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.
The table below shows the current Japan credit ratings, according to the main rating agencies.
| 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 |
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 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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Japan 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 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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