Country Risk Premiums To estimate the equity risk premium for a country, I start with a mat Use the look up table in the next worksheet, to look up the statistic Step 1: Estimating mature market risk premium To estimate the mature market risk premium, I compute the implied equ Link to site: Historical monthly Step 2: Estimate the default spread for the country in question. I offer two choices, one Moody's ratings: (You will have to register, but it Ratings to spreads Based upon my estimates of typical spreads for eac CDS spreads: Bloomberg If you cannot find a country on this list, it is because that country does not have a sovereign r Step 3: Convert the default spread into a country risk premium With sovereign ratings default spreads, you have two choices: You can see the relative ratios for individual countries in the works With CDS spreads, I compute the base number in two steps Any country that has a CDS spread lower than the US will have a negat prefer not to scale the default spread. Step 4: Compute a total equity risk premium Add the mature market premium from step 1 to the country risk premium Step 5: Compute regional averages and regional weighted averages For the regional averages, I use a simple average of the total and co For the weighted averages, I use the World Bank GDP estimates from th If you are interested in a fuller explanation of these concepts, try My paper on equity risk premiums: Campbell Harvey's country risk premium page: Watch my lectures on country risk premiums: http://www.damodaran.com http://www.stern.nyu.edu/~adamodar/pc/implprem/ERP http://www.moodys Choice 1: Use the default spread as the measure of the additional countr Choice 2: Scale the default spread up to reflect the higher risk of equi Substep 1: Since the base equity premium is computed for the US, and Substep 2 : I apply the scaling factor that you chose for the default http://papers.ssrn.com/so http://www.duke.edu/~char http://echo360.stern.nyu. http://echo360.stern.nyu.
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Country Risk PremiumsTo estimate the equity risk premium for a country, I start with a mature market premium and add an additional country risk premium, based upon the risk of the country in question.Use the look up table in the next worksheet, to look up the statistics for an individual country or region.
Step 1: Estimating mature market risk premiumTo estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premiumLink to site:Historical monthly ERP:
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)Moody's ratings: (You will have to register, but it is free. Look under sovereign ratings)Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.CDS spreads: BloombergIf you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
Step 3: Convert the default spread into a country risk premiumWith sovereign ratings default spreads, you have two choices:
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.With CDS spreads, I compute the base number in two steps
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a total equity risk premium lower than the US.
prefer not to scale the default spread.
Step 4: Compute a total equity risk premiumAdd the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk premium.
Step 5: Compute regional averages and regional weighted averagesFor the regional averages, I use a simple average of the total and country risk premiums by regionFor the weighted averages, I use the World Bank GDP estimates from the most recent year.
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums:Campbell Harvey's country risk premium page:Watch my lectures on country risk premiums:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would
To estimate the equity risk premium for a country, I start with a mature market premium and add an additional country risk premium, based upon the risk of the country in question.Use the look up table in the next worksheet, to look up the statistics for an individual country or region.
To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premium
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)(You will have to register, but it is free. Look under sovereign ratings)
Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a total equity risk premium lower than the US.
Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk premium.
For the regional averages, I use a simple average of the total and country risk premiums by region
Use the default spread as the measure of the additional country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation
Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would
To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premium
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)
Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation
: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheetCountry Egypt If you cannot find a country on this list, it is because that country does not have a sovereign rating
or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.Moody's sovereign rating B3 Local currencyS&P sovereign rating B- Local currencyCDS spread 3.87%Excess CDS spread (over US CDS) 3.48%
Country Default Spread (based on rating) 6.67%Country Risk Premium (Rating) 7.50%Equity Risk Premium (Rating) 12.58%
Country Risk Premium (CDS) 3.91%Equity Risk Premium (CDS) 8.99%
To look up the equity risk premium for a region, use this worksheetRegion North America
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages Worksheet
For countries not on the list above, try this frontier market listCountry Brunei
PRS Score 76.30ERP based on PRS Score 6.06%
If you cannot find a country on this list, it is because that country does not have a sovereign rating
or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages Worksheet
