Credit ratings

This entry provides the current bond ratings for a country or territory from each of the three major credit bureaus (Fitch, Moody’s, and Standard & Poors). These ratings allow investors, including international finance institutions (e.g., the World Bank Group, the International Monetary Fund, etc.) to understand how likely a government’s bond is to default. Rating factors include the following aspects: current account balance, debt payment history and timeliness, banking and financial operations, future economic outlook, and national economic strength. While in recent years other credit rating agencies have proliferated, these three credit agencies constitute more than 95% of the credit evaluation market globally and are the primary sovereign debt ratings considered by international and regional finance institutions.

• Albania

  Moody's rating: B1 (2007)
  
  Standard & Poors rating: B+ (2016)

• Andorra

  Fitch rating: BBB+ (2018)
  
  Standard & Poors rating: BBB (2017)

• Angola

  Fitch rating: CCC (2020)
  
  Moody's rating: Caa1 (2020)
  
  Standard & Poors rating: CCC+ (2020)

• Argentina

  Fitch rating: CCC (2020)
  
  Moody's rating: Ca (2020)
  
  Standard & Poors rating: CCC+ (2020)

• Armenia

  Fitch rating: B+ (2020)
  
  Moody's rating: Ba3 (2019)

• Aruba

  Fitch rating: BB (2020)
  
  Standard & Poors rating: BBB+ (2013)

• Australia

  Fitch rating: AAA (2011)
  
  Moody's rating: Aaa (2002)
  
  Standard & Poors rating: AAA (2003)

• Austria

  Fitch rating: AA+ (2015)
  
  Moody's rating: Aa1 (2016)
  
  Standard & Poors rating: AA+ (2012)

• Azerbaijan

  Fitch rating: BB+ (2016)
  
  Moody's rating: Ba2 (2017)
  
  Standard & Poors rating: BB+ (2016)

• Bahamas, The

  Moody's rating: Ba2 (2020)
  
  Standard & Poors rating: BB- (2020)

• Bahrain

  Fitch rating: B+ (2020)
  
  Moody's rating: B2 (2018)
  
  Standard & Poors rating: B+ (2017)

• Bangladesh

  Fitch rating: BB- (2014)
  
  Moody's rating: Ba3 (2012)
  
  Standard & Poors rating: BB- (2010)

• Barbados

  Moody's rating: Caa1 (2019)
  
  Standard & Poors rating: B- (2019)

• Belarus

  Fitch rating: B (2018)
  
  Moody's rating: B3 (2018)
  
  Standard & Poors rating: B (2017)

• Belgium

  Fitch rating: AA- (2016)
  
  Moody's rating: Aa3 (2011)
  
  Standard & Poors rating: AA (2011)

• Belize

  Moody's rating: Caa3 (2020)
  
  Standard & Poors rating: CCC+ (2020)

• Benin

  Fitch rating: B (2019)
  
  Moody's rating: B2 (2019)
  
  Standard & Poors rating: B+ (2018)

• Bermuda

  Fitch rating: N/A (2015)
  
  Moody's rating: A2 (2016)
  
  Standard & Poors rating: A+ (2015)

• Bolivia

  Fitch rating: B (2020)
  
  Moody's rating: B2 (2020)
  
  Standard & Poors rating: B+ (2020)

• Bosnia and Herzegovina

  Moody's rating: B3 (2012)
  
  Standard & Poors rating: B (2011)

• Botswana

  Moody's rating: A2 (2020)
  
  Standard & Poors rating: BBB+ (2020)

• Brazil

  Fitch rating: BB- (2018)
  
  Moody's rating: Ba2 (2016)
  
  Standard & Poors rating: BB- (2018)

• Bulgaria

  Fitch rating: BBB (2017)
  
  Moody's rating: Baa1 (2020)
  
  Standard & Poors rating: BBB (2019)

• Burkina Faso

  Standard & Poors rating: B (2017)

• Cabo Verde

  Fitch rating: B- (2020)
  
  Standard & Poors rating: B (2013)

• Cambodia

  Moody's rating: B2 (2007)
  
  Standard & Poors rating: N/A (2014)

• Cameroon

  Fitch rating: B (2006)
  
  Moody's rating: B2 (2016)
  
  Standard & Poors rating: B- (2020)

• Canada

  Fitch rating: AA+ (2020)
  
  Moody's rating: Aaa (2002)
  
