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Country Risk Premiums

To estimate the equity risk premium for a country, I start with a mature market premium and add an addit
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 premium


To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500.
Link to site:
http://www.damodaran.com
Historical monthlyhttp://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls
ERP:

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upo
Moody's ratings: http://www.moodys.com
(You will have to register, but it is free. Look under sovereign ratin
Ratings to spreads:
Based upon my estimates of typical spreads for each ratings class. I compute these by
CDS spreads: Bloomberg

Step 3: Convert the default spread into a country risk premium


With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this ch
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the defa

With CDS spreads, I compute the base number in two steps


Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subt
Any country that has a CDS spread lower than the US will have a negative country risk premium and end
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a countr
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 from step 3 to get a total equity
Step 5: Compute regional averages and regional weighted averages
For the regional averages, I use a simple average of the total and country risk premiums by region
For 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:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=20
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/couindex.h
Watch my lectures on country risk premiums:
http://echo360.stern.nyu.edu:8080/ess/echo/presentatio
http://echo360.stern.nyu.edu:8080/ess/echo/presentatio

mium and add an additional country risk premium, based upon the risk of the country in question.
al country or region.

mium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the exce

oices, one based upon the local currency sovereign rating for the country from Moody's and the other is the
k under sovereign ratings)
s. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of eve

emium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
ket, relative to the default spread. You can see the relative ratios for individual countries in the worksheet "Equity vs

s a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
risk premium and end up with a total equity risk premium lower than the US.
number to get a country risk premium. The default scaling is set at 1.5, but you can change it to 1, if you would

p 3 to get a total equity risk premium.

miums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table

ers.cfm?abstract_id=2027211
ountry_risk/couindex.htm
80/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
80/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

d you can download the excel spreadsheet containing the implied premium

Moody's and the other is the CDS spread for the country (if one exists)

ings class, at the start of every year.

s in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

nge it to 1, if you would

orksheet to that number.

To look up the equity risk premium for a country, use this worksheet
Country

France

Moody's sovereign rating


S&P sovereign rating
CDS spread
Excess CDS spread (over US CDS)

Aa1
AA
1.06%
0.60%

Country Risk Premium (Rating)


Equity Risk Premium (Rating)

0.60%
5.60%

Country Risk Premium (CDS)


Equity Risk Premium (CDS)

0.90%
5.90%

Local currency
Local currency

To look up the equity risk premium for a region, use this worksheet
Region

Western Europe

Country Risk Premium (simple average)) 2.59%


Total Equity Risk Premium (simple average)7.59%
Country Risk Premium (GDP weighted)
1.29%
Total Equity Risk Premium (GDP weighted) 6.29%

Estimating Country Risk Premiums


Enter the current risk premium for a mature equity market
Do 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
Abu Dhabi
Albania
Andorra
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Bulgaria
Burkina Faso

Region
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Africa
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Africa

Local Currency Rating Rating-based Default Spread


Aa2
0.50%
B1
4.50%
A3
1.20%
Ba3
3.60%
B3
6.50%
Ba2
3.00%
Baa1
1.60%
Aaa
0.00%
Aaa
0.00%
Baa3
2.20%
Baa1
1.60%
Baa2
1.90%
Ba3
3.60%
Ba1
2.50%
B3
6.50%
Aa3
0.60%
Caa2
9.00%
B2
5.50%
Aa3
0.60%
Ba3
3.60%
B3
6.50%
A2
0.85%
Baa2
1.90%
Baa2
1.90%
B2
5.50%

Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Chile
China
Colombia
Cook Islands
Costa Rica
Croatia
Cuba
Curacao
Cyprus
Czech Republic
Democratic Republic of Congo
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala

Asia
Africa
North America
Africa
Caribbean
Central and South America
Asia
Central and South America
Australia & New Zealand
Central and South America
Eastern Europe & Russia
Caribbean
Caribbean
Western Europe
Eastern Europe & Russia
Africa
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America

B2
B2
Aaa
B2
Aa3
Aa3
Aa3
Baa3
B1
Baa3
Ba1
Caa1
B1
Caa3
A1
B3
Aaa
B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1

5.50%
5.50%
0.00%
5.50%
0.60%
0.60%
0.60%
2.20%
4.50%
2.20%
2.50%
7.50%
4.50%
10.00%
0.70%
6.50%
0.00%
4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%

Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro

Central and South America


Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia

B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3
B1
Ba3

5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%
1.20%
1.60%
1.60%
6.50%
4.50%
3.60%

Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kaminah
Republic of the Congo
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
South Africa

Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Africa
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa

Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Baa3
A2
Ba3
Aa2
A2
Ba3
Baa3
Baa1
B2
Aa3
B1
B1
Aaa
A2
Ba1
Baa1

2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%

Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

Rating
A1
A2
A3

Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

Default spread in basis points


70
85
120

2.20%
4.50%
1.60%
5.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%

Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2
Ba3
Baa1
Baa2
Baa3
Caa1
Caa2
Caa3
NR

40
50
60
0
450
550
650
250
300
360
160
190
220
750
900
1000
NA

Estimating Country Risk Premiums


5.00%
Yes
1.5

Updated January 1, 2014

Total Equity Risk Premium


Country Risk Premium
CDS Default Spread
Total Equity Risk Premium
Country Risk PremiumHas to be sorted in ascending order
5.75%
0.75%
1.00%
5.81%
0.81%
Rating
Default spread in basis points
70
11.75%
6.75%
NA
NA
NA
A1
85
6.80%
1.80%
NA
NA
NA
A2
120
10.40%
5.40%
NA
NA
NA
A3
40
14.75%
9.75%
14.73%
26.41%
21.41%
Aa1
50
9.50%
4.50%
NA
NA
NA
Aa2
60
7.40%
2.40%
NA
NA
NA
Aa3
0
5.00%
0.00%
0.70%
5.36%
0.36%
Aaa
450
5.00%
0.00%
0.74%
5.42%
0.42%
B1
550
8.30%
3.30%
NA
NA
NA
B2
650
7.40%
2.40%
NA
NA
NA
B3
250
7.85%
2.85%
2.97%
8.77%
3.77%
Ba1
300
10.40%
5.40%
NA
NA
NA
Ba2
360
8.75%
3.75%
NA
NA
NA
Ba3
160
14.75%
9.75%
NA
NA
NA
Baa1
190
5.90%
0.90%
0.97%
5.77%
0.77%
Baa2
220
18.50%
13.50%
NA
NA
NA
Baa3
750
13.25%
8.25%
NA
NA
NA
Caa1
900
5.90%
0.90%
NA
NA
NA
Caa2
1000
10.40%
5.40%
NA
NA
NA
Caa3
NA
14.75%
9.75%
NA
NA
NA
NR
6.28%
1.28%
NA
NA
NA
7.85%
2.85%
2.53%
8.11%
3.11%
7.85%
2.85%
1.89%
7.15%
2.15%
13.25%
8.25%
NA
NA
NA