Estimating Country Risk Premiums
Enter the current risk premium for a mature equity marketDo you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)
Country Africa Moody's rating Rating-based Default SpreadAbu Dhabi Middle East Aa2 0.51%Albania Eastern Europe & Russia B1 4.62%Andorra (Principality of) Western Europe Baa2 1.95%Angola Africa B2 5.64%Argentina Central and South America B2 5.64%Armenia Eastern Europe & Russia B1 4.62%Aruba Caribbean Baa1 1.64%Australia Australia & New Zealand Aaa 0.00%Austria Western Europe Aa1 0.41%Azerbaijan Eastern Europe & Russia Ba2 3.08%Bahamas Caribbean Baa3 2.26%Bahrain Middle East B1 4.62%Bangladesh Asia Ba3 3.69%Barbados Caribbean Caa3 10.25%Belarus Eastern Europe & Russia Caa1 7.69%Belgium Western Europe Aa3 0.62%Belize Central and South America B3 6.67%Bermuda Caribbean A2 0.87%Bolivia Central and South America Ba3 3.69%Bosnia and Herzegovina Eastern Europe & Russia B3 6.67%Botswana Africa A2 0.87%Brazil Central and South America Ba2 3.08%Bulgaria Eastern Europe & Russia Baa2 1.95%
Burkina Faso Africa B2 5.64%Cambodia Asia B2 5.64%Cameroon Africa B2 5.64%Canada North America Aaa 0.00%Cayman Islands Caribbean Aa3 0.62%Cape Verde Africa B2 5.64%Chile Central and South America Aa3 0.62%China Asia A1 0.72%Colombia Central and South America Baa2 1.95%Congo (Democratic Republic of) Africa B3 6.67%Congo (Republic of) Africa Caa2 9.23%Cook Islands Australia & New Zealand B1 4.62%Costa Rica Central and South America Ba2 3.08%Côte d'Ivoire Africa Ba3 3.69%Croatia Eastern Europe & Russia Ba2 3.08%Cuba Caribbean Caa2 9.23%Curacao Caribbean A3 1.23%Cyprus Western Europe Ba3 3.69%Czech Republic Eastern Europe & Russia A1 0.72%Denmark Western Europe Aaa 0.00%Dominican Republic Caribbean Ba3 3.69%Ecuador Central and South America B3 6.67%Egypt Africa B3 6.67%El Salvador Central and South America Caa1 7.69%Estonia Eastern Europe & Russia A1 0.72%Ethiopia Africa B1 4.62%Fiji Asia Ba3 3.69%Finland Western Europe Aa1 0.41%France Western Europe Aa2 0.51%
Gabon Africa B3 6.67%Georgia Eastern Europe & Russia Ba2 3.08%Germany Western Europe Aaa 0.00%Ghana Africa B3 6.67%Greece Western Europe Caa2 9.23%Guatemala Central and South America Ba1 2.56%Guernsey (States of) Western Europe Aa3 0.62%Honduras Central and South America B1 4.62%Hong Kong Asia Aa2 0.51%Hungary Eastern Europe & Russia Baa3 2.26%Iceland Western Europe A3 1.23%India Asia Baa2 1.95%Indonesia Asia Baa3 2.26%Iraq Middle East Caa1 7.69%Ireland Western Europe A2 0.87%Isle of Man Western Europe Aa2 0.51%Israel Middle East A1 0.72%Italy Western Europe Baa2 1.95%Jamaica Caribbean B3 6.67%Japan Asia A1 0.72%Jersey (States of) Western Europe Aa3 0.62%Jordan Middle East B1 4.62%Kazakhstan Eastern Europe & Russia Baa3 2.26%Kenya Africa B1 4.62%Korea Asia Aa2 0.51%Kuwait Middle East Aa2 0.51%Kyrgyzstan Eastern Europe & Russia B2 5.64%Latvia Eastern Europe & Russia A3 1.23%Lebanon Middle East B3 6.67%
Liechtenstein Western Europe Aaa 0.00%Lithuania Eastern Europe & Russia A3 1.23%Luxembourg Western Europe Aaa 0.00%Macao Asia Aa3 0.62%Macedonia Eastern Europe & Russia Ba3 3.69%Malaysia Asia A3 1.23%Malta Western Europe A3 1.23%Mauritius Asia Baa1 1.64%Mexico Central and South America A3 1.23%Moldova Eastern Europe & Russia B3 6.67%Mongolia Asia Caa1 7.69%Montenegro Eastern Europe & Russia B1 4.62%Montserrat Caribbean Baa3 2.26%Morocco Africa Ba1 2.56%Mozambique Africa Caa3 10.25%Namibia Africa Ba1 2.56%Netherlands Western Europe Aaa 0.00%New Zealand Australia & New Zealand Aaa 0.00%Nicaragua Central and South America B2 5.64%Nigeria Africa B2 5.64%Norway Western Europe Aaa 0.00%Oman Middle East Baa2 1.95%Pakistan Asia B3 6.67%Panama Central and South America Baa2 1.95%Papua New Guinea Asia B2 5.64%Paraguay Central and South America Ba1 2.56%Peru Central and South America A3 1.23%Philippines Asia Baa2 1.95%Poland Eastern Europe & Russia A2 0.87%
Portugal Western Europe Ba1 2.56%Qatar Middle East Aa3 0.62%Ras Al Khaimah (Emirate of) Middle East A2 0.87%Romania Eastern Europe & Russia Baa3 2.26%Russia Eastern Europe & Russia Ba1 2.56%Rwanda Africa B2 5.64%Saudi Arabia Middle East A1 0.72%Senegal Africa Ba3 3.69%Serbia Eastern Europe & Russia Ba3 3.69%Sharjah Middle East A3 1.23%Singapore Asia Aaa 0.00%Slovakia Eastern Europe & Russia A2 0.87%Slovenia Eastern Europe & Russia Baa1 1.64%South Africa Africa Baa3 2.26%Spain Western Europe Baa2 1.95%Sri Lanka Asia B1 4.62%St. Maarten Caribbean Baa2 1.95%St. Vincent & the Grenadines Caribbean B3 6.67%Suriname Central and South America B1 4.62%Swaziland Africa B2 5.64%Sweden Western Europe Aaa 0.00%Switzerland Western Europe Aaa 0.00%Taiwan Asia Aa3 0.62%Tajikistan Eastern Europe & Russia B3 6.67%Thailand Asia Baa1 1.64%Trinidad and Tobago Caribbean Ba1 2.56%Tunisia Africa B1 4.62%Turkey Western Europe Ba1 2.56%Turks and Caicos Islands Caribbean Baa1 1.64%
Uganda Africa B2 5.64%Ukraine Eastern Europe & Russia Caa2 9.23%United Arab Emirates Middle East Aa2 0.51%United Kingdom Western Europe Aa2 0.51%United States North America Aaa 0.00%Uruguay Central and South America Baa2 1.95%Venezuela Central and South America Caa3 10.25%Vietnam Asia B1 4.62%Zambia Africa B3 6.67%
5.08% Updated January 1, 2018Yes1.12 Updated January 1, 2018
Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US Total Equity Risk Premium25.65% 0.57% 0.73% 5.90%
10.27% 5.19% NA NA7.27% 2.19% NA NA
11.42% 6.34% NA NA11.42% 6.34% 3.27% 8.76%10.27% 5.19% NA NA6.92% 1.84% NA NA5.08% 0.00% 0.00% 5.08%5.54% 0.46% 0.00% 5.08%8.54% 3.46% NA NA7.62% 2.54% NA NA
10.27% 5.19% 2.98% 8.43%9.23% 4.15% NA NA
16.60% 11.52% NA NA13.72% 8.64% NA NA5.78% 0.70% 0.00% 5.08%
12.58% 7.50% NA NA6.06% 0.98% NA NA9.23% 4.15% NA NA
12.58% 7.50% NA NA6.06% 0.98% NA NA8.54% 3.46% 2.26% 7.62%7.27% 2.19% 1.08% 6.29%
E5
Aswath Damodaran: See worksheet on relative equity market volatility.