  Standard & Poors rating: AAA (2002)

• Cayman Islands

  Moody's rating: Aa3 (1997)

• Chile

  Fitch rating: A- (2020)
  
  Moody's rating: A1 (2018)
  
  Standard & Poors rating: A+ (2017)

• China

  Fitch rating: A+ (2007)
  
  Moody's rating: A1 (2017)
  
  Standard & Poors rating: A+ (2017)

• Colombia

  Fitch rating: BBB- (2020)
  
  Moody's rating: Baa2 (2014)
  
  Standard & Poors rating: BBB- (2017)

• Congo, Democratic Republic of the

  Moody's rating: Caa1 (2019)
  
  Standard & Poors rating: CCC+ (2017)

• Congo, Republic of the

  Fitch rating: CCC (2019)
  
  Moody's rating: Caa2 (2018)
  
  Standard & Poors rating: CCC+ (2020)

• Costa Rica

  Fitch rating: B (2020)
  
  Moody's rating: B2 (2020)
  
  Standard & Poors rating: B (2020)

• Cote d'Ivoire

  Fitch rating: B+ (2015)
  
  Moody's rating: Ba3 (2015)

• Croatia

  Fitch rating: BBB- (2019)
  
  Moody's rating: Ba1 (2020)
  
  Standard & Poors rating: BBB- (2019)

• Cuba

  Moody's rating: Caa2 (2014)

• Cyprus

  Fitch rating: BBB- (2018)
  
  Moody's rating: Ba2 (2018)
  
  Standard & Poors rating: BBB- (2018)

• Czechia

  Fitch rating: AA- (2018)
  
  Moody's rating: Aa3 (2019)
  
  Standard & Poors rating: AA- (2011)

• Denmark

  Fitch rating: AAA (2003)
  
  Moody's rating: Aaa (1999)
  
  Standard & Poors rating: AAA (2001)

• Dominican Republic

  Fitch rating: BB- (2016)
  
  Moody's rating: Ba3 (2017)
  
  Standard & Poors rating: BB- (2015)

• Ecuador

  Fitch rating: B- (2020)
  
  Moody's rating: Caa3 (2020)
  
  Standard & Poors rating: B- (2020)

• Egypt

  Fitch rating: B+ (2019)
  
  Moody's rating: B2 (2019)
  
  Standard & Poors rating: B (2018)

• El Salvador

  Fitch rating: B- (2017)
  
  Moody's rating: B3 (2018)
  
  Standard & Poors rating: B- (2018)

• Estonia

  Fitch rating: AA- (2018)
  
  Moody's rating: A1 (2002)
  
  Standard & Poors rating: AA- (2011)

• Eswatini

  Moody's rating: B3 (2020)

• Ethiopia

  Fitch rating: B (2014)
  
  Moody's rating: B2 (2020)
  
  Standard & Poors rating: B (2014)

• European Union

  Fitch rating: AAA (2010)
  
  Moody's rating: Aaa (2014)
  
  Standard & Poors rating: AA (2016)

• Fiji

  Moody's rating: Ba3 (2017)
  
  Standard & Poors rating: BB- (2019)

• Finland

  Fitch rating: AA+ (2016)
  
  Moody's rating: Aa1 (2016)
  
  Standard & Poors rating: AA+ (2014)

• France

  Fitch rating: AA (2014)
  
  Moody's rating: Aa2 (2015)
  
  Standard & Poors rating: AA (2013)

• Gabon

  Fitch rating: CCC (2020)
  
  Moody's rating: Caa1 (2018)
  
  Standard & Poors rating: N/A (2016)

• Georgia

  Fitch rating: BB (2019)
  
  Moody's rating: Ba2 (2017)
  
  Standard & Poors rating: BB (2019)

• Germany

  Fitch rating: AAA (1994)
  
  Moody's rating: Aaa (1986)
  
  Standard & Poors rating: AAA (1983)
  
  Credit ratings prior to 1989 refer to West Germany.

