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.

Country S&P Rating Moody's Rating Fitch Rating
Rating Outlook Rating Outlook Rating Outlook
US (Stable) None Aaa (Stable) Aaa AAA AAA
UK (Stable) None Aa3 (Stable) Aa3 AA- (Negative) AA-
France (Stable) None Aa2 (Stable) Aa2 AA AA
Germany (Stable) None Aaa (Stable) Aaa AAA AAA
Spain A (Stable) A Baa1 (Stable) Baa1 A- A-
Canada AAA (Stable) None Aaa (Stable) Aaa AA+ (Stable) AA+
Mexico BBB (Stable) BBB+ Baa2 (Stable) Baa2 BBB- (Stable) BBB-
Brazil (Stable) None Ba2 (Stable) Ba2 BB- BB-
South Africa BB- (Stable) BB Ba2 (Stable) Ba2 BB- (Negative) BB-
India (Stable) None Baa3 (Stable) Baa3 BBB- BBB-
Norway None AAA Aaa (Stable) Aaa AAA AAA
Russia CC CC Ca (Negative) Ca C C
China A+ (Stable) A+ A1 (Stable) A1 A+ A+
Singapore AAA (Stable) AAA Aaa (Stable) Aaa AAA AAA
Indonesia BBB (Stable) BBB Baa2 (Stable) Baa2 BBB BBB
Australia AAA (Stable) AAA Aaa (Stable) Aaa AAA AAA
Japan (Stable) None A1 (Stable) A1 A A
New Zealand AA+ (Stable) AAA Aaa (Stable) Aaa AA+ (Stable) None
South Korea AA (Stable) AA Aa2 (Stable) Aa2 AA- AA-
Italy BBB (Stable) BBB Baa3 (Negative) Baa3 BBB (Stable) BBB
Czech Republic AA- (Stable) AA Aa3 (Negative) Aa3 AA- AA-
Denmark AAA (Stable) AAA Aaa (Stable) Aaa AAA AAA
Greece BB+ (Positive) Positive Ba3 (Stable) Ba3 BB BB
Hungary BBB (Negative) BBB Baa2 (Stable) Baa2 BBB BBB
Malaysia A- (Stable) A A3 (Stable) A3 BBB+ (Stable) BBB+
Austria AA+ (Stable) AA+ Aa1 (Stable) Aa1 AA+ AA+
Netherlands AAA (Stable) AAA Aaa (Stable) Aaa AAA AAA
Philippines BBB+ (Stable) BBB+ Baa2 (Stable) Baa2 BBB BBB
Poland A- (Stable) A A2 (Stable) A2 A- A-
Portugal BBB+ (Stable) BBB+ Baa2 (Stable) Baa2 BBB BBB
Sweden AAA (Stable) AAA Aaa (Stable) Aaa AAA AAA
Switzerland None AAA Aaa (Stable) Aaa AAA AAA
Thailand (Stable) None Baa1 (Stable) Baa1 (Stable) None
Turkey None B+ B3 (Stable) B3 B (Negative) B
Taiwan AA+ (Stable) AA+ Aa3 (Stable) Aa3 AA (Stable) AA

Credit Rating Letter Index analysis

S&P Moody's Fitch Analysis
AAA Aaa AAA Prime rating: The highest level of creditworthiness.
AA+ Aa1 AA+ High grade: Very high sovereign creditworthiness
AA- Aa3 AA-
A+ A1 A+ Upper medium grade: High creditworthiness, but the country's economy is vulnerable to global financial conditions
A A2 A
A- A3 A-
BBB+ Baa1 BBB+ Lower medium grade: The country's economy is exposed to adverse economic conditions
BBB- Baa3 BBB-
BB+ Ba1 BB+ 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.
BB- Ba3 BB-
B+ B1 B+ Highly speculative: The country is marginally creditworthy with a high probability of facing financial and economic headwinds.
B B2 B
B- B3 B-
CCC+ Caa1 CCC Extremely speculative: The country is not creditworthy, since its economy is weak.
CCC Caa2
CCC- Caa3 In Default with small probability of recovery
CC Ca High Probability of Default: the economy is extremely weak, and there is a high probability of default.
D / DDD In default: The country is in default hence it's credit obligations are not met.