List of countries by credit rating

This article contains a list of countries by credit rating, showing long-term foreign currency credit ratings for government 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

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.
Albania
BB
 Stable  21 March 2025 [3]
Andorra
A−
 Stable  10 May 2024 [4]
Angola
B−
 Stable  4 February 2022 [5]
Argentina
CCC+
 Stable  17 December 2025 [6]
Armenia
BB−
 Stable  25 August 2023 [7]
Aruba
BBB+
 Stable  24 March 2025 [8]
Australia
AAA
 Stable  16 February 2003 [9]
Austria
AA+
 Stable  13 January 2012 [10]
Azerbaijan
BB+
 Positive  29 January 2016 [11]
Bahamas
BB−
 Stable  26 September 2025 [12]
Bahrain
B
 Stable  21 November 2025 [13]
Bangladesh
B+
 Stable  30 July 2024 [14]
Barbados
B+
 Stable  24 October 2025 [15]
Belgium
AA
 Negative  25 November 2011 [16]
Belize
B−
 Stable  9 November 2021 [5]
Benin
BB−
 Stable  19 April 2024 [17]
Bermuda
A+
 Stable  28 April 2015 [5]
Bolivia
CCC−
 Negative  25 June 2025 [18]
Bosnia and Herzegovina
B+
 Stable  4 August 2023 [19]
Botswana
BBB
 Negative  12 September 2025 [20]
Brazil
BB
 Stable  19 December 2023 [5]
Bulgaria
BBB+
 Stable  10 July 2025 [21]
Burkina Faso
CCC+
 Stable  26 January 2022 [22]
Cabo Verde
B
 Positive  16 August 2024 [23]
Cameroon
B−
 Stable  22 March 2024 [24]
Canada
AAA
 Stable  29 July 2002 [5]
Chad
B−
 Stable  28 October 2024 [25]
Chile
A
 Stable  24 March 2021 [26]
China
A+
 Stable  21 September 2017 [27]
Colombia
BB
 Negative  26 June 2025 [28]
Cook Islands
B+
 Positive  11 November 2020 [5]
Costa Rica
BB
 Stable  22 October 2025 [29]
Côte d'Ivoire
BB
 Stable  18 October 2024 [30]
Croatia
A
 Stable  14 March 2026 [31]
Curacao
BBB−
 Stable  22 February 2022 [32]
Cyprus
A−
 Positive  13 December 2024 [33]
Czechia
AA−
 Stable  24 August 2011 [5]
Democratic Republic of the Congo
B−
 Stable  28 January 2022 [5]
Denmark
AAA
 Stable  27 February 2001 [5]
Dominican Republic
BB
 Stable  19 December 2022 [34]
Ecuador
B−
 Stable  1 September 2020 [35]
Egypt
B
 Stable  10 October 2025 [36]
El Salvador
B−
 Stable  7 November 2023 [5]
Estonia
A+
 Stable  31 May 2024 [37]
Ethiopia
SD
 15 December 2023 [38]
Falkland Islands
A+
 Stable  22 September 2021 [5]
Fiji
B+
 Stable  22 September 2021 [5]
Finland
AA+
 Stable  10 October 2014 [39]
France
A+
 Stable  17 October 2025 [40]
Georgia
BB
 Stable  11 October 2019 [41]
Germany
AAA
 Stable  17 August 1983 [42]
Ghana
B−
 Stable  7 November 2025 [43]
Greece
BBB
 Stable  18 April 2025 [44]
Guatemala
BB+
 Stable  23 May 2025 [45]
Guernsey
A+
 Stable  13 January 2023 [5]
Guinea
B+
 Stable  18 September 2025 [46]
Honduras
BB−
 Negative  19 July 2017 [47]
Hong Kong
AA+
 Stable  22 September 2017 [48]
Hungary
BBB−
 Negative  27 January 2023 [49]
Iceland
A+
 Positive  6 March 2026 [50]
India
BBB
 Stable  14 August 2025 [51]
Indonesia
BBB
 Stable  31 May 2019 [52]
Iraq
B−
 Stable  3 September 2015 [53]
Ireland
AA
 Positive  19 May 2023 [54]
Israel
A
 Stable  1 October 2024 [55]
Italy
BBB+
 Stable  11 April 2025 [56]
Jamaica
BB
 Stable  25 September 2025 [57]
Japan
A+
 Stable  16 September 2015 [58]
Jersey
AA−
 Stable  16 January 2021 [59]
Jordan
BB−
 Stable  6 September 2024 [60]
Kazakhstan
BBB−
 Positive  17 February 2016 [61]
Kenya
B
 Stable  22 August 2025 [62]
Kuwait
AA−
 Stable  21 November 2025 [63]
Kyrgyzstan
B+
 Stable  28 March 2025 [64]
Laos
CCC+
 Positive  23 October 2025 [65]
Latvia
A
 Stable  31 May 2024 [66]
Lebanon
SD
 11 March 2020 [67]
Liechtenstein
AAA
 Stable  2 December 1996 [68]
Lithuania
A
 Stable  31 May 2024 [69]
Luxembourg
AAA
 Stable  28 April 1994 [70]
Madagascar
B−
 Negative  11 April 2022 [71]
Malaysia
A−
 Stable  7 October 2003 [72]
Malta
A−
 Stable  14 October 2016 [73]
Mauritius
BBB−
 Stable  21 July 2023 [74]
Mexico
BBB
 Stable  26 March 2020 [5]
Moldova
BB−
 Stable  10 October 2025 [75]
Mongolia
BB−
 Stable  30 October 2025 [76]
Montenegro
B+
 Stable  30 August 2024 [77]
Montserrat
BBB−
 Stable  2 September 2011 [5]
Morocco
BBB−
 Stable  26 September 2025 [78]
Mozambique
CCC+
 Negative  22 November 2019 [79]
Netherlands
AAA
 Stable  20 November 2015 [5]
New Zealand
AA+
 Stable  21 February 2021 [80]
Nicaragua
B+
 Stable  23 October 2024 [81]
Nigeria
B−
 Positive  26 March 2020 [82]
North Macedonia
BB−
 Stable  24 May 2013 [5]
Norway
AAA
 Stable  9 July 1975 [83]
Oman
BBB−
 Stable  27 September 2024 [84]
Pakistan
B−
 Stable  24 July 2025 [85]
Panama
BBB−
 Stable  26 November 2024 [86]
Papua New Guinea
B−
 Stable  29 April 2020 [87]
Paraguay
BBB−
 Stable  17 December 2025 [88]
Peru
BBB−
 Stable  25 April 2024 [89]
Philippines
BBB+
 Positive  30 April 2019 [90]
Poland
A−
 Stable  12 October 2018 [5]
Portugal
A+
 Stable  29 August 2025 [91]
Qatar
AA
 Stable  4 November 2022 [5]
Republic of the Congo
CCC+
 Stable  30 October 2024 [92]
Romania
BBB−
 Negative  16 May 2014 [93]
Rwanda
B+
 Stable  9 August 2019 [94]
Saint Helena
BBB−
 Stable  31 March 2023 [95]
San Marino
BBB+
 Stable  1 August 2025 [96]
Saudi Arabia
A+
 Stable  14 March 2025 [97]
Senegal
CCC+
 14 November 2025 [98]
Serbia
BBB−
 Stable  4 October 2024 [99]
Singapore
AAA
 Stable  6 March 1995 [100]
Slovakia
A+
 Negative  31 July 2015 [101]
Slovenia
AA
 Stable  6 June 2025 [102]
South Africa
BB
 Positive  14 November 2025 [103]
South Korea
AA
 Stable  8 August 2016 [104]
Spain
A+
 Stable  12 September 2025 [105]
Sri Lanka
CCC+
 Stable  19 September 2025 [106]
Suriname
CCC+
 Stable  6 December 2023 [5]
Sweden
AAA
 Stable  16 February 2004 [5]
 Switzerland
AAA
 Stable  1 October 1988 [107]
Taiwan
AA+
 Stable  29 April 2022 [5]
Tajikistan
B
 Stable  16 August 2024 [108]
Thailand
BBB+
 Stable  26 August 2004 [109]
Togo
B+
 Stable  18 April 2025 [110]
Trinidad and Tobago
BBB−
 Negative  26 March 2020 [111]
Turkey
BB−
 Stable  1 November 2024 [112]
Turks and Caicos Islands
A−
 Stable  26 February 2025 [113]
Uganda
B−
 Positive  6 October 2023 [114]
Ukraine
CCC+
 Stable  22 January 2026 [115]
United Arab Emirates
AA
 Stable  2 July 2007 [5]
United Kingdom
AA
 Stable  27 June 2016 [116]
United States
AA+
 Stable  5 August 2011 [117]
Uruguay
BBB+
 Stable  26 April 2023 [118]
Uzbekistan
BB
 Stable  21 November 2025 [119]
Vietnam
BB+
 Stable  26 May 2022 [5]
Zambia
CCC+
 Stable  21 November 2025 [120]