• Ghana

  Fitch rating: B (2013)
  
  Moody's rating: B3 (2015)
  
  Standard & Poors rating: B- (2020)

• Greece

  Fitch rating: BB (2020)
  
  Moody's rating: Ba3 (2020)
  
  Standard & Poors rating: BB- (2019)

• Grenada

  Standard & Poors rating: SD (2013)

• Guatemala

  Fitch rating: BB- (2020)
  
  Moody's rating: Ba1 (2010)
  
  Standard & Poors rating: BB- (2017)

• Honduras

  Moody's rating: B1 (2017)
  
  Standard & Poors rating: BB- (2017)

• Hong Kong

  Fitch rating: AA- (2020)
  
  Moody's rating: Aa3 (2020)
  
  Standard & Poors rating: AA+ (2017)

• Hungary

  Fitch rating: BBB (2019)
  
  Moody's rating: Baa3 (2016)
  
  Standard & Poors rating: BBB (2019)

• Iceland

  Fitch rating: A (2017)
  
  Moody's rating: A2 (2019)
  
  Standard & Poors rating: A (2017)

• India

  Fitch rating: BBB- (2006)
  
  Moody's rating: Baa3 (2020)
  
  Standard & Poors rating: BBB- (2007)

• Indonesia

  Fitch rating: BBB (2017)
  
  Moody's rating: Baa2 (2018)
  
  Standard & Poors rating: BBB (2019)

• Iraq

  Fitch rating: B- (2015)
  
  Moody's rating: Caa1 (2017)
  
  Standard & Poors rating: B- (2015)

• Ireland

  Fitch rating: A+ (2017)
  
  Moody's rating: A2 (2017)
  
  Standard & Poors rating: AA- (2019)

• Isle of Man

  Moody's rating: Aa3 (2020)
  
  Standard & Poors rating: N/A (2014)

• Israel

  Fitch rating: A+ (2016)
  
  Moody's rating: A1 (2008)
  
  Standard & Poors rating: AA- (2018)
  
  Note: The year refers to the year in which the current credit rating was first obtained.

• Italy

  Fitch rating: BBB- (2020)
  
  Moody's rating: Baa3 (2018)
  
  Standard & Poors rating: BBB (2017)

• Jamaica

  Fitch rating: B+ (2019)
  
  Moody's rating: B2 (2019)
  
  Standard & Poors rating: B+ (2019)

• Japan

  Fitch rating: A (2015)
  
  Moody's rating: A1 (2014)
  
  Standard & Poors rating: A+ (2015)

• Jordan

  Fitch rating: BB- (2019)
  
  Moody's rating: B1 (2013)
  
  Standard & Poors rating: B+ (2017)

• Kazakhstan

  Fitch rating: BBB (2016)
  
  Moody's rating: Baa3 (2016)
  
  Standard & Poors rating: BBB- (2016)

• Kenya

  Fitch rating: B+ (2007)
  
  Moody's rating: B2 (2018)
  
  Standard & Poors rating: B+ (2010)

• Korea, South

  Fitch rating: AA- (2012)
  
  Moody's rating: Aa2 (2015)
  
  Standard & Poors rating: AA (2016)

• Kuwait

  Fitch rating: AA (2008)
  
  Moody's rating: A1 (2020)
  
  Standard & Poors rating: AA- (2020)

• Kyrgyzstan

  Moody's rating: B2 (2015)
  
  Standard & Poors rating: NR (2016)

• Laos

  Fitch rating: CCC (2020)
  
  Moody's rating: Caa2 (2020)

• Latvia

  Fitch rating: A- (2014)
  
  Moody's rating: A3 (2015)
  
  Standard & Poors rating: A+ (2020)

• Lebanon

  Fitch rating: RD (2020)
  
  Moody's rating: C (2020)
  
  Standard & Poors rating: D (2020)

• Lesotho

  Fitch rating: B (2019)

• Liechtenstein

  Standard & Poors rating: AAA (1996)

• Lithuania

  Fitch rating: A (2020)
  
  Moody's rating: A3 (2015)
  
  Standard & Poors rating: A+ (2020)

• Luxembourg

  Fitch rating: AAA (1994)
  
  Moody's rating: Aaa (1989)
  
  Standard & Poors rating: AAA (1994)

• Macau

  Fitch rating: AA (2018)
  
  Moody's rating: Aa3 (2016)

• Malaysia

  Fitch rating: BBB+ (2020)
  
  Moody's rating: A3 (2004)
  
  Standard & Poors rating: A- (2003)

• Maldives

  Fitch rating: CCC (2020)
  
  Moody's rating: B3 (2020)

• Mali

  Moody's rating: Caa1 (2020)

• Malta

  Fitch rating: A+ (2017)
  
  Moody's rating: A2 (2019)
  
