National Credit Ratings
National Credit Ratings updated July 2025
Updated July, 2025
| Country | GDP (USD) | Debt/GDP | S&P | Moody's | DBRS |
|---|---|---|---|---|---|
| Tier 1 | |||||
| 🇦🇺 Australia | 1.8T | 44% | AAA | Aaa | AAA |
| 🇨🇦 Canada | 2.2T | 108% | AAA | Aaa | AAA |
| 🇩🇰 Denmark | 429.5B | 29% | AAA | Aaa | AAA |
| 🇩🇪 Germany | 4.7T | 63% | AAA | Aaa | AAA |
| 🇱🇮 Liechtenstein | 8.3B | N/A | AAA | ||
| 🇱🇺 Luxembourg | 93.2B | 26% | AAA | Aaa | AAA |
| 🇳🇱 Netherlands | 1.2T | 47% | AAA | Aaa | AAA |
| 🇨🇭 Switzerland | 936.6B | 38% | AAA | Aaa | AAA |
| 🇳🇴 Norway | 483.7B | 44% | AAA | Aaa | AAA |
| 🇸🇪 Sweden | 610.1B | 32% | AAA | Aaa | AAA |
| 🇪🇺 European Union | 19.4T | 81% | AA | Aaa | AAA |
| 🇸🇬 Singapore | 547.4B | 168% | AAA | Aaa | |
| Tier 2 | |||||
| 🇺🇸 United States | 29.2T | 122% | AA+ | Aa1 | AAA |
| 🇦🇹 Austria | 521.6B | 78% | AA+ | Aa1 | AAA |
| 🇫🇮 Finland | 299.8B | 76% | AA+ | Aa1 | AA (high) |
| 🇳🇿 New Zealand | 260.2B | 39% | AA+ | Aaa | |
| Tier 3 | |||||
| 🇹🇼 Taiwan | 0.8T | 26% | AA+ | Aa3 | |
| 🇦🇪 United Arab Emirates | 537.1B | 32% | AA | Aa2 | |
| 🇫🇷 France | 3.2T | 111% | AA- | Aa3 | AA (high) |
| 🇭🇰 Hong Kong | 407.1B | N/A | AA+ | Aa3 | |
| 🇮🇪 Ireland | 577.4B | 44% | AA | Aa3 | AA |
| 🇶🇦 Qatar | 218.0B | 43% | AA | Aa2 | |
| 🇧🇪 Belgium | 664.6B | 103% | AA | Aa3 | AA |
| 🇮🇲 Isle of Man | 7.4B | N/A | N/A | Aa3 | |
| 🇲🇴 Macau | 50.2B | N/A | Aa3 | ||
| 🇬🇧 United Kingdom | 3.6T | 98% | AA | Aa3 | AA |
| 🇰🇷 South Korea | 1.7T | 52% | AA | Aa2 | |
| 🇰🇾 Cayman Islands | 7.1B | 8% | Aa3 | ||
| 🇨🇿 Czech Republic | 345.0B | 44% | AA- | Aa3 | AA |
| 🇰🇼 Kuwait | 160.2B | 3% | A+ | A1 | |
| 🇪🇪 Estonia | 42.8B | 20% | NR | A1 | AA (low) |
| 🇸🇦 Saudi Arabia | 1.2T | 30% | A+ | Aa3 | |
| Tier 4 | |||||
| 🇨🇳 China | 18.7T | 83% | A+ | A1 | A |
| 🇧🇲 Bermuda | 9.0B | N/A | A+ | A2 | A (high) |
| 🇯🇵 Japan | 4.0T | 255% | A+ | A1 | A (high) |
| 🇮🇸 Iceland | 33.5B | 65% | A+ | A1 | |
| 🇱🇹 Lithuania | 84.9B | 37% | A | A2 | A (high) |
| 🇸🇮 Slovenia | 72.5B | 69% | AA | A3 | A (high) |
| 🇲🇹 Malta | 24.3B | 47% | A- | A2 | A (high) |
| 🇨🇱 Chile | 330.3B | 40% | A | A2 | N/A |
| 🇮🇱 Israel | 540.4B | 62% | A | Baa1 | |
| 🇸🇰 Slovakia | 141.8B | 56% | A+ | A3 | A |
| 🇱🇻 Latvia | 43.5B | 45% | A | A3 | A |
| 🇵🇱 Poland | 914.7B | 50% | A- | A2 | A |
| 🇵🇹 Portugal | 308.7B | 99% | A | A3 | A (high) |
| 🇪🇸 Spain | 1.7T | 108% | A | Baa1 | A (high) |
| 🇭🇷 Croatia | 92.5B | 64% | A- | A3 | A |
