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Sovereign Ratings Score Snapshot

This report does not constitute a rating action.

S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month.

Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' "Sovereign Rating Methodology," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating.

Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a change in the rating, nor is a change in the rating necessarily predicated on changes in one or more of the scores. In determining the final rating, the committee can make use of the flexibility afforded by paragraphs 15 and 126-128 of the rating methodology, and this flexibility is reflected in the difference between the indicative and final ratings. Ratings below 'B-' are determined using separate criteria including "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012, and "S&P Global Ratings Definitions" published Nov. 10, 2021 (in particular; see paragraphs 192-275).

The ratings and scores in the table below are as of March 31, 2024.

Table 1

Rating Score Snapshot
Issuer Sovereign Foreign-Currency Ratings Institutional assessment Economic assessment External assessment Fiscal assessment: budget performance Fiscal assessment: debt Monetary assessment Indicative rating Notches of supplemental adjustments and flexibility Long-term Foreign-Currency Rating

Abu Dhabi

AA/Stable/A-1+ 3 1 2 1 1 4 aa 0 AA

Albania

BB-/Stable/B 5 4 3 3 4 5 bb- 0 BB-

Andorra

BBB+/Positive/A-2 3 2 5 1 3 5 bbb+ 0 BBB+

Angola

B-/Stable/B 5 6 6 6 6 5 b- 0 B-

Argentina

CCC/Stable/C 6 5 6 6 5 6 b- N/A CCC

Armenia

BB-/Stable/B 5 4 4 4 4 4 bb- 0 BB-

Aruba

BBB/Positive/A-2 2 4 4 1 4 4 bbb+ -1 BBB

Australia

AAA/Stable/A-1+ 1 1 5 1 1 1 aaa 1 AAA

Austria

AA+/Stable/A-1+ 2 1 1 3 3 2 aaa -1 AA+

Azerbaijan

BB+/Stable/B 5 5 2 1 1 5 bb+ 0 BB+

Bahamas

B+/Stable/B 4 4 6 4 6 4 b+ 0 B+

Bahrain

B+/Stable/B 4 4 5 6 6 4 b+ 0 B+

Bangladesh

BB-/Negative/B 5 4 3 6 5 4 bb- 0 BB-

Barbados

B-/Positive/B 5 4 6 4 6 5 b- 0 B-

Belgium

AA/Stable/A-1+ 3 1 2 4 4 2 aa 0 AA

Belize

B-/Stable/B 6 6 6 6 5 5 b- 0 B-

Benin

B+/Positive/B 4 4 5 3 5 5 bb- -1 B+

Bermuda

A+/Stable/A-1 2 2 3 1 4 5 a+ 0 A+

Bolivia

CCC+/Negative/C 5 6 6 6 5 5 b- N/A CCC+

Bosnia and Herzegovina

B+/Stable/B 5 4 3 3 1 6 bb -2 B+

Botswana

BBB+/Stable/A-2 3 5 2 3 1 4 bbb+ 0 BBB+

Brazil

BB/Stable/B 4 5 2 6 6 3 bb 0 BB

Bulgaria

BBB/Positive/A-2 4 4 2 2 1 5 bbb- 1 BBB

Burkina Faso

CCC+/Stable/C 6 6 6 6 4 5 b- N/A CCC+

Cameroon

B-/Stable/B 6 5 5 3 4 5 b- 0 B-

Canada

AAA/Stable/A-1+ 1 1 2 1 3 1 aaa 0 AAA

Cape Verde

B-/Stable/B 4 5 6 5 6 5 b- 0 B-

Chile

A/Negative/A-1 2 4 4 3 2 2 a- 1 A

China

A+/Stable/A-1 3 3 1 4 4 3 a 1 A+

Colombia

BB+/Negative/B 3 4 5 4 4 3 bb+ 0 BB+

Congo

B-/Stable/B 6 6 6 3 6 5 b- 0 B-

Congo, D.R.

