List of countries by credit rating

Map of S&P's sovereign long-term foreign credit ratings as of July 2025.
Legend:
  AAA  AA+  AA  AA−
  A+  A  A−  BBB+
  BBB  BBB−  BB+  BB
  BB−  B+  B  B−
  CCC+  CCC  CCC−  SD/D

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−	Positive	10 May 2024	[4]
Angola	B−	Stable	4 February 2022	[5]
Argentina	CCC	Stable	15 March 2024	[6]
Armenia	BB−	Stable	25 August 2023	[7]
Aruba	BBB	Stable	15 March 2021	[8]
Australia	AAA	Stable	6 June 2021	[9]
Austria	AA+	Stable	26 August 2022	[10]
Azerbaijan	BB+	Stable	22 January 2021	[11]
Bahamas	B+	Stable	12 November 2021	[12]
Bahrain	B+	Stable	24 November 2023	[13]
Bangladesh	BB−	Negative	24 July 2023	[10]
Barbados	B−	Positive	26 October 2023	[14]
Belgium	AA	Stable	28 February 2014	[10]
Belize	B−	Stable	9 November 2021	[15]
Benin	B+	Positive	20 October 2023	[16]
Bermuda	A+	Stable	28 April 2015	[10]
Bolivia	CCC+	Negative	22 November 2023	[17]
Bosnia and Herzegovina	B+	Stable	4 August 2023	[18]
Botswana	BBB+	Stable	17 September 2021	[19]
Brazil	BB	Stable	19 December 2023	[20]
Bulgaria	BBB+	Stable	10 July 2025	[21]
Burkina Faso	CCC+	Stable	26 January 2022	[22]
Cabo Verde	B−	Stable	19 February 2021	[10]
Cameroon	B−	Stable	22 March 2024	[10]
Canada	AAA	Stable	29 July 2002	[10]
Chad	B−		28 October 2024	[10]
Chile	A	Negative	19 October 2023	[23]
China	A+	Stable	21 September 2017	[24]
Colombia	BB+	Negative	19 May 2021	[20]
Cook Islands	B+	Stable	11 November 2020	[10]
Costa Rica	BB−	Stable	27 October 2023	[25]
Côte d'Ivoire	BB−	Stable	6 July 2021	[26]
Croatia	A−	Positive	13 September 2024	[27]
Curacao	BBB−	Stable	22 February 2022	[28]
Cyprus	A−	Stable	13 December 2024	[29]
Czechia	AA−	Stable	24 August 2011	[10]
Democratic Republic of the Congo	B−	Stable	28 January 2022	[30]
Denmark	AAA	Stable	27 February 2001	[10]
Dominican Republic	BB	Stable	19 December 2022	[31]
Ecuador	B−	Negative	1 September 2020	[20]
Egypt	B−	Stable	20 October 2023	[32]
El Salvador	B−	Stable	7 November 2023	[33]
Estonia	A+	Negative	1 June 2024	[34]
Ethiopia	SD		15 December 2023	[35]
Falkland Islands	A+	Stable	22 September 2021	[20]
Fiji	B+	Stable	22 September 2021	[36]
Finland	AA+	Stable	16 September 2016	[10]
France	AA−	Negative	30 May 2025	[37]
Georgia	BB	Stable	25 February 2022	[38]
Germany	AAA	Stable	13 January 2012	[10]
Ghana	SD		20 December 2022	[39]
Greece	BBB	Stable	18 April 2025	[40]
Guatemala	BB+	Stable	28 September 2025	[41]
Guernsey	A+	Stable	13 January 2023	[10]
Honduras	BB−	Stable	29 September 2023	[10]
Hong Kong	AA+	Stable	21 September 2017	[42]
Hungary	BBB−	Stable	27 January 2023	[43]
Iceland	A+	Stable	10 November 2023	[44]
India	BBB	Stable	14 August 2025	[45]
Indonesia	BBB	Stable	27 April 2022	[46]
Iraq	B−	Stable	17 February 2023	[47]
Ireland	AA	Stable	19 May 2023	[48]
Israel	A	Negative	1 October 2024	[49]
Italy	BBB+	Stable	11 April 2025	[50]
Jamaica	BB−	Stable	13 September 2023	[51]
Japan	A+	Stable	9 June 2020	[52]
Jersey	AA−	Stable	16 January 2021	[53]
Jordan	B+	Stable	20 October 2017	[54]
Kazakhstan	BBB−	Stable	3 March 2023	[55]
Kenya	B−	Stable	23 August 2024	[10]
Kuwait	A+	Stable	15 July 2022	[56]
Latvia	A	Stable	31 May 2024	[57]
Lebanon	SD		11 March 2020	[58]
Liechtenstein	AAA	Stable	26 February 2016	[10]
Lithuania	A	Stable	31 May 2024	[59]
Luxembourg	AAA	Stable	14 January 2013	[10]
Madagascar	B−	Stable	7 April 2023	[10]
Malaysia	A−	Stable	27 June 2022	[60]
Malta	A−	Stable	13 March 2020	[61]
Mauritius	BBB−	Stable	21 July 2023	[62]
Mexico	BBB	Stable	6 July 2022	[10]
Mongolia	B	Stable	9 November 2018	[63]
Montenegro	B+	Stable	30 August 2024	[64]
Montserrat	BBB−	Stable	2 September 2011	[10]
Morocco	BBB−	Stable	26 September 2025	[65]
Mozambique	CCC+	Stable	22 November 2019	[66]
Netherlands	AAA	Stable	20 November 2015	[10]
New Zealand	AA+	Stable	21 February 2021	[67]
Nicaragua	B	Stable	25 October 2022	[10]
Nigeria	B−	Stable	4 August 2023	[68]
North Macedonia	BB−	Stable	24 May 2013	[10]
Norway	AAA	Stable	8 November 1990	[69]
Oman	BB+	Stable	29 September 2023	[10]
Pakistan	B−	Stable	24 July 2025	[70]
Panama	BB+	Negative	7 November 2023	[71]
Papua New Guinea	B−	Stable	3 June 2021	[20]
Paraguay	BB	Stable	15 June 2016	[10]
Peru	BBB	Negative	12 December 2022	[72]
Philippines	BBB+	Stable	30 April 2019	[73]
Poland	A−	Stable	12 October 2018	[10]
Portugal	A+	Stable	29 August 2025	[74]
Qatar	AA	Stable	4 November 2022	[75]
Republic of the Congo	B−	Stable	28 July 2023	[10]
Romania	BBB−	Stable	16 April 2021	[10]
Rwanda	B+	Stable	27 January 2023	[76]
Saint Helena	BBB−	Stable	31 March 2023	[77]
Saudi Arabia	A+	Stable	15 March 2025	[78]
Senegal	B+	Stable	6 December 2019	[79]
Serbia	BBB−	Stable	4 October 2024	[80]
Singapore	AAA	Stable	6 March 1995	[81]
Slovakia	A+	Negative	25 April 2025	[82]
Slovenia	AA	Stable	6 June 2025	[83]
South Africa	BB−	Stable	8 March 2023	[84]
South Korea	AA	Stable	7 August 2016	[85]
Spain	A+	Stable	12 September 2025	[10]
Sri Lanka	SD		25 April 2022	[86]
Suriname	CCC+	Stable	6 December 2023	[10]
Sweden	AAA	Stable	16 February 2004	[10]
Switzerland	AAA	Stable	26 June 1989	[10]
Taiwan	AA+	Stable	29 April 2022	[87]
Tajikistan	B	Stable	16 August 2024	[10]
Thailand	BBB+	Stable	13 April 2020	[88]
Togo	B	Positive	13 September 2024	[10]
Trinidad and Tobago	BBB−	Stable	21 July 2022	[89]
Turkey	BB−	Stable	1 November 2024	[90]
Turks and Caicos Islands	A−	Stable	26 February 2025	[10]
Uganda	B−	Stable	9 December 2022	[20]
Ukraine	SD		2 August 2024	[91]
United Arab Emirates	AA	Stable	21 March 2025	[92]
United Kingdom	AA	Stable	21 April 2023	[93]
United States	AA+	Stable	18 August 2025	[10]
Uruguay	BBB+	Stable	26 April 2023	[94]
Uzbekistan	BB−	Stable	4 June 2021	[95]
Vietnam	BB+	Stable	26 May 2022	[10]
Zambia	SD		21 October 2020	[10]

