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Credit monitoring

Credit ratings: How Fitch, Moody’s and S&P rate each country

Italy has lost its A+ rating as Standard and Poor’s downgrades it one level to A. See how different country scores compare.

Italy have had their A+ rating cut a level reducing their Standard and Poor’s (S&P) sovereign rating to A.

The decision has angered Italian prime minister Silvio Berlusconi. Alex Hawkes writes:

Italian prime minister Silvio Berlusconi swiftly attacked S&P, claiming the ratings agency’s action was “dictated more by newspaper stories than by reality”.

S&P cut Italy’s government debt rating to A/A-1 from A+/A-1+ and said Italy’s economic growth prospects were getting weaker, with planned reforms by the government not expected to help much.

The credit rating agency has kept the outlook for Italy as negative.

Last month America lost its prestigious AAA rating when S&P downgraded it to AA+, despite a deal being drawn to raise the US debt ceiling.

S&P warned back in July that the US faced a 50-50 chance of having their credit rating cut within the next three months. Shortly after the agency put the US on a negative watch, the value of the dollar fell.

Moody’s have re-assessed the credit ratings of several countries this year. Ireland had their credit rating slashed earlier this year , down two notches to Baa3 – leaving it at just above junk status, with the verdict being delivered as the Euro dropped against the dollar. Portugal and Greece also saw their credit ratings being slashed by the agency.

Portugal had their credit rating slashed at the beginning of the year from A1 to A3 after Moody’s stated concerns over the country’s subdued growth for the next few years and Greece had their ratings re-assessed which brought their rating down to B1 amidst furious opposition from the Greek government.

So, who are the ratings agencies? The big three agencies are Fitch, Moody’s and Standard & Poors. What they do is assess how likely a borrower is to be able to repay its debts and help those trading debt contracts in the secondary market.

That means for those trading debt contracts such as treasury gilts after they’ve been issued, ratings agencies help assess a fair price to charge. Ratings agencies have been criticised for having too much clout in jittery markets during the financial crisis. They were widely attacked for failing to warn of the risks posed by certain securities, in particular mortgage-backed securities.

Losing your rating or being downgraded can have a fatal effect on your country’s ability to borrow money on the markets.

Thanks to the three big agencies, we can bring you the ratings of countries around the world as of today. Because each agency’s approach is slightly different, we’ve colour-coded them in three broad categories too.