B-/Stable/B 6 6 5 4 1 6 b- 0 B-

Cook Islands

B+/Stable/B 5 4 5 4 1 6 b+ 0 B+

Costa Rica

BB-/Stable/B 4 4 4 5 6 4 bb- 0 BB-

Cote d'Ivoire

BB-/Stable/B 4 4 4 4 6 5 bb- 0 BB-

Croatia

BBB+/Positive/A-2 4 4 2 2 2 3 bbb+ 0 BBB+

Curacao

BBB-/Stable/A-3 3 5 2 2 1 5 bbb- 0 BBB-

Cyprus

BBB/Positive/A-2 3 2 5 1 4 4 bbb+ -1 BBB

Czech Republic

AA-/Stable/A-1+ 2 3 1 3 2 2 aa -1 AA-

Denmark

AAA/Stable/A-1+ 1 1 3 1 1 3 aaa 0 AAA

Dominican Republic

BB/Stable/B 4 3 4 5 5 4 bb 0 BB

Ecuador

B-/Negative/B 6 5 6 4 3 6 b- 0 B-

Egypt

B-/Positive/B 5 5 5 6 6 5 b- 0 B-

El Salvador

B-/Stable/B 6 5 5 6 6 6 b- 0 B-

Estonia

AA-/Negative/A-1+ 2 3 2 2 1 3 aa -1 AA-

Ethiopia

SD/NM/SD 6 6 6 6 5 6 b- N/A SD

Falkland Islands

A+/Stable/A-1 3 2 4 1 1 6 a 1 A+

Fiji

B+/Stable/B 5 5 3 4 6 5 b 1 B+

Finland

AA+/Stable/A-1+ 2 1 4 1 2 2 aa+ 0 AA+

France

AA/Negative/A-1+ 2 1 4 4 5 2 aa- 1 AA

Georgia

BB/Stable/B 4 4 4 4 3 4 bb 0 BB

Germany

AAA/Stable/A-1+ 2 1 1 2 2 2 aaa 0 AAA

Ghana

SD/NM/SD 5 5 6 6 6 5 b- N/A SD

Greece

BBB-/Stable/A-3 3 3 5 1 6 2 bbb+ -2 BBB-

Guatemala

BB/Stable/B 4 5 2 4 4 4 bb 0 BB

Guernsey

A+/Stable/A-1 2 2 4 2 2 5 a+ 0 A+

Honduras

BB-/Stable/B 5 5 2 5 4 4 bb- 0 BB-

Hong Kong

AA+/Stable/A-1+ 3 1 1 1 2 2 aaa -1 AA+

Hungary

BBB-/Stable/A-3 4 3 3 4 4 4 bbb- 0 BBB-

Iceland

A+/Stable/A-1 2 2 3 2 4 4 a+ 0 A+

India

BBB-/Stable/A-3 3 4 1 6 6 3 bbb- 0 BBB-

Indonesia

BBB/Stable/A-2 3 4 3 3 4 3 bbb 0 BBB

Iraq

B-/Stable/B 6 6 3 6 4 6 b- 0 B-

Ireland

AA/Stable/A-1+ 2 1 3 2 2 2 aa+ -1 AA

Israel

AA-/Negative/A-1+ 4 1 1 3 4 2 aa -1 AA-

Italy

BBB/Stable/A-2 3 2 4 5 6 2 bbb+ -1 BBB

Jamaica

BB-/Stable/B 4 6 4 1 5 4 bb- 0 BB-

Japan

A+/Stable/A-1 2 2 1 6 6 2 aa- -1 A+

Jersey

AA-/Stable/A-1+ 2 2 4 1 2 5 a+ 1 AA-

Jordan

B+/Stable/B 4 6 5 3 6 4 b 1 B+

Kazakhstan

BBB-/Stable/A-3 5 4 2 2 2 4 bbb -1 BBB-

Kenya

B/Negative/B 4 4 6 6 6 4 b 0 B

Korea

AA/Stable/A-1+ 3 1 1 1 4 2 aa+ -1 AA

Kuwait

A+/Stable/A-1 4 3 1 1 1 4 a 1 A+

Latvia

A+/Negative/A-1 3 3 2 3 2 3 a 1 A+

Lebanon

SD/NM/SD 6 6 6 6 6 6 b- N/A SD

Liechtenstein

AAA/Stable/A-1+ 1 1 3 1 2 3 aaa 0 AAA

Lithuania

