List of countries by credit rating

List of countries by credit rating

This article contains a list of countries by credit rating, showing long-term foreign currency credit ratings for government bonds as reported by the largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The list also includes all administrative divisions not issuing sovereign bonds, but it excludes regions, provinces and municipalities issuing sub-sovereign bonds.

Standard & Poor's

List of countries by credit rating

Map of S&P's sovereign long-term foreign credit ratings as of July 2025. Legend:   AAA   AA+   AA   AA−   A+   A   A−   BBB+   BBB   BBB−   BB+   BB   BB−   B+   B   B−   CCC+   CCC   CCC−   SD/D

For S&P, a bond is considered investment grade if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds. An SD rating indicates that the country has selectively defaulted on some outstanding obligations.

<table><thead><tr><th>Country/Territory</th><th>Rating</th><th>Outlook</th><th>Date</th><th>Ref.</th></tr></thead><tbody><tr><td>Albania</td><td>BB</td><td>Stable </td><td>21 March 2025</td><td></td></tr><tr><td>Andorra</td><td>A−</td><td>Stable </td><td>10 May 2024</td><td></td></tr><tr><td>Angola</td><td>B−</td><td>Stable </td><td>4 February 2022</td><td></td></tr><tr><td>Argentina</td><td>CCC+</td><td>Stable </td><td>17 December 2025</td><td></td></tr><tr><td>Armenia</td><td>BB−</td><td>Stable </td><td>25 August 2023</td><td></td></tr><tr><td>Aruba</td><td>BBB+</td><td>Stable </td><td>24 March 2025</td><td></td></tr><tr><td>Australia</td><td>AAA</td><td>Stable </td><td>16 February 2003</td><td></td></tr><tr><td>Austria</td><td>AA+</td><td>Stable </td><td>13 January 2012</td><td></td></tr><tr><td>Azerbaijan</td><td>BB+</td><td>Positive </td><td>29 January 2016</td><td></td></tr><tr><td>Bahamas</td><td>BB−</td><td>Stable </td><td>26 September 2025</td><td></td></tr><tr><td>Bahrain</td><td>B</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>Bangladesh</td><td>B+</td><td>Stable </td><td>30 July 2024</td><td></td></tr><tr><td>Barbados</td><td>B+</td><td>Stable </td><td>24 October 2025</td><td></td></tr><tr><td>Belgium</td><td>AA</td><td>Negative </td><td>25 April 2025</td><td></td></tr><tr><td>Belize</td><td>B−</td><td>Stable </td><td>9 November 2021</td><td></td></tr><tr><td>Benin</td><td>BB−</td><td>Stable </td><td>19 April 2024</td><td></td></tr><tr><td>Bermuda</td><td>A+</td><td>Stable </td><td>28 April 2015</td><td></td></tr><tr><td>Bolivia</td><td>CCC−</td><td>Negative </td><td>25 June 2025</td><td></td></tr><tr><td>Bosnia and Herzegovina</td><td>B+</td><td>Stable </td><td>4 August 2023</td><td></td></tr><tr><td>Botswana</td><td>BBB</td><td>Negative </td><td>12 September 2025</td><td></td></tr><tr><td>Brazil</td><td>BB</td><td>Stable </td><td>19 December 2023</td><td></td></tr><tr><td>Bulgaria</td><td>BBB+</td><td>Stable </td><td>10 July 2025</td><td></td></tr><tr><td>Burkina Faso</td><td>CCC+</td><td>Stable </td><td>26 January 2022</td><td></td></tr><tr><td>Cabo Verde</td><td>B</td><td>Positive </td><td>16 August 2024</td><td></td></tr><tr><td>Cameroon</td><td>B−</td><td>Stable </td><td>22 March 2024</td><td></td></tr><tr><td>Canada</td><td>AAA</td><td>Stable </td><td>29 July 2002</td><td></td></tr><tr><td>Chad</td><td>B−</td><td>Stable </td><td>28 October 2024</td><td></td></tr><tr><td>Chile</td><td>A</td><td>Stable </td><td>24 March 2021</td><td></td></tr><tr><td>China</td><td>A+</td><td>Stable </td><td>21 September 2017</td><td></td></tr><tr><td>Colombia</td><td>BB</td><td>Negative </td><td>26 June 2025</td><td></td></tr><tr><td>Cook Islands</td><td>B+</td><td>Positive </td><td>11 November 2020</td><td></td></tr><tr><td>Costa Rica</td><td>BB</td><td>Stable </td><td>22 October 2025</td><td></td></tr><tr><td>Côte d'Ivoire</td><td>BB</td><td>Stable </td><td>18 October 2024</td><td></td></tr><tr><td>Croatia</td><td>A</td><td>Stable </td><td>14 March 2026</td><td></td></tr><tr><td>Curacao</td><td>BBB−</td><td>Stable </td><td>22 February 2022</td><td></td></tr><tr><td>Cyprus</td><td>A−</td><td>Positive </td><td>20 March 2026</td><td></td></tr><tr><td>Czechia</td><td>AA−</td><td>Stable </td><td>28 March 2025</td><td></td></tr><tr><td>Democratic Republic of the Congo</td><td>B−</td><td>Stable </td><td>28 January 2022</td><td></td></tr><tr><td>Denmark</td><td>AAA</td><td>Stable </td><td>6 February 2026</td><td></td></tr><tr><td>Dominican Republic</td><td>BB</td><td>Stable </td><td>19 December 2022</td><td></td></tr><tr><td>Ecuador</td><td>B−</td><td>Stable </td><td>1 September 2020</td><td></td></tr><tr><td>Egypt</td><td>B</td><td>Stable </td><td>10 October 2025</td><td></td></tr><tr><td>El Salvador</td><td>B−</td><td>Stable </td><td>7 November 2023</td><td></td></tr><tr><td>Estonia</td><td>A+</td><td>Stable </td><td>31 May 2024</td><td></td></tr><tr><td>Ethiopia</td><td>SD</td><td></td><td>15 December 2023</td><td></td></tr><tr><td>Falkland Islands</td><td>A+</td><td>Stable </td><td>22 September 2021</td><td></td></tr><tr><td>Fiji</td><td>B+</td><td>Stable </td><td>22 September 2021</td><td></td></tr><tr><td>Finland</td><td>AA+</td><td>Stable </td><td>10 October 2014</td><td></td></tr><tr><td>France</td><td>A+</td><td>Stable </td><td>17 October 2025</td><td></td></tr><tr><td>Georgia</td><td>BB</td><td>Stable </td><td>11 October 2019</td><td></td></tr><tr><td>Germany</td><td>AAA</td><td>Stable </td><td>17 August 1983</td><td></td></tr><tr><td>Ghana</td><td>B−</td><td>Stable </td><td>7 November 2025</td><td></td></tr><tr><td>Greece</td><td>BBB</td><td>Stable </td><td>18 April 2025</td><td></td></tr><tr><td>Guatemala</td><td>BB+</td><td>Stable </td><td>23 May 2025</td><td></td></tr><tr><td>Guernsey</td><td>A+</td><td>Stable </td><td>13 January 2023</td><td></td></tr><tr><td>Guinea</td><td>B+</td><td>Stable </td><td>18 September 2025</td><td></td></tr><tr><td>Honduras</td><td>BB−</td><td>Negative </td><td>19 July 2017</td><td></td></tr><tr><td>Hong Kong</td><td>AA+</td><td>Stable </td><td>22 September 2017</td><td></td></tr><tr><td>Hungary</td><td>BBB−</td><td>Negative </td><td>11 April 2025</td><td></td></tr><tr><td>Iceland</td><td>A+</td><td>Positive </td><td>6 March 2026</td><td></td></tr><tr><td>India</td><td>BBB</td><td>Stable </td><td>14 August 2025</td><td></td></tr><tr><td>Indonesia</td><td>BBB</td><td>Stable </td><td>31 May 2019</td><td></td></tr><tr><td>Iraq</td><td>B−</td><td>Stable </td><td>3 September 2015</td><td></td></tr><tr><td>Ireland</td><td>AA+</td><td>Stable </td><td>20 March 2026</td><td></td></tr><tr><td>Israel</td><td>A</td><td>Stable </td><td>1 October 