11.42% 6.34% NA NA11.42% 6.34% NA NA11.42% 6.34% NA NA5.08% 0.00% NA NA5.78% 0.70% NA NA
13.72% 8.64% NA NA6.06% 0.98% 0.19% 5.29%5.65% 0.57% NA NA5.89% 0.81% 0.63% 5.79%7.27% 2.19% 1.42% 6.68%
12.58% 7.50% NA NA5.89% 0.81% 0.09% 5.18%5.78% 0.70% NA NA
10.27% 5.19% NA NA7.62% 2.54% 1.49% 6.76%
10.27% 5.19% NA NA5.65% 0.57% 0.40% 5.53%5.65% 0.57% NA NA
11.42% 6.34% NA NA6.46% 1.38% 0.61% 5.77%
12.58% 7.50% 4.47% 10.11%
5.08% 0.00% NA NA6.46% 1.38% 0.56% 5.71%5.08% 0.00% NA NA5.78% 0.70% NA NA9.23% 4.15% NA NA6.46% 1.38% 0.69% 5.86%6.46% 1.38% NA NA6.92% 1.84% NA NA6.46% 1.38% 1.46% 6.72%
12.58% 7.50% NA NA13.72% 8.64% NA NA10.27% 5.19% NA NA7.62% 2.54% NA NA7.96% 2.88% 1.56% 6.83%
16.60% 11.52% NA NA7.96% 2.88% NA NA5.08% 0.00% 0.00% 5.08%5.08% 0.00% 0.03% 5.11%
11.42% 6.34% NA NA11.42% 6.34% 4.16% 9.76%5.08% 0.00% 0.00% 5.08%7.27% 2.19% NA NA
12.58% 7.50% 3.37% 8.87%7.27% 2.19% 1.02% 6.23%
11.42% 6.34% NA NA7.96% 2.88% NA NA6.46% 1.38% 1.08% 6.29%7.27% 2.19% 0.71% 5.88%6.06% 0.98% 0.51% 5.65%
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollarPeriod Five yearsInterval Daily
ValuesRow Labels Average of Adj. Default SpreaAverage of Country Risk PremiAfrica 5.08% 5.71%Asia 2.70% 3.03%Australia & New Zealand 1.54% 1.73%Caribbean 3.68% 4.14%Central and South Americ 3.98% 4.48%Eastern Europe & Russia 3.37% 3.78%Middle East 2.40% 2.70%North America 0.00% 0.00%Western Europe 1.21% 1.36%Grand Total 3.11% 3.50%
Average of Corporate Tax Rate29.04%23.02%19.33%17.32%28.06%15.38%14.54%23.75%20.44%21.50%
Region Weighted Average: TRP Weighted Average: CRPWeighted Average: Default Spreads
Africa 10.63% 5.58% 4.95%Asia 6.27% 1.19% 1.06%Australia & New Zealand 5.08% 0.00% 0.00%Caribbean 11.39% 6.31% 5.61%Central and South America 8.63% 3.55% 3.16%Eastern Europe & Russia 7.77% 2.69% 2.39%Middle East 6.69% 1.61% 1.43%North America 5.08% 0.00% 0.00%Western Europe 6.01% 0.93% 0.82%Global 6.21% 1.13% 1.00%
For updating industry average spreadsheetsERP Default Spread Tax rate
Africa & Mid East 8.11% 2.70% 23.26%Australia, NZ & Canada 5.08% 0.00% 28.03%Latin America & Caribbean 8.75% 2.00% 27.15%Japan 5.89% 0.72% 35.64%US 5.08% 0.00% 40%Europe 6.01% 0.82% 30%Emerging Markets 7.14% 0.93% 25%Small Asia (No India, China & J 6.93% 0.78% 20%India 9.05% 2.20% 34%China 5.89% 0.60% 25%Global 6.21% 1.00% 30%
Total Risk Premium Country Risk Premium Corporate Tax Rate11.42% 6.34% 30.00%6.06% 0.98% 22.00%
100.00%Central and South America 11.32% 0.64%Central and South America 0.04% 0.00%Central and South America 0.70% 0.03%Central and South America 37.26% 1.15%Central and South America 5.12% 0.03%Central and South America 5.86% 0.11%Central and South America 1.19% 0.04%Central and South America 2.05% 0.14%Central and South America 0.56% 0.04%Central and South America 1.43% 0.04%Central and South America 0.45% 0.02%Central and South America 21.72% 0.27%Central and South America 0.27% 0.02%
Central and South America 1.14% 0.02%Central and South America 0.57% 0.01%Central and South America 3.99% 0.05%Central and South America 0.07% 0.00%Central and South America 1.09% 0.02%Central and South America 5.19% 0.53%
100.00%Eastern Europe & Russia 0.39% 0.02%Eastern Europe & Russia 0.35% 0.02%Eastern Europe & Russia 1.25% 0.04%Eastern Europe & Russia 1.56% 0.12%Eastern Europe & Russia 0.56% 0.04%Eastern Europe & Russia 1.75% 0.03%Eastern Europe & Russia 1.67% 0.05%Eastern Europe & Russia 6.43% 0.05%Eastern Europe & Russia 0.77% 0.01%Eastern Europe & Russia 0.47% 0.01%Eastern Europe & Russia 4.14% 0.09%Eastern Europe & Russia 4.52% 0.10%Eastern Europe & Russia 0.22% 0.01%Eastern Europe & Russia 0.91% 0.01%Eastern Europe & Russia 1.41% 0.02%Eastern Europe & Russia 0.36% 0.01%Eastern Europe & Russia 0.22% 0.01%Eastern Europe & Russia 0.14% 0.01%Eastern Europe & Russia 15.51% 0.13%Eastern Europe & Russia 6.17% 0.14%Eastern Europe & Russia 42.23% 1.08%Eastern Europe & Russia 1.26% 0.05%Eastern Europe & Russia 2.95% 0.03%Eastern Europe & Russia 1.47% 0.02%Eastern Europe & Russia 0.23% 0.01%Eastern Europe & Russia 3.07% 0.28%
100.00%Middle East 16.70% 0.08%Middle East 1.38% 0.06%Middle East 7.35% 0.56%Middle East 13.61% 0.10%Middle East 1.66% 0.08%Middle East 4.75% 0.02%
Middle East 2.12% 0.14%Middle East 2.84% 0.06%Middle East 6.53% 0.04%Middle East 0.22% 0.00%Middle East 27.69% 0.20%Middle East 0.21% 0.00%Middle East 14.94% 0.08%
100.00%North America 7.59% 0.00%North America 92.41% 0.00%
