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Sovereign Ratings

The Country Risk Service publishes regular ratings on 120 sovereigns. The ratings for emerging markets are updated monthly while those for most developed countries are updated bi-annually. The sovereign rating measures the risk of a build-up in arrears of principal and/or interest on foreign- and/or local-currency debt that is the direct obligation of the sovereign or guaranteed by the sovereign.

COUNTRIES LATEST DATA
       
  MONTH RATING OUTLOOK
Algeria Jan-09 BBB Stable
Angola Jan-09 BB Negative
Argentina Jan-09 CCC Stable
Australia Jan-09 BBB Negative
Austria Jul-08 AA Stable
Azerbaijan Jan-09 BB Stable
Bahrain Jan-09 BBB Stable
Bangladesh Jan-09 B Stable
Belgium Dec-08 A Stable
Bolivia Jan-09 B Stable
Bosnia and Hercegovina Jan-09 B Negative
Botswana Jan-09 A Stable
Brazil Jan-09 BB Stable
Bulgaria Jan-09 BBB Negative
Cambodia Jan-09 CCC Stable
Cameroon Jan-09 BB Negative
Canada Jan-09 AA Stable
Chile Jan-09 A Stable
China Jan-09 BBB Stable
Colombia Jan-09 BB Stable
Costa Rica Jan-09 B Stable
Côte dIvoire Jan-09 CCC Negative
Croatia Jan-09 BB Negative
Cuba Jan-09 CC Stable
Cyprus Jan-09 A Stable
Czech Republic Jan-09 BBB Stable
Denmark Nov-08 AA Stable
Dominican Republic Jan-09 B Negative
Ecuador Jan-09 CC Stable
Egypt Jan-09 BB Stable
El Salvador Jan-09 BB Stable
Equatorial Guinea Jan-09 BB Stable
Estonia Jan-09 BB Stable
Ethiopia Jan-09 B Negative
Finland Jan-09 AAA Stable
France Dec-08 A Stable
Gabon Jan-09 BB Negative
Germany Dec-08 AA Stable
Ghana Jan-09 B Stable
Greece Dec-08 BBB Stable
Guatemala Jan-09 BB Stable
Honduras Jan-09 B Negative
Hong Kong Jan-09 A Stable
Hungary Jan-09 B Stable
India Jan-09 BB Stable
Indonesia Jan-09 B Stable
Iran Jan-09 B Negative
Iraq Jan-09 CC Negative
Ireland Jan-09 A Negative
Israel Jan-09 BBB Stable
Italy Oct-08 BBB Stable
Jamaica Jan-09 CC Stable
Japan Jan-09 BBB Stable
Jordan Jan-09 B Stable
Kazakhstan Jan-09 BB Stable
Kenya Jan-09 CCC Negative
Kuwait Jan-09 A Stable
Latvia Jan-09 BB Stable
Lebanon Jan-09 CCC Stable
Libya Jan-09 BB Stable
Lithuania Jan-09 BB Stable
Macedonia Jan-09 B Stable
Malawi Jan-09 CCC Negative
Malaysia Jan-09 BBB Negative
Mauritius Jan-09 BB Negative
Mexico Jan-09 BBB Stable
Moldova Jan-09 B Negative
Morocco Jan-09 BB Stable
Mozambique Jan-09 BB Stable
Myanmar Jan-09 CC Negative
Namibia Jan-09 BBB Stable
Netherlands Aug-08 AA Stable
New Zealand Jan-09 BBB Stable
Nicaragua Jan-09 CC Stable
Nigeria Jan-09 BB Negative
Norway Jan-09 AAA Stable
Oman Jan-09 A Stable
Pakistan Jan-09 CCC Stable
Panama Jan-09 BB Stable
Papua New Guinea Jan-09 BB Stable
Paraguay Jan-09 B Stable
Peru Jan-09 BBB Stable
Philippines Jan-09 B Stable
Poland Jan-09 BB Stable
Portugal Dec-08 A Stable
Qatar Jan-09 A Stable
Romania Jan-09 BB Negative
Russia Jan-09 BBB Negative
Saudi Arabia Jan-09 BBB Stable
Senegal Jan-09 B Stable
Serbia Jan-09 CCC Stable
Singapore Jan-09 A Stable
Slovakia Jan-09 BBB Stable
Slovenia Jan-09 A Stable
South Africa Jan-09 BB Stable
South Korea Jan-09 BBB Stable
Spain Oct-08 AA Stable
Sri Lanka Jan-09 B Stable
Sudan Jan-09 C Negative
Sweden Dec-08 AA Stable
Switzerland Nov-08 AA Stable
Syria Jan-09 CCC Stable
Taiwan Jan-09 A Negative
Tanzania Jan-09 B Stable
Thailand Jan-09 BB Stable
Trinidad and Tobago Jan-09 BBB Stable
Tunisia Jan-09 BB Stable
Turkey Jan-09 BB Stable
Uganda Jan-09 BB Stable
Ukraine Jan-09 B Negative
United Arab Emirates Jan-09 A Negative
United Kingdom Sep-08 AA Stable
United States of America Nov-08 AA Stable
Uruguay Jan-09 B Stable
Uzbekistan Jan-09 B Stable
Venezuela Jan-09 B Negative
Vietnam Jan-09 B Negative
Yemen Jan-09 CCC Stable
Zambia Jan-09 B Negative
Zimbabwe Jan-09 D Stable

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Characteristics of countries in the different rating bands are summarised as follows:

Band Characteristics
AAA Capacity and commitment to honour obligations not in question under any foreseeable circumstances.
AA Capacity and commitment to honour obligations not in question.
A Capacity and commitment to honour obligations strong.
BBB Capacity and commitment to honour obligations currently but somewhat susceptible to changes in economic climate.
BB Capacity and commitment to honour obligations currently but susceptible to changes in economic climate.
B Capacity and commitment to honour obligations currently but very susceptible to changes in economic climate.
CCC Questionable capacity and commitment to honour obligations. Patchy payment record.
CC Somewhat weak capacity and commitment to honour obligations. Patchy payment record. Likely to be in default on some obligations.
C Weak capacity and commitment to honour obligations. Patchy payment record. Likely to be in default on significant amount of obligations.
D Very weak capacity and commitment to honour obligations. Poor payment record. Currently in default on significant amount of obligations.