Fitch

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.[121] 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'.[122]

Country/Territory Rating Outlook Date Ref.
Andorra
A−
 Stable  4 April 2025 [123]
Angola
B−
 Stable  14 November 2025 [124]
Argentina
CCC+
 Positive  12 May 2025 [125]
Armenia
BB−
 Positive  16 January 2026 [126]
Aruba
BBB
 Positive  3 March 2026 [127]
Australia
AAA
 Stable  27 October 2025 [128]
Austria
AA
 Stable  5 December 2025 [129]
Azerbaijan
BBB−
 Stable  13 June 2025 [130]
Bahamas
BB−
 Stable  9 April 2025 [131]
Bahrain
B
 Stable  23 February 2026 [132]
Bangladesh
B+
 Stable  22 May 2025 [133]
Barbados
B+
 Positive  9 October 2025 [134]
Belarus
WD
 Ratings withdrawn  6 October 2023 [135]
Belgium
A+
 Stable  13 June 2025 [136]
Benin
B+
 Positive  16 January 2026 [137]
Bolivia
CCC
 16 January 2026 [138]
Brazil
BB
 Stable  25 June 2025 [139]
Bulgaria
BBB+
 Stable  10 July 2025 [140]
Cabo Verde
B
 Stable  13 May 2025 [141]
Cameroon
B
 Negative  7 November 2025 [142]
Canada
AA+
 Stable  18 July 2025 [143]
Chile
A−
 Stable  26 September 2025 [144]
China
A
 Stable  3 April 2025 [145]
Colombia
BB
 Stable  16 December 2025 [146]
Costa Rica
BB
 Positive  17 December 2025 [147]
Côte d'Ivoire
BB
 Stable  12 December 2025 [148]
Croatia
A−
 Stable  6 March 2026 [149]
Cyprus
A−
 Positive  21 November 2025 [150]
Czechia
AA−
 Stable  6 February 2026 [151]
Denmark
AAA
 Stable  3 October 2025 [152]
Dominican Republic
BB−
 Positive  7 November 2025 [153]
Ecuador
B-
 Stable  25 February 2026 [154]
Egypt
B
 Stable  10 October 2025 [155]
El Salvador
B−
 Stable  30 April 2025 [156]
Estonia
A+
 Stable  6 June 2025 [157]
Ethiopia
RD
 17 October 2025 [158]
European Union
AAA
 Stable  30 January 2026 [159]
Finland
AA
 Stable  25 July 2025 [160]
France
A+
 Stable  6 March 2026 [161]
Gabon
CCC-
 19 December 2025 [162]
Georgia
BB
 Stable  21 November 2025 [163]
Germany
AAA
 Stable  11 July 2025 [164]
Ghana
B−
 Stable  16 June 2025 [165]
Greece
BBB
 Stable  14 November 2025 [166]
Guatemala
BB+
 Stable  14 October 2025 [167]
Hong Kong
AA−
 Stable  23 May 2025 [168]
Hungary
BBB
 Negative  5 December 2025 [169]
Iceland
WD
 Ratings withdrawn  6 February 2026 [170]
India
BBB−
 Stable  25 August 2025 [171]
Indonesia
BBB
 Negative  4 March 2026 [172]
Iraq
B−
 Stable  24 November 2025 [173]
Ireland
AA
 Stable  7 November 2025 [174]
Israel
A
 Negative  31 March 2025 [175]
Italy
BBB+
 Stable  19 September 2025 [176]
Jamaica
BB−
 Stable  5 February 2026 [177]
Japan
A
 Stable  19 January 2026 [178]
Jordan
BB−
 Stable  7 May 2025 [179]
Kazakhstan
BBB
 Stable  15 July 2025 [180]
Kenya
B−
 Stable  23 January 2026 [181]
Kosovo
BB−
 Stable  6 January 2026 [182]
Kuwait
AA−
 Stable  5 September 2025 [183]
Kyrgyzstan
B
 Stable  24 April 2025 [184]
Laos
CCC+
 21 October 2025 [185]
Latvia
A−
 Stable  7 November 2025 [186]
Lebanon
WD
 Ratings withdrawn  23 July 2023 [187]
Lesotho
B
 Stable  9 June 2025 [188]
Lithuania
A
 Stable  24 October 2025 [189]
Luxembourg
AAA
 Stable  31 October 2025 [190]
Macao
AA
 Stable  11 February 2026 [191]
Malaysia
BBB+
 Stable  8 December 2025 [192]
Maldives
CC
 12 June 2025 [193]
Malta
A+
 Stable  5 September 2025 [194]
Mexico
BBB−
 Stable  16 April 2025 [195]
Moldova
B+
 Stable 27 February 2026 [196]
Mongolia
B+
 Stable  1 September 2025 [197]
Morocco
BB+
 Stable  29 September 2025 [198]
Mozambique
CCC
 30 January 2025 [199]
Namibia
BB−
 Stable  21 November 2025 [200]
  Nepal
BB−
 Stable  18 November 2025 [201]
Netherlands
AAA
 Stable  16 January 2026 [202]
New Zealand
AA+
 Stable  17 August 2025 [203]
Nicaragua
B
 Stable  23 May 2025 [204]
Nigeria
B
 Stable  10 October 2025 [205]
North Macedonia
BB+
 Stable  19 September 2025 [206]
Norway
AAA
 Stable  13 March 1995 [207]
Oman
BBB−
 Stable  8 December 2025 [208]
Pakistan
B−
 Stable  15 April 2025 [209]
Panama
BB+
 Stable  28 March 2024 [210]
Paraguay
BB+
 Positive  6 October 2025 [211]
Peru
BBB
 Stable  20 October 2022 [212]
Philippines
BBB
 Stable  22 May 2023 [213]
Poland
A−
 Negative  11 October 2023 [214]
Portugal
A
 Stable  12 September 2025 [215]
Qatar
AA
 Stable  20 March 2024 [216]
Ras Al Khaimah, UAE
A+
 Stable  23 May 2023 [217]
Republic of the Congo
CCC+
 16 September 2022 [218]
Romania
BBB−
 Negative  17 December 2024 [219]
Russia
WD
 Ratings withdrawn  25 March 2022 [220]
Rwanda
B+
 Negative  4 April 2025 [221]
San Marino
BBB−
 Positive  12 December 2025 [222]
Saudi Arabia
A+
 Stable  5 April 2023 [223]
Serbia
BB+
 Positive  9 August 2024 [224]
Seychelles
BB
 Stable  5 September 2025 [225]
Singapore
AAA
 Stable  14 May 2003 [226]
Slovakia
A−
 Stable  6 December 2024 [227]
Slovenia
A+
 Stable  3 October 2025 [228]
South Africa
BB−
 Stable  15 December 2021 [229]
South Korea
AA−
 Stable  6 September 2012 [230]
Spain
A
 Stable  26 September 2025 [231]
Sri Lanka
CCC+
 Positive  20 December 2024 [232]
Suriname
WD
 Ratings withdrawn  25 January 2022 [233]
Sweden
AAA
 Stable  8 March 2004 [234]
 Switzerland
AAA
 Stable  10 August 1994 [235]
Taiwan
AA
 Stable  10 September 2021 [236]
Tanzania
B+
 Stable  9 June 2023 [237]
Thailand
BBB+
 Negative  24 September 2025 [238]
Tunisia
B−
 Stable  12 September 2025 [239]
Turkey
BB−
 Stable  6 September 2024 [240]
Turkmenistan
BB−
 Stable  2 August 2024 [241]
Uganda
B
 Stable  30 August 2024 [242]
Ukraine
CCC
 22 December 2025 [243]
United Arab Emirates
AA−
 Stable  11 November 2020 [244]
United Kingdom
AA−
 Stable  22 March 2024 [245]
United States
AA+
 Stable  1 August 2023 [246]
Uruguay
BBB
 Stable  7 June 2023 [247]
Uzbekistan
BB
 Stable  26 June 2025 [248]
Viet Nam
BB+
 Stable  8 December 2023 [249]
Zambia
B−
 Stable  28 November 2025 [250]

Moody's

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.[251]