A+/Negative/A-1 3 3 2 2 2 3 a 1 A+

Luxembourg

AAA/Stable/A-1+ 2 1 3 1 2 2 aaa 0 AAA

Madagascar

B-/Stable/B 5 6 5 6 3 4 b- 0 B-

Malaysia

A-/Stable/A-2 3 3 2 4 5 2 a- 0 A-

Malta

A-/Stable/A-2 3 3 2 3 2 3 a -1 A-

Mauritius

BBB-/Stable/A-3 3 3 3 3 5 5 bbb -1 BBB-

Mexico

BBB/Stable/A-2 3 5 2 4 4 3 bbb- 1 BBB

Mongolia

B/Stable/B 5 5 6 4 4 4 b 0 B

Montenegro

B/Positive/B 4 4 6 4 4 6 b 0 B

Montserrat

BBB-/Stable/A-3 2 5 3 4 1 5 bbb- 0 BBB-

Morocco

BB+/Positive/B 4 5 2 3 4 3 bb+ 0 BB+

Mozambique

CCC+/Stable/C 6 6 6 6 6 5 b- N/A CCC+

Nicaragua

B/Stable/B 5 5 5 4 2 5 b 0 B

Netherlands

AAA/Stable/A-1+ 2 1 2 2 2 2 aaa 0 AAA

New Zealand

AA+/Stable/A-1+ 1 1 5 3 3 1 aa+ 0 AA+

Nigeria

B-/Stable/B 5 6 6 6 5 5 b- 0 B-

North Macedonia

BB-/Stable/B 5 4 4 4 3 4 bb- 0 BB-

Norway

AAA/Stable/A-1+ 1 1 1 1 1 1 aaa 0 AAA

Oman

BB+/Positive/B 4 4 4 1 3 4 bb+ 0 BB+

Pakistan

CCC+/Stable/C 6 5 6 6 6 4 b- N/A CCC+

Panama

BBB/Negative/A-2 3 2 5 3 4 5 bbb 0 BBB

Papua New Guinea

B-/Stable/B 5 6 6 6 6 5 b- 0 B-

Paraguay

BB+/Stable/B 4 4 2 3 3 5 bb+ 0 BB+

Peru

BBB/Negative/A-2 4 4 3 2 3 3 bbb- 1 BBB

Philippines

BBB+/Stable/A-2 4 4 1 3 4 3 bbb+ 0 BBB+

Poland

A-/Stable/A-2 4 3 2 4 3 2 a- 0 A-

Portugal

A-/Positive/A-2 3 3 4 1 4 2 a- 0 A-

Qatar

AA/Stable/A-1+ 4 1 3 1 1 4 aa- 1 AA

Ras Al Khaimah

A-/Positive/A-2 4 3 2 1 1 5 a- 0 A-

Romania

BBB-/Stable/A-3 4 4 3 4 4 3 bb+ 1 BBB-

Rwanda

B+/Stable/B 4 5 5 6 4 4 b+ 0 B+

Saudi Arabia

A/Stable/A-1 4 3 1 2 1 4 a 0 A

Senegal

B+/Stable/B 4 4 5 5 5 5 b+ 0 B+

Serbia

BB+/Stable/B 4 4 4 3 2 4 bb+ 0 BB+

Sharjah

BBB-/Stable/A-3 4 3 2 6 5 5 bb+ 1 BBB-

Singapore

AAA/Stable/A-1+ 1 1 1 1 1 1 aaa 0 AAA

Slovakia

A+/Stable/A-1 3 3 2 4 2 2 a 1 A+

Slovenia

AA-/Stable/A-1+ 3 3 1 3 2 2 aa- 0 AA-

South Africa

BB-/Stable/B 4 5 2 6 6 2 bb -1 BB-

Spain

A/Stable/A-1 3 2 4 3 5 2 a 0 A

Sri Lanka

SD/NM/SD 6 6 6 6 6 5 b- N/A SD

St Helena

BBB-/Stable/A-3 3 5 4 3 1 5 bb+ 1 BBB-

Suriname

CCC+/Stable/C 6 6 6 6 6 6 b- N/A CCC+

Sweden

AAA/Stable/A-1+ 1 1 2 1 1 1 aaa 0 AAA

Switzerland

AAA/Stable/A-1+ 1 1 1 1 1 2 aaa 0 AAA

Taiwan

AA+/Stable/A-1+ 3 1 1 2 2 2 aaa -1 AA+

Tajikistan