2024</td><td></td></tr><tr><td>Italy</td><td>BBB+</td><td>Stable </td><td>11 April 2025</td><td></td></tr><tr><td>Jamaica</td><td>BB</td><td>Stable </td><td>25 September 2025</td><td></td></tr><tr><td>Japan</td><td>A+</td><td>Stable </td><td>16 September 2015</td><td></td></tr><tr><td>Jersey</td><td>AA−</td><td>Stable </td><td>16 January 2021</td><td></td></tr><tr><td>Jordan</td><td>BB−</td><td>Stable </td><td>6 September 2024</td><td></td></tr><tr><td>Kazakhstan</td><td>BBB−</td><td>Positive </td><td>17 February 2016</td><td></td></tr><tr><td>Kenya</td><td>B</td><td>Stable </td><td>22 August 2025</td><td></td></tr><tr><td>Kuwait</td><td>AA−</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>Kyrgyzstan</td><td>B+</td><td>Stable </td><td>28 March 2025</td><td></td></tr><tr><td>Laos</td><td>CCC+</td><td>Positive </td><td>23 October 2025</td><td></td></tr><tr><td>Latvia</td><td>A</td><td>Stable </td><td>31 May 2024</td><td></td></tr><tr><td>Lebanon</td><td>SD</td><td></td><td>11 March 2020</td><td></td></tr><tr><td>Liechtenstein</td><td>AAA</td><td>Stable </td><td>2 December 1996</td><td></td></tr><tr><td>Lithuania</td><td>A</td><td>Stable </td><td>31 May 2024</td><td></td></tr><tr><td>Luxembourg</td><td>AAA</td><td>Stable </td><td>28 April 1994</td><td></td></tr><tr><td>Madagascar</td><td>B−</td><td>Negative </td><td>11 April 2022</td><td></td></tr><tr><td>Malaysia</td><td>A−</td><td>Stable </td><td>7 October 2003</td><td></td></tr><tr><td>Malta</td><td>A−</td><td>Stable </td><td>14 October 2016</td><td></td></tr><tr><td>Mauritius</td><td>BBB−</td><td>Stable </td><td>21 July 2023</td><td></td></tr><tr><td>Mexico</td><td>BBB</td><td>Stable </td><td>26 March 2020</td><td></td></tr><tr><td>Moldova</td><td>BB−</td><td>Stable </td><td>10 October 2025</td><td></td></tr><tr><td>Mongolia</td><td>BB−</td><td>Stable </td><td>30 October 2025</td><td></td></tr><tr><td>Montenegro</td><td>B+</td><td>Stable </td><td>30 August 2024</td><td></td></tr><tr><td>Montserrat</td><td>BBB−</td><td>Stable </td><td>2 September 2011</td><td></td></tr><tr><td>Morocco</td><td>BBB−</td><td>Stable </td><td>26 September 2025</td><td></td></tr><tr><td>Mozambique</td><td>CCC+</td><td>Negative </td><td>22 November 2019</td><td></td></tr><tr><td>Netherlands</td><td>AAA</td><td>Stable </td><td>20 November 2015</td><td></td></tr><tr><td>New Zealand</td><td>AA+</td><td>Stable </td><td>21 February 2021</td><td></td></tr><tr><td>Nicaragua</td><td>B+</td><td>Stable </td><td>23 October 2024</td><td></td></tr><tr><td>Nigeria</td><td>B−</td><td>Positive </td><td>26 March 2020</td><td></td></tr><tr><td>North Macedonia</td><td>BB−</td><td>Stable </td><td>24 May 2013</td><td></td></tr><tr><td>Norway</td><td>AAA</td><td>Stable </td><td>9 July 1975</td><td></td></tr><tr><td>Oman</td><td>BBB−</td><td>Stable </td><td>27 September 2024</td><td></td></tr><tr><td>Pakistan</td><td>B−</td><td>Stable </td><td>24 July 2025</td><td></td></tr><tr><td>Panama</td><td>BBB−</td><td>Stable </td><td>26 November 2024</td><td></td></tr><tr><td>Papua New Guinea</td><td>B−</td><td>Stable </td><td>29 April 2020</td><td></td></tr><tr><td>Paraguay</td><td>BBB−</td><td>Stable </td><td>17 December 2025</td><td></td></tr><tr><td>Peru</td><td>BBB−</td><td>Stable </td><td>25 April 2024</td><td></td></tr><tr><td>Philippines</td><td>BBB+</td><td>Positive </td><td>30 April 2019</td><td></td></tr><tr><td>Poland</td><td>A−</td><td>Stable </td><td>12 October 2018</td><td></td></tr><tr><td>Portugal</td><td>A+</td><td>Stable </td><td>29 August 2025</td><td></td></tr><tr><td>Qatar</td><td>AA</td><td>Stable </td><td>4 November 2022</td><td></td></tr><tr><td>Republic of the Congo</td><td>CCC+</td><td>Stable </td><td>30 October 2024</td><td></td></tr><tr><td>Romania</td><td>BBB−</td><td>Negative </td><td>16 May 2014</td><td></td></tr><tr><td>Rwanda</td><td>B+</td><td>Stable </td><td>9 August 2019</td><td></td></tr><tr><td>Saint Helena</td><td>BBB−</td><td>Stable </td><td>31 March 2023</td><td></td></tr><tr><td>San Marino</td><td>BBB+</td><td>Stable </td><td>1 August 2025</td><td></td></tr><tr><td>Saudi Arabia</td><td>A+</td><td>Stable </td><td>14 March 2025</td><td></td></tr><tr><td>Senegal</td><td>CCC+</td><td></td><td>14 November 2025</td><td></td></tr><tr><td>Serbia</td><td>BBB−</td><td>Stable </td><td>4 October 2024</td><td></td></tr><tr><td>Singapore</td><td>AAA</td><td>Stable </td><td>6 March 1995</td><td></td></tr><tr><td>Slovakia</td><td>A+</td><td>Negative </td><td>31 July 2015</td><td></td></tr><tr><td>Slovenia</td><td>AA</td><td>Stable </td><td>6 June 2025</td><td></td></tr><tr><td>South Africa</td><td>BB</td><td>Positive </td><td>14 November 2025</td><td></td></tr><tr><td>South Korea</td><td>AA</td><td>Stable </td><td>8 August 2016</td><td></td></tr><tr><td>Spain</td><td>A+</td><td>Stable </td><td>12 September 2025</td><td></td></tr><tr><td>Sri Lanka</td><td>CCC+</td><td>Stable </td><td>19 September 2025</td><td></td></tr><tr><td>Suriname</td><td>CCC+</td><td>Stable </td><td>6 December 2023</td><td></td></tr><tr><td>Sweden</td><td>AAA</td><td>Stable </td><td>16 February 2004</td><td></td></tr><tr><td> Switzerland</td><td>AAA</td><td>Stable </td><td>1 October 1988</td><td></td></tr><tr><td>Taiwan</td><td>AA+</td><td>Stable </td><td>29 April 2022</td><td></td></tr><tr><td>Tajikistan</td><td>B</td><td>Stable </td><td>16 August 2024</td><td></td></tr><tr><td>Thailand</td><td>BBB+</td><td>Stable </td><td>26 August 2004</td><td></td></tr><tr><td>Togo</td><td>B+</td><td>Stable </td><td>18 April 2025</td><td></td></tr><tr><td>Trinidad and Tobago</td><td>BBB−</td><td>Negative </td><td>26 March 2020</td><td></td></tr><tr><td>Turkey</td><td>BB−</td><td>Stable </td><td>1 November 2024</td><td></td></tr><tr><td>Turks and Caicos Islands</td><td>A−</td><td>Stable </td><td>26 February 2025</td><td></td></tr><tr><td>Uganda</td><td>B−</td><td>Positive </td><td>6 October 2023</td><td></td></tr><tr><td>Ukraine</td><td>CCC+</td><td>Stable </td><td>22 January 2026</td><td></td></tr><tr><td>United Arab Emirates</td><td>AA</td><td>Stable </td><td>2 July 2007</td><td></td></tr><tr><td>United Kingdom</td><td>AA</td><td>Stable </td><td>27 June 2016</td><td></td></tr><tr><td>United States</td><td>AA+</td><td>Stable </td><td>5 August 2011</td><td></td></tr><tr><td>Uruguay</td><td>BBB+</td><td>Stable </td><td>26 April 2023</td><td></td></tr><tr><td>Uzbekistan</td><td>BB</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>Vietnam</td><td>BB+</td><td>Stable </td><td>26 May 2022</td><td></td></tr><tr><td>Zambia</td><td>CCC+</td><td>Stable </td><td>21 November 2025</td><td></td></tr></tbody></table>