13.25%
13.25%
5.00%
13.25%
5.90%
5.90%
5.90%
8.30%
11.75%
8.30%
8.75%
16.25%
11.75%
20.00%
6.05%
14.75%
5.00%
11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%

8.25%
8.25%
0.00%
8.25%
0.90%
0.90%
0.90%
3.30%
6.75%
3.30%
3.75%
11.25%
6.75%
15.00%
1.05%
9.75%
0.00%
6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%

NA
NA
NA
NA
NA
1.08%
1.33%
1.74%
NA
3.43%
3.97%
NA
NA
NA
1.07%
NA
0.54%
NA
NA
NA
NA
0.89%
NA
0.48%
1.06%
NA
NA
0.56%
NA
NA
NA

NA
NA
NA
NA
NA
5.93%
6.31%
6.92%
NA
9.46%
10.27%
NA
NA
NA
5.92%
NA
5.12%
NA
NA
NA
NA
5.65%
NA
5.03%
5.90%
NA
NA
5.15%
NA
NA
NA

NA
NA
NA
NA
NA
0.93%
1.31%
1.92%
NA
4.46%
5.27%
NA
NA
NA
0.92%
NA
0.12%
NA
NA
NA
NA
0.65%
NA
0.03%
0.90%
NA
NA
0.15%
NA
NA
NA

13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%
6.80%
7.40%
7.40%
14.75%
11.75%
10.40%

8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%
1.80%
2.40%
2.40%
9.75%
6.75%
5.40%

NA
0.91%
3.08%
2.19%
3.51%
3.19%
1.69%
NA
1.53%
2.11%
NA
0.79%
NA
2.26%
NA
0.97%
NA
1.69%
4.38%
NA
1.77%
NA
NA
NA
1.65%
NA
NA
1.49%
NA
NA
NA

NA
5.68%
8.93%
7.60%
9.58%
9.10%
6.85%
NA
6.61%
7.48%
NA
5.50%
NA
7.70%
NA
5.77%
NA
6.85%
10.88%
NA
6.97%
NA
NA
NA
6.79%
NA
NA
6.55%
NA
NA
NA

NA
0.68%
3.93%
2.60%
4.58%
4.10%
1.85%
NA
1.61%
2.48%
NA
0.50%
NA
2.70%
NA
0.77%
NA
1.85%
5.88%
NA
1.97%
NA
NA
NA
1.79%
NA
NA
1.55%
NA
NA
NA

8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%

3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%

NA
2.54%
NA
NA
0.74%
0.80%
NA
NA
0.29%
NA
NA
1.64%
NA
NA
1.88%
1.81%
1.28%
4.03%
1.03%
NA
NA
2.61%
2.21%
NA
1.09%
0.90%
NA
NA
1.30%
2.75%
2.75%

NA
8.12%
NA
NA
5.42%
5.51%
NA
NA
4.75%
NA
NA
6.77%
NA
NA
7.13%
7.03%
6.23%
10.36%
5.86%
NA
NA
8.23%
7.63%
NA
5.95%
5.66%
NA
NA
6.26%
8.44%
8.44%

NA
3.12%
NA
NA
0.42%
0.51%
NA
NA
-0.26%
NA
NA
1.77%
NA
NA
2.13%
2.03%
1.23%
5.36%
0.86%
NA
NA
3.23%
2.63%
NA
0.95%
0.66%
NA
NA
1.26%
3.44%
3.44%

8.30%
11.75%
7.40%
13.25%
10.40%
5.00%
5.00%
5.90%
7.40%
7.40%
10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%

3.30%
6.75%
2.40%
8.25%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%

1.96%
NA
NA
NA
NA
0.39%
0.56%
NA
1.86%
NA
4.57%
2.89%
NA
NA
2.88%
0.57%
0.46%
NA
10.80%
3.35%
NA

7.25%
NA
NA
NA
NA
4.90%
5.15%
NA
7.10%
NA
11.17%
8.65%
NA
NA
8.63%
5.17%
5.00%
NA
20.51%
9.34%
NA

2.25%
NA
NA
NA
NA
-0.11%
0.15%
NA
2.10%
NA
6.17%
3.65%
NA
NA
3.63%
0.17%
0.00%
NA
15.51%
4.34%
NA

ed in ascending order

spread in basis points

Values
Row Labels
Average of Adj. Default SpreadAverage of Country Risk Premium
Average of Total Risk Premium
Africa
4.31%
6.47%
11.47%
Asia
2.54%
3.81%
8.81%
Australia & New Zealand
1.50%
2.25%
7.25%
Caribbean
3.61%
5.41%
10.41%
Central and South America
3.92%
5.88%
10.88%
Eastern Europe & Russia
3.23%
4.84%
9.84%
Middle East
1.56%
2.35%
7.35%
North America
0.00%
0.00%
5.00%
Western Europe
1.73%
2.59%
7.59%
Grand Total
2.93%
4.39%
9.39%

al Risk Premium

Country
GDP
Angola
Benin
Botswana
Burkina Faso
Cameroon
Cape Verde
Democratic Republic of Congo
Egypt
Gabon
Ghana
Kenya
Morocco
Mozambique
Namibia
Nigeria
Republic of the Congo
Rwanda
Senegal
South Africa
Tunisia
Uganda
Zambia
Africa
Bangladesh
Cambodia
China
Fiji
Hong Kong
India
Indonesia
Japan
Korea
Macao
Malaysia
Mauritius
Mongolia
Pakistan
Papua New Guinea
Philippines
Singapore
Sri Lanka
Taiwan

