Credit Rating

TE	S&P	Moody's	Fitch	DBRS	Description
100	AAA	Aaa	AAA	AAA	Prime
95	AA+	Aa1	AA+	AA (high)	High grade
90	AA	Aa2	AA	AA
85	AA-	Aa3	AA-	AA (low)
80	A+	A1	A+	A (high)	Upper medium grade
75	A	A2	A	A
70	A-	A3	A-	A (low)
65	BBB+	Baa1	BBB+	BBB (high)	Lower medium grade
60	BBB	Baa2	BBB	BBB
55	BBB-	Baa3	BBB-	BBB (low)
50	BB+	Ba1	BB+	BB (high)	Non-investment grade speculative
45	BB	Ba2	BB	BB
40	BB-	Ba3	BB-	BB (low)
35	B+	B1	B+	B (high)	Highly speculative
30	B	B2	B	B
25	B-	B3	B-	B (low)
20	CCC+	Caa1	CCC	CCC (high)	Substantial risks
15	CCC	Caa2		CCC	Extremely speculative
10	CCC-	Caa3		CCC (low)	In default with little prospect for recovery
	CC	Ca		CC
5	C	C		C
0	D	/	DDD		In default
		/	DD	D
			D

Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com