  Standard & Poors rating: A- (2016)

• Mauritius

  Moody's rating: Baa1 (2012)

• Mexico

  Fitch rating: BBB- (2020)
  
  Moody's rating: Baa1 (2020)
  
  Standard & Poors rating: BBB (2020)

• Moldova

  Moody's rating: B3 (2010)

• Mongolia

  Fitch rating: B (2018)
  
  Moody's rating: B3 (2018)
  
  Standard & Poors rating: B (2018)

• Montenegro

  Moody's rating: B1 (2016)
  
  Standard & Poors rating: B+ (2014)

• Montserrat

  Standard & Poors rating: BBB- (2020)

• Morocco

  Fitch rating: BB+ (2020)
  
  Moody's rating: Ba1 (1999)
  
  Standard & Poors rating: BBB- (2010)

• Mozambique

  Fitch rating: CCC (2019)
  
  Moody's rating: Caa2 (2019)
  
  Standard & Poors rating: CCC+ (2019)

• Namibia

  Fitch rating: BB (2019)
  
  Moody's rating: Ba3 (2020)

• Netherlands

  Fitch rating: AAA (1994)
  
  Moody's rating: Aaa (1986)
  
  Standard & Poors rating: AAA (2015)

• New Zealand

  Fitch rating: AA (2011)
  
  Moody's rating: Aaa (2002)
  
  Standard & Poors rating: AA (2011)

• Nicaragua

  Fitch rating: B- (2018)
  
  Moody's rating: B3 (2020)
  
  Standard & Poors rating: B- (2018)

• Niger

  Moody's rating: B3 (2019)

• Nigeria

  Fitch rating: B (2020)
  
  Moody's rating: B2 (2017)
  
  Standard & Poors rating: B- (2020)

• North Macedonia

  Fitch rating: BB+ (2019)
  
  Standard & Poors rating: BB- (2013)

• Norway

  Fitch rating: AAA (1995)
  
  Moody's rating: Aaa (1997)
  
  Standard & Poors rating: AAA (1975)

• Oman

  Fitch rating: BB- (2020)
  
  Moody's rating: Ba3 (2020)
  
  Standard & Poors rating: B+ (2020)

• Pakistan

  Fitch rating: B- (2018)
  
  Moody's rating: B3 (2015)
  
  Standard & Poors rating: B- (2019)

• Panama

  Fitch rating: BBB (2011)
  
  Moody's rating: Baa1 (2019)
  
  Standard & Poors rating: BBB (2020)

• Papua New Guinea

  Moody's rating: B2 (2016)
  
  Standard & Poors rating: B- (2020)

• Paraguay

  Fitch rating: BB+ (2018)
  
  Moody's rating: Ba1 (2015)
  
  Standard & Poors rating: BB (2014)

• Peru

  Fitch rating: BBB+ (2013)
  
  Moody's rating: A3 (2014)
  
  Standard & Poors rating: BBB+ (2013)

• Philippines

  Fitch rating: BBB (2017)
  
  Moody's rating: Baa2 (2014)
  
  Standard & Poors rating: BBB+ (2019)

• Poland

  Fitch rating: A- (2007)
  
  Moody's rating: A2 (2002)
  
  Standard & Poors rating: A- (2018)

• Portugal

  Fitch rating: BBB (2007)
  
  Moody's rating: Baa3 (2018)
  
  Standard & Poors rating: BBB (2019)

• Puerto Rico

  Standard & Poors rating: D (2015)

• Qatar

  Fitch rating: AA- (2017)
  
  Moody's rating: Aa3 (2017)
  
  Standard & Poors rating: AA- (2017)

• Romania

  Fitch rating: BBB- (2011)
  
  Moody's rating: Baa3 (2006)
  
  Standard & Poors rating: BBB- (2014)

• Russia

  Fitch rating: BBB (2019)
  
  Moody's rating: Baa3 (2019)
  
  Standard & Poors rating: BBB- (2018)

• Rwanda

  Fitch rating: B+ (2014)
  
  Moody's rating: B2 (2016)
  
  Standard & Poors rating: B+ (2019)

• Saint Vincent and the Grenadines

  Moody's rating: B3 (2014)

• San Marino

  Fitch rating: BB+ (2020)

• Saudi Arabia

  Fitch rating: A (2019)
  
  Moody's rating: A1 (2016)
  
  Standard & Poors rating: A- (2016)