Credit ratings by agency and country – Updated Sept 2011

Download this data

ISO code
Country
MOODYS RATING
MOODYS OUTLOOK
FITCH RATING
FITCH OUTLOOK
S and P RATING
S and P OUTLOOK
AL Albania B1 STA     B+ STA
AD Andorra         A NEG
AO Angola Ba3 STA BB- STA BB- STA
AR Argentina B3 STA B STA B STA
AM Armenia Ba2 STA BB- STA    
AW Aruba     BBB STA A- NEG
AU Australia Aaa STA AA+ STA AAA STA
AT Austria Aaa STA AAA STA AAA STA
AZ Azerbaijan Ba1 POS BBB- POS BB+ POS
BS Bahamas A3 STA     BBB+ STA
BH Bahrain Baa1 NEG BBB NEG BBB NEG
BD Bangladesh Ba3 STA     BB- STA
BB Barbados Baa3 NEG     BBB- STA
BY Belarus B3 RUR     B NEG
BE Belgium Aa1 STA AA+ NEG AA+ NEG
BZ Belize B3 STA     B NEG
BJ Benin     B STA B STA
BM Bermuda Aa2 STA AA+ STA AA STA
BT Bolivia B1 POS B+ STA B+ STA
BA Bosnia and Herzegovina B2 NEG     B+ NEG
BW Botswana A2 NEG     A- STA
BR Brazil Baa2 POS BBB STA BBB- POS
BG Bulgaria Baa2 STA BBB- POS BBB STA
BF Burkina Faso         B STA
KH Cambodia B2 STA     B+ STA
CM Cameroon     B STA B STA
CA Canada Aaa STA AAA STA AAA STA
CV Cape Verde     B+ STA B+ STA
CL Chile Aa3 STA A+ STA A+ POS
CN China Aa3 POS A+ STA AA- STA
CO Colombia Baa3 STA BBB- STA BBB- STA
CK Cook Islands         BB- NEG
CR Costa Rica Baa3 STA BB+ STA BB STA
HR Croatia Baa3 STA BBB- NEG BBB- NEG
CU Cuba Caa1 STA        
CY Cyprus Baa1 NEG A- NEG A- NEG
CZ Czech Republic A1 STA A+ POS A POS
DK Denmark Aaa STA AAA STA AAA STA
DO Dominican Republic B1 STA B POS B+ STA
EC Ecuador Caa2 STA B- STA B- STA
EG Egypt Ba3 NEG BB NEG BB NEG
SV El Salvador Ba2 STA BB NEG BB- STA
EE Estonia A1 STA A+ STA A POS
FJ Fiji B1 NEG     B- POS
FI Finland Aaa STA AAA STA AAA STA
FR France Aaa STA AAA STA AAA STA
GA Gabon     BB- STA BB- STA
GE Georgia Ba3 STA B+ POS B+ POS
DE Germany Aaa STA AAA STA AAA STA
GH Ghana     B+ STA B STA
GR Greece Ca DEV CCC   CC NEG
GD Grenada         B- STA
GT Guatemala Ba1 STA BB+ STA BB STA
GG Guernsey         AAA STA
HN Honduras B2 STA     B POS
HK Hong Kong Aa1 POS AA+ STA AAA STA
HU Hungary Baa3 NEG BBB- STA BBB- NEG
IS Iceland Baa3 NEG BB+ STA BBB- NEG
IN India Baa3 STA BBB- STA BBB- STA
ID Indonesia Ba1 STA BB+ POS BB+ POS
IE Ireland Ba1 NEG BBB+ NEG BBB+ STA
IM Isle of Man         AAA STA
IL Israel A1 STA A STA A STA
IT Italy Aa2 RUR AA- STA A NEG
JM Jamaica B3 STA B- STA B- STA
JP Japan Aa2 RUR AA NEG AA- NEG
JO Jordan Ba2 NEG     BB NEG
KZ Kazakhstan Baa2 STA BBB- POS BBB STA
KE Kenya     B+ STA B+ STA
KP Korea A1 STA A+ STA A STA
KW Kuwait Aa2 STA AA STA AA STA
LV Latvia (Republic of) Baa3 POS BBB- POS BB+ POS
LB Lebanon B1 STA B STA B STA
LS Lesotho     BB- NEG    
LI Liechtenstein         AAA STA
LT Lithuania Baa1 STA BBB POS BBB STA
LU Luxembourg Aaa STA AAA STA AAA STA
MO Macedonia     BB+ STA BB STA
MY Malaysia A3 STA A- STA A- STA
MT Malta A1 STA A+ STA A STA
MX Mexico Baa1 STA BBB STA BBB STA
MN Mongolia B1 STA B+ STA BB- STA
ME Montenegro Ba3 STA     BB NEG
MA Morocco Ba1 STA BBB- STA BBB- STA
MZ Mozambique     B STA B+ STA
NA Namibia     BBB- POS    
NL Netherlands Aaa STA AAA STA AAA STA
NZ New Zealand Aaa STA AA+ NEG AA+ NEG
NG Nigeria     BB- NEG B+ STA
NO Norway Aaa STA AAA STA AAA STA
OM Oman (Sultanate of) A1 STA     A NEG
PK Pakistan B3 STA     B- STA
PA Panama Baa3 STA BBB STA BBB- POS
PG Papua New Guinea B1 STA     B+ STA
PY Paraguay B1 STA     B+ POS
PE Peru Baa3 POS BBB- POS BBB- POS
PH Philippines Ba2 STA BB+ STA BB STA
PL Poland A2 STA A- STA A- STA
PT Portugal Ba2 NEG BBB- NEG BBB- NEG
QA Qatar Aa2 STA     AA STA
RO Romania Baa3 STA BBB- STA BB+ STA
RO Russia Baa1 STA BBB POS BBB STA
RW Rwanda     B STA    
SM San Marino     A NEG    
SA Saudi Arabia Aa3 STA AA- STA AA- STA
SN Senegal B1 STA     B+ NEG
RS Serbia     BB- STA BB STA
SC Seychelles     B STA    
SG Singapore Aaa STA AAA STA AAA STA
SK Slovak Republic A1 STA A+ STA A+ STA
SI Slovenia Aa2 STA AA STA AA NEG
ZA South Africa A3 STA BBB+ STA BBB+ STA
KR South Korea            
ES Spain Aa2 RUR AA+ NEG AA NEG
LK Sri Lanka B1 POS BB- STA B+ POS
SR Suriname (The Republic of) B1 STA B POS B+ POS
SE Sweden Aaa STA AAA STA AAA STA
CH Switzerland Aaa STA AAA STA AAA STA
SY Taiwan Aa3 STA A+ STA AA- STA
TH Thailand Baa1 STA BBB STA BBB+ STA
TO Trinidad & Tobago Baa1 STA     A STA
TN Tunisia Baa3 NEG BBB- NEG BBB- NEG
TR Turkey Ba2 POS BB+ POS BB POS
UG Uganda     B POS B+ STA
UA Ukraine (Republic of) B2 STA B POS B+ STA
AE UAE (Abu Dhabi) Aa2 STA AA STA AA STA
AE UAE(Emirate of Ras Al Khaimah) Aa2 STA        
GB United Kingdom Aaa STA AAA STA AAA STA
US United States Aaa RUR AAA STA AA+ NEG
UY Uruguay Ba1 STA BB POS BB+ STA
VU Venezuela B2 STA B+ STA BB- STA
VN Vietnam B1 NEG B+ STA BB- NEG
ZW Zambia     B+ STA B+ STA

Source: The Guardian UK

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