articles Ratings /ratings/en/research/articles/240910-sovereign-ratings-list-13239702.xml content esgSubNav
In This List
COMMENTS

Sovereign Ratings List

COMMENTS

FAQ: Applying Our Analytical Approach For European Green Bond External Reviews

COMMENTS

Analytical Approach: European Green Bond External Reviews

COMMENTS

Analytical Approach: EU Taxonomy Assessment

COMMENTS

Instant Insights: Key Takeaways From Our Research


Sovereign Ratings List

This report does not constitute a rating action.

As of Aug. 31, 2024, 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 Aug. 31, 2024
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 BB-/Stable/B BB-/Stable/B BB+

Andorra

AD A-/Positive/A-2 A-/Positive/A-2 AAA*

Angola

AO B-/Stable/B B-/Stable/B B-

Argentina

AR CCC/Stable/C CCC/Stable/C CCC

Armenia

AM BB-/Stable/B BB-/Stable/B BB

Aruba

AW BBB/Positive/A-2 BBB/Positive/A-2 BBB

Australia§

AU AAA/Stable/A-1+ AAA/Stable/A-1+ AAA

Austria

AT AA+/Positive/A-1+ AA+/Positive/A-1+ AAA*

Azerbaijan

AZ BB+/Stable/B BB+/Stable/B BB+

Bahamas

BS B+/Stable/B B+/Stable/B BB-

Bahrain

BH B+/Stable/B B+/Stable/B BB-

Bangladesh

BD B+/Stable/B B+/Stable/B B+

Barbados

BB B-/Positive/B B-/Positive/B B-

Belgium§

BE AA/Stable/A-1+ AA/Stable/A-1+ AAA*

Belize

BZ B-/Stable/B B-/Stable/B B-

Benin

BJ BB-/Stable/B BB-/Stable/B BBB-*

Bermuda

BM A+/Stable/A-1 A+/Stable/A-1 AA+

Bolivia

BO CCC+/Negative/C CCC+/Negative/C CCC+

Bosnia and Herzegovina

BA B+/Stable/B B+/Stable/B BB

Botswana

BW BBB+/Stable/A-2 BBB+/Stable/A-2 A

Brazil

BR BB/Stable/B BB/Stable/B BBB-

Bulgaria

BG BBB/Positive/A-2 BBB/Positive/A-2 A

Burkina Faso

BF CCC+/Stable/C CCC+/Stable/C 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 BB-

Chile

CL A/Negative/A-1 A+/Negative/A-1 AA-

China§

CN A+/Stable/A-1 A+/Stable/A-1 A+

Colombia

CO BB+/Negative/B BBB-/Negative/A-3 BBB

Congo (DRC)

CD B-/Stable/B B-/Stable/B B-

Congo-Brazzaville

CG B-/Stable/B B-/Stable/B BBB-*

Cook Islands

CK B+/Stable/B B+/Stable/B AAA*

Costa Rica

CR BB-/Stable/B BB-/Stable/B BB+

Cote d’Ivoire

CI BB-/Positive/B BB-/Positive/B BBB-*

Croatia

HR BBB+/Positive/A-2 BBB+/Positive/A-2 AAA*

Curacao

CW BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-

Cyprus

CY BBB+/Positive/A-2 BBB+/Positive/A-2 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/Stable/B BB/Stable/B BBB-

Ecuador

EC B-/Negative/B B-/Negative/B AAA

Egypt

EG B-/Positive/B B-/Positive/B B-

El Salvador

SV B-/Stable/B B-/Stable/B AAA*

Estonia

EE A+/Stable/A-1 A+/Stable/A-1 AAA*

Ethiopia

ET SD/--/SD CCC/Negative/C CCC

Falkland Islands (The)

FK A+/Stable/A-1 A+/Stable/A-1 A+

Fiji

FJ B+/Stable/B B+/Stable/B B+

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/Stable/B BB/Stable/B BBB-

Germany§

DE AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*

Ghana

GH SD/--/SD CCC+/Stable/C CCC+

Greece

GR BBB-/Positive/A-3 BBB-/Positive/A-3 AAA*

Guatemala

GT BB/Positive/B BB/Positive/B BBB-

Guernsey

GG A+/Stable/A-1 A+/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-3 BBB-/Stable/A-3 BBB+

