Japan Credit Rating

CREDIT RATINGS • SUMMARY
JAPAN
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Rating Agency Rating Outlook Last Update Action
Standard & Poor's A+ - 11 Jun 2020 outlook downgrade
Moody's Investors Service A1 - 1 Dec 2014 rating downgrade
Fitch Ratings A - 25 Mar 2022 outlook upgrade
DBRS A (high) - 25 Jan 2019 rating upgrade

Current Japan 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 Japan 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 Japan, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

Japan: Long-term Rating Scales Comparison

Japan 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 Japan sovereign debt. These scales help investors understand the likelihood that Japan will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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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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Japan Credit Ratings historical data

Timetable of Japan credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Date S&P Moody's Fitch DBRS
25 Mar 2022 A
29 Jul 2020 A
11 Jun 2020 A+
25 Jan 2019 A (high)
13 Apr 2018 A+
27 Apr 2017 A
28 Dec 2016 A
13 Jun 2016 A
30 Nov 2015 A (high)
16 Sep 2015 A+
27 Apr 2015 A
1 Dec 2014 A1
20 Nov 2013 A (high)
22 May 2012 A+
24 Aug 2011 Aa3
27 May 2011 AA
26 Apr 2011 AA-
22 Feb 2011 Aa2
27 Jan 2011 AA-
26 Jan 2010 AA
18 May 2009 Aa2
22 Apr 2007 AA
1 Jun 2006 Aaa
23 May 2006 AA-
9 May 2005 AA
7 Apr 2004 Aaa
23 Mar 2004 AA-
30 May 2002 Aa1
15 Apr 2002 AA-
27 Nov 2001 AA
26 Nov 2001 AA
11 Sep 2001 AA+
2 Mar 2001 AA+
22 Feb 2001 AA+
21 Sep 2000 AA+
16 Nov 1998 Aa1
1 Sep 1998 AAA
2 Apr 1998 Aaa
10 Aug 1994 AAA
1 Oct 1981 Aaa
28 Feb 1975 AAA
22 Jan 1959 BBB
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