Fitch

List of countries by credit rating

Map of Fitch's sovereign long-term foreign credit ratings. Legend:   AAA   AA+   AA   AA−   A+   A   A−   BBB+   BBB   BBB−   BB+   BB   BB−   B+   B   B−   CCC+   CCC   CCC−   RD

For Fitch, a bond is considered investment grade if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds. Fitch Ratings typically does not assign outlooks to sovereign ratings below B− (CCC and lower) or modifiers. CCC indicates 'Substantial Credit Risk' where 'default is a real possibility'. CC indicates 'Very High Levels of Credit Risk' where 'default of some kind appears probable'.

<table><thead><tr><th>Country/Territory</th><th>Rating</th><th>Outlook</th><th>Date</th><th>Ref.</th></tr></thead><tbody><tr><td>Andorra</td><td>A−</td><td>Stable </td><td>4 April 2025</td><td></td></tr><tr><td>Angola</td><td>B−</td><td>Stable </td><td>14 November 2025</td><td></td></tr><tr><td>Argentina</td><td>CCC+</td><td>Positive </td><td>12 May 2025</td><td></td></tr><tr><td>Armenia</td><td>BB−</td><td>Positive </td><td>16 January 2026</td><td></td></tr><tr><td>Aruba</td><td>BBB</td><td>Positive </td><td>3 March 2026</td><td></td></tr><tr><td>Australia</td><td>AAA</td><td>Stable </td><td>27 October 2025</td><td></td></tr><tr><td>Austria</td><td>AA</td><td>Stable </td><td>5 December 2025</td><td></td></tr><tr><td>Azerbaijan</td><td>BBB−</td><td>Stable </td><td>13 June 2025</td><td></td></tr><tr><td>Bahamas</td><td>BB−</td><td>Stable </td><td>9 April 2025</td><td></td></tr><tr><td>Bahrain</td><td>B</td><td>Stable </td><td>23 February 2026</td><td></td></tr><tr><td>Bangladesh</td><td>B+</td><td>Stable </td><td>22 May 2025</td><td></td></tr><tr><td>Barbados</td><td>B+</td><td>Positive </td><td>9 October 2025</td><td></td></tr><tr><td>Belarus</td><td>WD</td><td>Ratings withdrawn </td><td>6 October 2023</td><td></td></tr><tr><td>Belgium</td><td>A+</td><td>Stable </td><td>13 June 2025</td><td></td></tr><tr><td>Benin</td><td>B+</td><td>Positive </td><td>16 January 2026</td><td></td></tr><tr><td>Bolivia</td><td>CCC</td><td></td><td>16 January 2026</td><td></td></tr><tr><td>Brazil</td><td>BB</td><td>Stable </td><td>25 June 2025</td><td></td></tr><tr><td>Bulgaria</td><td>BBB+</td><td>Stable </td><td>10 July 2025</td><td></td></tr><tr><td>Cabo Verde</td><td>B</td><td>Stable </td><td>13 May 2025</td><td></td></tr><tr><td>Cameroon</td><td>B</td><td>Negative </td><td>7 November 2025</td><td></td></tr><tr><td>Canada</td><td>AA+</td><td>Stable </td><td>18 July 2025</td><td></td></tr><tr><td>Chile</td><td>A−</td><td>Stable </td><td>26 September 2025</td><td></td></tr><tr><td>China</td><td>A</td><td>Stable </td><td>3 April 2025</td><td></td></tr><tr><td>Colombia</td><td>BB</td><td>Stable </td><td>16 December 2025</td><td></td></tr><tr><td>Costa Rica</td><td>BB</td><td>Positive </td><td>17 December 2025</td><td></td></tr><tr><td>Côte d'Ivoire</td><td>BB</td><td>Stable </td><td>12 December 2025</td><td></td></tr><tr><td>Croatia</td><td>A−</td><td>Stable </td><td>6 March 2026</td><td></td></tr><tr><td>Cyprus</td><td>A−</td><td>Positive </td><td>21 November 2025</td><td></td></tr><tr><td>Czechia</td><td>AA−</td><td>Stable </td><td>6 February 2026</td><td></td></tr><tr><td>Denmark</td><td>AAA</td><td>Stable </td><td>3 October 2025</td><td></td></tr><tr><td>Dominican Republic</td><td>BB−</td><td>Positive </td><td>7 November 2025</td><td></td></tr><tr><td>Ecuador</td><td>B-</td><td>Stable </td><td>25 February 2026</td><td></td></tr><tr><td>Egypt</td><td>B</td><td>Stable </td><td>10 October 2025</td><td></td></tr><tr><td>El Salvador</td><td>B−</td><td>Stable </td><td>30 April 2025</td><td></td></tr><tr><td>Estonia</td><td>A+</td><td>Stable </td><td>6 June 2025</td><td></td></tr><tr><td>Ethiopia</td><td>RD</td><td></td><td>17 October 2025</td><td></td></tr><tr><td>European Union</td><td>AAA</td><td>Stable </td><td>30 January 2026</td><td></td></tr><tr><td>Finland</td><td>AA</td><td>Stable </td><td>25 July 2025</td><td></td></tr><tr><td>France</td><td>A+</td><td>Stable </td><td>6 March 2026</td><td></td></tr><tr><td>Gabon</td><td>CCC-</td><td></td><td>19 December 2025</td><td></td></tr><tr><td>Georgia</td><td>BB</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>Germany</td><td>AAA</td><td>Stable </td><td>11 July 2025</td><td></td></tr><tr><td>Ghana</td><td>B−</td><td>Stable </td><td>16 June 2025</td><td></td></tr><tr><td>Greece</td><td>BBB</td><td>Stable </td><td>14 November 2025</td><td></td></tr><tr><td>Guatemala</td><td>BB+</td><td>Stable </td><td>14 October 2025</td><td></td></tr><tr><td>Hong Kong</td><td>AA−</td><td>Stable </td><td>23 May 2025</td><td></td></tr><tr><td>Hungary</td><td>BBB</td><td>Negative </td><td>5 December 2025</td><td></td></tr><tr><td>Iceland</td><td>WD</td><td>Ratings withdrawn </td><td>6 February 2026</td><td></td></tr><tr><td>India</td><td>BBB−</td><td>Stable </td><td>25 August 2025</td><td></td></tr><tr><td>Indonesia</td><td>BBB</td><td>Negative </td><td>4 March 2026</td><td></td></tr><tr><td>Iraq</td><td>B−</td><td>Stable </td><td>24 November 2025</td><td></td></tr><tr><td>Ireland</td><td>AA</td><td>Stable </td><td>7 November 2025</td><td></td></tr><tr><td>Israel</td><td>A</td><td>Negative </td><td>31 March 2025</td><td></td></tr><tr><td>Italy</td><td>BBB+</td><td>Stable </td><td>19 September 2025</td><td></td></tr><tr><td>Jamaica</td><td>BB−</td><td>Stable </td><td>5 February 2026</td><td></td></tr><tr><td>Japan</td><td>A</td><td>Stable </td><td>19 January 2026</td><td></td></tr><tr><td>Jordan</td><td>BB−</td><td>Stable </td><td>7 May 2025</td><td></td></tr><tr><td>Kazakhstan</td><td>BBB</td><td>Stable </td><td>15 July 2025</td><td></td></tr><tr><td>Kenya</td><td>B−</td><td>Stable </td><td>23 January 2026</td><td></td></tr><tr><td>Kosovo</td><td>BB−</td><td>Stable </td><td>6 January 2026</td><td></td></tr><tr><td>Kuwait</td><td>AA−</td><td>Stable </td><td>5 September 2025</td><td></td></tr><tr><td>Kyrgyzstan</td><td>B</td><td>Stable </td><td>24 April 2025</td><td></td></tr><tr><td>Laos</td><td>CCC+</td><td></td><td>21 October 2025</td><td></td></tr><tr><td>Latvia</td><td>A−</td><td>Stable </td><td>7 November 2025</td><td></td></tr><tr><td>Lebanon</td><td>WD</td><td>Ratings withdrawn </td><td>23 July 2023</td><td></td></tr><tr><td>Lesotho</td><td>B</td><td>Stable </td><td>9 June 2025</td><td></td></tr><tr><td>Lithuania</td><td>A</td><td>Stable </td><td>24 October 2025</td><td></td></tr><tr><td>Luxembourg</td><td>AAA</td><td>Stable </td><td>31 October 2025</td><td></td></tr><tr><td>Macao</td><td>AA</td><td>Stable </td><td>11 February 2026</td><td></td></tr><tr><td>Malaysia</td><td>BBB+</td><td>Stable </td><td>8 December 2025</td><td></td></tr><tr><td>Maldives</td><td>CC</td><td></td><td>12 June 2025</td><td></td></tr><tr><td>Malta</td><td>A+</td><td>Stable </td><td>5 September 2025</td><td></td></tr><tr><td>Mexico</td><td>BBB−</td><td>Stable </td><td>16 April 2025</td><td></td></tr><tr><td>Moldova</td><td>B+</td><td>Stable</td><td>27 February 2026</td><td></td></tr><tr><td>Mongolia</td><td>B+</td><td>Stable </td><td>1 September 2025</td><td></td></tr><tr><td>Morocco</td><td>BB+</td><td>Stable </td><td>29 September 2025</td><td></td></tr><tr><td>Mozambique</td><td>CCC</td><td></td><td>30 January 2025</td><td></td></tr><tr><td>Namibia</td><td>BB−</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>  Nepal</td><td>BB−</td><td>Stable </td><td>18 November 2025</td><td></td></tr><tr><td>Netherlands</td><td>AAA</td><td>Stable </td><td>16 January 2026</td><td></td></tr><tr><td>New Zealand</td><td>AA+</td><td>Stable </td><td>17 August 2025</td><td></td></tr><tr><td>Nicaragua</td><td>B</td><td>Stable </td><td>23 May 2025</td><td></td></tr><tr><td>Nigeria</td><td>B</td><td>Stable </td><td>10 October 2025</td><td></td></tr><tr><td>North Macedonia</td><td>BB+</td><td>Stable </td><td>19 September 2025</td><td></td></tr><tr><td>Norway</td><td>AAA</td><td>Stable </td><td>13 March 1995</td><td></td></tr><tr><td>Oman</td><td>BBB−</td><td>Stable </td><td>8 December 2025</td><td></td></tr><tr><td>Pakistan</td><td>B−</td><td>Stable </td><td>15 April 2025</td><td></td></tr><tr><td>Panama</td><td>BB+</td><td>Stable </td><td>28 March 2024</td><td></td></tr><tr><td>Paraguay</td><td>BB+</td><td>Positive </td><td>6 October 2025</td><td></td></tr><tr><td>Peru</td><td>BBB</td><td>Stable </td><td>20 October 2022</td><td></td></tr><tr><td>Philippines</td><td>BBB</td><td>Stable </td><td>22 May 2023</td><td></td></tr><tr><td>Poland</td><td>A−</td><td>Negative </td><td>11 October 2023</td><td></td></tr><tr><td>Portugal</td><td>A</td><td>Stable </td><td>12 September 2025</td><td></td></tr><tr><td>Qatar</td><td>AA</td><td>Stable </td><td>20 March 2024</td><td></td></tr><tr><td>Ras Al Khaimah, UAE</td><td>A+</td><td>Stable </td><td>23 May 2023</td><td></td></tr><tr><td>Republic of the Congo</td><td>CCC+</td><td></td><td>16 September 2022</td><td></td></tr><tr><td>Romania</td><td>BBB−</td><td>Negative </td><td>17 December 2024</td><td></td></tr><tr><td>Russia</td><td>WD</td><td>Ratings withdrawn </td><td>25 March 2022</td><td></td></tr><tr><td>Rwanda</td><td>B+</td><td>Negative </td><td>4 April 2025</td><td></td></tr><tr><td>San Marino</td><td>BBB−</td><td>Positive </td><td>12 December 2025</td><td></td></tr><tr><td>Saudi Arabia</td><td>A+</td><td>Stable </td><td>5 April 2023</td><td></td></tr><tr><td>Serbia</td><td>BB+</td><td>Positive </td><td>9 August 2024</td><td></td></tr><tr><td>Seychelles</td><td>BB</td><td>Stable </td><td>5 September 2025</td><td></td></tr><tr><td>Singapore</td><td>AAA</td><td>Stable </td><td>14 May 2003</td><td></td></tr><tr><td>Slovakia</td><td>A−</td><td>Stable </td><td>6 December 2024</td><td></td></tr><tr><td>Slovenia</td><td>A+</td><td>Stable </td><td>3 October 2025</td><td></td></tr><tr><td>South Africa</td><td>BB−</td><td>Stable </td><td>15 December 2021</td><td></td></tr><tr><td>South Korea</td><td>AA−</td><td>Stable </td><td>6 September 2012</td><td></td></tr><tr><td>Spain</td><td>A</td><td>Stable </td><td>26 September 2025</td><td></td></tr><tr><td>Sri Lanka</td><td>CCC+</td><td>Positive </td><td>20 December 2024</td><td></td></tr><tr><td>Suriname</td><td>WD</td><td>Ratings withdrawn </td><td>25 January 2022</td><td></td></tr><tr><td>Sweden</td><td>AAA</td><td>Stable </td><td>8 March 2004</td><td></td></tr><tr><td> Switzerland</td><td>AAA</td><td>Stable </td><td>10 August 1994</td><td></td></tr><tr><td>Taiwan</td><td>AA</td><td>Stable </td><td>10 September 2021</td><td></td></tr><tr><td>Tanzania</td><td>B+</td><td>Stable </td><td>9 June 2023</td><td></td></tr><tr><td>Thailand</td><td>BBB+</td><td>Negative </td><td>24 September 2025</td><td></td></tr><tr><td>Tunisia</td><td>B−</td><td>Stable </td><td>12 September 2025</td><td></td></tr><tr><td>Turkey</td><td>BB−</td><td>Stable </td><td>6 September 2024</td><td></td></tr><tr><td>Turkmenistan</td><td>BB−</td><td>Stable </td><td>2 August 2024</td><td></td></tr><tr><td>Uganda</td><td>B</td><td>Stable </td><td>30 August 2024</td><td></td></tr><tr><td>Ukraine</td><td>CCC</td><td></td><td>22 December 2025</td><td></td></tr><tr><td>United Arab Emirates</td><td>AA−</td><td>Stable </td><td>11 November 2020</td><td></td></tr><tr><td>United Kingdom</td><td>AA−</td><td>Stable </td><td>22 March 2024</td><td></td></tr><tr><td>United States</td><td>AA+</td><td>Stable </td><td>1 August 2023</td><td></td></tr><tr><td>Uruguay</td><td>BBB</td><td>Stable </td><td>7 June 2023</td><td></td></tr><tr><td>Uzbekistan</td><td>BB</td><td>Stable </td><td>26 June 2025</td><td></td></tr><tr><td>Viet Nam</td><td>BB+</td><td>Stable </td><td>8 December 2023</td><td></td></tr><tr><td>Zambia</td><td>B−</td><td>Stable </td><td>28 November 2025</td><td></td></tr></tbody></table>

