Standard & Poor’s (S&P) credit ratings by country (2014)


A credit rating is a measure of the credit worthiness of a government, a public entity, or a private corporation. The credit rating is also used as an assessment of the quality of debt instruments issued by any of these organizations.

Credit ratings help assess the risk associated with a financial instrument. It thus gives investors an idea on the fair price of a financial asset.

Simply stated, a credit rating is a score that shows the capacity of the borrowing entity to meet its financial obligations to investors.

Three of the largest credit rating agencies in the world are Standard & Poor’s, Moody’s and Fitch Ratings — accounting for at least 90% of the total credit rating agency industry. Each has its own set of ratings, although they usually have a counterpart for each other’s ratings.

Click here for more information about the equivalent ratings of the 3 credit rating firms.

We monitor each agency’s assessment of the sovereign (or country) ratings. We start with Standard & Poor’s or S&P.

For S&P, a sovereign entity or a debt instrument is considered “investment grade” if its credit rating is BBB- or higher.

Those rated BB+ and below are considered to be speculative grade, also referred to as “junk” status.

S&P credit ratings by country: AAA to A-

Here are sovereign states ranked with the High to Highest quality of credit ratings. These countries have Strong to Extremely Strong capacity to meet its financial obligations.

 CountryRatingOutlookCredit Rating as of
1United KingdomAAANegativeApril 13, 2012
2AustraliaAAAStableFebruary 20, 2012
3CanadaAAAStableFebruary 20, 2012
4DenmarkAAAStableFebruary 20, 2012
5FinlandAAAStableFebruary 20, 2012
6GermanyAAAStableMarch 27, 2013
7Hong KongAAAStableNovember 29, 2011
8LiechtensteinAAAStableNovember 29, 2011
9LuxembourgAAAStableAugust 12, 2013
10NorwayAAAStableNovember 29, 2011
11SingaporeAAAStableNovember 29, 2011
12SwedenAAAStableOctober 24, 2012
13SwitzerlandAAAStableNovember 29, 2011
14AustriaAA+NegativeFebruary 20, 2012
15European UnionAA+StableDecember 20, 2013
16GuernseyAA+StableNovember 29, 2011
17Isle of ManAA+StableNovember 29, 2011
18NetherlandsAA+StableNovember 29, 2013
19United StatesAA+StableJune 10, 2013
20FranceAAStableFebruary 20, 2012
21 Abu Dhabi, UAEAAStableFebruary 20, 2012
22BelgiumAANegativeFebruary 20, 2012
23KuwaitAAStableNovember 29, 2011
24New ZealandAAStableNovember 29, 2011
25QatarAAStableNovember 29, 2011
26BermudaAA-StableFebruary 20, 2012
27ChileAA-PositiveDecember 26, 2012
28ChinaAA-StableFebruary 20, 2012
29Czech RepublicAA-StableFebruary 20, 2012
30EstoniaAA-StableOctober 19, 2012
31JapanAA-NegativeNovember 29, 2011
32Saudi ArabiaAA-StableNovember 29, 2011
33TaiwanAA-StableNovember 29, 2011
34IsraelA+StableNovember 29, 2011
35South KoreaA+StableSeptember 14, 2012
36OmanANegativeNovember 29, 2011
37 Ras Al Khaimah, UAEAStableNovember 29, 2011
38SlovakiaAStableJanuary 13, 2012
39Trinidad and TobagoAStableNovember 29, 2011
40AndorraA-NegativeFebruary 20, 2012
41ArubaA-StableFebruary 20, 2012
42BotswanaA-StableFebruary 20, 2012
43CuracaoA-StableFebruary 20, 2012
44LithuaniaA-StableApril 11, 2014
45MalaysiaA-StableNovember 29, 2011
46PolandA-StableMarch 07, 2013
47SloveniaA-StableFebruary 13, 2013

S&P credit ratings by country: BBB+ to BBB-

The following countries are rated “Medium grade”, with adequate capacity to meet its financial obligations, although adverse conditions or changing circumstances are more likely to lead to a weakened capacity to meet financial commitments.