Western Europe 0.02% 0.00%Western Europe 2.28% 0.01%Western Europe 2.73% 0.02%Western Europe 0.12% 0.00%Western Europe 1.79% 0.00%Western Europe 1.39% 0.01%Western Europe 14.40% 0.07%Western Europe 20.32% 0.00%Western Europe 1.13% 0.10%Western Europe 0.00% 0.00%Western Europe 0.12% 0.00%Western Europe 1.78% 0.02%Western Europe 0.04% 0.00%Western Europe 10.86% 0.21%Western Europe 0.01% 0.00%Western Europe 0.04% 0.00%Western Europe 0.34% 0.00%Western Europe 0.06% 0.00%Western Europe 4.54% 0.00%Western Europe 2.17% 0.00%Western Europe 1.20% 0.03%Western Europe 7.23% 0.14%Western Europe 3.01% 0.00%Western Europe 3.91% 0.00%Western Europe 5.05% 0.13%Western Europe 15.47% 0.08%
Equity Risk Premiu Country Risk Premium Corporate Tax Rate Region5.65% 0.57% 0.00% Middle East
10.27% 5.19% 15.00% Eastern Europe & Russia7.27% 2.19% 0.00% Western Europe
11.42% 6.34% 30.00% Africa11.42% 6.34% 35.00% Central and South America10.27% 5.19% 20.00% Eastern Europe & Russia6.92% 1.84% 0.00% Caribbean5.08% 0.00% 30.00% Australia & New Zealand5.54% 0.46% 25.00% Western Europe8.54% 3.46% 20.00% Eastern Europe & Russia7.62% 2.54% 0.00% Caribbean
10.27% 5.19% 0.00% Middle East9.23% 4.15% 25.00% Asia
16.60% 11.52% 25.00% Caribbean13.72% 8.64% 18.00% Eastern Europe & Russia5.78% 0.70% 33.99% Western Europe
12.58% 7.50% 28.21% Central and South America6.06% 0.98% 0.00% Caribbean9.23% 4.15% 25.00% Central and South America
12.58% 7.50% 10.00% Eastern Europe & Russia6.06% 0.98% 22.00% Africa8.54% 3.46% 34.00% Central and South America7.27% 2.19% 10.00% Eastern Europe & Russia
11.42% 6.34% 28.21% Africa5.78% 0.70% 25.50% Central and South America5.89% 0.81% 25.00% Asia7.27% 2.19% 34.00% Central and South America
12.58% 7.50% 35.00% Africa15.46% 10.38% 28.21% Africa10.27% 5.19% 0.00% Australia & New Zealand8.54% 3.46% 30.00% Central and South America9.23% 4.15% 25.00% Africa8.54% 3.46% 20.00% Eastern Europe & Russia
15.46% 10.38% 27.98% Caribbean
6.46% 1.38% 22.00% Caribbean9.23% 4.15% 12.50% Western Europe5.89% 0.81% 19.00% Eastern Europe & Russia5.08% 0.00% 22.00% Western Europe9.23% 4.15% 27.00% Caribbean
12.58% 7.50% 22.00% Central and South America12.58% 7.50% 22.50% Africa13.72% 8.64% 30.00% Central and South America5.89% 0.81% 20.00% Eastern Europe & Russia
10.27% 5.19% 30.00% Africa9.23% 4.15% 20.00% Asia5.54% 0.46% 20.00% Western Europe5.65% 0.57% 33.33% Western Europe
12.58% 7.50% 30.00% Africa8.54% 3.46% 15.00% Eastern Europe & Russia5.08% 0.00% 29.79% Western Europe
12.58% 7.50% 25.00% Africa15.46% 10.38% 29.00% Western Europe7.96% 2.88% 25.00% Central and South America5.78% 0.70% 0.00% Western Europe
10.27% 5.19% 25.00% Central and South America5.65% 0.57% 16.50% Asia7.62% 2.54% 9.00% Eastern Europe & Russia6.46% 1.38% 20.00% Western Europe7.27% 2.19% 30.00% Asia7.62% 2.54% 25.00% Asia
13.72% 8.64% 15.00% Middle East6.06% 0.98% 12.50% Western Europe5.65% 0.57% 0.00% Western Europe5.89% 0.81% 24.00% Middle East7.27% 2.19% 24.00% Western Europe
12.58% 7.50% 25.00% Caribbean5.89% 0.81% 30.86% Asia5.78% 0.70% 20.00% Western Europe
10.27% 5.19% 20.00% Middle East7.62% 2.54% 20.00% Eastern Europe & Russia
6.46% 1.38% 15.00% Eastern Europe & Russia12.58% 7.50% 15.00% Middle East5.08% 0.00% 12.50% Western Europe6.46% 1.38% 15.00% Eastern Europe & Russia5.08% 0.00% 27.08% Western Europe5.78% 0.70% 12.00% Asia9.23% 4.15% 10.00% Eastern Europe & Russia6.46% 1.38% 24.00% Asia6.46% 1.38% 35.00% Western Europe6.92% 1.84% 15.00% Asia6.46% 1.38% 30.00% Central and South America
12.58% 7.50% 12.00% Eastern Europe & Russia13.72% 8.64% 25.00% Asia10.27% 5.19% 9.00% Eastern Europe & Russia7.62% 2.54% 27.98% Caribbean7.96% 2.88% 31.00% Africa
16.60% 11.52% 32.00% Africa7.96% 2.88% 32.00% Africa5.08% 0.00% 25.00% Western Europe5.08% 0.00% 28.00% Australia & New Zealand
11.42% 6.34% 30.00% Central and South America11.42% 6.34% 30.00% Africa5.08% 0.00% 24.00% Western Europe7.27% 2.19% 15.00% Middle East
12.58% 7.50% 31.00% Asia7.27% 2.19% 25.00% Central and South America
11.42% 6.34% 30.00% Asia7.96% 2.88% 10.00% Central and South America6.46% 1.38% 29.50% Central and South America7.27% 2.19% 30.00% Asia6.06% 0.98% 19.00% Eastern Europe & Russia7.96% 2.88% 21.00% Western Europe5.78% 0.70% 10.00% Middle East6.06% 0.98% 0.00% Middle East7.62% 2.54% 16.00% Eastern Europe & Russia7.96% 2.88% 20.00% Eastern Europe & Russia
11.42% 6.34% 30.00% Africa5.89% 0.81% 20.00% Middle East9.23% 4.15% 30.00% Africa9.23% 4.15% 15.00% Eastern Europe & Russia
6.46% 1.38% 0.00% Middle East5.08% 0.00% 17.00% Asia6.06% 0.98% 21.00% Eastern Europe & Russia6.92% 1.84% 19.00% Eastern Europe & Russia7.62% 2.54% 28.00% Africa7.27% 2.19% 25.00% Western Europe
11.42% 6.34% 30.00% Africa15.46% 10.38% 18.00% Eastern Europe & Russia5.65% 0.57% 55.00% Middle East5.65% 0.57% 20.00% Western Europe5.08% 0.00% 21.00% North America7.27% 2.19% 25.00% Central and South America