Country/Territory Rating Outlook Date Ref.
Angola
B3
 Positive  24 October 2023 [252]
Albania
Ba3
 Stable  19 October 2024 [253]
Argentina
Caa1
 Stable  17 July 2025 [254]
Armenia
Ba3
 Stable  22 June 2023 [255]
Australia
Aaa
 Stable  28 June 2022 [256]
Austria
Aa1
 Stable  24 February 2023 [257]
Azerbaijan
Ba1
 Stable  5 August 2022 [258]
Bahamas
B1
 Stable  6 October 2022 [259]
Bahrain
B2
 Stable  22 April 2022 [260]
Bangladesh
B1
 Stable  30 May 2023 [261]
Barbados
B3
 Stable  3 August 2023 [262]
Belarus
C
 Stable  2 June 2023 [263]
Belgium
Aa3
 Stable  28 April 2023 [264]
Belize
Caa2
 Stable  16 November 2022 [265]
Benin
B1
 Stable  18 September 2023 [266]
Bermuda
A2
 Stable  21 June 2022 [267]
Bolivia
Caa1
 Negative  30 June 2023 [268]
Bosnia and Herzegovina
B3
 Stable  22 July 2022 [269]
Botswana
A3
 Stable  27 October 2023 [270]
Brazil
Ba1
 Positive  7 October 2024 [271]
Bulgaria
Baa1
 Stable  3 February 2023 [272]
Cambodia
B2
 Negative  15 November 2022 [273]
Cameroon
Caa1
 Stable  27 July 2023 [274]
Canada
Aaa
 Stable  3 November 2022 [275]
Cayman Islands
Aa3
 Stable  8 June 2023 [276]
Chile
A2
 Stable  15 September 2022 [277]
China
A1
 Negative  5 December 2023 [278]
Colombia
Baa2
 Stable  8 June 2023 [279]
Congo
Caa2
 Stable  3 November 2023 [280]
Costa Rica
Ba3
 Positive  18 September 2024 [281]
Cote d'Ivoire
Ba3
 Positive  27 June 2022 [282]
Croatia
A3
 Stable  7 November 2024 [283]
Cuba
Ca
 Ratings withdrawn  18 November 2021 [284]
Cyprus
A3
 Stable  22 November 2024 [285]
Czechia
Aa3
 Stable  24 November 2023 [286]
Denmark
Aaa
 Stable  11 February 2022 [287]
Dominican Republic
Ba3
 Positive  10 August 2023 [288]
DR Congo
B3
 Stable  11 November 2022 [289]
Ecuador
Caa3
 Stable  27 February 2023 [290]
Egypt
Caa1
 Negative  18 January 2024 [291]
El Salvador
B3
 Stable  26 November 2024 [292]
Estonia
A1
 Stable  29 April 2022 [293]
Eswatini
B3
 Positive  1 December 2023 [294]
Ethiopia
Caa3
 Stable  15 September 2023 [295]
Fiji
B1
 Stable  7 October 2022 [296]
Finland
Aa1
 Stable  29 July 2022 [297]
France
Aa3
 Stable  14 December 2024 [298]
Gabon
Caa1
 Negative  12 September 2023 [299]
Georgia
Ba2
 Negative  28 April 2022 [300]
Germany
Aaa
 Stable  10 February 2023 [301]
Ghana
Caa3
 Stable  9 June 2023 [302]
Greece
Baa3
 Stable  14 March 2025 [303]
Guatemala
Ba1
 Stable  15 June 2022 [304]
Honduras
B1
 Stable  3 October 2023 [305]
Hong Kong
Aa3
 Negative  6 December 2023 [306]
Hungary
Ba1
 Negative  30 December 2025 [307]
Iceland
A1
 Stable  19 September 2024 [308]
India
Baa3
 Stable  18 August 2023 [309]
Indonesia
Baa2
 Negative  5 February 2026 [310]
Iraq
Caa1
 Stable  24 November 2023 [311]
Ireland
Aa3
 Stable  21 April 2023 [312]
Isle of Man
Aa3
 Stable  27 October 2023 [313]
Israel
Baa1
 Negative  27 September 2024 [314]
Italy
Baa2
 Stable  21 November 2025 [315]
Jamaica
B1
 Positive  18 October 2023 [316]
Japan
A1
 Stable  8 November 2023 [317]
Jordan
B1
 Positive  17 November 2022 [318]
Kazakhstan
Baa1
 Positive  9 September 2024 [319]
Kenya
B3
 Negative  28 July 2023 [320]
Kuwait
A1
 Stable  26 May 2022 [321]
Kyrgyzstan
B3
 Negative  17 October 2022 [322]
Latvia
A3
 Stable  29 April 2022 [323]
Lebanon
C
 Stable  13 December 2023 [324]
Lithuania
A2
 Stable  29 April 2022 [325]
Luxembourg
Aaa
 Stable  17 March 2023 [326]
Macao
Aa3
 Negative  6 December 2022 [327]
Malaysia
A3
 Stable  14 April 2023 [328]
Maldives
Caa2
 Stable  11 September 2024 [329]
Mali
Caa2
 Stable  9 September 2022 [330]
Malta
A2
 Stable  18 November 2022 [331]
Mauritius
Baa3
 Stable  28 July 2022 [332]
Mexico
Baa2
 Stable  8 July 2022 [333]
Moldova
B3
 Stable  18 August 2023 [334]
Mongolia
B3
 Stable  14 February 2023 [335]
Montenegro
Ba3
 Stable  27 September 2024 [336]
Morocco
Ba1
 Positive  6 March 2026 [337]
Mozambique
Caa2
 Stable  22 September 2023 [338]
Namibia
B1
 Stable  5 April 2022 [339]
Netherlands
Aaa
 Stable  27 January 2023 [340]
New Zealand
Aaa
 Stable  21 April 2022 [341]
Nicaragua
B3
 Stable  30 March 2022 [342]
Nigeria
Caa1
 Positive  8 December 2023 [343]
Norway
Aaa
 Stable  6 May 2022 [344]
Oman
Baa3
 Stable  7 December 2023 [345]
Pakistan
Caa1
 Positive  13 August 2025 [346]
Panama
Baa3
 Stable  31 October 2023 [347]
Papua New Guinea
B2
 Stable  10 November 2022 [348]
Paraguay
Baa3
 Stable  26 July 2024 [349]
Peru
Baa1
 Negative  31 January 2023 [350]
Philippines
Baa2
 Stable  15 September 2022 [351]
Poland
A2
 Stable  29 April 2022 [352]
Portugal
A3
 Stable  17 November 2023 [353]
Qatar
Aa3
 Positive  2 November 2022 [354]
Romania
Baa3
 Stable  3 November 2023 [355]
Russia
Ca
 Ratings withdrawn  6 March 2022 [356]
Rwanda
B2
 Stable  8 September 2023 [357]
Saint Vincent and the Grenadines
B3
 Stable  1 March 2022 [358]
Saudi Arabia
Aa3
 Stable  22 November 2024 [359]
Senegal
Ba3
 Stable  18 March 2022 [360]
Serbia
Ba2
 Stable  8 September 2023 [361]
Singapore
Aaa
 Stable  17 May 2022 [362]
Slovakia
A3
 Stable  13 December 2024 [363]
Slovenia
A3
 Stable  21 October 2022 [364]
South Africa
Ba2
 Stable  1 April 2022 [365]
South Korea
Aa2
 Stable  21 April 2022 [366]
Spain
A3
 Positive  27 September 2025 [367]
Sri Lanka
Caa1
 Positive  23 December 2024 [368]
Suriname
Caa3
 Stable  17 February 2023 [369]
Sweden
Aaa
 Stable  25 March 2022 [370]
 Switzerland
Aaa
 Stable  17 February 2023 [371]
Taiwan
Aa3
 Stable  22 September 2022 [372]
Tajikistan
B3
 Stable  12 October 2023 [373]
Thailand
Baa1
 Stable  7 April 2022 [374]
Trinidad and Tobago
Ba2
 Positive  10 July 2023 [375]
Tunisia
Caa1
 Stable  28 February 2025 [376]
Turkey
B1
 Positive  19 July 2024 [377]
Uganda
B2
 Negative  18 November 2022 [378]
Ukraine
Ca
 Stable  10 February 2023 [379]
United Arab Emirates
Aa2
 Stable  21 March 2023 [380]
United Kingdom
Aa3
 Stable  20 October 2023 [381]
United States
Aa1
 Stable  16 May 2025 [382]
Uruguay
Baa1
 Stable  15 March 2024 [383]
Uzbekistan
Ba3
 Stable  20 January 2023 [384]
Venezuela
C
 Ratings withdrawn  9 March 2018 [385]
Vietnam
Ba2
 Stable  6 September 2022 [386]
Zambia
Caa3
 Stable  21 October 2022 [387]

Others

DBRS Morningstar

For DBRS Morningstar,[388] a bond is considered investment grade if its credit rating is BBB(low) or higher. Bonds rated BB(high) and below are considered to be speculative grade, sometimes also referred to as "junk" bonds.