114.2
7.6
14.4
10.4
25.0
1.9
17.9
84.5
18.7
40.7
37.2
96.7
14.6
12.8
262.6
13.7
7.1
14.2
384.3
45.7
33.7
20.7
1278.5
115.6
14.1
8227.1
3.9
263.3
1841.7
878.0
5959.7
1129.6
43.6
303.5
10.5
10.3
231.2
15.7
250.3
274.7
59.4
44.0

Long-Term Rating Adj. Default Spread


Ba3
3.60%
B2
5.50%
A2
0.85%
B2
5.50%
B2
5.50%
B2
5.50%
B3
6.50%
Caa1
7.50%
Ba3
3.60%
B1
4.50%
B1
4.50%
Ba1
2.50%
B1
4.50%
Baa3
2.20%
Ba3
3.60%
Ba3
3.60%
B2
5.50%
B1
4.50%
Baa1
1.60%
Ba3
3.60%
B1
4.50%
B1
4.50%
3.36%
Ba3
3.60%
B2
5.50%
Aa3
0.60%
B1
4.50%
Aa1
0.40%
Baa3
2.20%
Baa3
2.20%
Aa3
0.60%
Aa3
0.60%
Aa3
0.60%
A3
1.20%
Baa1
1.60%
B1
4.50%
Caa1
7.50%
B1
4.50%
Baa3
2.20%
Aaa
0.00%
B1
4.50%
Aa3
0.60%

Thailand
Vietnam
Asia
Australia
Cook Islands
New Zealand
Australia & New Zealand
Aruba
Bahamas
Barbados
Bermuda
Cayman Islands
Cuba
Curacao
Dominican Republic
Jamaica
Montserrat
St. Maarten
St. Vincent & the Grenadines
Trinidad and Tobago
Caribbean
Argentina
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Ecuador
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Suriname
Uruguay
Venezuela
Central and South America
Albania
Armenia

365.6
141.7
20183.3
1520.6
1.2
139.8
1661.6
2.6
8.1
3.7
5.6
4.0
60.8
1.0
59.0
14.8
1.5
1.5
1.5
24.0
188.1
474.9
1.4
27.0
2252.7
268.3
369.8
45.1
84.5
23.8
50.8
18.0
1177.3
10.5
36.3
25.5
197.1
4.7
49.1
49.1
5165.9
13.1
9.9

Baa1
B2
Aaa
B1
Aaa
Baa1
Baa1
Ba1
Aa3
Aa3
Caa1
B1
B1
Caa3
Baa3
Baa1
B2
Baa1
B3
Caa2
Ba3
Baa2
Aa3
Baa3
Baa3
Caa1
Ba3
Ba1
B2
Baa1
B3
Baa2
Ba3
Baa2
Ba3
Baa3
Caa1
B1
Ba2

1.60%
5.50%
1.00%
0.00%
4.50%
0.00%
0.00%
1.60%
1.60%
2.50%
0.60%
0.60%
7.50%
4.50%
4.50%
10.00%
2.20%
1.60%
5.50%
1.60%
5.10%
6.50%
9.00%
3.60%
1.90%
0.60%
2.20%
2.20%
7.50%
3.60%
2.50%
5.50%
1.60%
6.50%
1.90%
3.60%
1.90%
3.60%
2.20%
7.50%
2.42%
4.50%
3.00%

Azerbaijan
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Georgia
Hungary
Kazakhstan
Latvia
Lithuania
Macedonia
Moldova
Montenegro
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Ukraine
Eastern Europe & Russia
Abu Dhabi
Bahrain
Israel
Jordan
Kuwait
Lebanon
Oman
Qatar
Ras Al Kaminah
Saudi Arabia
United Arab Emirates
Middle East
Canada
United States of America
North America
Andorra
Austria
Belgium
Cyprus
Denmark

67.2
63.3
17.0
51.0
56.4
195.7
21.9
15.8
125.5
201.7
28.4
42.2
9.7
7.3
4.2
489.8
169.4
2014.8
37.5
91.6
45.5
176.3
3955.2
15.0
22.9
242.9
31.2
176.6
42.9
71.8
173.0
5.2
576.8
360.2
1718.7
1821.4
15684.8
17506.2
4.5
399.6
483.7
23.0
314.2

Baa3
B3
B3
Baa2
Ba1
A1
A1
Ba3
Ba1
Baa2
Baa2
Baa1
Ba3
B3
Ba3
A2
Baa3
Baa1
B1
A2
Ba1
Caa1
Aa2
Baa2
A1
B1
Aa2
B1
A1
Aa2
A2
Aa3
Aa2
Aaa
Aaa
A3
Aaa
Aa3
Caa3
Aaa

2.20%
6.50%
6.50%
1.90%
2.50%
0.70%
0.70%
3.60%
2.50%
1.90%
1.90%
1.60%
3.60%
6.50%
3.60%
0.85%
2.20%
1.60%
4.50%
0.85%
2.50%
7.50%
1.98%
0.50%
1.90%
0.70%
4.50%
0.50%
4.50%
0.70%
0.50%
0.85%
0.60%
0.50%
0.76%
0.00%
0.00%
0.00%
1.20%
0.00%
0.60%
10.00%
0.00%

Finland
France
Germany
Greece
Iceland
Ireland
Isle of Man
Italy
Liechtenstein
Luxembourg
Malta
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Western Europe

Region
Africa
Asia
Australia & New Zealand
Caribbean
Central and South America
Eastern Europe & Russia
Middle East
North America
Western Europe
Global

250.0
2612.9
3399.6
249.1
13.7
210.3
1.4
2013.3
10.5
57.1
8.7
772.2
499.7
212.5
1349.4
525.7
632.2
789.3
2435.2

17267.7

Aaa
Aa1
Aaa
Caa3
Baa3
Ba1
Aa1
Baa2
Aaa
Aaa
A3
Aaa
Aaa
Ba3
Baa3
Aaa
Aaa
Baa3
Aa1

0.00%
0.40%
0.00%
10.00%
2.20%
2.50%
0.40%
1.90%
0.00%
0.00%
1.20%
0.00%
0.00%
3.60%
2.20%
0.00%
0.00%
2.20%
0.40%
0.86%

Weighted Average: TRP Weighted Average: CRP Weighted Average: Default Spreads
10.04%
5.04%
3.36%
6.51%
1.51%
1.00%
5.00%
0.00%
0.00%
12.65%
7.65%
5.10%
8.62%
3.62%
2.42%
7.96%
2.96%
1.98%
6.14%
1.14%
0.76%
5.00%
0.00%
0.00%
6.29%
1.29%
0.86%
6.35%
1.35%
0.90%

