Current Canada credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Canada ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Canada, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Canada credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | AAA | - | 29 Jul 2002 | rating upgrade |
| Moody's Investors Service | Aaa | - | 3 May 2002 | rating upgrade |
| Fitch Ratings | AA+ | - | 25 Jun 2020 | rating downgrade |
| DBRS | AAA | - | 16 Dec 2002 | rating upgrade |
Canada: Long-term Rating Scales Comparison
Canada long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Canada sovereign debt. These scales help investors understand the likelihood that Canada will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Canada Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 25 Jun 2020 | AA+ | |||
| 12 Aug 2004 | AAA | |||
| 16 Dec 2002 | AAA | |||
| 29 Jul 2002 | AAA | |||
| 3 May 2002 | Aaa | |||
| 3 Apr 2001 | AA+ | |||
| 21 Jun 2000 | Aa1 | |||
| 6 Apr 2000 | Aa2 | |||
| 22 Oct 1997 | AA (high) | |||
| 24 Feb 1997 | AA+ | |||
| 12 Apr 1995 | Aa2 | |||
| 28 Mar 1995 | AA (high) | |||
| 3 Mar 1995 | AA+ | |||
| 16 Feb 1995 | Aa1 | |||
| 10 Aug 1994 | AA | |||
| 2 Jun 1994 | Aa1 | |||
| 21 Mar 1994 | AA (high) | |||
| 28 May 1993 | AAA | |||
| 14 Oct 1992 | AA+ | |||
| 16 Oct 1987 | AAA | |||
| 12 Apr 1974 | Aaa | |||
| 22 May 1968 | Aa | |||
| 3 Nov 1951 | AAA | |||
| 24 Aug 1949 | AA |
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