Fitch

Map of Fitch's sovereign long-term foreign credit ratings.
Legend:
  AAA  AA+  AA  AA−
  A+  A  A−  BBB+
  BBB  BBB−  BB+  BB
  BB−  B+  B  B−
  CCC+  CCC  CCC−  RD

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. ^[96] 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'. ^[97]

Country/Territory	Rating	Outlook	Date	Ref.
Andorra	A−	Stable	8 July 2022	[98]
Angola	B−	Stable	23 June 2023	[99]
Argentina	CCC+		12 May 2025	[100]
Armenia	BB−	Stable	28 July 2023	[101]
Aruba	BBB−	Positive	11 March 2025	[102]
Australia	AAA	Stable	13 October 2021	[103]
Austria	AA	Stable	6 June 2025	[104]
Azerbaijan	BBB−	Stable	26 July 2024	[105]
Bahrain	B+	Negative	24 February 2025	[106]
Bangladesh	B+	Stable	27 May 2024	[107]
Barbados	B+	Stable	15 October 2024	[108]
Belarus	WD	Ratings withdrawn	6 October 2023	[109]
Belgium	A+	Stable	13 June 2025	[110]
Benin	B+	Stable	8 March 2019	[111]
Bolivia	CCC		6 February 2024	[112]
Brazil	BB	Stable	26 July 2023	[113]
Bulgaria	BBB+	Stable	10 July 2025	[114]
Cabo Verde	B	Stable	21 May 2024	[115]
Cameroon	B	Negative	17 November 2023	[116]
Canada	AA+	Stable	24 June 2020	[117]
Chile	A−	Stable	15 October 2020	[118]
China	A	Stable	3 April 2025	[119]
Colombia	BB+	Stable	1 July 2021	[120]
Costa Rica	BB	Stable	28 Feb 2024	[121]
Côte d'Ivoire	BB−	Stable	19 July 2021	[122]
Croatia	A−	Stable	20 September 2024	[123]
Cyprus	A−	Stable	6 December 2024	[124]
Czechia	AA−	Stable	23 February 2024	[125]
Denmark	AAA	Stable	10 November 2003	[126]
Dominican Republic	BB−	Positive	29 November 2023	[127]
Ecuador	CCC+		16 August 2023	[128]
Egypt	B	Stable	1 November 2024	[129]
El Salvador	B−	Stable	7 January 2025	[130]
Estonia	A+	Stable	28 July 2023	[131]
Ethiopia	RD		27 December 2023	[132]
European Union	AAA	Stable	6 May 1999	[133]
Finland	AA	Stable	25 July 2025	[134]
France	A+	Stable	12 September 2025	[135]
Gabon	CCC		24 January 2025	[136]
Georgia	BB	Stable	21 June 2024	[137]
Germany	AAA	Stable	10 August 1994	[138]
Ghana	B−	Stable	16 June 2025	[139]
Greece	BBB−	Positive	16 May 2025	[140]
Guatemala	BB	Positive	7 February 2025	[141]
Honduras	B	Stable	30 August 2023	[142]
Hong Kong	AA−	Stable	20 April 2020	[143]
Hungary	BBB	Negative	20 January 2023	[144]
Iceland	A	Positive	8 August 2025	[145]
India	BBB−	Stable	10 June 2022	[146]
Indonesia	BBB	Stable	20 December 2017	[147]
Iraq	B−	Stable	24 March 2021	[148]
Ireland	AA	Stable	31 May 2024	[149]
Israel	A	Negative	12 August 2024	[150]
Italy	BBB+	Stable	19 September 2025	[151]
Jamaica	BB−	Positive	5 March 2024	[152]
Japan	A	Stable	25 March 2022	[153]
Jordan	BB−	Stable	7 December 2021	[154]
Kazakhstan	BBB	Stable	29 April 2016	[155]
Kenya	B−	Stable	2 August 2024	[156]
Kosovo	BB−	Stable	19 April 2024	[157]
Kuwait	AA−	Stable	27 January 2022	[158]
Laos	WD	Ratings withdrawn	10 October 2022	[159]
Latvia	A−	Positive	28 July 2023	[160]
Lebanon	WD	Ratings withdrawn	23 July 2023	[161]
Lesotho	B	Stable	22 July 2022	[162]
Lithuania	A	Stable	31 January 2020	[163]
Luxembourg	AAA	Stable	10 August 1994	[164]
Macao	AA	Stable	15 April 2021	[165]
Malaysia	BBB+	Stable	4 December 2020	[166]
Maldives	CC		29 August 2024	[167]
Malta	A+	Stable	17 April 2020	[168]
Mexico	BBB−	Stable	15 April 2020	[169]
Moldova	B+	Stable	27 September 2024	[170]
Mongolia	B+	Stable	18 September 2024	[171]
Morocco	BB+	Stable	23 October 2020	[172]
Mozambique	CCC		7 February 2025	[173]
Namibia	BB−	Stable	24 June 2022	[174]
Netherlands	AAA	Stable	11 July 2014	[175]
New Zealand	AA+	Stable	9 September 2022	[176]
Nicaragua	B	Stable	30 May 2024	[177]
Nigeria	B	Stable	11 April 2025	[178]
North Macedonia	BB+	Stable	14 April 2023	[179]
Norway	AAA	Stable	13 March 1995	[180]
Oman	BB+	Stable	25 September 2023	[181]
Pakistan	B−	Stable	15 April 2025	[182]
Panama	BB+	Stable	28 March 2024	[183]
Paraguay	BB+	Stable	11 December 2018	[184]
Peru	BBB	Negative	20 October 2022	[185]
Philippines	BBB	Stable	22 May 2023	[186]
Poland	A−	Stable	23 August 2013	[187]
Portugal	A	Stable	20 September 2024	[188]
Qatar	AA	Stable	20 March 2024	[189]
Ras Al Khaimah, UAE	A+	Stable	23 May 2023	[190]
Republic of the Congo	CCC+		16 September 2022	[191]
Romania	BBB−	Negative	17 December 2024	[192]
Russia	WD	Ratings withdrawn	25 March 2022	[193]
Rwanda	B+	Negative	4 April 2025	[194]
San Marino	BB+	Positive	16 June 2025	[195]
Saudi Arabia	A+	Stable	5 April 2023	[196]
Serbia	BB+	Positive	9 August 2024	[197]
Seychelles	BB−	Positive	15 March 2024	[198]
Singapore	AAA	Stable	14 May 2003	[199]
Slovakia	A−	Stable	6 December 2024	[200]
Slovenia	A	Positive	4 April 2025	[201]
South Africa	BB−	Stable	15 December 2021	[202]
South Korea	AA−	Stable	6 September 2012	[203]
Spain	A	Positive	27 September 2025	[204]
Sri Lanka	CCC+	Positive	20 December 2024	[205]
Suriname	WD	Ratings withdrawn	25 January 2022	[206]
Sweden	AAA	Stable	8 March 2004	[207]
Switzerland	AAA	Stable	10 August 1994	[208]
Taiwan	AA	Stable	10 September 2021	[209]
Tanzania	B+	Stable	9 June 2023	[210]
Thailand	BBB+	Stable	17 March 2020	[211]
Tunisia	B−	Stable	12 September 2025	[212]
Turkey	BB−	Stable	6 September 2024	[213]
Turkmenistan	BB−	Stable	2 August 2024	[214]
Uganda	B	Stable	30 August 2024	[215]
Ukraine	RD		13 August 2024	[216]
United Arab Emirates	AA−	Stable	11 November 2020	[217]
United Kingdom	AA−	Stable	22 March 2024	[218]
United States	AA+	Stable	1 August 2023	[219]
Uruguay	BBB	Stable	7 June 2023	[220]
Uzbekistan	BB	Stable	26 June 2025	[221]
Viet Nam	BB+	Stable	8 December 2023	[222]
Zambia	RD		18 November 2020	[223]