Total Risk PremiumCountry Risk PremiumRegion


10.40%
5.40%
Africa
13.25%
8.25%
Africa
6.28%
1.28%
Africa
13.25%
8.25%
Africa
13.25%
8.25%
Africa
13.25%
8.25%
Africa
14.75%
9.75%
Africa
16.25%
11.25%
Africa
10.40%
5.40%
Africa
11.75%
6.75%
Africa
11.75%
6.75%
Africa
8.75%
3.75%
Africa
11.75%
6.75%
Africa
8.30%
3.30%
Africa
10.40%
5.40%
Africa
10.40%
5.40%
Africa
13.25%
8.25%
Africa
11.75%
6.75%
Africa
7.40%
2.40%
Africa
10.40%
5.40%
Africa
11.75%
6.75%
Africa
11.75%
6.75%
Africa
10.04%
5.04%
10.40%
5.40%
Asia
13.25%
8.25%
Asia
5.90%
0.90%
Asia
11.75%
6.75%
Asia
5.60%
0.60%
Asia
8.30%
3.30%
Asia
8.30%
3.30%
Asia
5.90%
0.90%
Asia
5.90%
0.90%
Asia
5.90%
0.90%
Asia
6.80%
1.80%
Asia
7.40%
2.40%
Asia
11.75%
6.75%
Asia
16.25%
11.25%
Asia
11.75%
6.75%
Asia
8.30%
3.30%
Asia
5.00%
0.00%
Asia
11.75%
6.75%
Asia
5.90%
0.90%
Asia

Weight
8.93%
0.59%
1.13%
0.82%
1.95%
0.15%
1.40%
6.61%
1.46%
3.18%
2.91%
7.57%
1.14%
1.00%
20.54%
1.07%
0.56%
1.11%
30.06%
3.57%
2.63%
1.62%
100.00%
0.57%
0.07%
40.76%
0.02%
1.30%
9.12%
4.35%
29.53%
5.60%
0.22%
1.50%
0.05%
0.05%
1.15%
0.08%
1.24%
1.36%
0.29%
0.22%

7.40%
13.25%
6.51%
5.00%
11.75%
5.00%
5.00%
7.40%
7.40%
8.75%
5.90%
5.90%
16.25%
11.75%
11.75%
20.00%
8.30%
7.40%
13.25%
7.40%
12.65%
14.75%
18.50%
10.40%
7.85%
5.90%
8.30%
8.30%
16.25%
10.40%
8.75%
13.25%
7.40%
14.75%
7.85%
10.40%
7.85%
10.40%
8.30%
16.25%
8.62%
11.75%
9.50%

2.40%
8.25%
1.51%
0.00%
6.75%
0.00%
0.00%
2.40%
2.40%
3.75%
0.90%
0.90%
11.25%
6.75%
6.75%
15.00%
3.30%
2.40%
8.25%
2.40%
7.65%
9.75%
13.50%
5.40%
2.85%
0.90%
3.30%
3.30%
11.25%
5.40%
3.75%
8.25%
2.40%
9.75%
2.85%
5.40%
2.85%
5.40%
3.30%
11.25%
3.62%
6.75%
4.50%

Asia

1.81%

Asia

0.70%

Australia & New Zealand

91.52%

Australia & New Zealand

0.07%

Australia & New Zealand

8.41%

Caribbean

1.37%

Caribbean

4.33%

Caribbean

1.96%

Caribbean

2.96%

Caribbean

2.13%

Caribbean

32.33%

Caribbean

0.53%

Caribbean

31.35%

Caribbean

7.89%

Caribbean

0.80%

Caribbean

0.80%

Caribbean

0.80%

Caribbean

12.75%

Central and South America

9.19%

Central and South America

0.03%

Central and South America

0.52%

Central and South America

43.61%

Central and South America

5.19%

Central and South America

7.16%

Central and South America

0.87%

Central and South America

1.64%

Central and South America

0.46%

Central and South America

0.98%

Central and South America

0.35%

Central and South America

22.79%

Central and South America

0.20%

Central and South America

0.70%

Central and South America

0.49%

Central and South America

3.82%

Central and South America

0.09%

Central and South America

0.95%

Central and South America

0.95%

Eastern Europe & Russia

0.33%

Eastern Europe & Russia

0.25%

8.30%
14.75%
14.75%
7.85%
8.75%
6.05%
6.05%
10.40%
8.75%
7.85%
7.85%
7.40%
10.40%
14.75%
10.40%
6.28%
8.30%
7.40%
11.75%
6.28%
8.75%
16.25%
7.96%
5.75%
7.85%
6.05%
11.75%
5.75%
11.75%
6.05%
5.75%
6.28%
5.90%
5.75%
6.14%
5.00%
5.00%
5.00%
6.80%
5.00%
5.90%
20.00%
5.00%

3.30%
9.75%
9.75%
2.85%
3.75%
1.05%
1.05%
5.40%
3.75%
2.85%
2.85%
2.40%
5.40%
9.75%
5.40%
1.28%
3.30%
2.40%
6.75%
1.28%
3.75%
11.25%
2.96%
0.75%
2.85%
1.05%
6.75%
0.75%
6.75%
1.05%
0.75%
1.28%
0.90%
0.75%
1.14%
0.00%
0.00%
0.00%
1.80%
0.00%
0.90%
15.00%
0.00%