16.60% 11.52% 34.00% Central and South America10.27% 5.19% 20.00% Asia12.58% 7.50% 35.00% Africa
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Country S&P Rating Moody's ratingAbu Dhabi AA Aa2Albania B+ B1Andorra (Principality of) BBB Baa2Angola B- B2Argentina B+ B2Armenia NA B1Aruba BBB+ Baa1Australia AAA AaaAustria AA+ Aa1Azerbaijan BB+ Ba2Bahamas BB+ Baa3Bahrain BB- B1Bangladesh BB- Ba3Barbados CCC+ Caa3Belarus B Caa1Belgium AA Aa3Belize B- B3Bermuda A+ A2Bolivia BB Ba3Bosnia and Herzegovina B B3Botswana A- A2Brazil BB Ba2Bulgaria BB+ Baa2Burkina Faso B B2Cambodia NA B2Cameroon B B2Canada AAA AaaCayman Islands NA Aa3Cape Verde B B2Chile A+ Aa3China A+ A1Colombia BBB Baa2Congo (Democratic Republic CCC+ B3Congo (Republic of) CCC+ Caa2Cook Islands B+ B1Costa Rica BB- Ba2Côte d'Ivoire NA Ba3Croatia BB Ba2Cuba NA Caa2
Curacao A- A3Cyprus BB+ Ba3Czech Republic AA- A1Denmark AAA AaaDominican Republic BB- Ba3Ecuador B- B3Egypt B- B3El Salvador CCC+ Caa1Estonia AA- A1Ethiopia B B1Fiji B+ Ba3Finland AA+ Aa1France AA Aa2Gabon NA B3Georgia BB- Ba2Germany AAA AaaGhana B- B3Greece B- Caa2Guatemala BB- Ba1Guernsey (States of) AA- Aa3Honduras BB- B1Hong Kong AA+ Aa2Hungary BBB- Baa3Iceland A A3India BBB- Baa2Indonesia BBB- Baa3Iraq B- Caa1Ireland A+ A2Isle of Man NA Aa2Israel A+ A1Italy BBB Baa2Jamaica B B3Japan A+ A1Jersey (States of) AA- Aa3Jordan B+ B1Kazakhstan BBB- Baa3Kenya B+ B1Korea AA Aa2Kuwait AA Aa2Kyrgyzstan NA B2
Latvia A- A3Lebanon B- B3Liechtenstein AAA AaaLithuania A- A3Luxembourg AAA AaaMacao NA Aa3Macedonia BB- Ba3Malaysia A- A3Malta A- A3Mauritius NA Baa1Mexico BBB+ A3Moldova NA B3Mongolia B- Caa1Montenegro B+ B1Montserrat BBB- Baa3Morocco BBB- Ba1Mozambique SD Caa3Namibia NA Ba1Netherlands AAA AaaNew Zealand AA AaaNicaragua B+ B2Nigeria B B2Norway AAA AaaOman BB+ Baa2Pakistan B B3Panama BBB Baa2Papua New Guinea B+ B2Paraguay BB Ba1Peru BBB+ A3Philippines BBB Baa2Poland BBB+ A2Portugal BBB- Ba1Qatar AA- Aa3Ras Al Khaimah (Emirate of) A A2Romania BBB- Baa3Russia BB+ Ba1Rwanda B B2Saudi Arabia A- A1Senegal B+ Ba3Serbia BB- Ba3
Sharjah BBB+ A3Singapore AAA AaaSlovakia A+ A2Slovenia A+ Baa1South Africa BB+ Baa3Spain BBB+ Baa2Sri Lanka B+ B1St. Maarten NA Baa2St. Vincent & the Grenadines NA B3Suriname B B1Swaziland NA B2Sweden AAA AaaSwitzerland AAA AaaTaiwan AA- Aa3Tajikistan B- B3Thailand BBB+ Baa1Trinidad and Tobago BBB+ Ba1Tunisia NA B1Turkey BB Ba1Turks and Caicos Islands BBB+ Baa1Uganda B B2Ukraine B- Caa2United Arab Emirates NA Aa2United Kingdom AA Aa2United States AA+ AaaUruguay BBB Baa2Venezuela CCC- Caa3Vietnam BB- B1Zambia B B3
GOVERNMENT BOND RATINGS
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate theMoody's equivalent rating for these countries.S&P Moody'sA A2A- A3A+ A1AA Aa2AA- Aa3AA+ Aa1AAA AaaB B2B- B3B+ B1BB Ba2BB- Ba3BB+ Ba1BBB Baa2BBB- Baa3BBB+ Baa1C C2C- C3C+ C1CC Ca2CC- Ca3CC+ Ca1CCC Caa2CCC- Caa3CCC+ Caa1
GOVERNMENT BOND RATINGS
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Country RegionAbu Dhabi Middle EastAlbania Eastern Europe & RussiaAndorra Western EuropeAngola AfricaArgentina Central and South AmericaArmenia Eastern Europe & RussiaAruba CaribbeanAustralia Australia & New ZealandAustria Western EuropeAzerbaijan Eastern Europe & RussiaBahamas CaribbeanBahrain Middle EastBangladesh AsiaBarbados CaribbeanBelarus Eastern Europe & RussiaBelgium Western EuropeBelize Central and South AmericaBenin AfricaBermuda CaribbeanBolivia Central and South AmericaBosnia and Herzegovina Eastern Europe & RussiaBotswana AfricaBrazil Central and South AmericaBulgaria Eastern Europe & RussiaBurkina Faso AfricaCambodia AsiaCameroon AfricaCanada North AmericaCape Verde AfricaCayman Islands CaribbeanChile Central and South AmericaChina AsiaColombia Central and South AmericaCongo (Democratic Republic of) AfricaCongo (Republic of) AfricaCook Islands Australia & New ZealandCosta Rica Central and South AmericaCôte d'Ivoire AfricaCroatia Eastern Europe & Russia
Cuba CaribbeanCuracao CaribbeanCyprus Western EuropeCzech Republic Eastern Europe & RussiaDemocratic Republic of Congo AfricaDenmark Western EuropeDominican Republic CaribbeanEcuador Central and South AmericaEgypt AfricaEl Salvador Central and South AmericaEstonia Eastern Europe & RussiaEthiopia AfricaFiji AsiaFinland Western EuropeFrance Western EuropeGabon AfricaGeorgia Eastern Europe & RussiaGermany Western EuropeGhana AfricaGreece Western EuropeGuatemala Central and South AmericaGuernsey (States of) Western EuropeHonduras Central and South AmericaHong Kong AsiaHungary Eastern Europe & RussiaIceland Western EuropeIndia AsiaIndonesia AsiaIraq Middle EastIreland Western EuropeIsle of Man Western EuropeIsrael Middle EastItaly Western EuropeJamaica CaribbeanJapan AsiaJersey (States of) Western EuropeJordan Middle EastKazakhstan Eastern Europe & RussiaKenya AfricaKorea Asia