Moody's

Map of Moody's sovereign long-term foreign credit ratings.
Legend:
  Aaa  Aa1  Aa2  Aa3  A1
  A2  A3  Baa1  Baa2  Baa3
  Ba1  Ba2  Ba3  B1  B2
  B3  Caa1  Caa2  Caa3  Ca  C

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. ^[224]

Country/Territory	Rating	Outlook	Date	Ref.
Angola	B3	Positive	24 October 2023	[225]
Albania	Ba3	Stable	19 October 2024	[226]
Argentina	Caa1	Stable	17 July 2025	[227]
Armenia	Ba3	Stable	22 June 2023	[228]
Australia	Aaa	Stable	28 June 2022	[229]
Austria	Aa1	Stable	24 February 2023	[230]
Azerbaijan	Ba1	Stable	5 August 2022	[231]
Bahamas	B1	Stable	6 October 2022	[232]
Bahrain	B2	Stable	22 April 2022	[233]
Bangladesh	B1	Stable	30 May 2023	[234]
Barbados	B3	Stable	3 August 2023	[235]
Belarus	C	Stable	2 June 2023	[236]
Belgium	Aa3	Stable	28 April 2023	[237]
Belize	Caa2	Stable	16 November 2022	[238]
Benin	B1	Stable	18 September 2023	[239]
Bermuda	A2	Stable	21 June 2022	[240]
Bolivia	Caa1	Negative	30 June 2023	[241]
Bosnia and Herzegovina	B3	Stable	22 July 2022	[242]
Botswana	A3	Stable	27 October 2023	[243]
Brazil	Ba1	Positive	7 October 2024	[244]
Bulgaria	Baa1	Stable	3 February 2023	[245]
Cambodia	B2	Negative	15 November 2022	[246]
Cameroon	Caa1	Stable	27 July 2023	[247]
Canada	Aaa	Stable	3 November 2022	[248]
Cayman Islands	Aa3	Stable	8 June 2023	[249]
Chile	A2	Stable	15 September 2022	[250]
China	A1	Negative	5 December 2023	[251]
Colombia	Baa2	Stable	8 June 2023	[252]
Congo	Caa2	Stable	3 November 2023	[253]
Costa Rica	Ba3	Positive	18 September 2024	[254]
Cote d'Ivoire	Ba3	Positive	27 June 2022	[255]
Croatia	A3	Stable	7 November 2024	[256]
Cuba	Ca	Ratings withdrawn	18 November 2021	[257]
Cyprus	A3	Stable	22 November 2024	[258]
Czechia	Aa3	Stable	24 November 2023	[259]
Denmark	Aaa	Stable	11 February 2022	[260]
Dominican Republic	Ba3	Positive	10 August 2023	[261]
DR Congo	B3	Stable	11 November 2022	[262]
Ecuador	Caa3	Stable	27 February 2023	[263]
Egypt	Caa1	Negative	18 January 2024	[264]
El Salvador	B3	Stable	26 November 2024	[265]
Estonia	A1	Stable	29 April 2022	[266]
Eswatini	B3	Positive	1 December 2023	[267]
Ethiopia	Caa3	Stable	15 September 2023	[268]
Fiji	B1	Stable	7 October 2022	[269]
Finland	Aa1	Stable	29 July 2022	[270]
France	Aa3	Stable	14 December 2024	[271]
Gabon	Caa1	Negative	12 September 2023	[272]
Georgia	Ba2	Negative	28 April 2022	[273]
Germany	Aaa	Stable	10 February 2023	[274]
Ghana	Caa3	Stable	9 June 2023	[275]
Greece	Baa3	Stable	14 March 2025	[276]
Guatemala	Ba1	Stable	15 June 2022	[277]
Honduras	B1	Stable	3 October 2023	[278]
Hong Kong	Aa3	Negative	6 December 2023	[279]
Hungary	Baa2	Stable	1 September 2023	[280]
Iceland	A1	Stable	19 September 2024	[281]
India	Baa3	Stable	18 August 2023	[282]
Indonesia	Baa2	Stable	10 February 2022	[283]
Iraq	Caa1	Stable	24 November 2023	[284]
Ireland	Aa3	Stable	21 April 2023	[285]
Isle of Man	Aa3	Stable	27 October 2023	[286]
Israel	Baa1	Negative	27 September 2024	[287]
Italy	Baa3	Stable	17 November 2023	[288]
Jamaica	B1	Positive	18 October 2023	[289]
Japan	A1	Stable	8 November 2023	[290]
Jordan	B1	Positive	17 November 2022	[291]
Kazakhstan	Baa1	Positive	9 September 2024	[292]
Kenya	B3	Negative	28 July 2023	[293]
Kuwait	A1	Stable	26 May 2022	[294]
Kyrgyzstan	B3	Negative	17 October 2022	[295]
Latvia	A3	Stable	29 April 2022	[296]
Lebanon	C	Stable	13 December 2023	[297]
Lithuania	A2	Stable	29 April 2022	[298]
Luxembourg	Aaa	Stable	17 March 2023	[299]
Macao	Aa3	Negative	6 December 2022	[300]
Malaysia	A3	Stable	14 April 2023	[301]
Maldives	Caa2	Stable	11 September 2024	[302]
Mali	Caa2	Stable	9 September 2022	[303]
Malta	A2	Stable	18 November 2022	[304]
Mauritius	Baa3	Stable	28 July 2022	[305]
Mexico	Baa2	Stable	8 July 2022	[306]
Moldova	B3	Stable	18 August 2023	[307]
Mongolia	B3	Stable	14 February 2023	[308]
Montenegro	Ba3	Stable	27 September 2024	[309]
Morocco	Ba1	Stable	1 July 2022	[310]
Mozambique	Caa2	Stable	22 September 2023	[311]
Namibia	B1	Stable	5 April 2022	[312]
Netherlands	Aaa	Stable	27 January 2023	[313]
New Zealand	Aaa	Stable	21 April 2022	[314]
Nicaragua	B3	Stable	30 March 2022	[315]
Nigeria	Caa1	Positive	8 December 2023	[316]
Norway	Aaa	Stable	6 May 2022	[317]
Oman	Baa3	Stable	7 December 2023	[318]
Pakistan	Caa1	Positive	13 August 2025	[319]
Panama	Baa3	Stable	31 October 2023	[320]
Papua New Guinea	B2	Stable	10 November 2022	[321]
Paraguay	Baa3	Stable	26 July 2024	[322]
Peru	Baa1	Negative	31 January 2023	[323]
Philippines	Baa2	Stable	15 September 2022	[324]
Poland	A2	Stable	29 April 2022	[325]
Portugal	A3	Stable	17 November 2023	[326]
Qatar	Aa3	Positive	2 November 2022	[327]
Romania	Baa3	Stable	3 November 2023	[328]
Russia	Ca	Ratings withdrawn	6 March 2022	[329]
Rwanda	B2	Stable	8 September 2023	[330]
Saint Vincent and the Grenadines	B3	Stable	1 March 2022	[331]
Saudi Arabia	Aa3	Stable	22 November 2024	[332]
Senegal	Ba3	Stable	18 March 2022	[333]
Serbia	Ba2	Stable	8 September 2023	[334]
Singapore	Aaa	Stable	17 May 2022	[335]
Slovakia	A3	Stable	13 December 2024	[336]
Slovenia	A3	Stable	21 October 2022	[337]
South Africa	Ba2	Stable	1 April 2022	[338]
South Korea	Aa2	Stable	21 April 2022	[339]
Spain	A3	Positive	27 September 2025	[340]
Sri Lanka	Caa1	Positive	23 December 2024	[341]
Suriname	Caa3	Stable	17 February 2023	[342]
Sweden	Aaa	Stable	25 March 2022	[343]
Switzerland	Aaa	Stable	17 February 2023	[344]
Taiwan	Aa3	Stable	22 September 2022	[345]
Tajikistan	B3	Stable	12 October 2023	[346]
Thailand	Baa1	Stable	7 April 2022	[347]
Trinidad and Tobago	Ba2	Positive	10 July 2023	[348]
Tunisia	Caa1	Stable	28 February 2025	[349]
Turkey	B1	Positive	19 July 2024	[350]
Uganda	B2	Negative	18 November 2022	[351]
Ukraine	Ca	Stable	10 February 2023	[352]
United Arab Emirates	Aa2	Stable	21 March 2023	[353]
United Kingdom	Aa3	Stable	20 October 2023	[354]
United States	Aa1	Stable	16 May 2025	[355]
Uruguay	Baa1	Stable	15 March 2024	[356]
Uzbekistan	Ba3	Stable	20 January 2023	[357]
Venezuela	C	Ratings withdrawn	9 March 2018	[358]
Vietnam	Ba2	Stable	6 September 2022	[359]
Zambia	Caa3	Stable	21 October 2022	[360]