| Tier 5 | |||||
| 🇦🇩 Andorra | 4.0B | N/A | A- | Baa1 | |
| 🇲🇾 Malaysia | 422.0B | 61% | A- | A3 | |
| 🇧🇼 Botswana | 19.4B | 22% | BBB+ | A3 | |
| 🇨🇾 Cyprus | 36.3B | 74% | A- | A3 | A (low) |
| 🇹🇭 Thailand | 526.4B | 62% | BBB+ | Baa1 | |
| 🇮🇹 Italy | 2.4T | 135% | BBB+ | Baa3 | BBB (high) |
| 🇧🇬 Bulgaria | 112.2B | 24% | BBB | Baa1 | BBB (high) |
| 🇵🇭 Philippines | 461.6B | 60% | BBB+ | Baa2 | |
| 🇺🇾 Uruguay | 81.0B | 64% | BBB+ | Baa1 | BBB |
| 🇮🇩 Indonesia | 1.4T | 39% | BBB | Baa2 | |
| 🇵🇪 Peru | 289.2B | 33% | BBB- | Baa1 | N/A |
| 🇭🇺 Hungary | 222.9B | 73% | BBB- | Baa2 | BBB |
| 🇰🇿 Kazakhstan | 288.4B | 23% | BBB- | Baa1 | |
| 🇲🇽 Mexico | 1.9T | 50% | BBB | Baa2 | BBB |
| 🇦🇼 Aruba | 3.6B | N/A | BBB+ | ||
| 🇬🇷 Greece | 257.1B | 162% | BBB | Baa3 | BBB |
| 🇮🇳 India | 3.9T | 82% | BBB- | Baa3 | BBB |
| Remainder | |||||
| 🇨🇴 Colombia | 418.5B | 54% | BB | Baa3 | BBB (low) |
| 🇲🇺 Mauritius | 15.0B | 80% | BBB- | Baa3 | |
| 🇲🇸 Montserrat | 0.1B | N/A | BBB- | ||
| 🇷🇴 Romania | 382.8B | 49% | BBB- | Baa3 | |
| 🇵🇦 Panama | 86.3B | 52% | BBB- | Baa3 | |
| 🇸🇲 San Marino | 1.8B | 81% | BBB- | BBB (low) | |
| 🇦🇿 Azerbaijan | 74.3B | 22% | BB+ | Baa3 | |
| 🇴🇲 Oman | 106.9B | 37% | BBB- | Ba1 | |
| 🇵🇾 Paraguay | 44.5B | 41% | BB+ | Baa3 | |
| 🇲🇦 Morocco | 154.4B | 70% | BB+ | Ba1 | |
| 🇹🇹 Trinidad and Tobago | 26.4B | 56% | BBB- | Ba2 | |
| 🇷🇸 Serbia | 89.1B | 52% | BBB- | Ba2 | |
| 🇧🇷 Brazil | 2.2T | 87% | BB | Ba1 | BB |
| 🇬🇹 Guatemala | 113.2B | 27% | BB+ | Ba1 | |
| 🇻🇳 Vietnam | 476.4B | 37% | BB+ | Ba2 | |
| 🇬🇪 Georgia | 33.8B | 40% | BB | Ba2 | |
| 🇲🇰 Macedonia | 16.7B | 51% | BB- | ||
| 🇨🇷 Costa Rica | 95.3B | 61% | BB- | Ba3 | |
| 🇩🇴 Dominican Republic | 124.3B | 60% | BB | Ba3 | |
| 🇨🇮 Ivory Coast | 86.5B | 36% | BB | Ba2 | |
| 🇦🇱 Albania | 27.2B | 59% | BB | Ba3 | |
| 🇸🇨 Seychelles | 2.2B | 60% | |||
| 🇺🇿 Uzbekistan | 115.0B | 38% | BB- | Ba3 | |
| 🇦🇲 Armenia | 25.8B | 48% | BB- | Ba3 | |
| 🇯🇲 Jamaica | 19.9B | 73% | BB- | B1 | |
| 🇯🇴 Jordan | 53.4B | 89% | BB- | Ba3 | |
| 🇭🇳 Honduras | 37.1B | 45% | BB- | B1 | |
| 🇳🇦 Namibia | 13.4B | 65% | B1 | ||
| 🇧🇯 Benin | 21.5B | 53% | BB- | B1 | |
| 🇹🇷 Turkey | 1.3T | 30% | BB- | B1 | BB (high) |
| 🇧🇸 Bahamas | 15.8B | 82% | B+ | B1 | |
| 🇧🇩 Bangladesh | 450.1B | 32% | B+ | B2 | |
| 🇫🇯 Fiji | 5.8B | 76% | B+ | B1 | |
| 🇲🇪 Montenegro | 8.1B | 60% | B+ | Ba3 | |
| 🇹🇲 Turkmenistan | 64.2B | 5% | |||
| 🇧🇭 Bahrain | 47.7B | 121% | B+ | B2 | |