B-/Stable/B 5 6 3 5 5 5 b- 0 B-

Thailand

BBB+/Stable/A-2 4 4 1 3 3 2 a- -1 BBB+

Togo

B/Stable/B 5 6 6 4 4 5 b- 1 B

Trinidad and Tobago

BBB-/Stable/A-3 3 4 3 3 4 4 bbb- 0 BBB-

Turkiye

B/Positive/B 5 4 6 5 5 5 b- 1 B

Turks and Caicos

BBB+/Positive/A-2 2 4 3 1 1 6 bbb+ 0 BBB+

Uganda

B-/Stable/B 5 6 6 6 6 4 b- 0 B-

Ukraine

CC/Negative/C 5 5 6 6 6 6 b- N/A CC

United Kingdom

AA/Stable/A-1+ 2 1 2 4 5 1 aa+ -1 AA

United States

AA+/Stable/A-1+ 2 1 2 5 6 1 aa 1 AA+

Uruguay

BBB+/Stable/A-2 3 3 2 5 3 5 bbb+ 0 BBB+

Uzbekistan

BB-/Stable/B 5 5 3 6 2 4 bb- 0 BB-

Vietnam

BB+/Stable/B 4 4 3 4 4 4 bb+ 0 BB+

Zambia

SD/NM/SD 6 6 6 6 6 5 b- N/A SD

Table 2

Distribution Of Key Rating Factors Across Rating Categories (%)
Rating AAA AA A BBB BB B CCC /CC Total count (no.)
Assessment
Institutional
1 73 6 - - - - - 9
2 27 50 28 12 - - - 20
3 - 33 50 54 5 - - 30
4 - 11 22 31 62 29 - 36
5 - - - 4 33 48 29 26
6 - - - - - 23 71 16
Economic
1 100 78 - - - - - 25
2 - 6 33 15 - - - 11
3 - 17 61 19 5 - - 20
4 - - 6 46 57 32 - 35
5 - - - 19 33 29 43 25
6 - - - - 5 39 57 21
External
1 36 39 22 12 - - - 18
2 27 28 39 31 33 - - 30
3 27 11 11 31 19 13 - 23
4 - 17 28 12 43 - - 20
5 9 6 - 15 5 39 - 19
6 - - - - - 48 100 27
Fiscal: budget
1 82 33 28 19 14 - - 28
2 18 17 22 19 - - - 14
3 - 28 22 31 19 16 - 26
4 - 17 22 15 33 32 - 28
5 - 6 - 8 14 13 - 10
6 - - 6 8 19 39 100 31
Fiscal: debt
1 55 17 22 23 5 10 - 23
2 36 39 33 8 10 3 - 22
3 9 11 6 15 19 6 - 14
4 - 17 22 35 33 19 14 30
5 - 11 11 8 14 19 29 18
6 - 6 6 12 19 42 57 30
Monetary
1 45 17 - - - - - 8
2 36 61 39 12 5 - - 26
3 18 6 22 27 14 - - 17
4 - 11 17 23 62 26 14 33
5 - 6 17 35 19 52 43 39
6 - - 6 4 - 23 43 14
Total count (no.) 11 18 18 26 21 31 7
Primary Credit Analyst:Samuel F Tilleray, Madrid + 442071768255;
samuel.tilleray@spglobal.com
Research Contributors:Ashay Gokhale, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Purnima Nair, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Aakash Menghani, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Additional Contact:Sovereign and IPF EMEA;
SOVIPF@spglobal.com

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