Moody's

List of countries by credit rating

Map of Moody's sovereign long-term foreign credit ratings. Legend:   Aaa   Aa1   Aa2   Aa3   A1   A2   A3   Baa1   Baa2   Baa3   Ba1   Ba2   Ba3   B1   B2   B3  Caa1   Caa2   Caa3   Ca   C

For Moody's, a bond is considered investment grade if its credit rating is Baa3 or higher. Bonds rated Ba1 and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

<table><thead><tr><th>Country/Territory</th><th>Rating</th><th>Outlook</th><th>Date</th><th>Ref.</th></tr></thead><tbody><tr><td>Angola</td><td>B3</td><td>Positive </td><td>24 October 2023</td><td></td></tr><tr><td>Albania</td><td>Ba3</td><td>Stable </td><td>19 October 2024</td><td></td></tr><tr><td>Argentina</td><td>Caa1</td><td>Stable </td><td>17 July 2025</td><td></td></tr><tr><td>Armenia</td><td>Ba3</td><td>Stable </td><td>22 June 2023</td><td></td></tr><tr><td>Australia</td><td>Aaa</td><td>Stable </td><td>28 June 2022</td><td></td></tr><tr><td>Austria</td><td>Aa1</td><td>Stable </td><td>24 February 2023</td><td></td></tr><tr><td>Azerbaijan</td><td>Ba1</td><td>Stable </td><td>5 August 2022</td><td></td></tr><tr><td>Bahamas</td><td>B1</td><td>Stable </td><td>6 October 2022</td><td></td></tr><tr><td>Bahrain</td><td>B2</td><td>Stable </td><td>22 April 2022</td><td></td></tr><tr><td>Bangladesh</td><td>B1</td><td>Stable </td><td>30 May 2023</td><td></td></tr><tr><td>Barbados</td><td>B3</td><td>Stable </td><td>3 August 2023</td><td></td></tr><tr><td>Belarus</td><td>C</td><td>Stable </td><td>2 June 2023</td><td></td></tr><tr><td>Belgium</td><td>Aa3</td><td>Stable </td><td>28 April 2023</td><td></td></tr><tr><td>Belize</td><td>Caa2</td><td>Stable </td><td>16 November 2022</td><td></td></tr><tr><td>Benin</td><td>B1</td><td>Stable </td><td>18 September 2023</td><td></td></tr><tr><td>Bermuda</td><td>A2</td><td>Stable </td><td>21 June 2022</td><td></td></tr><tr><td>Bolivia</td><td>Caa1</td><td>Negative </td><td>30 June 2023</td><td></td></tr><tr><td>Bosnia and Herzegovina</td><td>B3</td><td>Stable </td><td>22 July 2022</td><td></td></tr><tr><td>Botswana</td><td>A3</td><td>Stable </td><td>27 October 2023</td><td></td></tr><tr><td>Brazil</td><td>Ba1</td><td>Positive </td><td>7 October 2024</td><td></td></tr><tr><td>Bulgaria</td><td>Baa1</td><td>Stable </td><td>3 February 2023</td><td></td></tr><tr><td>Cambodia</td><td>B2</td><td>Negative </td><td>15 November 2022</td><td></td></tr><tr><td>Cameroon</td><td>Caa1</td><td>Stable </td><td>27 July 2023</td><td></td></tr><tr><td>Canada</td><td>Aaa</td><td>Stable </td><td>3 November 2022</td><td></td></tr><tr><td>Cayman Islands</td><td>Aa3</td><td>Stable </td><td>8 June 2023</td><td></td></tr><tr><td>Chile</td><td>A2</td><td>Stable </td><td>15 September 2022</td><td></td></tr><tr><td>China</td><td>A1</td><td>Negative </td><td>5 December 2023</td><td></td></tr><tr><td>Colombia</td><td>Baa2</td><td>Stable </td><td>8 June 2023</td><td></td></tr><tr><td>Congo</td><td>Caa2</td><td>Stable </td><td>3 November 2023</td><td></td></tr><tr><td>Costa Rica</td><td>Ba3</td><td>Positive </td><td>18 September 2024</td><td></td></tr><tr><td>Cote d'Ivoire</td><td>Ba3</td><td>Positive </td><td>27 June 2022</td><td></td></tr><tr><td>Croatia</td><td>A3</td><td>Stable </td><td>7 November 2024</td><td></td></tr><tr><td>Cuba</td><td>Ca</td><td>Ratings withdrawn </td><td>18 November 2021</td><td></td></tr><tr><td>Cyprus</td><td>A3</td><td>Stable </td><td>22 November 2024</td><td></td></tr><tr><td>Czechia</td><td>Aa3</td><td>Stable </td><td>24 November 2023</td><td></td></tr><tr><td>Denmark</td><td>Aaa</td><td>Stable </td><td>11 February 2022</td><td></td></tr><tr><td>Dominican Republic</td><td>Ba3</td><td>Positive </td><td>10 August 2023</td><td></td></tr><tr><td>DR Congo</td><td>B3</td><td>Stable </td><td>11 November 2022</td><td></td></tr><tr><td>Ecuador</td><td>Caa3</td><td>Stable </td><td>27 February 2023</td><td></td></tr><tr><td>Egypt</td><td>Caa1</td><td>Negative </td><td>18 January 2024</td><td></td></tr><tr><td>El Salvador</td><td>B3</td><td>Stable </td><td>26 November 2024</td><td></td></tr><tr><td>Estonia</td><td>A1</td><td>Stable </td><td>29 April 2022</td><td></td></tr><tr><td>Eswatini</td><td>B3</td><td>Positive </td><td>1 December 2023</td><td></td></tr><tr><td>Ethiopia</td><td>Caa3</td><td>Stable </td><td>15 September 2023</td><td></td></tr><tr><td>Fiji</td><td>B1</td><td>Stable </td><td>7 October 2022</td><td></td></tr><tr><td>Finland</td><td>Aa1</td><td>Stable </td><td>29 July 2022</td><td></td></tr><tr><td>France</td><td>Aa3</td><td>Stable </td><td>14 December 2024</td><td></td></tr><tr><td>Gabon</td><td>Caa1</td><td>Negative </td><td>12 September 2023</td><td></td></tr><tr><td>Georgia</td><td>Ba2</td><td>Negative </td><td>28 April 2022</td><td></td></tr><tr><td>Germany</td><td>Aaa</td><td>Stable </td><td>10 February 2023</td><td></td></tr><tr><td>Ghana</td><td>Caa3</td><td>Stable </td><td>9 June 2023</td><td></td></tr><tr><td>Greece</td><td>Baa3</td><td>Stable </td><td>14 March 2025</td><td></td></tr><tr><td>Guatemala</td><td>Ba1</td><td>Stable </td><td>15 June 2022</td><td></td></tr><tr><td>Honduras</td><td>B1</td><td>Stable </td><td>3 October 2023</td><td></td></tr><tr><td>Hong Kong</td><td>Aa3</td><td>Negative </td><td>6 December 2023</td><td></td></tr><tr><td>Hungary</td><td>Ba1</td><td>Negative </td><td>30 December 2025</td><td></td></tr><tr><td>Iceland</td><td>A1</td><td>Stable </td><td>19 September 2024</td><td></td></tr><tr><td>India</td><td>Baa3</td><td>Stable </td><td>18 August 2023</td><td></td></tr><tr><td>Indonesia</td><td>Baa2</td><td>Negative </td><td>5 February 2026</td><td></td></tr><tr><td>Iraq</td><td>Caa1</td><td>Stable </td><td>24 November 2023</td><td></td></tr><tr><td>Ireland</td><td>Aa3</td><td>Stable </td><td>21 April 2023</td><td></td></tr><tr><td>Isle of Man</td><td>Aa3</td><td>Stable </td><td>27 October 2023</td><td></td></tr><tr><td>Israel</td><td>Baa1</td><td>Negative </td><td>27 September 2024</td><td></td></tr><tr><td>Italy</td><td>Baa2</td><td>Stable </td><td>21 November 2025</td><td></td></tr><tr><td>Jamaica</td><td>B1</td><td>Positive </td><td>18 October 2023</td><td></td></tr><tr><td>Japan</td><td>A1</td><td>Stable </td><td>8 November 2023</td><td></td></tr><tr><td>Jordan</td><td>B1</td><td>Positive </td><td>17 November 2022</td><td></td></tr><tr><td>Kazakhstan</td><td>Baa1</td><td>Positive </td><td>9 September 2024</td><td></td></tr><tr><td>Kenya</td><td>B3</td><td>Negative </td><td>28 July 2023</td><td></td></tr><tr><td>Kuwait</td><td>A1</td><td>Stable </td><td>26 May 2022</td><td></td></tr><tr><td>Kyrgyzstan</td><td>B3</td><td>Negative </td><td>17 October 2022</td><td></td></tr><tr><td>Latvia</td><td>A3</td><td>Stable </td><td>29 April 2022</td><td></td></tr><tr><td>Lebanon</td><td>C</td><td>Stable </td><td>13 December 2023</td><td></td></tr><tr><td>Lithuania</td><td>A2</td><td>Stable </td><td>29 April 2022</td><td></td></tr><tr><td>Luxembourg</td><td>Aaa</td><td>Stable </td><td>17 March 2023</td><td></td></tr><tr><td>Macao</td><td>Aa3</td><td>Negative </td><td>6 December 2022</td><td></td></tr><tr><td>Malaysia</td><td>A3</td><td>Stable </td><td>14 April 2023</td><td></td></tr><tr><td>Maldives</td><td>Caa2</td><td>Stable </td><td>11 September 2024</td><td></td></tr><tr><td>Mali</td><td>Caa2</td><td>Stable </td><td>9 September 2022</td><td></td></tr><tr><td>Malta</td><td>A2</td><td>Stable </td><td>18 November 2022</td><td></td></tr><tr><td>Mauritius</td><td>Baa3</td><td>Stable </td><td>28 July 2022</td><td></td></tr><tr><td>Mexico</td><td>Baa2</td><td>Stable </td><td>8 July 2022</td><td></td></tr><tr><td>Moldova</td><td>B3</td><td>Stable </td><td>18 August 2023</td><td></td></tr><tr><td>Mongolia</td><td>B3</td><td>Stable </td><td>14 February 2023</td><td></td></tr><tr><td>Montenegro</td><td>Ba3</td><td>Stable </td><td>27 September 2024</td><td></td></tr><tr><td>Morocco</td><td>Ba1</td><td>Positive </td><td>6 March 2026</td><td></td></tr><tr><td>Mozambique</td><td>Caa2</td><td>Stable </td><td>22 September 2023</td><td></td></tr><tr><td>Namibia</td><td>B1</td><td>Stable </td><td>5 April 2022</td><td></td></tr><tr><td>Netherlands</td><td>Aaa</td><td>Stable </td><td>27 January 2023</td><td></td></tr><tr><td>New Zealand</td><td>Aaa</td><td>Stable </td><td>21 April 2022</td><td></td></tr><tr><td>Nicaragua</td><td>B3</td><td>Stable </td><td>30 March 2022</td><td></td></tr><tr><td>Nigeria</td><td>Caa1</td><td>Positive </td><td>8 December 2023</td><td></td></tr><tr><td>Norway</td><td>Aaa</td><td>Stable </td><td>6 May 2022</td><td></td></tr><tr><td>Oman</td><td>Baa3</td><td>Stable </td><td>7 December 2023</td><td></td></tr><tr><td>Pakistan</td><td>Caa1</td><td>Positive </td><td>13 August 2025</td><td></td></tr><tr><td>Panama</td><td>Baa3</td><td>Stable </td><td>31 October 2023</td><td></td></tr><tr><td>Papua New Guinea</td><td>B2</td><td>Stable </td><td>10 November 2022</td><td></td></tr><tr><td>Paraguay</td><td>Baa3</td><td>Stable </td><td>26 July 2024</td><td></td></tr><tr><td>Peru</td><td>Baa1</td><td>Negative </td><td>31 January 2023</td><td></td></tr><tr><td>Philippines</td><td>Baa2</td><td>Stable </td><td>15 September 2022</td><td></td></tr><tr><td>Poland</td><td>A2</td><td>Stable </td><td>29 April 2022</td><td></td></tr><tr><td>Portugal</td><td>A3</td><td>Stable </td><td>17 November 2023</td><td></td></tr><tr><td>Qatar</td><td>Aa3</td><td>Positive </td><td>2 November 2022</td><td></td></tr><tr><td>Romania</td><td>Baa3</td><td>Stable </td><td>3 November 2023</td><td></td></tr><tr><td>Russia</td><td>Ca</td><td>Ratings withdrawn </td><td>6 March 2022</td><td></td></tr><tr><td>Rwanda</td><td>B2</td><td>Stable </td><td>8 September 2023</td><td></td></tr><tr><td>Saint Vincent and the Grenadines</td><td>B3</td><td>Stable </td><td>1 March 2022</td><td></td></tr><tr><td>Saudi Arabia</td><td>Aa3</td><td>Stable </td><td>22 November 2024</td><td></td></tr><tr><td>Senegal</td><td>Ba3</td><td>Stable </td><td>18 March 2022</td><td></td></tr><tr><td>Serbia</td><td>Ba2</td><td>Stable </td><td>8 September 2023</td><td></td></tr><tr><td>Singapore</td><td>Aaa</td><td>Stable </td><td>17 May 2022</td><td></td></tr><tr><td>Slovakia</td><td>A3</td><td>Stable </td><td>13 December 2024</td><td></td></tr><tr><td>Slovenia</td><td>A3</td><td>Stable </td><td>21 October 2022</td><td></td></tr><tr><td>South Africa</td><td>Ba2</td><td>Stable </td><td>1 April 2022</td><td></td></tr><tr><td>South Korea</td><td>Aa2</td><td>Stable </td><td>21 April 2022</td><td></td></tr><tr><td>Spain</td><td>A3</td><td>Positive </td><td>27 September 2025</td><td></td></tr><tr><td>Sri Lanka</td><td>Caa1</td><td>Positive </td><td>23 December 2024</td><td></td></tr><tr><td>Suriname</td><td>Caa3</td><td>Stable </td><td>17 February 2023</td><td></td></tr><tr><td>Sweden</td><td>Aaa</td><td>Stable </td><td>25 March 2022</td><td></td></tr><tr><td> Switzerland</td><td>Aaa</td><td>Stable </td><td>17 February 2023</td><td></td></tr><tr><td>Taiwan</td><td>Aa3</td><td>Stable </td><td>22 September 2022</td><td></td></tr><tr><td>Tajikistan</td><td>B3</td><td>Stable </td><td>12 October 2023</td><td></td></tr><tr><td>Thailand</td><td>Baa1</td><td>Stable </td><td>7 April 2022</td><td></td></tr><tr><td>Trinidad and Tobago</td><td>Ba2</td><td>Positive </td><td>10 July 2023</td><td></td></tr><tr><td>Tunisia</td><td>Caa1</td><td>Stable </td><td>28 February 2025</td><td></td></tr><tr><td>Turkey</td><td>B1</td><td>Positive </td><td>19 July 2024</td><td></td></tr><tr><td>Uganda</td><td>B2</td><td>Negative </td><td>18 November 2022</td><td></td></tr><tr><td>Ukraine</td><td>Ca</td><td>Stable </td><td>10 February 2023</td><td></td></tr><tr><td>United Arab Emirates</td><td>Aa2</td><td>Stable </td><td>21 March 2023</td><td></td></tr><tr><td>United Kingdom</td><td>Aa3</td><td>Stable </td><td>20 October 2023</td><td></td></tr><tr><td>United States</td><td>Aa1</td><td>Stable </td><td>16 May 2025</td><td></td></tr><tr><td>Uruguay</td><td>Baa1</td><td>Stable </td><td>15 March 2024</td><td></td></tr><tr><td>Uzbekistan</td><td>Ba3</td><td>Stable </td><td>20 January 2023</td><td></td></tr><tr><td>Venezuela</td><td>C</td><td>Ratings withdrawn </td><td>9 March 2018</td><td></td></tr><tr><td>Vietnam</td><td>Ba2</td><td>Stable </td><td>6 September 2022</td><td></td></tr><tr><td>Zambia</td><td>Caa3</td><td>Stable </td><td>21 October 2022</td><td></td></tr></tbody></table>

