List of countries by credit rating

This is a list of countries by credit rating, showing long-term foreign currency credit ratings for sovereign 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[edit]

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^[1][2]

Country/Territory	Rating	Outlook	Date	Ref.
Abu Dhabi, UAE	AA	Stable	30 May 2023	[3]
Albania	BB-	Positive	23 March 2024	[4]
Andorra	BBB+	Positive	12 May 2023	[5]
Angola	B-	Stable	4 February 2022	[6]
Argentina	CCC	Stable	15 March 2024	[7]
Armenia	BB-	Stable	25 August 2023	[8]
Aruba	BBB	Stable	15 March 2021	[9]
Australia	AAA	Stable	6 June 2021	[10]
Austria	AA+	Stable	26 August 2022	[11]
Azerbaijan	BB+	Stable	22 January 2021	[12]
Bahamas	B+	Stable	12 November 2021	[13]
Bahrain	B+	Stable	24 November 2023	[14]
Bangladesh	BB-	Negative	24 July 2023	[11]
Barbados	B-	Positive	26 October 2023	[15]
Belgium	AA	Stable	28 February 2014	[11]
Belize	B-	Stable	9 November 2021	[16]
Benin	B+	Positive	20 October 2023	[17]
Bermuda	A+	Stable	28 April 2015	[11]
Bolivia	CCC+	Negative	22 November 2023	[18]
Bosnia and Herzegovina	B+	Stable	4 August 2023	[19]
Botswana	BBB+	Stable	17 September 2021	[20]
Brazil	BB	Stable	14 June 2023	[21]
Bulgaria	BBB	Positive	24 November 2023	[22]
Burkina Faso	CCC+	Stable	26 January 2022	[23]
Cape Verde	B-	Stable	19 February 2021	[11]
Cameroon	CCC+	Stable	10 August 2023	[24]
Canada	AAA	Stable	29 July 2002	[11]
Chile	A	Negative	19 October 2023	[25]
China	A+	Stable	21 September 2017	[26]
Colombia	BB+	Negative	19 May 2021	[27]
Cook Islands	B+	Stable	11 November 2020	[11]
Costa Rica	BB-	Stable	27 October 2023	[28]
Ivory Coast	BB-	Stable	6 July 2021	[29]
Croatia	BBB+	Positive	15 September 2023	[30]
Curaçao	BBB-	Stable	24 February 2022	[31]
Cyprus	BBB	Positive	1 September 2023	[11]
Czech Republic	AA-	Stable	24 August 2011	[11]
DR Congo	B-	Stable	28 January 2022	[32]
Denmark	AAA	Stable	27 February 2001	[11]
Dominican Republic	BB	Stable	19 December 2022	[33]
Ecuador	B-	Negative	1 September 2020	[34]
Egypt	B-	Stable	20 October 2023	[35]
El Salvador	B-	Stable	7 November 2023	[36]
Estonia	AA-	Negative	6 December 2022	[11]
Ethiopia	SD		15 December 2023	[37]
Falkland Islands	A+	Stable	22 September 2021	[38]
Fiji	B+	Stable	22 September 2021	[39]
Finland	AA+	Stable	16 September 2016	[11]
France	AA	Negative	2 December 2022	[11]
Georgia	BB	Stable	25 February 2022	[40]
Germany	AAA	Stable	13 January 2012	[11]
Ghana	SD		20 December 2022	[41]
Greece	BBB-	Positive	19 April 2024	[42]
Guatemala	BB	Stable	11 April 2023	[43]
Guernsey	A+	Stable	14 January 2023	[44]
Honduras	BB-	Stable	29 September 2023	[11]
Hong Kong	AA+	Stable	21 September 2017	[45]
Hungary	BBB-	Stable	27 January 2023	[46]
Iceland	A+	Stable	10 November 2023	[47]
India	BBB-	Stable	26 September 2014	[11]
Indonesia	BBB	Stable	27 April 2022	[48]
Iraq	B-	Stable	17 February 2023	[49]
Ireland	AA	Stable	19 May 2023	[50]
Israel	AA-	Negative	24 October 2023	[51]