Country Rating Outlook Date
Argentina
CCC
 Stable  3 March 2023
Australia
AAA
 Stable  20 January 2023
Austria
AAA
 Stable  14 July 2023
Belgium
AA
 Stable  4 August 2023
Brazil
BB
 Stable  28 July 2023
Bulgaria
BBB(high)
 Stable  2 May 2025
Canada
AAA
 Stable  8 September 2023
China
A
 Stable  9 November 2023
Colombia
BBB(low)
 Stable  26 June 2023
Croatia
A
 Stable  25 April 2025
Cyprus
A(low)
 Positive  21 March 2025
Denmark
AAA
 Stable  17 November 2023
Estonia
AA(low)
 Stable  21 July 2023
European Union
AAA
 Stable  25 May 2025
Finland
AA(high)
 Stable  22 September 2023
France
AA(high)
 Stable  22 September 2023
Germany
AAA
 Stable  1 December 2023
Greece
BBB
 Stable  7 March 2025
India
BBB
 Stable  10 May 2025
Ireland
AA(low)
 Stable  3 November 2023
Italy
A(low)
 Stable  17 October 2025
Japan
A(high)
 Stable  19 November 2023
Latvia
A
 Stable  15 September 2023
Lithuania
A(high)
 Stable  17 November 2023
Luxembourg
AAA
 Stable  10 November 2023
Malta
A(high)
 Stable  13 October 2023
Mexico
BBB
 Stable  8 May 2023
Netherlands
AAA
 Stable  15 September 2023
Norway
AAA
 Stable  29 September 2023
Poland
A
 Stable  10 November 2023
Portugal
A
 Stable  21 July 2023
San Marino
BBB(low)
 Stable  1 December 2023
Singapore
AAA
 Stable  24 August 2023
Slovakia
A
 Stable  25 August 2023
Slovenia
A(high)
 Stable  8 December 2023
Spain
A
 Stable  1 December 2023
Sweden
AAA
 Stable  4 August 2023
 Switzerland
AAA
 Stable  21 July 2023
Turkey
BB(high)
 Negative  17 February 2017
United Kingdom
AA
 Stable  17 November 2023
United States
AAA
 Stable  10 October 2023
Uruguay
BBB
 Stable  20 November 2023

Scope Ratings

For Scope[389] – the European rating agency – 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.

Country/Territory Rating Outlook Date
Austria
AA+
 Negative  12 September 2025
Belgium
A+
 Stable  14 November 2025
Bulgaria
A−
 Stable  11 July 2025
China
A
 Stable  26 July 2024
Croatia
A−
 Positive  26 September 2025
Cyprus
A−
 Positive  10 October 2025
Czech Republic
AA−
 Stable  19 September 2025
Denmark
AAA
 Stable  1 August 2025
Estonia
A+
 Stable  5 September 2025
Finland
AA+
 Negative  1 August 2025
France
AA−
 Negative  26 September 2025
Georgia
BB
 Negative  10 January 2025
Germany
AAA
 Stable  12 September 2025
Greece
BBB
 Positive  7 November 2025
Hungary
BBB
 Stable  10 October 2025
Ireland
AA
 Stable  25 July 2025
Italy
BBB+
 Positive  31 October 2025
Japan
A
 Stable  28 February 2025
Latvia
A−
 Stable  5 September 2025
Lithuania
A+
 Stable  5 September 2025
Luxembourg
AAA
 Stable  25 April 2025
Malta
A+
 Stable  4 July 2025
Netherlands
AAA
 Stable  12 September 2025
Norway
AAA
 Stable  1 August 2025
Poland
A
 Stable  13 June 2025
Portugal
A
 Positive  31 October 2025
Romania
BBB−
 Stable  21 November 2025
Serbia
BB+
 Stable  27 June 2025
Slovakia
A
 Negative  27 June 2025
Slovenia
A+
 Stable  16 May 2025
South Africa
BB
 Stable  1 August 2025
Spain
A
 Positive  21 November 2025
Sweden
AAA
 Stable  25 July 2025
 Switzerland
AAA
 Stable  4 October 2024
Turkey
BB−
 Stable  24 October 2025
Ukraine
SD
 30 August 2024
United Kingdom
AA
 Stable  28 March 2025
United States
AA−
 Stable  10 October 2025

JCR

Japan Credit Rating Agency[390] (JCR) is a credit rating agency based in Japan. JCR is a Nationally Recognized Statistical Rating Organization by the U.S. Securities and Exchange Commission.

Country/Territory Rating Outlook Date
Australia
AAA
 Stable  26 April 2023
Belgium
AAA
 Stable  2 June 2023
Brazil
BBB−
 Stable  20 December 2023
Canada
AAA
 Stable  20 December 2023
Chile
AA−
 Stable  4 April 2023
China
AA−
 Stable  2 November 2023
Czechia
AA−
 Stable  30 June 2023
Denmark
AAA
 Stable  15 December 2023
Egypt
AA
 Stable  8 July 2024
Finland
AAA
 Stable  22 February 2023
France
AAA
 Stable  6 October 2022
Germany
AAA
 Stable  3 August 2023
Hong Kong
AA+
 Stable  27 April 2023
Hungary
A−
 Stable  18 February 2022
India
BBB+
 Stable  27 December 2023
Indonesia
BBB+
 Stable  27 July 2022
Italy
A
 Stable  16 December 2022
Japan
AAA
 Stable  27 December 2023
Malaysia
A+
 Stable  12 September 2022
Mexico
A−
 Stable  18 August 2023
Netherlands
AAA
 Stable  9 June 2023
Norway
AAA
 Stable  7 September 2023
Peru
A−
 Stable  27 April 2023
Philippines
A−
 Stable  10 March 2023
Poland
A
 Stable  16 November 2023
Portugal
A
 Stable  13 January 2023
Romania
BBB
 Stable  27 November 2023
Singapore
AAA
 Stable  22 December 2023
Slovakia
A+
 Negative  6 October 2022
Slovenia
AA−
 Stable  21 September 2022
South Korea
AA
 Stable  30 September 2022
Spain
AA
 Stable  24 April 2023
Thailand
A
 Stable  11 November 2022
Turkey
BB
 Stable  10 May 2024
United Kingdom
AAA
 Stable  25 January 2023
United States
AAA
 Stable  26 June 2023
Uruguay
A−
 Stable  22 November 2023

China Chengxin

China Chengxin Credit Rating Group[391] is a credit rating agency based in China.

Country/Territory Rating Outlook Date
Austria
AAg
 Stable  29 December 2023
Bangladesh
BB−g
 Stable  29 December 2023
Belgium
A+g
 Stable  29 December 2023
Bulgaria
BBB+g
 Stable  29 December 2023
Cambodia
Bg
 Stable  29 December 2023
Canada
AA+g
 Stable  13 September 2023
China
AA+g
 Stable  29 December 2023
Egypt
BB−g
 Stable  15 November 2023
Estonia
A+g
 Stable  29 December 2023
France
AAg
 Stable  16 November 2023
Greece
BB+g
 Stable  26 October 2023
Ireland
A+g
 Stable  29 December 2023
Israel
A+g
 Stable  26 October 2023
Italy
BBBg
 Stable  29 December 2023
Korea
AA+g
 Stable  13 September 2023
Mexico
BBBg
 Stable  29 December 2023
Mongolia
B+g
 Stable  29 December 2023
Netherlands
AA+g
 Stable  29 December 2023
Pakistan
CCCg
 Stable  13 September 2023
Romania
BBBg
 Stable  29 December 2023
Saudi Arabia
AAg
 Stable  13 September 2023
Singapore
AAAg
 Stable  6 November 2023
Slovenia
Ag
 Stable  29 December 2023
South Africa
BBg
 Stable  29 December 2023
Spain
BBBg
 Stable  13 September 2023
 Switzerland
AAAg
 Stable  29 December 2023
Thailand
A−g
 Stable  29 December 2023
United Arab Emirates
Ag
 Stable  29 December 2023
USA
AA+g
 Stable  25 May 2023
Vietnam
BBg
 Stable  13 September 2023

CareEdge Global Ratings

CareEdge Group is an Indian credit rating agency. For CareEdge, 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. A bond is considered in default if its credit rating is D.[392]

Country/Territory Rating Outlook Date
Argentina
CCC
 Stable  3 October 2024
Australia
AA+
 Stable  3 October 2024
Bangladesh
CCC+
 Stable  3 October 2024
Botswana
BBB+
 Stable  3 October 2024
Brazil
BB+
 Stable  3 October 2024
Canada
AA+
 Stable  3 October 2024
Chile
A−
 Stable  3 October 2024
China
A
 Stable  3 October 2024
Colombia
BB+
 Stable  3 October 2024
Ecuador
B−
 Stable  3 October 2024
Egypt
B−
 Stable  3 October 2024
Ethiopia
D
 Stable  3 October 2024
France
AA−
 Negative  5 December 2024
Germany
AAA
 Stable  30 December 2024
Greece
BB+
 Stable  3 February 2025
India
BBB+
 Stable  7 February 2025
Indonesia
BBB
 Stable  3 October 2024
Italy
BBB
 Stable  3 October 2024
Japan
AA−
 Stable  5 February 2025
Korea
AA−
 Stable  12 December 2024
Malaysia
A−
 Stable  29 November 2024
Mauritius
BBB
 Stable  31 January 2025
Mexico
BBB−
 Stable  3 October 2024
Morocco
BBB−
 Stable  3 October 2024
Netherlands
AAA
 Stable  3 October 2024
Nigeria
B
 Stable  3 October 2024
Peru
BBB−
 Stable  3 October 2024
Philippines
BBB+
 Stable  3 October 2024
Portugal
A+
 Stable  3 February 2025
Singapore
AAA
 Stable  29 November 2024
South Africa
BB
 Stable  3 October 2024
Spain
A
 Stable  3 October 2024
Sweden
AAA
 Stable  30 December 2024
Thailand
A−
 Stable  3 February 2025
Turkiye
B+
 Stable  3 October 2024
UAE
AA−
 Stable  3 October 2024
United Kingdom
AA−
 Stable  3 October 2024
United States
AA+
 Stable  3 October 2024
Vietnam
BB+
 Stable  3 October 2024