Iceland

IS A+/Stable/A-1 A+/Stable/A-1 AA-

India§

IN BBB-/Positive/A-3 BBB-/Positive/A-3 BBB+

Indonesia

ID BBB/Stable/A-2 BBB/Stable/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 A+/Negative/A-1 A+/Negative/A-1 AA

Italy§

IT BBB/Stable/A-2 BBB/Stable/A-2 AAA*

Jamaica

JM BB-/Stable/B BB-/Stable/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+/Stable/A-1 A+/Stable/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*

Madagascar

MG B-/Stable/B B-/Stable/B B

Malaysia

MY A-/Stable/A-2 A/Stable/A-1 A+

Malta

MT A-/Stable/A-2 A-/Stable/A-2 AAA*

Mauritius

MU BBB-/Stable/A-3 BBB-/Stable/A-3 BBB

Mexico

MX BBB/Stable/A-2 BBB+/Stable/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+/Positive/B BB+/Positive/B BBB

Mozambique

MZ CCC+/Stable/C CCC+/Stable/C 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

NG 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 BB+/Positive/B BB+/Positive/B BBB-

Pakistan

PK CCC+/Stable/C CCC+/Stable/C CCC+

Panama

PA BBB/Negative/A-2 BBB/Negative/A-2 AAA*

Papua New Guinea

PG B-/Stable/B B-/Stable/B B-

Paraguay

PY BB+/Stable/B BB+/Stable/B BBB-

Peru

PE BBB-/Stable/A-3 BBB/Stable/A-2 BBB+

Philippines

PH BBB+/Stable/A-2 BBB+/Stable/A-2 A-

Poland

PL A-/Stable/A-2 A/Stable/A-1 A+

Portugal§

PT A-/Positive/A-2 A-/Positive/A-2 AAA*

Qatar

QA AA/Stable/A-1+ AA/Stable/A-1+ AA+

Ras Al Khaimah

AE A-/Positive/A-2 A-/Positive/A-2 AA+*

Romania

RO BBB-/Stable/A-3 BBB-/Stable/A-3 A-

Rwanda

RW B+/Stable/B B+/Stable/B B+

Saudi Arabia§

SA A/Stable/A-1 A/Stable/A-1 A+

Senegal

SN B+/Stable/B B+/Stable/B BBB-*

Serbia

RS BB+/Positive/B BB+/Positive/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/Stable/A-1 A/Stable/A-1 AAA*

Sri Lanka

LK SD/--/SD CCC+/Stable/C CC

St Helena

SH BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-

Suriname

SR CCC+/Stable/C CCC+/Stable/C 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+/Stable/A-1+ AA+/Stable/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-/Stable/A-3 BBB-/Stable/A-3 BBB

Turkiye§

TR B+/Positive/B B+/Positive/B BB-

Turks and Caicos

TC BBB+/Positive/A-2 BBB+/Positive/A-2 AAA

Uganda

UG B-/Stable/B B-/Stable/B B-

Ukraine

UA SD/--/SD CCC+/Stable/C CCC+

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-

Vietnam

VN BB+/Stable/B BB+/Stable/B BB+

Zambia

ZM SD/--/SD CCC+/Stable/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, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, 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 Ras Al Khaimah and Sharjah are equalized with that of the Abu Dhabi,the largest member of the United Arab Emirates., Andorra and Montenegro with EMU members, the Cook Islands with New Zealand, the Isle of Man, Guernsey and Jersey with the U.K., and Liechtenstein with Switzerland. LT--Long-term rating. ST--Short-term rating. ISO - International Organization for Standardization. § indicates unsolicited ratings.

Related Criteria

Related Research

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
Aindrila Chowdhury, CRISIL Global Analytical Center, an S&P affiliate, Pune
Additional Contacts:EMEA Sovereign and IPF;
SovereignIPF@spglobal.com
SovereignAmericas;
sovereignamericas@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in