Italy	BBB	Stable	26 July 2022	[52]
Jamaica	BB-	Stable	13 September 2023	[53]
Japan	A+	Stable	9 June 2020	[54]
Jersey	AA-	Stable	16 January 2021	[55]
Jordan	B+	Stable	20 October 2017	[56]
Kazakhstan	BBB-	Stable	3 March 2023	[57]
Kenya	B	Negative	24 February 2023	[58]
Kuwait	A+	Stable	15 July 2022	[59]
Latvia	A+	Negative	6 December 2022	[60]
Lebanon	SD		11 March 2020	[61]
Liechtenstein	AAA	Stable	26 February 2016	[11]
Lithuania	A+	Negative	2 December 2022	[62]
Luxembourg	AAA	Stable	14 January 2013	[11]
Madagascar	B-	Stable	9 October 2023	[63]
Malaysia	A-	Stable	27 June 2022	[64]
Malta	A-	Stable	13 March 2020	[65]
Mauritius	BBB-	Stable	21 July 2023	[66]
Mexico	BBB	Stable	6 July 2022	[11]
Mongolia	B	Stable	9 November 2018	[67]
Montenegro	B	Stable	5 March 2021	[68]
Montserrat	BBB-	Stable	2 September 2011	[11]
Morocco	BB+	Stable	2 April 2021	[69]
Mozambique	CCC+	Stable	22 November 2019	[70]
Netherlands	AAA	Stable	20 November 2015	[11]
New Zealand	AA+	Stable	21 February 2021	[71]
Nicaragua	B	Stable	25 October 2022	[11]
Nigeria	B-	Stable	4 August 2023	[72]
North Macedonia	BB-	Stable	24 May 2013	[11]
Norway	AAA	Stable	8 November 1990	[73]
Oman	BB+	Stable	29 September 2023	[11]
Pakistan	CCC+	Stable	22 December 2022	[74]
Panama	BB+	Negative	7 November 2023	[75]
Papua New Guinea	B-	Stable	3 June 2021	[76]
Paraguay	BB	Stable	15 June 2016	[11]
Peru	BBB	Negative	12 December 2022	[77]
Philippines	BBB+	Stable	30 April 2019	[78]
Poland	A-	Stable	12 October 2018	[11]
Portugal	A-	Positive	1 March 2024	[79]
Qatar	AA	Stable	4 November 2022	[80]
Ras Al Khaimah, UAE	A-	Positive	16 October 2023	[81]
Congo	B-	Stable	28 July 2023	[11]
Romania	BBB-	Stable	16 April 2021	[11]
Rwanda	B+	Stable	27 January 2023	[82]
Saint Helena	BBB-	Stable	31 March 2023	[83]
Saudi Arabia	A	Stable	17 March 2023	[84]
Senegal	B+	Stable	6 December 2019	[85]
Serbia	BB+	Stable	10 June 2022	[86]
Sharjah, UAE	BBB-	Stable	17 November 2023	[87]
Singapore	AAA	Stable	6 March 1995	[88]
Slovakia	A+	Stable	19 May 2023	[89]
Slovenia	AA-	Stable	14 June 2019	[90]
South Africa	BB-	Stable	8 March 2023	[91]
South Korea	AA	Stable	7 August 2016	[92]
Spain	A	Stable	18 March 2022	[11]
Sri Lanka	SD		25 April 2022	[93]
Suriname	CCC+	Stable	6 December 2023	[11]
Sweden	AAA	Stable	16 February 2004	[11]
Switzerland	AAA	Stable	26 June 1989	[11]
Taiwan	AA+	Stable	29 April 2022	[94]
Tajikistan	B-	Stable	17 February 2023	[95]
Thailand	BBB+	Stable	13 April 2020	[96]
Togo	B	Stable	17 March 2023	[97]
Trinidad and Tobago	BBB-	Stable	21 July 2022	[98]
Turkey	B+	Positive	3 May 2024	[99]
Turks and Caicos Islands	BBB+	Stable	29 March 2022	[100]
Uganda	B-	Stable	9 December 2022	[101]
Ukraine	CCC	Negative	15 August 2022	[102]
United Kingdom	AA	Stable	21 April 2023	[103]
United States	AA+	Stable	10 June 2013	[11]
Uruguay	BBB+	Stable	26 April 2023	[104]
Uzbekistan	BB-	Stable	4 June 2021	[105]
Vietnam	BB+	Stable	27 May 2022	[11]
Zambia	SD		21 October 2020	[11]