Unrated

UN member states that have not been assigned a credit rating by any of the eight rating agencies
Country Details
Afghanistan
Algeria
Antigua and Barbuda
Bhutan
Brunei Darussalam
Burundi
Central African Republic
Chad
Comoros
Djibouti
Dominica
Equatorial Guinea
Eritrea
 Gambia Fitch suspended Gambia's credit rating after its only traded international bond expired[393]
Guinea
Guinea-Bissau
Guyana
Haiti
 Iran Fitch has withdrawn all ratings for Iran following the maturity and full repayment of the last outstanding sovereign eurobond on 21 April 2008.[394]
Kiribati
Liberia
 Libya Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer.[395]
Malawi
 Mali Mali was given a credit rating in 2004 as part of a UN development initiative,[396] but the rating was later withdrawn.[397]
Marshall Islands
Mauritania
Monaco
Myanmar
Nauru
Niger
North Korea
Palau
Saint Kitts and Nevis
Saint Lucia
Samoa
Sao Tome and Principe
Sierra Leone
Solomon Islands
Somalia
Syria
Timor Leste
Tonga
Tuvalu
Vanuatu
Yemen
Zimbabwe

See also

References

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  2. ^ "S&P | Ratings Credit Ratings Definitions & FAQs | Americas". Standardandpoors.com. Archived from the original on 5 March 2013. Retrieved 25 February 2013.
  3. ^ "Albania Upgraded To 'BB' From 'BB-' On Improved Fiscal Position; Outlook Stable". www.spglobal.com. 21 March 2025. Retrieved 9 January 2026.
  4. ^ "Andorra Upgraded To 'A-/A-2' On Improved External Data And Financial Sector's Liquidity Management; Outlook Positive". www.spglobal.com. 10 May 2024. Retrieved 9 January 2026.
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  7. ^ "Armenia Upgraded To 'BB-' From 'B+' On Robust Growth And Improved Fiscal Position; Outlook Stable". www.spglobal.com. 25 August 2023. Retrieved 9 January 2026.
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  13. ^ "Bahrain Rating Lowered To 'B' On Challenging Fiscal And Debt Dynamics; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
  14. ^ "Bangladesh Long-Term Ratings Lowered To 'B+' On Elevated External Vulnerabilities; Outlook Stable". www.spglobal.com. 30 July 2024. Retrieved 9 January 2026.
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  29. ^ "Costa Rica Upgraded To 'BB' From 'BB-' On Stronger External Liquidity; Outlook Stable". www.spglobal.com. 22 October 2025. Retrieved 9 January 2026.
  30. ^ "Cote d'Ivoire Upgraded To 'BB' On Strong Support From WAEMU Membership And Declining Budgetary And External Imbalances". www.spglobal.com. 18 October 2024. Retrieved 9 January 2026.
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  94. ^ "Rating: Rwanda Credit Rating". countryeconomy.com.
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  97. ^ "S&P lifts Saudi Arabia's rating on sustained economic shift away from oil". reuters.com. 14 March 2025.
  98. ^ "Senegal Long-Term FC Rating Lowered To 'CCC+' On Precarious Debt Position; Placed On CreditWatch Developing". www.spglobal.com. 14 November 2025. Retrieved 9 January 2026.
  99. ^ "Serbia Upgraded To 'BBB-/A-3' On Strong GDP Growth And Increased External Buffers; Outlook Stable" (PDF). nbs.rs. 4 October 2024.
  100. ^ "Rating: Singapore Credit Rating". countryeconomy.com.
  101. ^ "Slovakia Outlook Revised To Negative On Rising Economic Risks; 'A+/A-1' Ratings Affirmed". disclosure.spglobal.com.
  102. ^ "Slovenia Long-Term Ratings Raised To 'AA' On Strong Public Finances And Sustained Growth; Outlook Stable". www.spglobal.com. 6 June 2025. Retrieved 9 January 2026.
  103. ^ "South Africa Foreign Currency Rating Raised To 'BB'; Local Currency Rating Raised To 'BB+'; Outlook Positive". www.spglobal.com. 14 November 2025. Retrieved 9 January 2026.
  104. ^ "South Korea's Credit Rating Raised One Level to AA by S&P". Bloomberg. 8 August 2016.
  105. ^ "Spain Upgraded To 'A+' On Strengthening External Financial Position; Outlook Stable". www.spglobal.com. 12 September 2025. Retrieved 9 January 2026.
  106. ^ "Sri Lanka Foreign Currency Ratings Raised To 'CCC+/C' From 'SD'; Outlook Stable". www.spglobal.com. 19 September 2025. Retrieved 9 January 2026.
  107. ^ "Rating: Switzerland Credit Rating". countryeconomy.com.
  108. ^ "Tajikistan Upgraded To 'B' On Stronger Fiscal Position; Outlook Stable". www.spglobal.com. 16 August 2024. Retrieved 9 January 2026.
  109. ^ "Rating: Thailand Credit Rating". countryeconomy.com.
  110. ^ "Togo Upgraded To 'B+' On Solid Economic Prospects; Outlook Stable". www.spglobal.com. 18 April 2025. Retrieved 9 January 2026.
  111. ^ "Rating: Trinidad and Tobago Credit Rating". countryeconomy.com.
  112. ^ "Turkiye Upgraded To 'BB-' On Reserve Accumulation And Disinflation; Outlook Stable". www.spglobal.com. 1 November 2024. Retrieved 9 January 2026.
  113. ^ "Turks and Caicos Islands Upgraded To 'A-' From 'BBB+' On Strong Economy; Outlook Is Stable". www.spglobal.com. 27 February 2025. Retrieved 9 January 2026.
  114. ^ "Rating: Uganda Credit Rating". countryeconomy.com.
  115. ^ "Ukraine Foreign Currency Rating Raised To 'CCC+' From 'SD' On Completed GDP Warrant Restructuring; Outlook Stable". www.spglobal.com. 22 January 2026. Retrieved 11 February 2026.
  116. ^ "Rating: United Kingdom Credit Rating". countryeconomy.com.
  117. ^ "Rating: United States Credit Rating". countryeconomy.com.
  118. ^ "Uruguay Long-Term Ratings Raised To 'BBB+' On Stronger Fiscal Policy; Outlook Stable". www.spglobal.com. 26 April 2023. Retrieved 9 January 2026.
  119. ^ "Uzbekistan Upgraded To 'BB' On Strong Growth And Economic Reforms; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
  120. ^ "Zambia Foreign Currency Ratings Raised To 'CCC+/C' On Improved Creditworthiness; Outlook Stable". www.spglobal.com. 21 November 2025. Retrieved 9 January 2026.
  121. ^ "Fitch Ratings — Definitions of Ratings and Other Forms of Opinion" (PDF). Retrieved 2013-02-25.
  122. ^ "Rating Definitions". fitchratings.com. Fitch Ratings. Retrieved 26 December 2020.
  123. ^ Fitch Ratings. "Fitch Affirms Andorra at 'A−'; Outlook Stable".
  124. ^ Fitch Ratings. "Fitch Affirms Angola at 'B−'; Outlook Stable".
  125. ^ Fitch Ratings. "Fitch Upgrades Argentina to 'CCC+'".
  126. ^ Fitch Ratings. "Fitch Revises Armenia's Outlook to Positive; Affirms at 'BB-'".
  127. ^ Fitch Ratings. "Fitch Upgrades Aruba to 'BBB'; Outlook Positive".
  128. ^ Fitch Ratings. "Fitch Affirms Australia at 'AAA'; Outlook Stable".
  129. ^ Fitch Ratings. "Fitch Affirms Austria at 'AA'; Outlook Stable".
  130. ^ Fitch Ratings. "Fitch Affirms Azerbaijan at 'BBB-'; Outlook Stable".
  131. ^ Fitch Ratings. "Fitch Assigns the Bahamas 'BB-' IDR; Outlook Stable".
  132. ^ Fitch Ratings. "Fitch Downgrades Bahrain to 'B'; Outlook Stable".
  133. ^ Fitch Ratings. "Fitch Affirms Bangladesh at 'B+'; Outlook Stable".
  134. ^ Fitch Ratings. "Fitch Revises Barbados's Outlook to Positive; Affirms at 'B+'".
  135. ^ Fitch Ratings. "Fitch Withdraws Belarus's Ratings".
  136. ^ Fitch Ratings. "Fitch Downgrades Belgium to 'A+'; Outlook Stable".
  137. ^ Fitch Ratings. "Fitch Revises Benin's Outlook to Positive; Affirms at 'B+'".
  138. ^ Fitch Ratings. "Fitch Upgrades Bolivia to 'CCC'".
