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 AA+ Stable Aaa Stable AAA
UK AA Stable Aa3 Stable AA- Negative
France AA Stable Aa2 Stable AA
Germany AAA Stable Aaa Stable AAA
Spain A Negative Baa1 Stable A-
Canada AAA Stable Aaa Stable AA+ Stable
Mexico BBB Negative Baa1 Negative BBB- Stable
Brazil BB- Stable Ba2 Stable BB-
South Africa BB- Stable Ba2 Negative BB- Negative
India BBB- Stable Baa3 Negative BBB-
Norway AAA Stable Aaa Stable AAA
Russia BBB- Stable Baa3 Stable BBB
China A+ Stable A1 Stable A+
Singapore AAA Aaa Stable AAA
Indonesia BBB Negative Baa2 Stable BBB
Australia AAA Aaa Stable AA+ Stable
Japan A+ Stable A1 Stable A
New Zealand AA+ Stable Aaa Stable AA
South Korea AA Stable Aa2 Stable AA-
Italy BBB Stable Baa3 Stable BBB- Stable
Czech Republic AA- Stable Aa3 Stable AA-
Denmark AAA Stable Aaa Stable AAA
Greece BB- Stable Ba3 Stable BB
Hungary BBB Stable Baa3 Positive BBB
Malaysia A- Negative A3 Stable BBB+ Stable
Austria AA+ Stable Aa1 Stable AA+
Netherlands AAA Stable Aaa Stable AAA
Philippines BBB+ Stable Baa2 Stable BBB
Poland A- Stable A2 Stable A-
Portugal BBB Stable Baa3 Positive BBB
Sweden AAA Stable Aaa Stable AAA
Switzerland AAA Stable Aaa Stable AAA
Thailand BBB+ Stable Baa1 Stable BBB+ Stable
Turkey B+ Stable B2 Negative BB-
Taiwan AA- Stable Aa3 Positive 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 Aa2 AA
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 Baa2 BBB
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 Ba2 BB
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.
C C
D / DDD In default: The country is in default hence it's credit obligations are not met.