Kuwait Middle EastKyrgyzstan Eastern Europe & RussiaLatvia Eastern Europe & RussiaLebanon Middle EastLiechtenstein Western EuropeLithuania Eastern Europe & RussiaLuxembourg Western EuropeMacao AsiaMacedonia Eastern Europe & RussiaMalaysia AsiaMalta Western EuropeMauritius AsiaMexico Central and South AmericaMoldova Eastern Europe & RussiaMongolia AsiaMontenegro Eastern Europe & RussiaMontserrat CaribbeanMorocco AfricaMozambique AfricaNamibia AfricaNetherlands Western EuropeNew Zealand Australia & New ZealandNicaragua Central and South AmericaNigeria AfricaNorway Western EuropeOman Middle EastPakistan AsiaPanama Central and South AmericaPapua New Guinea AsiaParaguay Central and South AmericaPeru Central and South AmericaPhilippines AsiaPoland Eastern Europe & RussiaPortugal Western EuropeQatar Middle EastRas Al Kaminah Middle EastRepublic of the Congo AfricaRomania Eastern Europe & RussiaRussia Eastern Europe & RussiaRwanda Africa
Saudi Arabia Middle EastSenegal AfricaSerbia Eastern Europe & RussiaSharjah Middle EastSingapore AsiaSlovakia Eastern Europe & RussiaSlovenia Eastern Europe & RussiaSouth Africa AfricaSpain Western EuropeSri Lanka AsiaSt. Maarten CaribbeanSt. Vincent & the Grenadines CaribbeanSuriname Central and South AmericaSwaziland AfricaSweden Western EuropeSwitzerland Western EuropeTaiwan AsiaTajikistan Eastern Europe & RussiaThailand AsiaTrinidad and Tobago CaribbeanTunisia AfricaTurkey Western EuropeTurkmenistan Eastern Europe & RussiaTurks and Caicos CaribbeanUganda AfricaUkraine Eastern Europe & RussiaUnited Arab Emirates Middle EastUnited Kingdom Western EuropeUnited States North AmericaUruguay Central and South AmericaVenezuela Central and South AmericaVietnam AsiaZambia Africa
CDSNA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NA0.95 NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA 0.1100% NA NA NA1.14 1.3700% NA NA NANA 0.3219% 6.56% 4.90% 2.90NA 0.4039% 6.33% 6.38% 1.32NA 0.2988% 5.48% 5.45% 5.081.93 0.4111% 5.09% 8.07% 2.912.01 0.3565% 5.00% 7.13% 0.89NA 0.3136% 4.86% 6.45% 1.29NA 0.3200% 4.00% 8.00% 0.990.73 0.3821% 3.99% 9.58% 1.540.57 0.5519% 3.67% 15.05% 1.52NA 0.3585% 3.55% 10.10% 3.25NA 0.2610% 3.52% 7.41% 2.372.22 0.3261% 3.39% 9.61% 2.18NA 0.2240% 3.23% 6.93% 1.122.47 0.4247% 3.22% 13.19% 1.333.22 0.5728% 3.18% 18.03% 1.271.52 0.3922% 2.96% 13.27% 1.14NA 0.3185% 2.69% 11.84% 0.69NA 0.5916% 2.66% 22.24% 1.482.89 0.4093% 2.48% 16.50% 0.83
Curacao 1.0 Chad 9.60Cyprus 20.05 Channel Islan 0.00Czech Republic 195.31 Chile 247.03Denmark 306.9 China 11199.15Dominican Republic 71.58 Colombia 282.46Ecuador 98.61 Comoros 0.62Egypt 332.79 Congo, Dem. 31.93El Salvador 26.8 Congo, Rep. 7.83Estonia 23.34 Costa Rica 57.44Ethiopia 72.37 Cote d'Ivoire 36.37Fiji 4.7 Croatia 50.71Finland 238.5 Cuba 0.00France 2465.45 Curacao 0.00Gabon 14.21 Cyprus 20.05Georgia 14.38 Czech Republi 195.31Germany 3477.8 Denmark 306.90Ghana 42.69 Djibouti 0.00Greece 192.69 Dominica 0.58Guatemala 68.76 Dominican Re 71.58Guernsey (States of) 0.5 Early-demogra 10401.99Honduras 21.52 East Asia & Pa 22480.43Hong Kong 320.91 East Asia & Pa 13512.44Hungary 125.82 East Asia & Pa 13486.49Iceland 20.05 Ecuador 98.61India 2263.79 Egypt, Arab R 332.79Indonesia 932.26 El Salvador 26.80Iraq 171.49 Equatorial Gu 10.68Ireland 304.82 Eritrea 0.00Isle of Man 7.4 Estonia 23.34Israel 317.74 Ethiopia 72.37Italy 1858.91 Euro area 11934.06Jamaica 14.06 Europe & Cent 20273.84Japan 4940.16 Europe & Cent 2991.82Jersey (States of) 1 Europe & Cent 3463.19Jordan 38.65 European Uni 16487.34Kazakhstan 137.28 Faroe Islands 0.00Kenya 70.53 Fiji 4.70Korea 1411.25 Finland 238.50Kuwait 110.88 Fragile and co 744.25Kyrgyzstan 6.55 France 2465.45
Latvia 27.57 French Polyne 0.00Lebanon 49.6 Gabon 14.21Liechtenstein 6.7 Gambia, The 0.96Lithuania 42.74 Georgia 14.38Luxembourg 58.63 Germany 3477.80Macao 44.8 Ghana 42.69Macedonia 10.9 Gibraltar 0.00Malaysia 296.54 Greece 192.69Malta 11 Greenland 0.00Mauritius 12.17 Grenada 1.06Mexico 1046.92 Guam 5.79Moldova 6.75 Guatemala 68.76Mongolia 11.18 Guinea 8.20Montenegro 4.37 Guinea-Bissau 1.16Montserrat 1.5 Guyana 3.50Morocco 103.61 Haiti 8.02Mozambique 11.01 Heavily indeb 648.29Namibia 10.95 High income 48557.46Netherlands 777.23 Honduras 21.52New Zealand 184.97 Hong Kong SA 320.91Nicaragua 13.23 Hungary 125.82Nigeria 404.65 IBRD only 25981.48Norway 371.08 Iceland 20.05Oman 66.29 IDA & IBRD to 27972.82Pakistan 278.91 IDA blend 923.61Panama 55.19 IDA only 1072.79Papua New Guinea 20.21 IDA total 1999.81Paraguay 27.42 India 2263.79Peru 192.21 Indonesia 932.26Philippines 304.91 Iran, Islamic 418.98Poland 471.36 Iraq 171.49Portugal 204.84 Ireland 304.82Qatar 152.45 Isle of Man 0.00Ras Al Khaimah (Emirate of) 5.2 Israel 317.74Romania 187.59 Italy 1858.91Russia 1283.16 Jamaica 14.06Rwanda 8.38 Japan 4940.16Saudi Arabia 646.44 Jordan 38.65Senegal 14.68 Kazakhstan 137.28Serbia 38.3 Kenya 70.53