Eastern Europe & Russia

1.70%

Eastern Europe & Russia

1.60%

Eastern Europe & Russia

0.43%

Eastern Europe & Russia

1.29%

Eastern Europe & Russia

1.43%

Eastern Europe & Russia

4.95%

Eastern Europe & Russia

0.55%

Eastern Europe & Russia

0.40%

Eastern Europe & Russia

3.17%

Eastern Europe & Russia

5.10%

Eastern Europe & Russia

0.72%

Eastern Europe & Russia

1.07%

Eastern Europe & Russia

0.24%

Eastern Europe & Russia

0.18%

Eastern Europe & Russia

0.11%

Eastern Europe & Russia

12.38%

Eastern Europe & Russia

4.28%

Eastern Europe & Russia

50.94%

Eastern Europe & Russia

0.95%

Eastern Europe & Russia

2.32%

Eastern Europe & Russia

1.15%

Eastern Europe & Russia

4.46%

Middle East

0.87%

Middle East

1.34%

Middle East

14.13%

Middle East

1.82%

Middle East

10.27%

Middle East

2.50%

Middle East

4.18%

Middle East

10.06%

Middle East

0.30%

Middle East

33.56%

Middle East

20.96%

North America

10.40%

North America

89.60%

Western Europe

0.000260602

Western Europe

0.023144274

Western Europe

0.028012315

Western Europe

0.001330864

Western Europe

0.018198226

5.00%
5.60%
5.00%
20.00%
8.30%
8.75%
5.60%
7.85%
5.00%
5.00%
6.80%
5.00%
5.00%
10.40%
8.30%
5.00%
5.00%
8.30%
5.60%
6.29%

verage: Default Spreads

0.00%
0.60%
0.00%
15.00%
3.30%
3.75%
0.60%
2.85%
0.00%
0.00%
1.80%
0.00%
0.00%
5.40%
3.30%
0.00%
0.00%
3.30%
0.60%
1.29%

Western Europe

0.014479265

Western Europe

0.151315689

Western Europe

0.196875304

Western Europe

0.014425697

Western Europe

0.000790897

Western Europe

0.012180584

Western Europe

8.10761E-05

Western Europe

0.116591083

Western Europe

0.000608071

Western Europe

0.003307731

Western Europe

0.000505104

Western Europe

0.044720825

Western Europe

0.028936466

Western Europe

0.01230353

Western Europe

0.078142943

Western Europe

0.030446509

Western Europe

0.036611304

Western Europe

0.045707058

Western Europe

0.141024583

Weight * TRP

Weight * CRP

0.93%

0.48%

0.08%

0.05%

0.07%

0.01%

0.11%

0.07%

0.26%

0.16%

0.02%

0.01%

0.21%

0.14%

1.07%

0.74%

0.15%

0.08%

0.37%

0.21%

0.34%

0.20%

0.66%

0.28%

0.13%

0.08%

0.08%

0.03%

2.14%

1.11%

0.11%

0.06%

0.07%

0.05%

0.13%

0.07%

2.22%

0.72%

0.37%

0.19%

0.31%

0.18%

0.19%

0.11%

0.06%

0.03%

0.01%

0.01%

2.40%

0.37%

0.00%

0.00%

0.07%

0.01%

0.76%

0.30%

0.36%

0.14%

1.74%

0.27%

0.33%

0.05%

0.01%

0.00%

0.10%

0.03%

0.00%

0.00%

0.01%

0.00%

0.19%

0.13%

0.01%

0.01%

0.10%

0.04%

0.07%

0.00%

0.03%

0.02%

0.01%

0.00%

0.13%

0.04%

0.09%

0.06%

4.58%

0.00%

0.01%

0.00%

0.42%

0.00%

0.10%

0.03%

0.32%

0.10%

0.17%

0.07%

0.17%

0.03%

0.13%

0.02%

5.25%

3.64%

0.06%

0.04%

3.68%

2.12%

1.58%

1.18%

0.07%

0.03%

0.06%

0.02%

0.11%

0.07%

0.94%

0.31%

1.36%

0.90%

0.01%

0.00%

0.05%

0.03%

3.42%

1.24%

0.31%

0.05%

0.59%

0.24%

0.07%

0.03%

0.27%

0.18%

0.05%

0.02%

0.09%

0.04%

0.05%

0.03%

1.69%

0.55%

0.03%

0.02%

0.06%

0.02%

0.05%

0.03%

0.30%

0.11%

0.01%

0.00%

0.08%

0.03%

0.15%

0.11%

0.04%

0.02%

0.02%

0.01%

0.14%

0.06%

0.24%

0.16%

0.06%

0.04%

0.10%

0.04%

0.12%

0.05%

0.30%

0.05%

0.03%

0.01%

0.04%

0.02%

0.28%

0.12%

0.40%

0.15%

0.06%

0.02%

0.08%

0.03%

0.03%

0.01%

0.03%

0.02%

0.01%

0.01%

0.78%

0.16%

0.36%

0.14%

3.77%

1.22%

0.11%

0.06%

0.15%

0.03%

0.10%

0.04%

0.72%

0.50%

0.05%

0.01%

0.10%

0.04%

0.86%

0.15%

0.21%

0.12%

0.59%

0.08%

0.29%

0.17%

0.25%

0.04%

0.58%

0.08%

0.02%

0.00%

1.98%

0.30%

1.21%

0.16%

0.52%

0.00%

4.48%

0.00%

0.00%

0.00%

0.12%

0.00%

0.17%

0.03%

0.03%

0.02%

0.09%

0.00%

0.07%

0.00%

0.85%

0.09%

0.98%

0.00%

0.29%

0.22%

0.01%

0.00%

0.11%

0.05%

0.00%

0.00%

0.92%

0.33%

0.00%

0.00%

0.02%

0.00%

0.00%

0.00%

0.22%

0.00%

0.14%

0.00%

0.13%

0.07%

0.65%

0.26%

0.15%

0.00%

0.18%

0.00%

0.38%

0.15%

0.79%

0.08%

Country
GDP
Abu Dhabi
Albania
Andorra
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Bulgaria
Burkina Faso
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Chile
China
Colombia
Cook Islands
Costa Rica
Croatia
Cuba
Curacao
Cyprus
Czech Republic
Democratic Republic of Congo
Denmark

15.0
13.1
4.5
114.2
474.9
9.9
2.6
1520.6
399.6
67.2
8.1
22.9
115.6
3.7
63.3
483.7
1.4
7.6
5.6
27.0
17.0
14.4
2252.7
51.0
10.4
14.1
25.0
1821.4
1.9
4.0
268.3
8227.1
369.8
1.2
45.1
56.4
60.8
1.0
23.0
195.7
17.9
314.2