| 🇷🇼 Rwanda | 14.3B | 62% | B+ | B2 | |
| 🇹🇿 Tanzania | 78.8B | 38% | B1 | ||
| 🇲🇳 Mongolia | 23.6B | 40% | B+ | B2 | |
| 🇧🇧 Barbados | 7.2B | 127% | B | B2 | |
| 🇰🇭 Cambodia | 46.4B | 35% | N/A | B2 | |
| 🇰🇬 Kyrgyzstan | 17.5B | 63% | B+ | B3 | |
| 🇱🇸 Lesotho | 2.3B | 60% | |||
| 🇳🇮 Nicaragua | 19.7B | 42% | B+ | B2 | |
| 🇸🇳 Senegal | 32.3B | 56% | B | B3 | |
| 🇿🇲 Zambia | 26.3B | 73% | SD | Caa2 | |
| 🇺🇬 Uganda | 53.7B | 49% | B- | B3 | |
| 🇧🇦 Bosnia and Herzegovina | 28.3B | 17% | B+ | B3 | |
| 🇨🇻 Cape Verde | 2.8B | 115% | B | ||
| 🇵🇬 Papua New Guinea | 32.5B | 52% | B- | B2 | |
| 🇹🇯 Tajikistan | 14.2B | 31% | B | B3 | |
| 🇹🇬 Togo | 9.9B | 26% | B+ | B3 | |
| 🇦🇴 Angola | 80.4B | 60% | B- | B3 | |
| 🇹🇩 Chad | 20.6B | 35% | B- | ||
| 🇪🇬 Egypt | 389.1B | 96% | B- | Caa1 | |
| 🇲🇬 Madagascar | 17.4B | 38% | B- | ||
| 🇲🇩 Moldova | 18.2B | 35% | B3 | ||
| 🇳🇬 Nigeria | 187.8B | 39% | B- | B3 | |
| 🇸🇧 Solomon Islands | 1.8B | 17% | Caa1 | ||
| 🇻🇨 St Vincent and the Grenadines | 1.2B | N/A | B3 | ||
| 🇸🇿 Swaziland | 4.9B | 19% | B2 | ||
| 🇨🇲 Cameroon | 51.3B | 42% | B- | Caa1 | |
| 🇬🇦 Gabon | 20.9B | 71% | N/A | Caa2 | |
| 🇮🇶 Iraq | 279.6B | 49% | B- | Caa1 | |
| 🇰🇪 Kenya | 124.5B | 70% | B- | Caa1 | |
| 🇨🇬 Congo | 70.7B | 13% | B- | B3 | |
| 🇨🇬 Republic of the Congo | 15.7B | 97% | CCC+ | Caa2 | |
| 🇲🇻 Maldives | 7.0B | 54% | Caa2 | ||
| 🇸🇻 El Salvador | 35.4B | 85% | B- | Caa1 | |
| 🇹🇳 Tunisia | 53.4B | 79% | N/A | Caa1 | |
| 🇧🇿 Belize | 3.5B | 67% | B- | Caa1 | |
| 🇧🇫 Burkina Faso | 23.3B | 61% | CCC+ | ||
| 🇪🇨 Ecuador | 124.7B | 55% | B- | Caa3 | |
| 🇬🇭 Ghana | 82.8B | 85% | CCC+ | Caa2 | |
| 🇲🇿 Mozambique | 22.4B | 101% | CCC+ | Caa2 | |
| 🇵🇰 Pakistan | 373.1B | 91% | CCC+ | Caa2 | |
| 🇸🇷 Suriname | 4.7B | 90% | CCC+ | Caa1 | |
| 🇦🇷 Argentina | 633.3B | 155% | CCC | Caa3 | B (low) |
| 🇧🇴 Bolivia | 49.7B | 81% | CCC- | Ca | |
| 🇪🇹 Ethiopia | 163.7B | 38% | SD | Caa3 | |
| 🇱🇦 Laos | 16.5B | 74% | Caa3 | ||
| 🇲🇱 Mali | 26.6B | 53% | Caa2 | ||
| 🇳🇪 Niger | 19.5B | 51% | Caa3 | ||
| 🇷🇺 Russia | 2.2T | 15% | NR | NR | |
| 🇧🇾 Belarus | 76.0B | 33% | NR | C | |
| 🇱🇰 Sri Lanka | 99.0B | 104% | SD | Caa1 | |
| 🇺🇦 Ukraine | 190.7B | 84% | SD | Ca | |
| 🇻🇪 Venezuela | 139.4B | 146% | N/A | C | |
| 🇱🇧 Lebanon | 20.1B | 283% | D | C | |
| 🇨🇺 Cuba | 202.0B | 119% | N/A | ||
| 🇵🇷 Puerto Rico | 125.8B | N/A | D | ||
| 🇬🇩 Grenada | 1.4B | 65% | SD | ||
| 🇽🇰 Kosovo | 11.1B | N/A | |||
| 🇳🇵 Nepal | 42.9B | 43% |