Sharjah 5 Kiribati 0.18Singapore 296.98 Korea, Dem. P 0.00Slovakia 89.77 Korea, Rep. 1411.25Slovenia 44.71 Kosovo 6.65South Africa 295.46 Kuwait 110.88Spain 1237.26 Kyrgyz Republ 6.55Sri Lanka 81.32 Lao PDR 15.90St. Maarten 1.5 Late-demograp 18455.07St. Vincent & the Grenadines 0.8 Latin America 5299.87Suriname 3.28 Latin America 4853.04Swaziland 3.72 Latin America 5094.16Sweden 514.46 Latvia 27.57Switzerland 668.85 Least develope 940.73Taiwan 970.9 Lebanon 49.60Tajikistan 6.95 Lesotho 2.29Thailand 407.03 Liberia 2.10Trinidad and Tobago 21.89 Libya 0.00Tunisia 42.06 Liechtenstein 0.00Turkey 863.71 Lithuania 42.74Turks and Caicos Islands 1.5 Low & middle 27299.38Uganda 24.08 Low income 402.52Ukraine 93.27 Lower middle 6263.37United Arab Emirates 348.74 Luxembourg 58.63United Kingdom 2647.9 Macao SAR, C 44.80United States of America 18624 Macedonia, F 10.90Uruguay 52.42 Madagascar 10.00Venezuela 250 Malawi 5.43Vietnam 205.28 Malaysia 296.54Zambia 21.06 Maldives 4.22
Mali 14.03Malta 11.00Marshall Islan 0.19Mauritania 4.74Mauritius 12.17Mexico 1046.92Micronesia, Fe 0.33Middle East & 3144.80Middle East & 1453.90Middle East & 1440.24Middle incom 26897.07
Moldova 6.75Monaco 0.00Mongolia 11.18Montenegro 4.37Morocco 103.61Mozambique 11.01Myanmar 63.23Namibia 10.95Nauru 0.10Nepal 21.13Netherlands 777.23New Caledoni 0.00New Zealand 184.97Nicaragua 13.23Niger 7.53Nigeria 404.65North Americ 20160.30Northern Mari 1.24Norway 371.08Not classified 0.00OECD membe 47552.62Oman 66.29Other small s 362.08Pacific island 9.02Pakistan 278.91Palau 0.31Panama 55.19Papua New Gu 20.21Paraguay 27.42Peru 192.21Philippines 304.91Poland 471.36Portugal 204.84Post-demograp 45213.31Pre-demograph 1207.79Puerto Rico 0.00Qatar 152.45Romania 187.59Russian Feder 1283.16Rwanda 8.38
Samoa 0.79San Marino 1.59Sao Tome and 0.34Saudi Arabia 646.44Senegal 14.68Serbia 38.30Seychelles 1.43Sierra Leone 3.74Singapore 296.98Sint Maarten 0.00Slovak Republ 89.77Slovenia 44.71Small states 437.80Solomon Islan 1.20Somalia 6.22South Africa 295.46South Asia 2892.48South Asia (I 2892.48South Sudan 0.00Spain 1237.26Sri Lanka 81.32St. Kitts and 0.91St. Lucia 1.67St. Martin (Fr 0.00St. Vincent a 0.77Sub-Saharan A 1512.60Sub-Saharan A 1511.17Sub-Saharan A 1512.60Sudan 95.58Suriname 3.28Swaziland 3.72Sweden 514.46Switzerland 668.85Syrian Arab R 0.00Tajikistan 6.95Tanzania 47.34Thailand 407.03Timor-Leste 1.78Togo 4.40Tonga 0.40
Trinidad and 21.89Tunisia 42.06Turkey 863.71Turkmenistan 36.18Turks and Cai 0.00Tuvalu 0.03Uganda 24.08Ukraine 93.27United Arab E 348.74United Kingd 2647.90United States 18624.48Upper middle 20623.86Uruguay 52.42Uzbekistan 67.22Vanuatu 0.77Venezuela, R 0.00Vietnam 205.28Virgin Islands 0.00West Bank an 13.40World 75845.11Yemen, Rep. 27.32Zambia 21.06Zimbabwe 16.62
2016 (in billions)
Country S&P RatingMoody's Rating
Abu Dhabi AA Aa2 Abu DhabiAlbania B+ B1 AlbaniaAndorra (Principality of) BBB NA AndorraAngola B- B2 AngolaArgentina B+ B2 ArgentinaArmenia NA B1 ArmeniaAruba BBB+ NAAustralia AAA Aaa AustraliaAustria AA+ Aa1 AustriaAzerbaijan BB+ Ba2 AzerbaijanBahamas BB+ Baa3 BahamasBahrain BB- B1 BahrainBangladesh BB- Ba3 BangladeshBarbados CCC+ Caa3 BarbadosBelarus B Caa1 BelarusBelgium AA Aa3 BelgiumBelize B- B3 BelizeBermuda A+ A2 BermudaBolivia BB Ba3 BoliviaBosnia and Herzegovina B B3 Bosnia and HBotswana A- A2 BotswanaBrazil BB Ba2 BrazilBulgaria BB+ Baa2 BulgariaBurkina Faso B NACambodia NA B2 CambodiaCameroon B B2 CameroonCanada AAA Aaa CanadaCayman Islands NA Aa3 Cayman IslanCape Verde B NAChile A+ Aa3 ChileChina A+ A1 ChinaColombia BBB Baa2 ColombiaCongo (Democratic Republic of) CCC+ B3 Congo (DemocrCongo (Republic of) CCC+ Caa2 Congo (RepublCook Islands B+ NACosta Rica BB- Ba2 Costa RicaCôte d'Ivoire NA Ba3 Cote d'Ivoire
Croatia BB Ba2 CroatiaCuba NA Caa2 CubaCuracao A- NACyprus BB+ Ba3 CyprusCzech Republic AA- A1 Czech RepublDenmark AAA Aaa DenmarkDominican Republic BB- Ba3 Dominican RepEcuador B- NA EcuadorEgypt B- B3 EgyptEl Salvador CCC+ NA El SalvadorEstonia AA- A1 EstoniaEthiopia B B1 EthiopiaFiji B+ Ba3 FijiFinland AA+ Aa1 FinlandFrance AA Aa2 FranceGabon NA B3 GabonGeorgia BB- Ba2 GeorgiaGermany AAA Aaa GermanyGhana B- B3 GhanaGreece B- Caa2 GreeceGuatemala BB- Ba1 GuatemalaGuernsey (States of) AA- NA Guernsey (Channel Islands)Honduras BB- B1 HondurasHong Kong AA+ Aa2 Hong KongHungary BBB- Baa3 HungaryIceland A A3 IcelandIndia BBB- Baa2 IndiaIndonesia BBB- Baa3 IndonesiaIraq B- Caa1 IraqIreland A+ A2 IrelandIsle of Man NA Aa2 Isle of ManIsrael A+ A1 IsraelItaly BBB Baa2 ItalyJamaica B B3 JamaicaJapan A+ A1 JapanJersey (States of) AA- NA Jersey (Channel Islands)Jordan B+ B1 JordanKazakhstan BBB- Baa3 KazakhstanKenya B+ B1 KenyaKorea AA Aa2 Korea