Long-Term RatingAdj. Default Spread


Total Risk Premium
Aa2
0.50%
5.75%
B1
4.50%
11.75%
A3
1.20%
6.80%
Ba3
3.60%
10.40%
B3
6.50%
14.75%
Ba2
3.00%
9.50%
Baa1
1.60%
7.40%
Aaa
0.00%
5.00%
Aaa
0.00%
5.00%
Baa3
2.20%
8.30%
Baa1
1.60%
7.40%
Baa2
1.90%
7.85%
Ba3
3.60%
10.40%
Ba1
2.50%
8.75%
B3
6.50%
14.75%
Aa3
0.60%
5.90%
Caa2
9.00%
18.50%
B2
5.50%
13.25%
Aa3
0.60%
5.90%
Ba3
3.60%
10.40%
B3
6.50%
14.75%
A2
0.85%
6.28%
Baa2
1.90%
7.85%
Baa2
1.90%
7.85%
B2
5.50%
13.25%
B2
5.50%
13.25%
B2
5.50%
13.25%
Aaa
0.00%
5.00%
B2
5.50%
13.25%
Aa3
0.60%
5.90%
Aa3
0.60%
5.90%
Aa3
0.60%
5.90%
Baa3
2.20%
8.30%
B1
4.50%
11.75%
Baa3
2.20%
8.30%
Ba1
2.50%
8.75%
Caa1
7.50%
16.25%
B1
4.50%
11.75%
Caa3
10.00%
20.00%
A1
0.70%
6.05%
B3
6.50%
14.75%
Aaa
0.00%
5.00%

Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova

59.0
84.5
84.5
23.8
21.9
3.9
250.0
2612.9
18.7
15.8
3399.6
40.7
249.1
50.8
18.0
263.3
125.5
13.7
1841.7
878.0
210.3
1.4
242.9
2013.3
14.8
5959.7
31.2
201.7
37.2
1129.6
176.6
28.4
42.9
10.5
42.2
57.1
43.6
9.7
303.5
8.7
10.5
1177.3
7.3

B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3

4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%
5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%
1.20%
1.60%
1.60%
6.50%

11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%
13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%
6.80%
7.40%
7.40%
14.75%

Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kaminah
Republic of the Congo
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago

10.3
4.2
1.5
96.7
14.6
12.8
772.2
139.8
10.5
262.6
499.7
71.8
231.2
36.3
15.7
25.5
197.1
250.3
489.8
212.5
173.0
5.2
13.7
169.4
2014.8
7.1
576.8
14.2
37.5
274.7
91.6
45.5
384.3
1349.4
59.4
1.5
1.5
4.7
525.7
632.2
44.0
365.6
24.0

B1
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Baa3
A2
Ba3
Aa2
A2
Ba3
Baa3
Baa1
B2
Aa3
B1
B1
Aaa
A2
Ba1
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1

4.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%
2.20%
4.50%
1.60%
5.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%

11.75%
10.40%
8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%
8.30%
11.75%
7.40%
13.25%
10.40%
5.00%
5.00%
5.90%
7.40%
7.40%

Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

45.7
789.3
33.7
176.3
360.2
2435.2
15684.8
49.1
49.1
141.7
20.7

Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%

10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%

Country Risk PremiumRegion


0.75%
Middle East
6.75%
Eastern Europe & Russia
1.80%
Western Europe
5.40%
Africa
9.75%
Central and South America
4.50%
Eastern Europe & Russia
2.40%
Caribbean
0.00%
Australia & New Zealand
0.00%
Western Europe
3.30%
Eastern Europe & Russia
2.40%
Caribbean
2.85%
Middle East
5.40%
Asia
3.75%
Caribbean
9.75%
Eastern Europe & Russia
0.90%
Western Europe
13.50%
Central and South America
8.25%
Africa
0.90%
Caribbean
5.40%
Central and South America
9.75%
Eastern Europe & Russia
1.28%
Africa
2.85%
Central and South America
2.85%
Eastern Europe & Russia
8.25%
Africa
8.25%
Asia
8.25%
Africa
0.00%
North America
8.25%
Africa
0.90%
Caribbean
0.90%
Central and South America
0.90%
Asia
3.30%
Central and South America
6.75%
Australia & New Zealand
3.30%
Central and South America
3.75%
Eastern Europe & Russia
11.25%
Caribbean
6.75%
Caribbean
15.00%
Western Europe
1.05%
Eastern Europe & Russia
9.75%
Africa
0.00%
Western Europe

6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%
8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%
1.80%
2.40%
2.40%
9.75%

Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia

6.75%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%
3.30%
6.75%
2.40%
8.25%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%

Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Africa
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean

5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%

Africa
Western Europe
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

S&P Rating
Abu Dhabi
AA
Albania
B
Andorra
AAngola
BBArgentina
CCC+
Armenia
NA
Aruba
BBB+
Australia
AAA
Austria
AA+
Azerbaijan
BBBBahamas
BBB
Bahrain
BBB
Bangladesh
BBBarbados
BBBelarus
BBelgium
AA
Belize
BBenin
B
Bermuda
AABolivia
BBBosnia and Herzegovina
B
Botswana
ABrazil
ABulgaria
BBB
Burkina Faso
B
Cambodia
B
Cameroon
B
Canada
AAA
Cape Verde
B
Cayman Islands
NA
Chile
AA+
China
AAColombia
BBB+
Cook Islands
B+
Costa Rica
BB
Croatia
BB+
Cuba
NA
Curacao
ACyprus
BCzech Republic
AA
Democratic Republic of Congo BDenmark
AAA

Moody's rating
Aa2
B1
A3
Ba3
B3
Ba2
Baa1
Aaa
Aaa
Baa3
Baa1
Baa2
Ba3
Ba1
B3
Aa3
Caa2
B2
Aa3
Ba3
B3
A2
Baa2
Baa2
B2
B2
B2
Aaa
B2
Aa3
Aa3
Aa3
Baa3
B1
Baa3
Ba1
Caa1
B1
Caa3
A1
B3
Aaa

S&P: These are the S&P sovereign local c

Moody's: These are the Moody's local curr

In red: These are countries where

Moody's equivalent rating for thes

S&P
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC+
CCC
CCCCC+
CC
CCC+
C
C-

Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova

B+
B
BBBAANA
AAA
AA
BBBB=
AAA
B
BBB+
B
AAA
BB
BBBBBBBB+
BBB+
AA+
A+
BBB
BAABBBBB+
B+
AAAA
BBB+
BAAA
BBB
AAA
NA
BBA
BBB+
NA
A
NA

B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3

Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kaminah
Republic of the Congo
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago

BBBBBBBBBBB+
NA
AA+
AA+
NA
BBAAA
A
BBBB
B+
BBABBBA
BB
AA
A
NA
BB+
BBB+
B
AAA
B+
BBAAA
A
AABBBB+
NA
NA
BBAAA
AAA
AAAA

B1
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Baa3
A2
Ba3
Aa2
A2
Ba3
Baa3
Baa1
B2
Aa3
B1
B1
Aaa
A2
Ba1
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1

Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

NA
BBB
B+
B+
NA
AAA
AA+
BBBBBBB+

Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

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

Moody's equivalent rating for these countries.