  139. ^ Fitch Ratings. "Fitch Affirms Brazil at 'BB'; Outlook Stable".
  140. ^ Fitch Ratings. "Fitch Affirms Bulgaria at 'BBB+'; Outlook Stable".
  141. ^ Fitch Ratings. "Fitch Affirms Cabo Verde at 'B'; Outlook Stable".
  142. ^ Fitch Ratings. "Fitch Affirms Cameroon at 'B'; Outlook Negative".
  143. ^ Fitch Ratings. "Fitch Affirms Canada at 'AA+'; Outlook Stable".
  144. ^ Fitch Ratings. "Fitch Affirms Chile at 'A−'; Outlook Stable".
  145. ^ Fitch Ratings. "Fitch Downgrades China to 'A'; Outlook Stable".
  146. ^ Fitch Ratings. "Fitch Downgrades Colombia to 'BB'; Outlook Stable".
  147. ^ Fitch Ratings. "Fitch Affirms Costa Rica at 'BB'; Outlook Positive".
  148. ^ Fitch Ratings. "Fitch Upgrades Cote d'Ivoire to 'BB'; Outlook Stable".
  149. ^ Fitch Ratings. "Fitch Affirms Croatia at 'A-'; Outlook Stable".
  150. ^ "Fitch Revises Cyprus's Outlook to Positive; Affirms at 'A-'". Fitch Ratings. 21 November 2025. Retrieved 2026-03-07.
  151. ^ Fitch Ratings. "Fitch Affirms Czech Republic at 'AA-'; Outlook Stable".
  152. ^ Fitch Ratings. "Fitch Affirms Denmark at 'AAA'; Outlook Stable".
  153. ^ Fitch Ratings. "Fitch Affirms Dominican Republic at 'BB-'; Outlook Positive".
  154. ^ Fitch Ratings. "Fitch Upgrades Ecuador to 'B-'; Outlook Stable".
  155. ^ Fitch Ratings. "Fitch Affirms Egypt at 'B'; Outlook Stable".
  156. ^ Fitch Ratings. "Fitch Affirms El Salvador at 'B-'; Outlook Stable".
  157. ^ Fitch Ratings. "Fitch Affirms Estonia at 'A+'; Outlook Stable".
  158. ^ Fitch Ratings. "Fitch Downgrades Ethiopia's LTFC IDR to 'RD'".
  159. ^ Fitch Ratings. "Fitch Affirms European Union and Euratom at 'AAA'; Outlook Stable".
  160. ^ Fitch Ratings. "Fitch Downgrades Finland to 'AA'; Outlook Stable".
  161. ^ Fitch Ratings. "Fitch Affirms France at 'A+'; Outlook Stable".
  162. ^ "Fitch Downgrades Gabon's LTFC IDR to 'CCC-' and LTLC IDR to 'CC'".
  163. ^ Fitch Ratings. "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'".
  164. ^ Fitch Ratings. "Fitch Affirms Germany at 'AAA'; Outlook Stable".
  165. ^ Fitch Ratings. "Fitch Upgrades Ghana to 'B-'; Outlook Stable".
  166. ^ Fitch Ratings. "Fitch Upgrades Greece to 'BBB'; Outlook Stable".
  167. ^ Fitch Ratings. "Fitch Upgrades Guatemala to 'BB+'; Outlook Stable".
  168. ^ Fitch Ratings. "Fitch Affirms Hong Kong at 'AA−'; Outlook Stable".
  169. ^ Fitch Ratings. "Fitch Revises Hungary's Outlook to Negative; Affirms at 'BBB'".
  170. ^ Fitch Ratings. "Fitch Upgrades Iceland to 'A+'; Outlook Stable; Withdraws Ratings".
  171. ^ Fitch Ratings. "Fitch Affirms India at 'BBB-'; Outlook Stable".
  172. ^ Fitch Ratings. "Fitch revises Indonesia's Outlook to Negative; Affirms at 'BBB'". www.fitchratings.com. Retrieved 2026-03-04.
  173. ^ Fitch Ratings. "Fitch Affirms Iraq at 'B-'; Outlook Stable".
  174. ^ Fitch Ratings. [hhttps://www.fitchratings.com/research/sovereigns/fitch-affirms-ireland-at-aa-outlook-stable-07-11-2025 hhttps://www.fitchratings.com/research/sovereigns/fitch-affirms-ireland-at-aa-outlook-stable-07-11-2025]. {{cite web}}: Missing or empty |title= (help)
  175. ^ Fitch Ratings. "Fitch Affirms Israel at 'A'; Outlook Negative".
  176. ^ Fitch Ratings. "Fitch Upgrades Italy at 'BBB+'; Outlook Stable".
  177. ^ Fitch Ratings. "Fitch Affirms Jamaica at 'BB-'; Outlook Stable".
  178. ^ Fitch Ratings. "Fitch Affirms Japan at 'A'; Outlook Stable".
  179. ^ Fitch Ratings. "Fitch Affirms Jordan at 'BB−', Outlook Stable".
  180. ^ Fitch Ratings. "Fitch Affirms Kazakhstan at 'BBB'; Outlook Stable".
  181. ^ Fitch Ratings. "Fitch Affirms Kenya at 'B-'; Outlook Stable".
  182. ^ {{cite web |author=Fitch Ratings |url=https://www.fitchratings.com/research/sovereigns/fitch-affirms-kosovo-at-bb-outlook-stable-06-02-2026 |title=Fitch Affirms Kosovo at 'BB-'; Outlook Stable}
  183. ^ Fitch Ratings. "Fitch Affirms Kuwait at 'AA−'; Outlook Stable".
  184. ^ Fitch Ratings. "Fitch Publishes Kyrgyzstan 'B' IDR; Outlook Stable".
  185. ^ Fitch Ratings. "Fitch Publishes Laos' 'CCC+' IDRs".
  186. ^ Fitch Ratings. "Fitch Affirms Latvia at 'A-'; Outlook Stable".
  187. ^ Fitch Ratings. "Fitch Affirms Lebanon at 'RD'; Withdraws Ratings".
  188. ^ Fitch Ratings. "Fitch Affirms Lesotho at 'B'; Outlook Stable".
  189. ^ Fitch Ratings. "Fitch Affirms Lithuania at 'A'; Outlook Stable".
  190. ^ Fitch Ratings. "Fitch Affirms Luxembourg at 'AAA'; Outlook Stable".
  191. ^ Fitch Ratings. "Fitch Affirms Macao at 'AA'; Outlook Stable".
  192. ^ Fitch Ratings. "Fitch Affirms Malaysia at 'BBB+'; Outlook Stable".
  193. ^ Fitch Ratings. "Fitch Affirms Maldives at 'CC'".
  194. ^ Fitch Ratings. "Fitch Affirms Malta at 'A+'; Outlook Stable".
  195. ^ Fitch Ratings. "Fitch Affirms Mexico at 'BBB−'; Outlook Stable".
  196. ^ Fitch Ratings. "Fitch Assigns Moldova 'B+'; Outlook Stable".
  197. ^ Fitch Ratings. "Fitch Affirms Mongolia at 'B+'; Outlook Stable".
  198. ^ Fitch Ratings. "Fitch Affirms Morocco at 'BB+'; Outlook Stable".
  199. ^ Fitch Ratings. "Fitch Affirms Mozambique at 'CCC'".
  200. ^ Fitch Ratings. "Fitch Affirms Namibia at 'BB−'; Outlook Stable".
  201. ^ Fitch Ratings. "Fitch Assigns Nepal 'BB-' IDR; Outlook Stable".
  202. ^ Fitch Ratings. "Fitch Affirms the Netherlands at 'AAA'; Outlook Stable".
  203. ^ Fitch Ratings. "Fitch Affirms New Zealand at 'AA+'; Outlook Stable".
  204. ^ Fitch Ratings. "Fitch Affirms Nicaragua at 'B'; Outlook Stable".
  205. ^ Fitch Ratings. "Fitch Affirms Nigeria at 'B'; Outlook Stable".
  206. ^ Fitch Ratings. "Fitch Affirms North Macedonia at 'BB+'; Outlook Stable".
  207. ^ Fitch Ratings. "Fitch Affirms Norway at 'AAA'; Outlook Stable".
  208. ^ Fitch Ratings. "Fitch Upgrades Oman to 'BBB-'; Outlook Stable".
  209. ^ Fitch Ratings. "Fitch Upgrades Pakistan to 'B-'; Outlook Stable".
  210. ^ Fitch Ratings. "Fitch Downgrades Panama to 'BB+'; Outlook Stable".
  211. ^ Fitch Ratings. "Fitch Revises Paraguay's Outlook to Positive; Affirms at 'BB+'".
  212. ^ Fitch Ratings. "Fitch Affirms Peru at 'BBB'; Outlook Stable".
  213. ^ Fitch Ratings. "Fitch Affirms Philippines at 'BBB'; Outlook Stable".
  214. ^ Fitch Ratings. "Fitch Affirms Poland at 'A-'; Outlook Stable".
  215. ^ Fitch Ratings. "Fitch Upgrades Portugal to 'A'; Outlook Stable".
  216. ^ Fitch Ratings. "Fitch Upgrades Qatar to 'AA'; Outlook Stable".
  217. ^ Fitch Ratings. "Fitch Upgrades Ras Al Khaimah to 'A+' from 'A'; Outlook Stable".
  218. ^ Fitch Ratings. "Fitch Affirms Congo at 'CCC+'".
  219. ^ Fitch Ratings. "Fitch Affirms Romania at 'BBB−'; Outlook Negative".
  220. ^ Fitch Ratings. "Fitch Withdraws Russia's Ratings".
  221. ^ Fitch Ratings. "Fitch Revises Rwanda's Outlook to Negative; Affirms at 'B+'".
  222. ^ Fitch Ratings. "Fitch Upgrades San Marino to 'BBB-'; Outlook Positive".
  223. ^ Fitch Ratings. "Fitch Upgrades Saudi Arabia to 'A+'; Outlook Stable".
  224. ^ Fitch Ratings. "Fitch Revises Serbia's Outlook to Positive; Affirms at 'BB+'".
  225. ^ Fitch Ratings. "Fitch Upgrades Seychelles to 'BB'; Outlook Stable".
  226. ^ Fitch Ratings. "Fitch Affirms Singapore at 'AAA'; Outlook Stable".
  227. ^ Fitch Ratings. "Fitch Affirms Slovakia at 'A-'; Outlook Stable".
