Rating agencies

The table contains rating evaluation of individual countries (sovereign rating). For rating evaluation of market subjects, e.g. banks, it is necessary to contact directly these institutions.

The methodology of conducting rating evaluation by individual agencies can be found on their web pages:

www.moodys.com
www.standardandpoors.com
www.fitchratings.com

Rating evaluation of individual countries

(Foreign Currency Long-Term Sovereign Debt Ratings)

Last update: 21 October 2025

MOODY'S		STANDARD & POOR'S		Fitch
Investment grades
Aaa	Australia, Canada, Denmark, Germany, Netherlands, New Zealand, Luxembourg, Norway, Singapore, Sweden, Switzerland	AAA	Australia, Canada, Denmark, Germany, Lichtenstein, Luxembourg, Netherlands, Norway, Singapore, Switzerland, Sweden	Australia, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden, Switzerland
Aa1	Austria, Finland, USA	AA+	Austria, Finland, Hong Kong, New Zealand, Taiwan, USA	Canada, New Zealand, USA
Aa2	S. Korea, Katar, United Arab Emirates	AA	Belgium, Ireland, Qatar, Slovenia, S. Korea, United Arab Emirates, United Kingdom	Austria, Finland, Ireland, Katar, Taiwan
Aa3	Belgium, CZECH REPUBLIC, France, Hong Kong, Ireland, S. Arabia, Taiwan, United Kingdom	AA-	CZECH REPUBLIC	CZECH REPUBLIC, Hong Kong, Kuwait, S. Korea, United Arab Emirates, United Kingdom
A1	China, Estonia,, Iceland, Japan, Kuwait	A+	China, France, Iceland, Japan, Kuwait, Portugal, S. Arabia, Slovakia, Spain	Belgium, Estonia, France, Malta, S. Arabia, Slovenia
A2	Chile, Lithuania, Malta, Poland	A	Chile, Israel, Latvia, Lithuania	China, Iceland, Japan, Lithuania, Portugal, Spain
A3	Croatia, Cyprus, Latvia, Malaysia, Portugal, Slovakia, Slovenia, Spain	A-	Croatia, Cyprus, Malaysia, Malta, Poland	Croatia, Cyprus, Chile, Ireland, Israel, Latvia, Poland, Slovakia
Baa1	Bulgaria, Israel, Kazakhstan	BBB+	Bulgaria, Italy	Bulgaria, Italy, Malaysia
Baa2	Hungary, Indonesia, Mexico	BBB	Greece, India, Indonesia, Mexico	Hungary, Indonesia, Kazakhstan
Baa3	Greece, India, Italy, Romania	BBB-	Hungary, Kazakhstan, Romania, Serbia	Greece, India, Mexico, Romania
Non-investment grades
Ba1	Brazil	BB+	Vietnam	Northern Macedonia, Serbia, Vietnam
Ba2	S. Africa, Serbia, Vietnam	BB	Albania, Brazil	Brazil
Ba3	Albania, Montenegro	BB-	Northern Macedonia, S. Africa, Turkey	S. Africa, Turkey
B1	Turkey	B+	Bosnia and Herzegovina, Montenegro
B2		B	Egypt	Egypt
B3	Bosnia, Moldova	B-	Pakistan	Pakistan
Caa1	Argentina, Egypt, Pakistan	CCC+		Argentina, Ukraine
Caa2		CCC	Argentina
Caa3		CCC-
Ca	Ukraine	CC
C	Belarus	C
SD		SD	Ukraine
D		D