Moody's
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
Caa1
Caa2
Caa3
Ca1
Ca2
Ca3
C1
C2
C3

Country
Region
Abu Dhabi
Middle East
Albania
Eastern Europe & Russia
Andorra
Western Europe
Angola
Africa
Argentina
Central and South America
Armenia
Eastern Europe & Russia
Aruba
Caribbean
Australia
Australia & New Zealand
Austria
Western Europe
Azerbaijan
Eastern Europe & Russia
Bahamas
Caribbean
Bahrain
Middle East
Bangladesh
Asia
Barbados
Caribbean
Belarus
Eastern Europe & Russia
Belgium
Western Europe
Belize
Central and South America
Benin
Africa
Bermuda
Caribbean
Bolivia
Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana
Africa
Brazil
Central and South America
Bulgaria
Eastern Europe & Russia
Burkina Faso
Africa
Cambodia
Asia
Cameroon
Africa
Canada
North America
Cape Verde
Africa
Cayman Islands
Caribbean
Chile
Central and South America
China
Asia
Colombia
Central and South America
Cook Islands
Australia & New Zealand
Costa Rica
Central and South America
Croatia
Eastern Europe & Russia
Cuba
Caribbean
Curacao
Caribbean
Cyprus
Western Europe
Czech Republic
Eastern Europe & Russia
Democratic Republic of Congo
Africa
Denmark
Western Europe

Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova

Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia

Mongolia
Asia
Montenegro
Eastern Europe & Russia
Montserrat
Caribbean
Morocco
Africa
Mozambique
Africa
Namibia
Africa
Netherlands
Western Europe
New Zealand
Australia & New Zealand
Nicaragua
Central and South America
Nigeria
Africa
Norway
Western Europe
Oman
Middle East
Pakistan
Asia
Panama
Central and South America
Papua New Guinea
Asia
Paraguay
Central and South America
Peru
Central and South America
Philippines
Asia
Poland
Eastern Europe & Russia
Portugal
Western Europe
Qatar
Middle East
Ras Al Kaminah
Middle East
Republic of the Congo Africa
Romania
Eastern Europe & Russia
Russia
Eastern Europe & Russia
Rwanda
Africa
Saudi Arabia
Middle East
Senegal
Africa
Serbia
Eastern Europe & Russia
Singapore
Asia
Slovakia
Eastern Europe & Russia
Slovenia
Eastern Europe & Russia
South Africa
Africa
Spain
Western Europe
Sri Lanka
Asia
St. Maarten
Caribbean
St. Vincent & the Grenadines
Caribbean
Suriname
Central and South America
Sweden
Western Europe
Switzerland
Western Europe
Taiwan
Asia
Thailand
Asia
Trinidad and Tobago
Caribbean

Tunisia
Africa
Turkey
Western Europe
Turkmenistan
Eastern Europe & Russia
Uganda
Africa
Ukraine
Eastern Europe & Russia
United Arab Emirates
Middle East
United Kingdom
Western Europe
United States of America North America
Uruguay
Central and South America
Venezuela
Central and South America
Vietnam
Asia
Zambia
Africa

Row Labels
A1
A2
A3
Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2
Ba3
Baa1
Baa2
Baa3
C
Caa1
Caa2
Caa3
Grand Total

Values
Count of 10-year CDSAverage of 10-year CDS2
4
1.16%
4
1.29%
3
1.65%
3
0.85%
4
1.64%
9
1.04%
17
0.57%
18
5.36%
8
3.35%
7
14.73%
8
2.64%
2
4.57%
14
4.03%
11
2.18%
7
2.00%
12
2.69%
1
#DIV/0!
4
#DIV/0!
1
#DIV/0!
2
#DIV/0!
139
0.021401587

Moody's
local
currency 10-year CDS Updated: January 2, 2014
1.00%
Abu Dhabi
Aa2
Albania
B1
NA
Andorra
A3
NA
Angola
Ba3
NA
Argentina
B3
14.73%
Armenia
Ba2
NA
Aruba
Baa1
NA
Australia
Aaa
0.70%
Austria
Aaa
0.74%
Azerbaijan
Baa3
NA
Bahamas
Baa1
NA
Bahrain
Baa1
2.97%
Bangladesh
Ba3
NA
Barbados
Ba1
NA
Belarus
B3
NA
Belgium
Aa3
0.97%
Belize
Caa2
NA
Benin
B2
NA
Bermuda
Aa3
NA
Bolivia
Ba3
NA
Bosnia and Herzegovina
B3
NA
Botswana
A2
NA
Brazil
Baa2
2.53%
Bulgaria
Baa2
1.89%
Burkina Faso
B2
NA
Cambodia
B2
NA
Cameroon
B2
NA
Canada
Aaa
NA
Cape Verde
B1
NA
Cayman Islands
Aaa
NA
Chile
Aa3
1.08%
China
Aa3
1.33%
Colombia
Baa3
1.74%
Cook Islands
B1
NA
Costa Rica
Baa3
3.43%
Croatia
Ba1
3.97%
Cuba
Caa1
NA
Curacao
B1
NA
Cyprus
Caa3
NA
Czech Republic
A1
1.07%
Democratic Republic of Congo
B3
NA
Denmark
Aaa
0.54%
Dominican Republic
B1
NA
Ecuador
Caa1
NA
Egypt
Caa1
NA
El Salvador
Ba3
NA
Estonia
A1
0.89%
Fiji
B1
NA
Finland
Aaa
0.48%
France
Aa1
1.06%
Country

Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines

Ba3
Ba3
Aaa
B1
C
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aaa
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3
B1
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba3
Baa2
Ba1

