - | - | - | - | 25 |
2 | - | 6 | 29 | 12 | - | - | - | 10 |
3 | - | 13 | 62 | 24 | 10 | - | - | 23 |
4 | - | - | 5 | 44 | 52 | 32 | - | 33 |
5 | - | - | - | 20 | 33 | 32 | 33 | 26 |
6 | - | - | - | - | 5 | 35 | 67 | 20 |
External | ||||||||
1 | 36 | 38 | 24 | 12 | - | - | - | 18 |
2 | 27 | 25 | 43 | 32 | 33 | - | - | 31 |
3 | 27 | 13 | 10 | 32 | 14 | 13 | - | 22 |
4 | - | 19 | 24 | 12 | 48 | 3 | - | 22 |
5 | 9 | 6 | - | 12 | 5 | 48 | - | 21 |
6 | - | - | - | - | - | 35 | 100 | 23 |
Fiscal: budget | ||||||||
1 | 82 | 38 | 29 | 16 | 14 | - | - | 28 |
2 | 18 | 13 | 19 | 20 | - | - | - | 13 |
3 | - | 25 | 24 | 32 | 33 | 13 | - | 28 |
4 | - | 19 | 19 | 12 | 24 | 39 | - | 27 |
5 | - | 6 | 5 | 12 | 14 | 10 | - | 11 |
6 | - | - | 5 | 8 | 14 | 39 | 100 | 30 |
Fiscal: debt | ||||||||
1 | 55 | 13 | 24 | 24 | 5 | 10 | - | 23 |
2 | 36 | 44 | 29 | 12 | 10 | 3 | - | 23 |
3 | 9 | 13 | 10 | 12 | 29 | 6 | - | 16 |
4 | - | 13 | 24 | 32 | 24 | 19 | 17 | 27 |
5 | - | 13 | 10 | 8 | 19 | 19 | 33 | 19 |
6 | - | 6 | 5 | 12 | 14 | 42 | 50 | 29 |
Monetary | ||||||||
1 | 45 | 19 | - | - | - | - | - | 8 |
2 | 36 | 63 | 43 | 12 | 5 | - | - | 27 |
3 | 18 | - | 19 | 28 | 14 | - | - | 16 |
4 | - | 13 | 14 | 24 | 57 | 29 | 17 | 33 |
5 | - | 6 | 19 | 32 | 24 | 48 | 50 | 39 |
6 | - | - | 5 | 4 | - | 23 | 33 | 14 |
Total count (no.) | 11 | 16 | 21 | 25 | 21 | 31 | 6 |
Primary Credit Analyst: | Samuel F Tilleray, Madrid + 442071768255; samuel.tilleray@spglobal.com |
Research Contributors: | Ashay Gokhale, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
Purnima Nair, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
Aakash Menghani, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
Additional Contact: | Sovereign and IPF EMEA; SOVIPF@spglobal.com |
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