Kuwait AA Aa2 Kuwait
Kyrgyzstan NA B2 Kyrgyz RepublLatvia A- A3 LatviaLebanon B- B3 LebanonLiechtenstein AAA NA LiechtensteinLithuania A- A3 LithuaniaLuxembourg AAA Aaa LuxembourgMacao NA Aa3 MacaoMacedonia BB- NAMalaysia A- A3 MalaysiaMalta A- A3 MaltaMauritius NA Baa1 MauritiusMexico BBB+ A3 MexicoMoldova NA B3 MoldovaMongolia B- Caa1 MongoliaMontenegro B+ NA MontenegroMontserrat BBB- NAMorocco BBB- Ba1 MoroccoMozambique SD Caa3 MozambiqueNamibia NA Ba1 NamibiaNetherlands AAA Aaa NetherlandsNew Zealand AA Aaa New ZealandNicaragua B+ B2 NicaraguaNigeria B B2 NigeriaNorway AAA Aaa NorwayOman BB+ Baa2 OmanPakistan B B3 PakistanPanama BBB NA PanamaPapua New Guinea B+ B2 Papua New GParaguay BB Ba1 ParaguayPeru BBB+ A3 PeruPhilippines BBB Baa2 PhilippinesPoland BBB+ A2 PolandPortugal BBB- Ba1 PortugalQatar AA- Aa3 QatarRas Al Khaimah (Emirate of) A NARomania BBB- Baa3 RomaniaRussia BB+ Ba1 RussiaRwanda B B2 RwandaSaudi Arabia A- A1 Saudi Arabia
Senegal B+ Ba3 SenegalSerbia BB- Ba3 SerbiaSharjah BBB+ A3 SharjahSingapore AAA Aaa SingaporeSlovakia A+ A2 SlovakiaSlovenia A+ Baa1 SloveniaSouth Africa BB+ Baa3 South AfricaSpain BBB+ Baa2 SpainSri Lanka B+ NA Sri LankaSt. Maarten NA Baa2 Sint MaartenSt. Vincent & the Grenadines NA B3 St. Vincent &Suriname B B1 SurinameSwaziland NA B2 SwazilandSweden AAA Aaa SwedenSwitzerland AAA Aaa SwitzerlandTaiwan AA- Aa3 TaiwanTajikistan B- B3 TajikistanThailand BBB+ Baa1 ThailandTrinidad and Tobago BBB+ Ba1 Trinidad and Tunisia NA B1 TunisiaTurkey BB Ba1 TurkeyTurks and Caicos Islands BBB+ NAUganda B B2 UgandaUkraine B- Caa2 UkraineUnited Arab Emirates NA Aa2 United Arab EUnited Kingdom AA Aa2 United KingdUnited States AA+ Aaa United StatesUruguay BBB Baa2 UruguayVenezuela CCC- Caa3 VenezuelaVietnam BB- B1 VietnamZambia B B3 Zambia
FC LC Foreign currency ratings (LT/outlook/ST)Aa2 Aa2 AAB1 B1 B+
ArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBermudaBoliviaBosnia and HerzegovinaBotswanaBrazilBulgariaBurkina Faso
NetherlandsNew ZealandNicaraguaNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRas Al KhaimahRomaniaRussiaRwandaSaudi Arabia
Sharjah 0.00%Singapore 17.00%Slovakia 21.00%Slovenia 19.00%South Africa 28.00%Spain 25.00%Sri Lanka 28.00%St. Maarten 34.50%St. Vincent & the Grenadines 27.98%Suriname 36.00%Swaziland 27.50%Sweden 22.00%Switzerland 17.77%Taiwan 17.00%Tajikistan 0.00%Thailand 20.00%Trinidad and Tobago 25.00%Tunisia 25.00%Turkey 20.00%Turks and Caicos Islands 0.00%Uganda 30.00%Ukraine 18.00%United Arab Emirates 55.00%United Kingdom 20.00%United States 21.00%Uruguay 25.00%Venezuela 34.00%Vietnam 20.00%Zambia 35.00%
Country Tax Rate: 2017 Africa averageAfghanistan 20.00% Americas averageAlbania 15.00% Asia averageAlgeria 26.00% EU averageAndorra 10.00% Europe averageAngola 30.00% Global averageAnguilla 0.00% Latin America averageAntigua and Barbuda 25.00% North America averageArgentina 35.00% Oceania averageArmenia 20.00% OECD averageAruba 25.00% South America averageAustralia 30.00%Austria 25.00%Azerbaijan 20.00%Bahamas 0.00%Bahrain 0.00%Bangladesh 25.00%Barbados 25.00%Belarus 18.00%Belgium 33.99%Benin 30.00%Bermuda 0.00%Bolivia 25.00%Bonaire, Saint Eustatius and Saba 25.00%Bosnia and Herzegovina 10.00%Botswana 22.00%Brazil 34.00%Brunei Darussalam 18.50%Bulgaria 10.00%Burkina Faso 27.50%Burundi 30.00%Cambodia 20.00%Cameroon 33.00%Canada 26.50%Cayman Islands 0.00%Chile 25.50%China 25.00%Colombia 34.00%Congo (Democratic Republic of the 35.00%Costa Rica 30.00%
Croatia 20.00%Curacao 22.00%Cyprus 12.50%Czech Republic 19.00%Denmark 22.00%Djibouti 25.00%Dominica 25.00%Dominican Republic 27.00%Ecuador 22.00%Egypt 22.50%El Salvador 30.00%Estonia 20.00%Ethiopia 30.00%Fiji 20.00%Finland 20.00%France 33.33%Gabon 30.00%Gambia 31.00%Georgia 15.00%Germany 29.79%Ghana 25.00%Gibraltar 10.00%Greece 29.00%Grenada 30.00%Guatemala 25.00%Guernsey 0.00%Honduras 25.00%Hong Kong SAR 16.50%Hungary 9.00%Iceland 20.00%India 30.00%Indonesia 25.00%Iraq 15.00%Ireland 12.50%Isle of Man 0.00%Israel 24.00%Italy 24.00%Ivory Coast 25.00%Jamaica 25.00%Japan 30.86%
Uganda 60.3 UgandaUkraine 52.0 UkraineUnited Arab Em 77.8 United Arab United Kingdo 80.3 United KingUnited States 78.3 United StateUruguay 70.5 UruguayVenezuela 49.3 VenezuelaVietnam 71.5 VietnamYemen, Republ 50.3 Yemen, RepublZambia 65.0 ZambiaZimbabwe 54.5 Zimbabwe