Others

DBRS Morningstar

For DBRS Morningstar, ^[361] 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	BBB(high)	Stable	27 October 2023
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 ^[362] – 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	AA−	Negative	24 January 2025
Bulgaria	A−	Stable	11 July 2025
People's Republic of China	A	Stable	26 July 2024
Croatia	A−	Stable	18 October 2024
Cyprus	A−	Stable	25 October 2024
Czech Republic	AA−	Stable	26 April 2024
Denmark	AAA	Stable	1 August 2025
Estonia	A+	Stable	5 September 2025
Finland	AA+	Negative	1 August 2025
France	AA−	Stable	18 October 2024
Georgia	BB	Negative	10 January 2025
Germany	AAA	Stable	12 September 2025
Greece	BBB	Stable	6 December 2024
Hungary	BBB	Stable	8 November 2024
Ireland	AA	Stable	25 July 2025
Italy	BBB+	Stable	12 July 2024
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	Stable	22 November 2024
Romania	BBB−	Stable	1 March 2024
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	Stable	18 July 2025
Sweden	AAA	Stable	25 July 2025
Switzerland	AAA	Stable	4 October 2024
Turkey	BB−	Stable	6 December 2024
Ukraine	SD		30 August 2024
United Kingdom	AA	Stable	28 March 2025
United States	AA	Negative	9 May 2025

JCR

Japan Credit Rating Agency ^[363] (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 ^[364] 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. ^[365]

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 [366]
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. [367]
Kiribati
Liberia
Libya	Fitch has withdrawn all ratings for Libya because it does not have enough information to maintain coverage of the issuer. [368]
Malawi
Mali	Mali was given a credit rating in 2004 as part of a UN development initiative, [369] but the rating was later withdrawn. [370]
Marshall Islands
Mauritania
Monaco
Myanmar
Nauru
Nepal
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

• Bond credit rating
• List of U.S. states by credit rating
• United States federal government credit-rating downgrades
• Global debt