Fitch[edit]

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.^[106] 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'.^[107]

Country/Territory	Rating	Outlook	Date	Ref.
Abu Dhabi, UAE	AA	Stable	11 July 2023	[108]
Andorra	A-	Stable	27 October 2023	[109]
Angola	B-	Stable	15 December 2023	[110]
Argentina	CC		13 June 2023	[111]
Armenia	BB-	Stable	28 July 2023	[112]
Aruba	BB+	Stable	16 March 2023	[113]
Australia	AAA	Stable	9 November 2023	[114]
Austria	AA+	Stable	25 August 2023	[115]
Azerbaijan	BB+	Positive	15 September 2023	[116]
Bahrain	B+	Stable	17 July 2023	[117]
Bangladesh	BB-	Negative	25 September 2023	[118]
Barbados	B	Positive	17 October 2023	[119]
Belarus	RD	Ratings withdrawn	6 October 2023	[120]
Belgium	AA-	Negative	1 September 2023	[121]
Benin	B+	Stable	8 September 2023	[122]
Bolivia	CCC	No outlook at level	6 February 2024	[123]
Brazil	BB-	Stable	26 July 2023	[124]
Bulgaria	BBB	Positive	27 October 2023	[125]
Cape Verde	B-	Positive	10 November 2023	[126]
Cameroon	B	Negative	17 November 2023	[127]
Canada	AA+	Stable	19 December 2023	[128]
Chile	A-	Stable	13 December 2023	[129]
China	A+		31 August 2023	[130]
Colombia	BB+	Stable	30 June 2023	[131]
Costa Rica	BB-	Stable	2 March 2023	[132]
Ivory Coast	BB-	Stable	4 August 2023	[133]
Croatia	BBB+	Positive	6 October 2023	[134]
Cyprus	BBB	Positive	8 February 2023	[135]
Czech Republic	AA-	Negative	25 August 2023	[136]
Denmark	AAA	Stable	3 November 2023	[137]
Dominican Republic	BB-	Positive	29 November 2023	[138]
Ecuador	CCC+		16 August 2023	[139]
Egypt	B-	Stable	3 November 2023	[140]
El Salvador	CCC+		5 May 2023	[141]
Estonia	A+	Stable	28 July 2023	[142]
Ethiopia	RD		27 December 2023	[143]
European Union	AAA	Stable	14 February 2023	[144]
Finland	AA+	Stable	11 August 2023	[145]
France	AA-	Stable	27 October 2023	[146]
Gabon	B-	Stable	24 January 2024	[147]
Georgia	BB	Positive	14 July 2023	[148]
Germany	AAA	Stable	15 September 2023	[149]
Ghana	RD		1 November 2023	[150]
Greece	BBB-	Stable	1 December 2023	[151]
Guatemala	BB	Stable	16 February 2023	[152]
Honduras	B	Stable	30 August 2023	[153]
Hong Kong	AA-	Stable	30 March 2023	[154]
Hungary	BBB	Negative	15 December 2023	[155]
Iceland	A	Stable	1 September 2023	[156]
India	BBB-	Stable	20 December 2023	[157]
Indonesia	BBB	Stable	15 March 2024	[158]
Iraq	B-	Stable	4 December 2023	[159]
Ireland	AA-	Positive	12 January 2023	[160]
Israel	A+	Rating Watch Negative	17 October 2023	[161]
Italy	BBB	Stable	10 November 2023	[162]
Jamaica	B+	Positive	7 March 2023	[163]
Japan	A	Stable	31 October 2023	[164]
Jordan	BB-	Stable	10 November 2023	[165]
Kazakhstan	BBB	Stable	17 November 2023	[166]
Kenya	B	Negative	20 July 2023	[167]
Kosovo	BB-	Stable	19 April 2024	[168]
Kuwait	AA-	Stable	15 September 2023	[169]
Laos	CCC-	Ratings Withdrawn	10 October 2022	[170]
Latvia	A-	Positive	28 July 2023	[171]
Lebanon	RD		4 August 2023	[172]
Lesotho	B	Stable	12 July 2023	[173]
Lithuania	A	Stable	17 November 2023	[174]
Luxembourg	AAA	Stable	8 December 2023	[175]
Macau	AA	Stable	24 March 2023	[176]
Malaysia	BBB+	Stable	5 December 2023	[177]
Maldives	B-	Negative	9 October 2023	[178]
Malta	A+	Stable	15 September 2023	[179]
Mexico	BBB-	Stable	7 December 2023	[180]
Mongolia	B	Stable	15 May 2023	[181]
Morocco	BB+	Stable	20 October 2023	[182]
Mozambique	CCC+		11 August 2023	[183]
Namibia	BB-	Stable	2 June 2023	[184]
Netherlands	AAA	Stable	18 August 2023	[185]
New Zealand	AA+	Stable	29 August 2023	[186]
Nicaragua	B-	Positive	5 June 2023	[187]
Nigeria	B-	Stable	3 November 2023	[188]
North Macedonia	BB+	Stable	6 October 2023	[189]
Norway	AAA	Stable	15 December 2023	[190]
Oman	BB+	Stable	25 September 2023	[191]
Pakistan	CCC		13 December 2023	[192]
Panama	BB+	Negative	29 September 2023	[193]
Paraguay	BB+	Stable	1 November 2023	[194]
Peru	BBB	Negative	25 October 2023	[195]
Philippines	BBB	Stable	10 November 2023	[196]
Poland	A-	Stable	10 November 2023	[197]
Portugal	A-	Stable	29 September 2023	[198]
Qatar	AA	Stable	20 March 2024	[199]
Ras Al Khaimah, UAE	A	Positive	23 May 2023	[200]
Congo	CCC+		1 September 2023	[201]
Romania	BBB-	Stable	8 September 2023	[202]
Russia	RD	Ratings withdrawn	25 March 2022	[203]
Rwanda	B+	Stable	6 October 2023	[204]
San Marino	BB	Positive	15 December 2023	[205]
Saudi Arabia	A+	Stable	5 April 2023	[206]
Serbia	BB+	Stable	11 August 2023	[207]
Seychelles	BB-	Stable	15 September 2023	[208]
Singapore	AAA	Stable	20 July 2023	[209]
Slovakia	A-	Stable	8 December 2023	[210]
Slovenia	A	Stable	20 October 2023	[211]
South Africa	BB-	Stable	17 July 2023	[212]
South Korea	AA-	Stable	17 October 2023	[213]
Spain	A-	Stable	17 November 2023	[214]
Sri Lanka	RD		28 September 2023	[215]
Suriname	RD	Ratings withdrawn	25 January 2022	[216]
Sweden	AAA	Stable	27 October 2023	[217]
Switzerland	AAA	Stable	3 November 2023	[218]
Taiwan	AA	Stable	18 August 2023	[219]
Tanzania	B+	Stable	15 December 2023	[220]
Thailand	BBB+	Stable	13 November 2023	[221]
Tunisia	CCC-		8 December 2023	[222]
Turkey	B+	Positive	8 March 2024	[223]
Turkmenistan	B+	Positive	4 August 2023	[224]
Uganda	B+	Negative	8 September 2023	[225]
Ukraine	CC		8 December 2023	[226]
United Arab Emirates	AA-	Stable	13 July 2023	[227]
United Kingdom	AA-	Negative	1 December 2023	[228]
United States	AA+	Stable	1 August 2023	[229]
Uruguay	BBB	Stable	7 June 2023	[230]
Uzbekistan	BB-	Stable	25 August 2023	[231]
Vietnam	BB+	Stable	8 December 2023	[232]
Zambia	RD		4 December 2023	[233]