Others

DBRS Morningstar

For DBRS Morningstar, a bond is considered investment grade if its credit rating is BBB(low) or higher. Bonds rated BB(high) and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country	Rating	Outlook	Date
Argentina	CCC	Stable	3 March 2023
Australia	AAA	Stable	20 January 2023
Austria	AAA	Stable	14 July 2023
Belgium	AA	Stable	4 August 2023
Brazil	BB	Stable	28 July 2023
Bulgaria	BBB(high)	Stable	2 May 2025
Canada	AAA	Stable	8 September 2023
China	A	Stable	9 November 2023
Colombia	BBB(low)	Stable	26 June 2023
Croatia	A	Stable	25 April 2025
Cyprus	A(low)	Positive	21 March 2025
Denmark	AAA	Stable	17 November 2023
Estonia	AA(low)	Stable	21 July 2023
European Union	AAA	Stable	25 May 2025
Finland	AA(high)	Stable	22 September 2023
France	AA(high)	Stable	22 September 2023
Germany	AAA	Stable	1 December 2023
Greece	BBB	Stable	7 March 2025
India	BBB	Stable	10 May 2025
Ireland	AA(low)	Stable	3 November 2023
Italy	A(low)	Stable	17 October 2025
Japan	A(high)	Stable	19 November 2023
Latvia	A	Stable	15 September 2023
Lithuania	A(high)	Stable	17 November 2023
Luxembourg	AAA	Stable	10 November 2023
Malta	A(high)	Stable	13 October 2023
Mexico	BBB	Stable	8 May 2023
Netherlands	AAA	Stable	15 September 2023
Norway	AAA	Stable	29 September 2023
Poland	A	Stable	10 November 2023
Portugal	A	Stable	21 July 2023
San Marino	BBB(low)	Stable	1 December 2023
Singapore	AAA	Stable	24 August 2023
Slovakia	A	Stable	25 August 2023
Slovenia	A(high)	Stable	8 December 2023
Spain	A	Stable	1 December 2023
Sweden	AAA	Stable	4 August 2023
Switzerland	AAA	Stable	21 July 2023
Turkey	BB(high)	Negative	17 February 2017
United Kingdom	AA	Stable	17 November 2023
United States	AAA	Stable	10 October 2023
Uruguay	BBB	Stable	20 November 2023

Scope Ratings

For Scope – the European rating agency – a bond is considered investment grade if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country/Territory	Rating	Outlook	Date
Austria	AA+	Negative	12 September 2025
Belgium	A+	Stable	14 November 2025
Bulgaria	A−	Stable	11 July 2025
China	A	Stable	26 July 2024
Croatia	A−	Positive	26 September 2025
Cyprus	A−	Positive	10 October 2025
Czech Republic	AA−	Stable	19 September 2025
Denmark	AAA	Stable	1 August 2025
Estonia	A+	Stable	5 September 2025
Finland	AA+	Negative	1 August 2025
France	AA−	Negative	26 September 2025
Georgia	BB	Negative	10 January 2025
Germany	AAA	Stable	12 September 2025
Greece	BBB	Positive	7 November 2025
Hungary	BBB	Stable	10 October 2025
Ireland	AA	Stable	25 July 2025
Italy	BBB+	Positive	31 October 2025
Japan	A	Stable	28 February 2025
Latvia	A−	Stable	5 September 2025
Lithuania	A+	Stable	5 September 2025
Luxembourg	AAA	Stable	25 April 2025
Malta	A+	Stable	4 July 2025
Netherlands	AAA	Stable	12 September 2025
Norway	AAA	Stable	1 August 2025
Poland	A	Stable	13 June 2025
Portugal	A	Positive	31 October 2025
Romania	BBB−	Stable	21 November 2025
Serbia	BB+	Stable	27 June 2025
Slovakia	A	Negative	27 June 2025
Slovenia	A+	Stable	16 May 2025
South Africa	BB	Stable	1 August 2025
Spain	A	Positive	21 November 2025
Sweden	AAA	Stable	25 July 2025
Switzerland	AAA	Stable	4 October 2024
Turkey	BB−	Stable	24 October 2025
Ukraine	SD		30 August 2024
United Kingdom	AA	Stable	28 March 2025
United States	AA−	Stable	10 October 2025

JCR

Japan Credit Rating Agency (JCR) is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U.S. Securities and Exchange Commission.

