Credit Rating by Country

MacroVar monitors the credit rating developments for all the major economies in the world. Click on each country's link to explore the country's credit rating historical data. Credit ratings are one of the indicators MacroVar uses to monitor a country's risk. Other indicators include Macroeconomic data and the country's financial markets dynamics.

The major credit rating agencies monitored are Standard & Poors (S&P), Fitch and Moody's. Each agency assigns a credit rating for each country indicating the level of the country's creditworthiness, that is the probability of a country to meet its financial obligations to creditors. The rating is expressed as a letter index. Learn more on each agency's index and meaning. The credit rating assigns the rating based on analysis of country's macroeconomic growth, fiscal and monetary policies and financial stability. Each agency also provides an outlook on the long-term development of a country's economy: positive, stable, negative.


CountryS&P RatingMoody's RatingFitch Rating
RatingOutlookRatingOutlookRatingOutlook
US AA+Stable AaaStableAAA
UK AAStable Aa3StableAA-Negative
France AAStable Aa2StableAA
Germany AAAStable AaaStableAAA
Spain ANegative Baa1StableA-
Canada AAAStable AaaStableAA+Stable
Mexico BBBNegative Baa1NegativeBBB-Stable
Brazil BB-Stable Ba2StableBB-
South Africa BB-Stable Ba2NegativeBB-Negative
India BBB-Stable Baa3NegativeBBB-
Norway AAAStable AaaStableAAA
Russia BBB-Stable Baa3StableBBB
China A+Stable A1StableA+
Singapore AAA AaaStableAAA
Indonesia BBBNegative Baa2StableBBB
Australia AAA AaaStableAA+Stable
Japan A+Stable A1StableA
New Zealand AA+Stable AaaStableAA
South Korea AAStable Aa2StableAA-
Italy BBBStable Baa3StableBBB-Stable
Czech Republic AA-Stable Aa3StableAA-
Denmark AAAStable AaaStableAAA
Greece BB-Stable Ba3StableBB
Hungary BBBStable Baa3PositiveBBB
Malaysia A-Negative A3StableBBB+Stable
Austria AA+Stable Aa1StableAA+
Netherlands AAAStable AaaStableAAA
Philippines BBB+Stable Baa2StableBBB
Poland A-Stable A2StableA-
Portugal BBBStable Baa3PositiveBBB
Sweden AAAStable AaaStableAAA
Switzerland AAAStable AaaStableAAA
Thailand BBB+Stable Baa1StableBBB+Stable
Turkey B+Stable B2NegativeBB-
Taiwan AA-Stable Aa3PositiveAA-

Credit Rating Letter Index analysis

S&PMoody'sFitchAnalysis
AAAAaaAAAPrime rating: The highest level of creditworthiness.
AA+Aa1AA+High grade: Very high sovereign creditworthiness
AAAa2AA
AA-Aa3AA-
A+A1A+Upper medium grade: High creditworthiness, but the country's economy is vulnerable to global financial conditions
AA2A
A-A3A-
BBB+Baa1BBB+Lower medium grade: The country's economy is exposed to adverse economic conditions
BBBBaa2BBB
BBB-Baa3BBB-
BB+Ba1BB+Non-investment grade (speculative): The economy is currently stable, but is highly likely to b ecome unstable in the long term due to the adverse economic and financial conditions.
BBBa2BB
BB-Ba3BB-
B+B1B+Highly speculative: The country is marginally creditworthy with a high probability of facing financial and economic headwinds.
BB2B
B-B3B-
CCC+Caa1CCCExtremely speculative: The country is not creditworthy, since its economy is weak.
CCCCaa2
CCC-Caa3In Default with small probability of recovery
CCCaHigh Probability of Default: the economy is extremely weak, and there is a high probability of default.
CC
D/DDDIn default: The country is in default hence it's credit obligations are not met.
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