Moody's[edit]

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.^[234]

Country/Territory	Rating	Outlook	Date	Ref.
Angola	B3	Positive	24 October 2023	[235]
Albania	B1	Stable	7 April 2023	[236]
Argentina	Ca	Stable	27 September 2022	[237]
Armenia	Ba3	Stable	22 June 2023	[238]
Australia	Aaa	Stable	28 June 2022	[239]
Austria	Aa1	Stable	24 February 2023	[240]
Azerbaijan	Ba1	Stable	5 August 2022	[241]
Bahamas	B1	Stable	6 October 2022	[242]
Bahrain	B2	Stable	22 April 2022	[243]
Bangladesh	B1	Stable	30 May 2023	[244]
Barbados	B3	Stable	3 August 2023	[245]
Belarus	C	Stable	2 June 2023	[246]
Belgium	Aa3	Stable	28 April 2023	[247]
Belize	Caa2	Stable	16 November 2022	[248]
Benin	B1	Stable	18 September 2023	[249]
Bermuda	A2	Stable	21 June 2022	[250]
Bolivia	Caa1	Negative	30 June 2023	[251]
Bosnia and Herzegovina	B3	Stable	22 July 2022	[252]
Botswana	A3	Stable	27 October 2023	[253]
Brazil	Ba2	Stable	12 April 2022	[254]
Bulgaria	Baa1	Stable	3 February 2023	[255]
Cambodia	B2	Negative	15 November 2022	[256]
Cameroon	Caa1	Stable	27 July 2023	[257]
Canada	Aaa	Stable	3 November 2022	[258]
Cayman Islands	Aa3	Stable	8 June 2023	[259]
Chile	A2	Stable	15 September 2022	[260]
China	A1	Negative	5 December 2023	[261]
Colombia	Baa2	Stable	8 June 2023	[262]
Congo	Caa2	Stable	3 November 2023	[263]
Costa Rica	B1	Positive	3 November 2023	[264]
Ivory Coast	Ba3	Positive	27 June 2022	[265]
Croatia	Baa2	Positive	10 November 2023	[266]
Cuba	Ca	Ratings withdrawn	18 November 2021	[267]
Cyprus	Baa2	Stable	29 September 2023	[268]
Czech Republic	Aa3	Stable	24 November 2023	[269]
Denmark	Aaa	Stable	11 February 2022	[270]
Dominican Republic	Ba3	Positive	10 August 2023	[271]
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