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102. Fitch Ratings. "Fitch Upgrades Aruba to 'BBB-'; Outlook Remains Positive".
103. Fitch Ratings. "Fitch Affirms Australia at 'AAA'; Outlook Stable".
104. Fitch Ratings. "Fitch Downgrades Austria to 'AA'; Outlook Stable".
105. Fitch Ratings. "Fitch Upgrades Azerbaijan to 'BBB−'; Outlook Stable".
106. Fitch Ratings. "Fitch Revises Outlook on Bahrain to Negative; Affirms at 'B+'".
107. Fitch Ratings. "Fitch Downgrades Bangladesh to 'B+'; Outlook Stable".
108. Fitch Ratings. "Fitch Upgrades Barbados to 'B+'; Outlook Stable".
109. Fitch Ratings. "Fitch Withdraws Belarus's Ratings".
110. Fitch Ratings. "Fitch Downgrades Belgium to 'A+'; Outlook Stable".
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112. Fitch Ratings. "Fitch Downgrades Bolivia to 'CCC'".
113. Fitch Ratings. "Fitch Upgrades Brazil to 'BB'; Outlook Stable".
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115. Fitch Ratings. "Fitch Upgrades Cabo Verde to 'B'; Outlook Stable".
116. Fitch Ratings. "Fitch Revises Cameroon's Outlook to Negative; Affirms at 'B'".
117. Fitch Ratings. "Fitch Affirms Canada at 'AA+'; Outlook Stable".
118. Fitch Ratings. "Fitch Affirms Chile at 'A−'; Outlook Stable".
119. Fitch Ratings. "Fitch Downgrades China to 'A'; Outlook Stable".
120. Fitch Ratings. "Fitch Affirms Colombia's 'BB+' Rating; Outlook Stable".
121. Fitch Ratings. "Fitch Upgrades Costa Rica to 'BB'; Outlook Stable".
122. Fitch Ratings. "Fitch Affirms Cote d'Ivoire at 'BB−'; Outlook Stable".
123. Fitch Ratings. "Fitch Upgrades Croatia to 'A-'; Outlook Stable".
124. "Fitch Upgrades Cyprus to 'A-'; Outlook Stable". Fitch Ratings. 6 December 2024. Retrieved 2024-12-10.
125. Fitch Ratings. "Fitch Revises Czech Republic's Outlook to Stable; Affirms at 'AA−'".
126. Fitch Ratings. "Fitch Affirms Denmark at 'AAA'; Outlook Stable".
127. Fitch Ratings. "Fitch Revises Dominican Republic's Outlook to Positive; Affirms at 'BB−'".
128. Fitch Ratings. "Fitch Downgrades Ecuador's Long-Term IDR to 'CCC+'".
129. Fitch Ratings. "Fitch Upgrades Egypt to 'B'; Outlook Stable".
130. Fitch Ratings. "Fitch Upgrades El Salvador to 'B-'; Outlook Stable".
131. Fitch Ratings. "Fitch Downgrades Estonia to 'A+'; Outlook Stable".
132. Fitch Ratings. "Fitch Downgrades Ethiopia's LTFC IDR to 'RD'".
133. Fitch Ratings. "Fitch Affirms European Union and Euratom at 'AAA'; Outlook Stable".
134. Fitch Ratings. "Fitch Downgrades Finland to 'AA'; Outlook Stable".
135. Fitch Ratings. "Fitch Downgrades France to 'A+'; Outlook Stable".
136. "Fitch Downgrades Gabon to 'CCC'".
137. Fitch Ratings. "Fitch Revises Georgia's Outlook to Stable; Affirms at 'BB'".
138. Fitch Ratings. "Fitch Affirms Germany at 'AAA'; Outlook Stable".
139. Fitch Ratings. "Fitch Upgrades Ghana to 'B-'; Outlook Stable".
140. Fitch Ratings. "Fitch Revises Greece's Outlook to Positive; Affirms at 'BBB-'".
141. Fitch Ratings. "Fitch Revises Guatemala's Outlook to Positive; Affirms Rating".
142. Fitch Ratings. "Fitch Affirms Honduras's AMDC, Tegucigalpa at 'B'; Outlook Stable".
143. Fitch Ratings. "Fitch Affirms Hong Kong at 'AA−'; Outlook Stable".
144. Fitch Ratings. "Fitch Affirms Hungary at 'BBB'; Outlook Negative".
145. Fitch Ratings. "Fitch Revises Iceland's Outlook to Positive; Affirms at 'A'".
146. Fitch Ratings. "Fitch Affirms India at 'BBB−'; Outlook Stable".
147. Fitch Ratings. "Fitch Affirms Indonesia at 'BBB'; Outlook Stable". www.fitchratings.com. Retrieved 2024-03-21.
148. Fitch Ratings. "Fitch Affirms Iraq at 'B−'; Outlook Stable".
149. Fitch Ratings. "Fitch Upgrades Ireland to 'AA'; Outlook Stable".
150. Fitch Ratings. "Fitch Downgrades Israel to 'A'; Outlook Negative".
151. Fitch Ratings. "Fitch Upgrades Italy at 'BBB+'; Outlook Stable".
152. Fitch Ratings. "Fitch Upgrades Jamaica to 'BB-'; Outlook Positive".
153. Fitch Ratings. "Fitch Affirms Japan at 'A'; Outlook Stable".
154. Fitch Ratings. "Fitch Affirms Jordan at 'BB−', Outlook Stable".
155. Fitch Ratings. "Fitch Affirms Kazakhstan at 'BBB'; Outlook Stable".
156. Fitch Ratings. "Fitch Downgrades Kenya to 'B−'; Outlook Stable".
157. Fitch Ratings. "Fitch Assigns Kosovo 'BB−' IDR; Outlook Stable".
158. Fitch Ratings. "Fitch Affirms Kuwait at 'AA−'; Outlook Stable".
159. Fitch Ratings. "Fitch Affirms Laos at 'CCC−', Withdraws Ratings".
160. Fitch Ratings. "Fitch Revises Latvia's Outlook to Positive; Affirms at 'A−'".
161. Fitch Ratings. "Fitch Affirms Lebanon at 'RD'; Withdraws Ratings".
162. Fitch Ratings. "Fitch Affirms Lesotho at 'B'; Outlook Stable".
163. Fitch Ratings. "Fitch Affirms Lithuania at 'A'; Outlook Stable".
164. Fitch Ratings. "Fitch Affirms Luxembourg at 'AAA'; Outlook Stable".
165. Fitch Ratings. "Fitch Affirms Macao at 'AA'; Outlook Stable".
166. Fitch Ratings. "Fitch Affirms Malaysia at 'BBB+'; Outlook Stable".
167. Fitch Ratings. "Fitch Downgrades Maldives to 'CC'".
168. Fitch Ratings. "Fitch Affirms Malta at 'A+'; Outlook Stable".
169. Fitch Ratings. "Fitch Affirms Mexico at 'BBB−'; Outlook Stable".
170. Fitch Ratings. "Fitch Assigns Moldova 'B+'; Outlook Stable".
171. Fitch Ratings. "Fitch Upgrades Mongolia at 'B+'; Outlook Stable".
172. Fitch Ratings. "Fitch Affirms Morocco at 'BB+'; Outlook Stable".
173. Fitch Ratings. "Fitch Downgrades Mozambique to 'CCC'".
174. Fitch Ratings. "Fitch Affirms Namibia at 'BB−'; Outlook Stable".
175. Fitch Ratings. "Fitch Affirms the Netherlands at 'AAA'; Outlook Stable".
176. Fitch Ratings. "Fitch Affirms New Zealand at 'AA+'; Outlook Stable".
177. Fitch Ratings. "Fitch Upgrades Nicaragua to 'B'; Outlook Stable".
178. Fitch Ratings. "Fitch Upgrades Nigeria to 'B'; Outlook Stable".
179. Fitch Ratings. "Fitch Affirms North Macedonia at 'BB+'; Outlook Stable".
180. Fitch Ratings. "Fitch Affirms Norway at 'AAA'; Outlook Stable".
181. Fitch Ratings. "Fitch Upgrades Oman to 'BB+'; Outlook Stable".
182. Fitch Ratings. "Fitch Upgrades Pakistan to 'B-'; Outlook Stable".
183. Fitch Ratings. "Fitch Downgrades Panama to 'BB+'; Outlook Stable".
184. Fitch Ratings. "Fitch Affirms Paraguay at 'BB+'; Outlook Stable".
185. Fitch Ratings. "Fitch Affirms Peru at 'BBB'; Outlook Negative".
186. Fitch Ratings. "Fitch Affirms Philippines at 'BBB'; Outlook Stable".