 CountryRatingOutlookCredit Rating as of
48IrelandBBB+PositiveFebruary 13, 2013
49KazakhstanBBB+StableNovember 29, 2011
50LatviaBBB+PositiveDecember 13, 2013
51MaltaBBB+StableJanuary 16, 2013
52MexicoBBB+StableDecember 19, 2013
53PeruBBB+StableAugust 19, 2013
54ThailandBBB+StableNovember 29, 2011
55BahamasBBBStableFebruary 20, 2012
56BahrainBBBNegativeFebruary 20, 2012
57BulgariaBBBStableFebruary 20, 2012
58ColombiaBBBStableApril 24, 2013
59ItalyBBBNegativeJuly 09, 2013
60PanamaBBBStableJuly 02, 2012
61PhilippinesBBBStableMay 08, 2014
62South AfricaBBBStableNovember 29, 2011
63AzerbaijanBBB-PositiveFebruary 20, 2012
64BrazilBBB-StableMarch 24, 2014
65IcelandBBB-StableNovember 29, 2011
66IndiaBBB-NegativeApril 25, 2012
67MontserratBBB-StableNovember 29, 2011
68MoroccoBBB-StableNovember 29, 2011
69RussiaBBB-NegativeApril 25, 2014
70SpainBBB-StableNovember 29, 2013
71UruguayBBB-StableApril 03, 2012

S&P credit ratings by country: BB+ to BB-

The following are rated “Lower medium grade”, which are countries less vulnerable but faces major ongoing uncertainties and exposure to adverse conditions which could lead to inadequate capacity to meet financial commitments.

 CountryRatingOutlookCredit Rating as of
72BarbadosBB+NegativeFebruary 20, 2012
73CroatiaBB+StableDecember 14, 2012
74IndonesiaBB+PositiveNovember 29, 2011
75RomaniaBB+StableNovember 29, 2011
76TurkeyBB+NegativeMarch 27, 2013
77Costa RicaBBStableFebruary 20, 2012
78GuatemalaBBNegativeNovember 29, 2011
79HungaryBBStableNovember 23, 2012
80JordanBBNegativeNovember 29, 2011
81MacedoniaBBStableNovember 29, 2011
82PortugalBBNegativeJuly 05, 2013
83AngolaBB-StableFebruary 20, 2012
84BangladeshBB-StableFebruary 20, 2012
85BoliviaBB-PositiveFebruary 20, 2012
86El SalvadorBB-StableFebruary 20, 2012
87GabonBB-StableFebruary 20, 2012
88GeorgiaBB-StableFebruary 20, 2012
89MongoliaBB-StableNovember 29, 2011
90MontenegroBB-NegativeNovember 29, 2011
91NigeriaBB-StableNovember 29, 2011
92ParaguayBB-StableNovember 29, 2011
93SerbiaBB-NegativeAugust 07, 2012
94SurinameBB-StableNovember 29, 2011
95TunisiaBB-NegativeFebruary 20, 2013

S&P credit ratings by country: B+ to B-

These sovereign states are rated “Low grade” and are more vulnerable and have adverse business, financial, or economic conditions will likely impair its capacity or willingness to meet financial commitments.

 CountryRatingOutlookCredit Rating as of
96AlbaniaB+StableFebruary 20, 2012
97Cape VerdeB+StableFebruary 20, 2012
98Cook IslandsB+NegativeFebruary 20, 2012
99Dominican RepublicB+StableFebruary 20, 2012
100HondurasB+PositiveJune 08, 2012
101KenyaB+StableNovember 29, 2011
102MozambiqueB+StableNovember 29, 2011
103Papua New GuineaB+StableNovember 29, 2011
104SenegalB+NegativeNovember 29, 2011
105Sri LankaB+PositiveNovember 29, 2011
106UgandaB+StableNovember 29, 2011
107ZambiaB+StableNovember 29, 2011
108VenezuelaBNegativeJune 17, 2013
109BeninBStableFebruary 20, 2012
110Bosnia and HerzegovinaBNegativeFebruary 20, 2012
111Burkina FasoBStableFebruary 20, 2012
112CambodiaBStableFebruary 20, 2012
113CameroonBStableFebruary 20, 2012
114CyprusBPositiveApril 24, 2014
115EcuadorBPositiveFebruary 20, 2012
116FijiBStableFebruary 20, 2012
117GhanaBStableNovember 29, 2011
118LebanonBStableNovember 29, 2011
119RwandaBStableSeptember 29, 2012
120BelarusB-PositiveApril 17, 2013
121BelizeB-NegativeFebruary 20, 2012
122GreeceB-StableDecember 18, 2012
123PakistanB-StableNovember 29, 2011

S&P credit ratings by country: CCC to D

These countries states are “Poor quality grade” and are currently vulnerable to non-payment while payment is dependent upon favorable conditions to meet financial commitments. Sovereign states rated D or SD have actually failed to pay one or more of its obligations.

 CountryRatingOutlookCredit Rating as of
124ArgentinaCCC+NegativeSeptember 11, 2013
125EgyptCCC+StableMay 09, 2013
126JamaicaCCC+NegativeMarch 07, 2013
127UkraineCCC+NegativeDecember 26, 2013
128VietnamCCCNegativeNovember 29, 2011
129GrenadaSDNegativeMarch 13, 2013

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