• Senegal

  Moody's rating: Ba3 (2017)
  
  Standard & Poors rating: B+ (2000)

• Serbia

  Fitch rating: BB+ (2019)
  
  Moody's rating: Ba3 (2017)
  
  Standard & Poors rating: BB+ (2019)

• Seychelles

  Fitch rating: B+ (2020)

• Singapore

  Fitch rating: AAA (2003)
  
  Moody's rating: Aaa (2002)
  
  Standard & Poors rating: AAA (1995)

• Slovakia

  Fitch rating: A (2020)
  
  Moody's rating: A2 (2012)
  
  Standard & Poors rating: A+ (2015)

• Slovenia

  Fitch rating: A (2019)
  
  Moody's rating: A3 (2020)
  
  Standard & Poors rating: AA- (2019)

• Solomon Islands

  Moody's rating: B3 (2015)

• South Africa

  Fitch rating: BB- (2020)
  
  Moody's rating: Ba2 (2020)
  
  Standard & Poors rating: BB- (2020)

• Spain

  Fitch rating: A- (2018)
  
  Moody's rating: Baa1 (2018)
  
  Standard & Poors rating: A (2019)

• Sri Lanka

  Fitch rating: CCC (2020)
  
  Moody's rating: Caa1 (2020)
  
  Standard & Poors rating: CCC+ (2020)

• Suriname

  Fitch rating: C (2020)
  
  Moody's rating: Caa3 (2020)
  
  Standard & Poors rating: SD (2020)

• Sweden

  Fitch rating: AAA (2004)
  
  Moody's rating: Aaa (2002)
  
  Standard & Poors rating: AAA (2004)

• Switzerland

  Fitch rating: AAA (2000)
  
  Moody's rating: Aaa (1982)
  
  Standard & Poors rating: AAA (1988)

• Taiwan

  Fitch rating: AA- (2016)
  
  Moody's rating: Aa3 (1994)
  
  Standard & Poors rating: AA- (2002)

• Tajikistan

  Moody's rating: B3 (2017)
  
  Standard & Poors rating: B- (2017)

• Tanzania

  Moody's rating: B2 (2020)

• Thailand

  Fitch rating: BBB+ (2013)
  
  Moody's rating: Baa1 (2003)
  
  Standard & Poors rating: BBB+ (2004)

• Togo

  Moody's rating: B3 (2019)
  
  Standard & Poors rating: B (2019)

• Trinidad and Tobago

  Moody's rating: Ba1 (2017)
  
  Standard & Poors rating: BBB- (2020)

• Tunisia

  Fitch rating: B (2020)
  
  Moody's rating: B2 (2018)
  
  Standard & Poors rating: N/A (2013)

• Turkey

  Fitch rating: BB- (2019)
  
  Moody's rating: B2 (2020)
  
  Standard & Poors rating: B+ (2018)

• Uganda

  Fitch rating: B+ (2015)
  
  Moody's rating: B2 (2016)
  
  Standard & Poors rating: B (2014)

• Ukraine

  Fitch rating: B (2019)
  
  Moody's rating: B3 (2020)
  
  Standard & Poors rating: B (2019)

• United Arab Emirates

  Fitch rating: AA- (2020)
  
  Moody's rating: Aa2 (2007)
  
  Standard & Poors rating: AA (2007)

• United Kingdom

  Fitch rating: AA- (2020)
  
  Moody's rating: Aaa (2020)
  
  Standard & Poors rating: AA (2016)

• United States

  Fitch rating: AAA (1994)
  
  Moody's rating: Aaa (1949)
  
  Standard & Poors rating: AA+ (2011)

• Uruguay

  Fitch rating: BBB- (2013)
  
  Moody's rating: Baa2 (2014)
  
  Standard & Poors rating: BBB (2015)

• Uzbekistan

  Fitch rating: BB- (2018)
  
  Moody's rating: B1 (2019)
  
  Standard & Poors rating: BB- (2018)

• Venezuela

  Fitch rating: RD (2017)
  
  Moody's rating: WR (2019)
  
  Standard & Poors rating: SD (2017)

• Vietnam

  Fitch rating: BB (2018)
  
  Moody's rating: Ba3 (2018)
  
  Standard & Poors rating: BB (2019)

• Zambia

  Fitch rating: RD (2020)
  
  Moody's rating: Ca (2020)
  
  Standard & Poors rating: SD (2020)