187. Fitch Ratings. "Fitch Revises Portugal's Outlook to Positive; Affirms IDR at 'A-'".
188. Fitch Ratings. "Fitch Upgrades Portugal to 'A−'; Outlook Stable".
189. Fitch Ratings. "Fitch Upgrades Qatar to 'AA'; Outlook Stable".
190. Fitch Ratings. "Fitch Upgrades Ras Al Khaimah to 'A+' from 'A'; Outlook Stable".
191. Fitch Ratings. "Fitch Affirms Congo at 'CCC+'".
192. Fitch Ratings. "Fitch Affirms Romania at 'BBB−'; Outlook Negative".
193. Fitch Ratings. "Fitch Withdraws Russia's Ratings".
194. Fitch Ratings. "Fitch Revises Rwanda's Outlook to Negative; Affirms at 'B+'".
195. Fitch Ratings. "Fitch Revises San Marino's Outlook to Positive; Affirms at 'BB+'".
196. Fitch Ratings. "Fitch Upgrades Saudi Arabia to 'A+'; Outlook Stable".
197. Fitch Ratings. "Fitch Revises Serbia's Outlook to Positive; Affirms at 'BB+'".
198. Fitch Ratings. "Fitch Revises Outlook on Seychelles to Positive; Affirms at 'BB−'".
199. Fitch Ratings. "Fitch Affirms Singapore at 'AAA'; Outlook Stable".
200. Fitch Ratings. "Fitch Affirms Slovakia at 'A-'; Outlook Stable".
201. Fitch Ratings. "Fitch Revises Slovenia's Outlook to Positive; Affirms at 'A'".
202. Fitch Ratings. "Fitch Affirms South Africa at 'BB−'; Outlook Stable".
203. Fitch Ratings. "Fitch Affirms Korea at 'AA−'; Outlook Stable".
204. https://elpais.com/economia/2025-09-26/moodys-mejora-la-nota-a-espana-por-su-fortaleza-economica.html
205. Fitch Ratings (21 December 2024). "Fitch upgrades Sri Lanka out of default despite holdout Hamilton Reserve".
206. Fitch Ratings. "Fitch Affirms Suriname at 'RD', Withdraws Ratings".
207. Fitch Ratings. "Fitch Affirms Sweden at 'AAA'; Outlook Stable".
208. Fitch Ratings. "Fitch Affirms Switzerland at 'AAA'; Outlook Stable".
209. Fitch Ratings. "Fitch Affirms Taiwan at 'AA'; Outlook Stable".
210. Fitch Ratings. "Fitch Affirms Tanzania at 'B+'; Outlook Stable".
211. Fitch Ratings. "Fitch Affirms Thailand at 'BBB+'; Outlook Stable".
212. Fitch Ratings. "Fitch Upgrades Tunisia to 'B-'".
213. Fitch Ratings. "Fitch Upgrades Turkiye to 'BB−'; Outlook Stable".
214. Fitch Ratings. "Fitch Upgrades Turkmenistan to 'BB-'; Outlook Stable".
215. Fitch Ratings. "Fitch Downgrades Uganda to 'B'; Outlook Stable".
216. "Fitch Downgrades Ukraine to 'RD'". Fitch Ratings. 2024-08-13. Retrieved 2024-08-14.
217. Fitch Ratings. "Fitch Affirms the United Arab Emirates at 'AA−'; Outlook Stable".
218. Fitch Ratings. "Fitch Revises the United Kingdom's Outlook to Stable; Affirms at 'AA−'".
219. Fitch Ratings. "Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable".
220. Fitch Ratings. "Fitch Upgrades Uruguay to 'BBB'; Outlook Stable".
221. Fitch Ratings. "Fitch Upgrades Uzbekistan to 'BB'; Outlook Stable".
222. Fitch Ratings. "Fitch Upgrades Vietnam to 'BB+'; Outlook Stable".
223. Fitch Ratings. "Fitch Affirms Zambia's LTFC IDR at 'RD'; Upgrades LTLC IDR to 'CCC+'".
224. "investment grade : defined at Finance Glossary". Finance-glossary.com. Archived from the original on 2012-11-05. Retrieved 2013-02-25.
225. Moody's Investors Service. "Moody's affirms Angola's ratings at B3, maintains positive outlook".
226. Moody's Investors Service. "Moody's affirms the B1 ratings of Albania; maintains stable outlook".
227. Moody's Ratings & Regulatory. "Moody's Ratings upgrades Argentina's ratings to Caa1 and changes the outlook to stable".
228. Moody's Investors Service. "Moody's changes Armenia's outlook to stable from negative; affirms Ba3 rating".
229. Moody's Investors Service. "Moody's affirms Australia's Aaa rating, maintains stable outlook".
230. Moody's Investors Service. "Moody's affirms Austria's Aa1 ratings; outlook remains stable".
231. Moody's Investors Service. "Moody's upgrades Azerbaijan's ratings to Ba1, outlook changed to stable".
232. Moody's Investors Service. "Moody's downgrades The Bahamas' ratings to B1, changes outlook to stable".
233. Moody's Investors Service. "Moody's changes Bahrain's outlook to stable, affirms B2 ratings".
234. Moody's Investors Service. "Moody's downgrades Bangladesh's ratings to B1, outlook stable".
235. Moody's Investors Service. "Moody's upgrades Barbados' ratings to B3 from Caa1; maintains a stable outlook".
236. Moody's Investors Service. "Moody's downgrades Belarus' ratings to C with a stable outlook".
237. Moody's Investors Service. "Moody's affirms Belgium's Aa3 ratings; maintains stable outlook".
238. Moody's Investors Service. "Moody's upgrades Belize's ratings to Caa2 from Caa3, maintains stable outlook".
239. Moody's Investors Service. "Moody's affirms the B1 ratings of Benin; maintains stable outlook".
240. Moody's Investors Service. "Moody's affirms Bermuda's A2 ratings; maintains stable outlook".
241. Moody's Investors Service. "Moody's confirms Bolivia's ratings at Caa1, changes outlook to negative".
242. Moody's Investors Service. "Moody's affirms Bosnia and Herzegovina's B3 ratings; outlook stable".
243. Moody's Investors Service. "Moody's affirms Botswana's A3 ratings and maintains stable outlook".
244. "Moody's upgrades Brazil's sovereign credit rating and maintains a positive outlook".
245. Moody's Investors Service. "Moody's affirms Bulgaria's Baa1 ratings, maintains stable outlook".
246. Moody's Investors Service. "Moody's changes Cambodia's outlook to negative, B2 ratings affirmed".
247. Moody's Investors Service. "Moody's downgrades Cameroon's rating to Caa1 from B2; maintains stable outlook".
248. Moody's Investors Service. "Moody's affirms Canada's Aaa rating; maintains stable outlook".
249. Moody's Investors Service. "Moody's affirms Cayman Islands' Aa3 ratings, maintains stable outlook".
250. Moody's Investors Service. "Moody's downgrades Chile's ratings to A2, changes outlook to stable from negative".
251. Moody's Investors Service. "Moody's affirms China's A1 rating, changes outlook to negative from stable".
252. Moody's Investors Service. "Moody's affirms Colombia's Baa2 ratings; maintains stable outlook".
253. Moody's Investors Service. "Moody's affirms the Republic of the Congo's Caa2 ratings and maintains stable outlook".
254. Moody's Investors Service. "Moody's upgrades Costa Rica's ratings to Ba3; maintains positive outlook".