Country/Territory	Rating	Outlook	Date
Australia	AAA	Stable	26 April 2023
Belgium	AAA	Stable	2 June 2023
Brazil	BBB−	Stable	20 December 2023
Canada	AAA	Stable	20 December 2023
Chile	AA−	Stable	4 April 2023
China	AA−	Stable	2 November 2023
Czechia	AA−	Stable	30 June 2023
Denmark	AAA	Stable	15 December 2023
Egypt	AA	Stable	8 July 2024
Finland	AAA	Stable	22 February 2023
France	AAA	Stable	6 October 2022
Germany	AAA	Stable	3 August 2023
Hong Kong	AA+	Stable	27 April 2023
Hungary	A−	Stable	18 February 2022
India	BBB+	Stable	27 December 2023
Indonesia	BBB+	Stable	27 July 2022
Italy	A	Stable	16 December 2022
Japan	AAA	Stable	27 December 2023
Malaysia	A+	Stable	12 September 2022
Mexico	A−	Stable	18 August 2023
Netherlands	AAA	Stable	9 June 2023
Norway	AAA	Stable	7 September 2023
Peru	A−	Stable	27 April 2023
Philippines	A−	Stable	10 March 2023
Poland	A	Stable	16 November 2023
Portugal	A	Stable	13 January 2023
Romania	BBB	Stable	27 November 2023
Singapore	AAA	Stable	22 December 2023
Slovakia	A+	Negative	6 October 2022
Slovenia	AA−	Stable	21 September 2022
South Korea	AA	Stable	30 September 2022
Spain	AA	Stable	24 April 2023
Thailand	A	Stable	11 November 2022
Turkey	BB	Stable	10 May 2024
United Kingdom	AAA	Stable	25 January 2023
United States	AAA	Stable	26 June 2023
Uruguay	A−	Stable	22 November 2023

China Chengxin

China Chengxin Credit Rating Group is a credit rating agency based in China.

Country/Territory	Rating	Outlook	Date
Austria	AAg	Stable	29 December 2023
Bangladesh	BB−g	Stable	29 December 2023
Belgium	A+g	Stable	29 December 2023
Bulgaria	BBB+g	Stable	29 December 2023
Cambodia	Bg	Stable	29 December 2023
Canada	AA+g	Stable	13 September 2023
China	AA+g	Stable	29 December 2023
Egypt	BB−g	Stable	15 November 2023
Estonia	A+g	Stable	29 December 2023
France	AAg	Stable	16 November 2023
Greece	BB+g	Stable	26 October 2023
Ireland	A+g	Stable	29 December 2023
Israel	A+g	Stable	26 October 2023
Italy	BBBg	Stable	29 December 2023
Korea	AA+g	Stable	13 September 2023
Mexico	BBBg	Stable	29 December 2023
Mongolia	B+g	Stable	29 December 2023
Netherlands	AA+g	Stable	29 December 2023
Pakistan	CCCg	Stable	13 September 2023
Romania	BBBg	Stable	29 December 2023
Saudi Arabia	AAg	Stable	13 September 2023
Singapore	AAAg	Stable	6 November 2023
Slovenia	Ag	Stable	29 December 2023
South Africa	BBg	Stable	29 December 2023
Spain	BBBg	Stable	13 September 2023
Switzerland	AAAg	Stable	29 December 2023
Thailand	A−g	Stable	29 December 2023
United Arab Emirates	Ag	Stable	29 December 2023
USA	AA+g	Stable	25 May 2023
Vietnam	BBg	Stable	13 September 2023

CareEdge Global Ratings

CareEdge Group is an Indian credit rating agency. For CareEdge, a bond is considered investment grade if its credit rating is BBB− or higher. Bonds rated BB+ and below are considered to be speculative grade. A bond is considered in default if its credit rating is D.

Country/Territory	Rating	Outlook	Date
Argentina	CCC	Stable	3 October 2024
Australia	AA+	Stable	3 October 2024
Bangladesh	CCC+	Stable	3 October 2024
Botswana	BBB+	Stable	3 October 2024
Brazil	BB+	Stable	3 October 2024
Canada	AA+	Stable	3 October 2024
Chile	A−	Stable	3 October 2024
China	A	Stable	3 October 2024
Colombia	BB+	Stable	3 October 2024
Ecuador	B−	Stable	3 October 2024
Egypt	B−	Stable	3 October 2024
Ethiopia	D	Stable	3 October 2024
France	AA−	Negative	5 December 2024
Germany	AAA	Stable	30 December 2024
Greece	BB+	Stable	3 February 2025
India	BBB+	Stable	7 February 2025
Indonesia	BBB	Stable	3 October 2024
Italy	BBB	Stable	3 October 2024
Japan	AA−	Stable	5 February 2025
Korea	AA−	Stable	12 December 2024
Malaysia	A−	Stable	29 November 2024
Mauritius	BBB	Stable	31 January 2025
Mexico	BBB−	Stable	3 October 2024
Morocco	BBB−	Stable	3 October 2024
Netherlands	AAA	Stable	3 October 2024
Nigeria	B	Stable	3 October 2024
Peru	BBB−	Stable	3 October 2024
Philippines	BBB+	Stable	3 October 2024
Portugal	A+	Stable	3 February 2025
Singapore	AAA	Stable	29 November 2024
South Africa	BB	Stable	3 October 2024
Spain	A	Stable	3 October 2024
Sweden	AAA	Stable	30 December 2024
Thailand	A−	Stable	3 February 2025
Turkiye	B+	Stable	3 October 2024
UAE	AA−	Stable	3 October 2024
United Kingdom	AA−	Stable	3 October 2024
United States	AA+	Stable	3 October 2024
Vietnam	BB+	Stable	3 October 2024

Unrated

List of countries by credit rating

<table><thead><tr><th>Country</th><th>Details</th></tr></thead><tbody><tr><td>Afghanistan</td><td></td></tr><tr><td>Algeria</td><td></td></tr><tr><td>Antigua and Barbuda</td><td></td></tr><tr><td>Bhutan</td><td></td></tr><tr><td>Brunei Darussalam</td><td></td></tr><tr><td>Burundi</td><td></td></tr><tr><td>Central African Republic</td><td></td></tr><tr><td>Chad</td><td></td></tr><tr><td>Comoros</td><td></td></tr><tr><td>Djibouti</td><td></td></tr><tr><td>Dominica</td><td></td></tr><tr><td>Equatorial Guinea</td><td></td></tr><tr><td>Eritrea</td><td></td></tr><tr><td> Gambia</td><td>Fitch suspended Gambia's credit rating after its only traded international bond expired</td></tr><tr><td>Guinea</td><td></td></tr><tr><td>Guinea-Bissau</td><td></td></tr><tr><td>Guyana</td><td></td></tr><tr><td>Haiti</td><td></td></tr><tr><td> Iran</td><td>Fitch has withdrawn all ratings for Iran following the maturity and full repayment of the last outstanding sovereign eurobond on 21 April 2008.</td></tr><tr><td>Kiribati</td><td></td></tr><tr><td>Liberia</td><td></td></tr><tr><td> Libya</td><td>Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.</td></tr><tr><td>Malawi</td><td></td></tr><tr><td> Mali</td><td>Mali was given a credit rating in 2004 as part of a UN development initiative, but the rating was later withdrawn.</td></tr><tr><td>Marshall Islands</td><td></td></tr><tr><td>Mauritania</td><td></td></tr><tr><td>Monaco</td><td></td></tr><tr><td>Myanmar</td><td></td></tr><tr><td>Nauru</td><td></td></tr><tr><td>Niger</td><td></td></tr><tr><td>North Korea</td><td></td></tr><tr><td>Palau</td><td></td></tr><tr><td>Saint Kitts and Nevis</td><td></td></tr><tr><td>Saint Lucia</td><td></td></tr><tr><td>Samoa</td><td></td></tr><tr><td>Sao Tome and Principe</td><td></td></tr><tr><td>Sierra Leone</td><td></td></tr><tr><td>Solomon Islands</td><td></td></tr><tr><td>Somalia</td><td></td></tr><tr><td>Syria</td><td></td></tr><tr><td>Timor Leste</td><td></td></tr><tr><td>Tonga</td><td></td></tr><tr><td>Tuvalu</td><td></td></tr><tr><td>Vanuatu</td><td></td></tr><tr><td>Yemen</td><td></td></tr><tr><td>Zimbabwe</td><td></td></tr></tbody></table>