  228. ^ Fitch Ratings. "Fitch Upgrades Slovenia to 'A+'; Outlook Stable".
  229. ^ Fitch Ratings. "Fitch Affirms South Africa at 'BB−'; Outlook Stable".
  230. ^ Fitch Ratings. "Fitch Affirms Korea at 'AA−'; Outlook Stable".
  231. ^ Fitch Ratings. "Fitch Upgrades Spain to 'A'; Outlook Stable".
  232. ^ Fitch Ratings (21 December 2024). "Fitch upgrades Sri Lanka out of default despite holdout Hamilton Reserve".
  233. ^ Fitch Ratings. "Fitch Affirms Suriname at 'RD', Withdraws Ratings".
  234. ^ Fitch Ratings. "Fitch Affirms Sweden at 'AAA'; Outlook Stable".
  235. ^ Fitch Ratings. "Fitch Affirms Switzerland at 'AAA'; Outlook Stable".
  236. ^ Fitch Ratings. "Fitch Affirms Taiwan at 'AA'; Outlook Stable".
  237. ^ Fitch Ratings. "Fitch Affirms Tanzania at 'B+'; Outlook Stable".
  238. ^ Fitch Ratings. "Fitch Revises Thailand's Outlook to Negative; Affirms at 'BBB+'".
  239. ^ Fitch Ratings. "Fitch Upgrades Tunisia to 'B-'".
  240. ^ Fitch Ratings. "Fitch Upgrades Turkiye to 'BB−'; Outlook Stable".
  241. ^ Fitch Ratings. "Fitch Upgrades Turkmenistan to 'BB-'; Outlook Stable".
  242. ^ Fitch Ratings. "Fitch Downgrades Uganda to 'B'; Outlook Stable".
  243. ^ "Fitch Upgrades Ukraine to 'CCC'". Fitch Ratings. 2024-08-13. Retrieved 2024-08-14.
  244. ^ Fitch Ratings. "Fitch Affirms the United Arab Emirates at 'AA−'; Outlook Stable".
  245. ^ Fitch Ratings. "Fitch Revises the United Kingdom's Outlook to Stable; Affirms at 'AA−'".
  246. ^ Fitch Ratings. "Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable".
  247. ^ Fitch Ratings. "Fitch Upgrades Uruguay to 'BBB'; Outlook Stable".
  248. ^ Fitch Ratings. "Fitch Upgrades Uzbekistan to 'BB'; Outlook Stable".
  249. ^ Fitch Ratings. "Fitch Upgrades Vietnam to 'BB+'; Outlook Stable".
  250. ^ Fitch Ratings. "Fitch Upgrades Zambia to 'B-'; Outlook Stable".
  251. ^ "investment grade : defined at Finance Glossary". Finance-glossary.com. Archived from the original on 2012-11-05. Retrieved 2013-02-25.
  252. ^ Moody's Investors Service. "Moody's affirms Angola's ratings at B3, maintains positive outlook".
  253. ^ Moody's Investors Service. "Moody's affirms the B1 ratings of Albania; maintains stable outlook".
  254. ^ Moody's Ratings & Regulatory. "Moody's Ratings upgrades Argentina's ratings to Caa1 and changes the outlook to stable".
  255. ^ Moody's Investors Service. "Moody's changes Armenia's outlook to stable from negative; affirms Ba3 rating".
  256. ^ Moody's Investors Service. "Moody's affirms Australia's Aaa rating, maintains stable outlook".
  257. ^ Moody's Investors Service. "Moody's affirms Austria's Aa1 ratings; outlook remains stable".
  258. ^ Moody's Investors Service. "Moody's upgrades Azerbaijan's ratings to Ba1, outlook changed to stable".
  259. ^ Moody's Investors Service. "Moody's downgrades The Bahamas' ratings to B1, changes outlook to stable".
  260. ^ Moody's Investors Service. "Moody's changes Bahrain's outlook to stable, affirms B2 ratings".
  261. ^ Moody's Investors Service. "Moody's downgrades Bangladesh's ratings to B1, outlook stable".
  262. ^ Moody's Investors Service. "Moody's upgrades Barbados' ratings to B3 from Caa1; maintains a stable outlook".
  263. ^ Moody's Investors Service. "Moody's downgrades Belarus' ratings to C with a stable outlook".
  264. ^ Moody's Investors Service. "Moody's affirms Belgium's Aa3 ratings; maintains stable outlook".
  265. ^ Moody's Investors Service. "Moody's upgrades Belize's ratings to Caa2 from Caa3, maintains stable outlook".
  266. ^ Moody's Investors Service. "Moody's affirms the B1 ratings of Benin; maintains stable outlook".
  267. ^ Moody's Investors Service. "Moody's affirms Bermuda's A2 ratings; maintains stable outlook".
  268. ^ Moody's Investors Service. "Moody's confirms Bolivia's ratings at Caa1, changes outlook to negative".
  269. ^ Moody's Investors Service. "Moody's affirms Bosnia and Herzegovina's B3 ratings; outlook stable".
  270. ^ Moody's Investors Service. "Moody's affirms Botswana's A3 ratings and maintains stable outlook".
  271. ^ "Moody's upgrades Brazil's sovereign credit rating and maintains a positive outlook".
  272. ^ Moody's Investors Service. "Moody's affirms Bulgaria's Baa1 ratings, maintains stable outlook".
  273. ^ Moody's Investors Service. "Moody's changes Cambodia's outlook to negative, B2 ratings affirmed".
  274. ^ Moody's Investors Service. "Moody's downgrades Cameroon's rating to Caa1 from B2; maintains stable outlook".
  275. ^ Moody's Investors Service. "Moody's affirms Canada's Aaa rating; maintains stable outlook".
  276. ^ Moody's Investors Service. "Moody's affirms Cayman Islands' Aa3 ratings, maintains stable outlook".
  277. ^ Moody's Investors Service. "Moody's downgrades Chile's ratings to A2, changes outlook to stable from negative".
  278. ^ Moody's Investors Service. "Moody's affirms China's A1 rating, changes outlook to negative from stable".
  279. ^ Moody's Investors Service. "Moody's affirms Colombia's Baa2 ratings; maintains stable outlook".
  280. ^ Moody's Investors Service. "Moody's affirms the Republic of the Congo's Caa2 ratings and maintains stable outlook".
  281. ^ Moody's Investors Service. "Moody's upgrades Costa Rica's ratings to Ba3; maintains positive outlook".
  282. ^ Moody's Investors Service. "Moody's affirms Côte d'Ivoire's Ba3 rating; changes outlook to positive from stable".
  283. ^ Moody's Investors Service. "Moodys Ratings upgrades Croatia's ratings to A3 changes outlook to stable".
  284. ^ Moody's Investors Service. "Moody's withdraws Cuba's ratings due to lack of sufficient information".
  285. ^ Moody's Ratings. "Moody's Ratings upgrades Cyprus' ratings to A3 and changes outlook to stable".
  286. ^ Moody's Investors Service. "Moody's changes Czech Republic's outlook to stable from negative, affirms Aa3 ratings".
  287. ^ Moody's Investors Service. "Moody's affirms the Aaa ratings of Denmark; maintains stable outlook".
  288. ^ Moody's Investors Service. "Moody's changes outlook on Dominican Republic's ratings to positive, affirms Ba3 ratings".
  289. ^ Moody's Investors Service. "Moody's upgrades the Democratic Republic of the Congo's ratings to B3 from Caa1, outlook stable".
  290. ^ Moody's Investors Service. "Moody's affirms Ecuador's Caa3 rating; maintains stable outlook".
  291. ^ Moody's Investors Service. "Moody's changes outlook on Egypt to negative, affirms Caa1 ratings".
  292. ^ Moody's Investors Service. "Moody's Ratings upgrades El Salvador's rating to B3; outlook stable".
  293. ^ Moody's Investors Service. "Moody's affirms Estonia's A1 ratings, maintains stable outlook".
  294. ^ Moody's Investors Service. "Moody's changes eSwatini's outlook to positive from stable, affirms B3 rating".
  295. ^ Moody's Investors Service. "Moody's downgrades Ethiopia's foreign currency rating to Caa3, affirms its local currency rating at Caa2 and changes outlook to stable".
  296. ^ Moody's Investors Service. "Moody's changes Fiji's outlook to stable from negative; affirms B1 rating".
  297. ^ Moody's Investors Service. "Moody's affirms Finland's Aa1 ratings; outlook remains stable".