255. Moody's Investors Service. "Moody's affirms Côte d'Ivoire's Ba3 rating; changes outlook to positive from stable".
256. Moody's Investors Service. "Moodys Ratings upgrades Croatia's ratings to A3 changes outlook to stable".
257. Moody's Investors Service. "Moody's withdraws Cuba's ratings due to lack of sufficient information".
258. Moody's Ratings. "Moody's Ratings upgrades Cyprus' ratings to A3 and changes outlook to stable".
259. Moody's Investors Service. "Moody's changes Czech Republic's outlook to stable from negative, affirms Aa3 ratings".
260. Moody's Investors Service. "Moody's affirms the Aaa ratings of Denmark; maintains stable outlook".
261. Moody's Investors Service. "Moody's changes outlook on Dominican Republic's ratings to positive, affirms Ba3 ratings".
262. Moody's Investors Service. "Moody's upgrades the Democratic Republic of the Congo's ratings to B3 from Caa1, outlook stable".
263. Moody's Investors Service. "Moody's affirms Ecuador's Caa3 rating; maintains stable outlook".
264. Moody's Investors Service. "Moody's changes outlook on Egypt to negative, affirms Caa1 ratings".
265. Moody's Investors Service. "Moody's Ratings upgrades El Salvador's rating to B3; outlook stable".
266. Moody's Investors Service. "Moody's affirms Estonia's A1 ratings, maintains stable outlook".
267. Moody's Investors Service. "Moody's changes eSwatini's outlook to positive from stable, affirms B3 rating".
268. 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".
269. Moody's Investors Service. "Moody's changes Fiji's outlook to stable from negative; affirms B1 rating".
270. Moody's Investors Service. "Moody's affirms Finland's Aa1 ratings; outlook remains stable".
271. Politico (14 December 2024). "France's credit rating cut by Moody's just hours after new prime minister appointed".
272. Moody's Investors Service. "Moody's changes the outlook on Gabon to negative; affirms Caa1 rating".
273. Moody's Investors Service. "Moody's changes the outlook on Georgia's rating to negative; affirms Ba2 rating".
274. Moody's Investors Service. "Moody's affirms Germany's Aaa ratings; outlook remains stable".
275. Moody's Investors Service. "Moody's upgrades Ghana's local currency ratings to Caa3 from Ca, maintains stable outlook".
276. Moody's Ratings. "Moody's Ratings upgrades Greece's ratings to Baa3 from Ba1, changes outlook to stable from positive".
277. Moody's Investors Service. "Moody's affirms Guatemala's Ba1 ratings; changes outlook to stable from negative".
278. Moody's Investors Service. "Moody's affirms Honduras' B1 ratings; maintains stable outlook".
279. Moody's Investors Service. "Moody's affirms Hong Kong SAR's Aa3 rating, changes outlook to negative from stable".
280. Moody's Investors Service. "Moody's affirms the Baa2 ratings of Hungary; maintains stable outlook".
281. Moody's Investors Service. "Moody's Ratings upgrades Iceland's ratings to A1, changes outlook to stable".
282. Moody's Investors Service. "Moody's affirms India's Baa3 ratings; outlook stable".
283. Moody's Investors Service. "Moody's assigns Baa2 ratings to Indonesia's dollar denominated bonds".
284. Moody's Investors Service. "Moody's affirms Iraq's Caa1 ratings, maintains stable outlook".
285. Moody's Investors Service. "Moody's upgrades Ireland's ratings to Aa3, outlook stable".
286. Moody's Investors Service. "Moody's changes the outlook on the Isle of Man to stable from negative, affirms Aa3 ratings".
287. Moody's Investors Service. "Moody's Ratings downgrades Israel's ratings to Baa1, maintains negative outlook".
288. Moody's Investors Service. "Moody's affirms Italy's ratings at Baa3, changes the outlook to stable from negative".
289. Moody's Investors Service. "Moody's upgrades Jamaica's government ratings to B1 and changes outlook to positive from stable".
290. Moody's Investors Service. "Moody's affirms Japan's A1 ratings; maintains stable outlook".
291. Moody's Investors Service. "Moody's changes outlook on Jordan's rating to positive from stable; affirms B1 rating".
292. Moody's Investors Service. "Moody's Ratings upgrades Kazakhstan's ratings to Baa1, outlook changed to stable".
293. Moody's Investors Service. "Moody's confirms Kenya's ratings at B3, changes outlook to negative".
294. Moody's Investors Service. "Moody's affirms Kuwait's A1 rating; maintains stable outlook".
295. Moody's Investors Service. "Moody's confirms Kyrgyz Republic's ratings at B3, changes outlook to negative".
296. Moody's Investors Service. "Moody's affirms Latvia's A3 ratings, maintains stable outlook".
297. Moody's Investors Service. "Moody's affirms Lebanon's C rating, changes outlook to stable from no outlook".
298. Moody's Investors Service. "Moody's affirms Lithuania's A2 ratings, maintains stable outlook".
299. Moody's Investors Service. "Moody's affirms Luxembourg's Aaa ratings; maintains stable outlook".
300. Moody's Investors Service. "Moody's changes outlook to negative from stable on Macao SAR, China's rating; affirms Aa3 rating".
301. Moody's Investors Service. "Moody's affirms Malaysia's A3 rating, maintains stable outlook".
302. Moody's Investors Service. "Moody's Ratings downgrades Maldives' rating to Caa2, places rating under review for downgrade".
303. Moody's Investors Service. "Moody's changes Mali's outlook to stable; affirms Caa2 ratings".
304. Moody's Investors Service. "Moody's affirms Malta's A2 ratings, changes outlook to stable from negative".
305. Moody's Investors Service. "Moody's downgrades Mauritius's rating to Baa3, changes outlook to stable".
306. Moody's Investors Service. "Moody's downgrades Mexico's ratings to Baa2, changes outlook to stable from negative".
307. Moody's Investors Service. "Moody's changes the outlook on Moldova's rating to stable from negative; affirms B3 rating".
308. Moody's Investors Service. "Moody's affirms Mongolia's B3 rating, maintains stable outlook".
309. Moody's Investors Service. "Moody's Ratings upgrades Montenegro's ratings to Ba3, outlook remains stable".
310. Moody's Investors Service. "Moody's affirms Morocco's Ba1 ratings, changes outlook to stable from negative".
311. Moody's Investors Service. "Moody's changes outlook on Mozambique to stable from positive, affirms Caa2 ratings".
