World Credit Ratings

Agencies:
S&P Ratings
Investment Grade
AAA
AA - A
BBB
Speculative Grade
BB - B
CCC to D
Moody's Ratings
Investment Grade
Aaa
Aa - A
Baa
Speculative Grade
Ba - B
Caa to D
Fitch Ratings
Investment Grade
AAA
AA - A
BBB
Speculative Grade
BB - B
CCC to D
DBRS Ratings
Investment Grade
AAA
AA - A
BBB
Speculative Grade
BB - B
CCC to D

Credit ratings are evaluations of the creditworthiness of a borrower, in particular, their ability to repay debt. These ratings are expressed in letter grades, such as AAA, BBB, and so on, and provide investors with a quick reference to assess the risk associated with investing in bonds or other debt instruments issued by companies, governments, or other entities.

The ratings range from high-grade (AAA), indicating minimal credit risk, to low-grade (C or D), indicating substantial risk of default. These ratings influence the interest rates that borrowers must pay to attract investors; higher-rated borrowers enjoy lower interest rates due to perceived lower risk.

Credit ratings are assigned by credit rating agencies, the most prominent of which are Standard & Poor's (S&P), Moody's, and Fitch Ratings. These agencies evaluate various factors, including the financial health of the issuer, the stability of their income streams, the economic environment, and historical performance.

The ratings they assign are based on a comprehensive analysis of both quantitative financial data and qualitative information, such as management effectiveness and industry conditions. These agencies provide regular updates and reviews of their ratings to reflect changes in the issuer's financial situation or external economic factors.

The primary purpose of credit ratings is to help investors make informed decisions by providing a standardized assessment of credit risk. They also serve a regulatory function, as many financial regulations and investment guidelines use credit ratings to determine the eligibility of securities for certain investment strategies or funds. For example, pension funds and insurance companies often have mandates to invest only in securities with certain minimum credit ratings.

Additionally, these ratings can impact the cost of borrowing for issuers; a downgrade in credit rating can lead to higher interest costs, while an upgrade can reduce borrowing costs. Overall, credit ratings play a crucial role in the functioning of financial markets by facilitating transparency and trust.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.

With green or red background, the recent ratings variations.
Columns are sortable.
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Country S&P Moody's Fitch DBRS
Argentina
CCC
Ca
CC
CCC
Australia
AAA
Aaa
AAA
AAA
Austria
AA+
Aa1
AA+
AAA
Bahrain
B+
B2
B+
-
Bangladesh
BB-
B1
B+
-
Belgium
AA
Aa3
AA-
AA
Botswana
BBB+
A3
-
-
Brazil
BB
Ba2
BB
BB
Bulgaria
BBB
Baa1
BBB
-
Canada
AAA
Aaa
AA+
AAA
Chile
A
A2
A-
N/A
China
A+
A1
A+
A
Colombia
BB+
Baa2
BB+
BBB (low)
Croatia
BBB+
Baa2
BBB+
-
Cyprus
BBB+
Baa2
BBB
BBB (high)
Czech Republic
AA-
Aa3
AA-
-
Denmark
AAA
Aaa
AAA
AAA
Egypt
B-
Caa1
B-
-
Finland
AA+
Aa1
AA+
AA (high)
France
AA-
Aa2
AA-
AA (high)
Germany
AAA
Aaa
AAA
AAA
Greece
BBB-
Ba1
BBB-
BBB (low)
Hong Kong
AA+
Aa3
AA-
-
Hungary
BBB-
Baa2
BBB
-
Iceland
A+
A2
A
-
India
BBB-
Baa3
BBB-
BBB (low)
Indonesia
BBB
Baa2
BBB
-
Ireland
AA
Aa3
AA-
AA (low)
Israel
A+
A2
A+
-
Italy
BBB
Baa3
BBB
BBB (high)
Japan
A+
A1
A
A (high)
Jordan
B+
Ba3
BB-
-
Kazakhstan
BBB-
Baa2
BBB
-
Kenya
B
Caa1
B
-
Latvia
A+
A3
A-
A
Lithuania
A
A2
A
A (high)
Malaysia
A-
A3
BBB+
-
Malta
A-
A2
A+
A (high)
Mauritius
BBB-
Baa3
-
-
Mexico
BBB
Baa2
BBB-
BBB
Morocco
BB+
Ba1
BB+
-
Namibia
-
B1
BB
-
Netherlands
AAA
Aaa
AAA
AAA
New Zealand
AA+
Aaa
AA+
-
Nigeria
B-
Caa1
B-
-
Norway
AAA
Aaa
AAA
AAA
Pakistan
CCC+
Caa3
CCC
-
Perù
BBB-
Baa1
BBB
N/A
Philippines
BBB+
Baa2
BBB
-
Poland
A-
A2
A-
A
Portugal
A-
A3
A-
A
Qatar
AA
Aa2
AA
-
Romania
BBB-
Baa3
BBB-
-
Russia
NR
NR
NR
-
Serbia
BB+
Ba2
BB+
-
Singapore
AAA
Aaa
AAA
AAA
Slovakia
A+
A2
A
A
Slovenia
AA-
A3
A
A (high)
South Africa
BB-
Ba2
BB-
-
South Korea
AA
Aa2
AA-
-
Spain
A
Baa1
A-
A
Sri Lanka
SD
Ca
RD
-
Sweden
AAA
Aaa
AAA
AAA
Switzerland
AAA
Aaa
AAA
AAA
Taiwan
AA+
Aa3
AA
-
Thailand
BBB+
Baa1
BBB+
-
Turkey
B+
B3
B+
BB (high)
Uganda
B-
B3
B+
-
Ukraine
CC
Ca
CC
-
United Kingdom
AA
Aa3
AA-
AA
United States
AA+
Aaa
AA+
AAA
Venezuela
N/A
C
RD
-
Vietnam
BB+
Ba2
BB+
-
Zambia
SD
Caa2
RD
-