  298. ^ Politico (14 December 2024). "France's credit rating cut by Moody's just hours after new prime minister appointed".
  299. ^ Moody's Investors Service. "Moody's changes the outlook on Gabon to negative; affirms Caa1 rating".
  300. ^ Moody's Investors Service. "Moody's changes the outlook on Georgia's rating to negative; affirms Ba2 rating".
  301. ^ Moody's Investors Service. "Moody's affirms Germany's Aaa ratings; outlook remains stable".
  302. ^ Moody's Investors Service. "Moody's upgrades Ghana's local currency ratings to Caa3 from Ca, maintains stable outlook".
  303. ^ Moody's Ratings. "Moody's Ratings upgrades Greece's ratings to Baa3 from Ba1, changes outlook to stable from positive".
  304. ^ Moody's Investors Service. "Moody's affirms Guatemala's Ba1 ratings; changes outlook to stable from negative".
  305. ^ Moody's Investors Service. "Moody's affirms Honduras' B1 ratings; maintains stable outlook".
  306. ^ Moody's Investors Service. "Moody's affirms Hong Kong SAR's Aa3 rating, changes outlook to negative from stable".
  307. ^ Reuters. "Moody's cuts Budapest's rating to junk due to row with national government". {{cite web}}: |author= has generic name (help)
  308. ^ Moody's Investors Service. "Moody's Ratings upgrades Iceland's ratings to A1, changes outlook to stable".
  309. ^ Moody's Investors Service. "Moody's affirms India's Baa3 ratings; outlook stable".
  310. ^ Moody's Investors Service. "Moody's Ratings changes Indonesia's outlook to negative from stable, affirms Baa2 rating".
  311. ^ Moody's Investors Service. "Moody's affirms Iraq's Caa1 ratings, maintains stable outlook".
  312. ^ Moody's Investors Service. "Moody's upgrades Ireland's ratings to Aa3, outlook stable".
  313. ^ Moody's Investors Service. "Moody's changes the outlook on the Isle of Man to stable from negative, affirms Aa3 ratings".
  314. ^ Moody's Investors Service. "Moody's Ratings downgrades Israel's ratings to Baa1, maintains negative outlook".
  315. ^ Reuters.com. "Moody's grants Italy its first rating upgrade in 23 years". {{cite web}}: |author= has generic name (help)
  316. ^ Moody's Investors Service. "Moody's upgrades Jamaica's government ratings to B1 and changes outlook to positive from stable".
  317. ^ Moody's Investors Service. "Moody's affirms Japan's A1 ratings; maintains stable outlook".
  318. ^ Moody's Investors Service. "Moody's changes outlook on Jordan's rating to positive from stable; affirms B1 rating".
  319. ^ Moody's Investors Service. "Moody's Ratings upgrades Kazakhstan's ratings to Baa1, outlook changed to stable".
  320. ^ Moody's Investors Service. "Moody's confirms Kenya's ratings at B3, changes outlook to negative".
  321. ^ Moody's Investors Service. "Moody's affirms Kuwait's A1 rating; maintains stable outlook".
  322. ^ Moody's Investors Service. "Moody's confirms Kyrgyz Republic's ratings at B3, changes outlook to negative".
  323. ^ Moody's Investors Service. "Moody's affirms Latvia's A3 ratings, maintains stable outlook".
  324. ^ Moody's Investors Service. "Moody's affirms Lebanon's C rating, changes outlook to stable from no outlook".
  325. ^ Moody's Investors Service. "Moody's affirms Lithuania's A2 ratings, maintains stable outlook".
  326. ^ Moody's Investors Service. "Moody's affirms Luxembourg's Aaa ratings; maintains stable outlook".
  327. ^ Moody's Investors Service. "Moody's changes outlook to negative from stable on Macao SAR, China's rating; affirms Aa3 rating".
  328. ^ Moody's Investors Service. "Moody's affirms Malaysia's A3 rating, maintains stable outlook".
  329. ^ Moody's Investors Service. "Moody's Ratings downgrades Maldives' rating to Caa2, places rating under review for downgrade".
  330. ^ Moody's Investors Service. "Moody's changes Mali's outlook to stable; affirms Caa2 ratings".
  331. ^ Moody's Investors Service. "Moody's affirms Malta's A2 ratings, changes outlook to stable from negative".
  332. ^ Moody's Investors Service. "Moody's downgrades Mauritius's rating to Baa3, changes outlook to stable".
  333. ^ Moody's Investors Service. "Moody's downgrades Mexico's ratings to Baa2, changes outlook to stable from negative".
  334. ^ Moody's Investors Service. "Moody's changes the outlook on Moldova's rating to stable from negative; affirms B3 rating".
  335. ^ Moody's Investors Service. "Moody's affirms Mongolia's B3 rating, maintains stable outlook".
  336. ^ Moody's Investors Service. "Moody's Ratings upgrades Montenegro's ratings to Ba3, outlook remains stable".
  337. ^ Moody's Ratings. "Moody's Ratings changes Morocco's outlook to positive from stable; affirms Ba1 rating".
  338. ^ Moody's Investors Service. "Moody's changes outlook on Mozambique to stable from positive, affirms Caa2 ratings".
  339. ^ Moody's Investors Service. "Moody's downgrades Namibia's ratings to B1, changes outlook to stable from negative".
  340. ^ Moody's Investors Service. "Moody's affirms the Netherlands' Aaa ratings; outlook remains stable".
  341. ^ Moody's Investors Service. "Moody's affirms New Zealand's Aaa rating, maintains stable outlook".
  342. ^ Moody's Investors Service. "Moody's affirms Nicaragua's B3 ratings and maintains stable outlook".
  343. ^ Moody's Investors Service. "Moody's changes Nigeria's outlook to positive, affirms Caa1 ratings".
  344. ^ Moody's Investors Service. "Moody's affirms the Aaa ratings of Norway; maintains stable outlook".
  345. ^ Muscat Daily (12 July 2025). "Moody's upgrades Oman to Baa3". Muscat Daily. Retrieved 16 July 2025.
  346. ^ Moody's Investors Service. "Moody's Ratings upgrades Pakistan's ratings to Caa1; changes outlook to stable from positive".
  347. ^ Moody's Investors Service. "Moody's downgrades Panama's rating to Baa3, changes outlook to stable".
  348. ^ Moody's Investors Service. "Moody's changes Papua New Guinea's outlook to stable from negative; affirms B2 rating".
  349. ^ Moody's Investors Service. "Moody's Ratings upgrades Paraguay's ratings to Baa3, changes outlook to stable from positive".
  350. ^ Moody's Investors Service. "Moody's changes outlook on Peru's Baa1 rating to negative; affirms ratings".
  351. ^ Moody's Investors Service. "Moody's affirms the Philippines' Baa2 ratings; outlook stable".
  352. ^ Moody's Investors Service. "Moody's affirms Poland's A2 ratings; maintains stable outlook".
  353. ^ Moody's Investors Service. "Moody's upgrades Portugal's ratings to A3 and changes outlook to stable".
  354. ^ Moody's Investors Service. "Moody's changes the outlook on Qatar to positive, affirms Aa3 rating".
  355. ^ Moody's Investors Service. "Moody's affirms Romania's Baa3 ratings, maintains stable outlook".
  356. ^ Moody's Investors Service. "Moody's withdraws credit ratings on multiple entities".
  357. ^ Moody's Investors Service. "Moody's changes outlook on Rwanda to stable from negative; affirms B2 ratings".
  358. ^ Moody's Investors Service. "Moody's affirms St. Vincent and the Grenadines' B3 issuer ratings; maintains stable outlook".
  359. ^ Bloomberg (22 November 2024). "Saudi Arabia Gets First Moody's Upgrade On Economic Advance". Bloomberg.
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