312. Moody's Investors Service. "Moody's downgrades Namibia's ratings to B1, changes outlook to stable from negative".
313. Moody's Investors Service. "Moody's affirms the Netherlands' Aaa ratings; outlook remains stable".
314. Moody's Investors Service. "Moody's affirms New Zealand's Aaa rating, maintains stable outlook".
315. Moody's Investors Service. "Moody's affirms Nicaragua's B3 ratings and maintains stable outlook".
316. Moody's Investors Service. "Moody's changes Nigeria's outlook to positive, affirms Caa1 ratings".
317. Moody's Investors Service. "Moody's affirms the Aaa ratings of Norway; maintains stable outlook".
318. Muscat Daily (12 July 2025). "Moody's upgrades Oman to Baa3". Muscat Daily. Retrieved 16 July 2025.
319. Moody's Investors Service. "Moody's Ratings upgrades Pakistan's ratings to Caa1; changes outlook to stable from positive".
320. Moody's Investors Service. "Moody's downgrades Panama's rating to Baa3, changes outlook to stable".
321. Moody's Investors Service. "Moody's changes Papua New Guinea's outlook to stable from negative; affirms B2 rating".
322. Moody's Investors Service. "Moody's Ratings upgrades Paraguay's ratings to Baa3, changes outlook to stable from positive".
323. Moody's Investors Service. "Moody's changes outlook on Peru's Baa1 rating to negative; affirms ratings".
324. Moody's Investors Service. "Moody's affirms the Philippines' Baa2 ratings; outlook stable".
325. Moody's Investors Service. "Moody's affirms Poland's A2 ratings; maintains stable outlook".
326. Moody's Investors Service. "Moody's upgrades Portugal's ratings to A3 and changes outlook to stable".
327. Moody's Investors Service. "Moody's changes the outlook on Qatar to positive, affirms Aa3 rating".
328. Moody's Investors Service. "Moody's affirms Romania's Baa3 ratings, maintains stable outlook".
329. Moody's Investors Service. "Moody's withdraws credit ratings on multiple entities".
330. Moody's Investors Service. "Moody's changes outlook on Rwanda to stable from negative; affirms B2 ratings".
331. Moody's Investors Service. "Moody's affirms St. Vincent and the Grenadines' B3 issuer ratings; maintains stable outlook".
332. Bloomberg (22 November 2024). "Saudi Arabia Gets First Moody's Upgrade On Economic Advance". Bloomberg.
333. Moody's Investors Service. "Moody's changes Senegal's outlook to stable from negative, affirms Ba3 rating".
334. Moody's Investors Service. "Moody's affirms Serbia's Ba2 ratings; outlook stable".
335. Moody's Investors Service. "Moody's affirms Singapore's Aaa rating, maintains stable outlook".
336. Moody's Investors Service. "Moody's Ratings downgrades Slovakia's ratings to A3, changes outlook to stable".
337. Moody's Investors Service. "Moody's affirms Slovenia's A3 rating; maintains stable outlook".
338. Moody's Investors Service. "Moody's changes South Africa's outlook to stable; affirms Ba2 ratings".
339. Moody's Investors Service. "Moody's affirms Korea's Aa2 rating, maintains stable outlook".
340. https://elpais.com/economia/2025-09-26/moodys-mejora-la-nota-a-espana-por-su-fortaleza-economica.html
341. "Moody's Joins Fitch in Upgrading Sri Lanka on Debt Restructuring". Bloomberg.com. 2024-12-23. Retrieved 2024-12-24.
342. Moody's Investors Service. "Moody's changes Suriname's rating outlook to stable, affirms the Caa3 rating".
343. Moody's Investors Service. "Moody's affirms Sweden's Aaa ratings; maintains stable outlook".
344. Moody's Investors Service. "Moody's affirms Switzerland's Aaa ratings, maintains stable outlook".
345. Moody's Investors Service. "Moody's changes Taiwan, China's outlook to stable from positive, affirms Aa3 rating".
346. Moody's Investors Service. "Moody's changes outlook on Tajikistan to stable from negative, affirms B3 ratings".
347. Moody's Investors Service. "Moody's affirms Thailand's Baa1 rating; maintains stable outlook".
348. Moody's Investors Service. "Moody's affirms Trinidad & Tobago's ratings at Ba2, changes outlook to positive".
349. Moody's Ratings. "Moody's Ratings upgrades Tunisia's rating to Caa1; maintains stable outlook".
350. The National News. "Turkey receives first ratings upgrade from Moody's in a decade on improved governance".
351. Moody's Investors Service. "Moody's changes outlook on Uganda's rating to negative; affirms the B2 rating".
352. Moody's Investors Service. "Moody's downgrades Ukraine's ratings to Ca with a stable outlook".
353. Moody's Investors Service. "Moody's affirms the United Arab Emirates' Aa2 rating; maintains stable outlook".
354. Moody's Investors Service. "Moody's changes the outlook on the UK to stable from negative, affirms Aa3 ratings".
355. Moody's Investors Service. "Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable".
356. Moody's Ratings (15 March 2024). "Moody's upgrades Uruguay's ratings to Baa1; changes outlook to stable" . Moody's. Retrieved 16 March 2024.
357. Moody's Investors Service. "Moody's upgrades Uzbekistan's rating to Ba3, outlook stable".
358. Moody's Investors Service. "Moody's withdraws certain Government of Venezuela ratings for business reasons".
359. Moody's Investors Service. "Moody's upgrades Vietnam's rating to Ba2, outlook changed to stable".
360. Moody's Investors Service. "Moody's affirms Zambia's Ca ratings; outlook stable".
361. DBRS Morningstar. "Market sectors | Governments | Sovereigns".
362. Scope Ratings. "Sovereign Ratings".
363. Japan Credit Rating Agency. "Rating Lists | Sovereigns and Supranationals".
364. Japan Credit Rating Agency. "主权评级" [Sovereign Rating].
365. CareEdge Global Ratings. "Rating Symbols and Definitions".
366. Country Brief - Gambia (password-protected)
367. Cbonds.Info - Fitch (UK) Withdraws Iran's Ratings
368. Fitch Downgrades, Withdraws Libya's Credit Rating - FoxBusiness.com
369. "Mali given credit rating under UN development initiative". United Nations Organization. 2004-05-06. Retrieved 2013-02-25.
370. "Fitch withdraws Mali's ratings". Reuters. 2009-12-04. Archived from the original on December 1, 2011. Retrieved 2013-02-25.

External links

• S&P Global Ratings
• Fitch Ratings
• Moody's
• DBRS Morningstar
• Scope Ratings
• Japan Credit Rating Agency
• China Chengxin Credit Rating Group
• Sovereigns Ratings List at Countryeconomy.com