NA
NA
0.56%
NA
NA
NA
NA
0.91%
3.08%
2.19%
3.51%
3.19%
1.69%
NA
1.53%
2.11%
NA
0.79%
NA
2.26%
NA
0.97%
NA
1.69%
4.38%
NA
1.77%
NA
NA
NA
1.65%
NA
NA
1.49%
NA
NA
NA
NA
2.54%
NA
NA
0.74%
0.80%
NA
NA
0.29%
NA
NA
1.64%
NA
NA
1.88%
1.81%

Poland
Portugal
Qatar

A2
Ba3
Aa2

Ras Al Kaminah
Republic of the Congo

A2
Ba3

Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

Baa3
Baa1
B2
Aa3
B1
Ba3
Aaa
A2
Ba1
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba2
Baa3
B1
B3
Aa2
Aa1
Aaa
Baa3
B1
B2
B1

1.28%
4.03%
1.03%
NA
NA
2.61%
2.21%
NA
1.09%
0.90%
NA
NA
1.30%
2.75%
2.75%
1.96%
NA
NA
NA
NA
0.39%
0.56%
NA
1.86%
NA
4.57%
2.89%
NA
NA
2.88%
0.57%
0.46%
NA
10.80%
3.35%
NA

Country

Std deviation in Equities (weekly over 2 years)Std deviation in Bond PriceRelative Standard Deviation

Argentina
Bangladesh
Bosnia
Brazil
Bulgaria
Chile
China
Colombia
Croatia
Czech Republic
Egypt
Estonia
Greece
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Kenya
Korea
Lativia
Lithuania
Macedonia
Malaysia
Mexico
Morocco
Namibia
Nigeria
Pakistan
Peru
Philippines
Poland
Portugal
Romania
Russia
Serbia
Slovakia
Slovenia
South Africa
Spain

29.85%
36.07%
14.21%
21.80%
16.62%
15.66%
22.00%
17.81%
15.00%
21.45%
26.29%
21.58%
32.90%
27.08%
14.31%
19.87%
20.58%
22.56%
18.58%
29.96%
28.41%
19.92%
15.24%
19.43%
16.87%
10.95%
18.02%
11.36%
19.51%
14.40%
16.66%
26.51%
18.35%
18.68%
20.46%
23.73%
24.41%
14.45%
17.06%
15.76%
16.33%
29.14%

18.27%

1.63

NA

NA

NA

NA

12.58%

1.73

NA

NA

8.50%
11.20%
14.52%
9.08%
10.90%
16.35%

1.84
1.96
1.23
1.65
1.97
1.61

NA

NA

39.17%
18.24%
12.41%
8.01%
20.43%
24.86%
9.20%
15.30%

0.84

NA

NA

6.55%

3.04

NA

NA

NA

NA

NA

NA

8.64%
11.06%
8.35%

1.27

NA

NA

NA

NA

7.54%

2.21

12.24%
12.24%
11.67%
29.69%

2.17

16.97%

1.40

12.55%

1.95

1.48
1.15
2.48
1.01
0.91
2.02
1.96

1.63
1.36

1.50
1.60
0.69

NA

NA

10.44%
12.63%
10.18%
30.83%

1.63
1.25
1.60
0.95

Sri Lanka
Thailand
Tunisia
Turkey
Ukraine
Venezuela
Vietnam
US
Average
Median

19.28%
17.77%
17.00%
24.52%
37.83%
14.38%
25.42%
19.55%

NA

NA

9.88%

1.80

NA

NA

11.97%

2.05

NA

NA

20.87%
12.65%

0.69
2.01

1.61
1.63

dard Deviation

Country
GDP (in billions)
Abu Dhabi
15.0
Albania
13.1
Andorra
4.5
Angola
114.2
Argentina
474.9
Armenia
9.9
Aruba
2.6
Australia
1520.6
Austria
399.6
Azerbaijan
67.2
Bahamas
8.1
Bahrain
22.9
Bangladesh
115.6
Barbados
3.7
Belarus
63.3
Belgium
483.7
Belize
1.4
Benin
7.6
Bermuda
5.6
Bolivia
27.0
Bosnia and Herzegovina
17.0
Botswana
14.4
Brazil
2252.7
Bulgaria
51.0
Burkina Faso
10.4
Cambodia
14.1
Cameroon
25.0
Canada
1821.4
Cape Verde
1.9
Cayman Islands
4.0
Chile
268.3
China
8227.1
Colombia
369.8
Cook Islands
1.2
Costa Rica
45.1
Croatia
56.4
Cuba
60.8
Curacao
1.0
Cyprus
23.0
Czech Republic
195.7
Democratic Republic of Congo17.9
Denmark
314.2

Source:World Bank
Date:
2013

Dominican Republic
Ecuador
Egypt, Arab Rep.
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova

59.0
84.5
257.3
23.8
21.9
3.9
250.0
2612.9
18.7
15.8
3399.6
40.7
249.1
50.8
18.0
263.3
125.5
13.7
1841.7
878.0
210.3
1.4
242.9
2013.3
14.8
5959.7
31.2
201.7
37.2
1129.6
176.6
28.4
42.9
10.5
42.2
57.1
43.6
9.7
303.5
8.7
10.5
1177.3
7.3

Mongolia
10.3
Montenegro
4.2
Montserrat
1.5
Morocco
96.7
Mozambique
14.6
Namibia
12.8
Netherlands
772.2
New Zealand
139.8
Nicaragua
10.5
Nigeria
262.6
Norway
499.7
Oman
71.8
Pakistan
231.2
Panama
36.3
Papua New Guinea
15.7
Paraguay
25.5
Peru
197.1
Philippines
250.3
Poland
489.8
Portugal
212.5
Qatar
173.0
Ras Al Kaminah
5.2
Republic of the Congo
13.7
Romania
169.4
Russia
2014.8
Rwanda
7.1
Saudi Arabia
576.8
Senegal
14.2
Serbia
37.5
Singapore
274.7
Slovakia
91.6
Slovenia
45.5
South Africa
384.3
Spain
1349.4
Sri Lanka
59.4
St. Maarten
1.5
St. Vincent and the Grenadines 0.7
Suriname
4.7
Sweden
525.7
Switzerland
632.2
Taiwan
44.0
Thailand
365.6
Trinidad and Tobago
24.0

Tunisia
Turkey
Turkmenistan
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Venezuela, RB
Vietnam
Zambia

45.7
789.3
33.7
176.3
360.2
2435.2
#####
49.1
382.4
141.7
20.7

S&P
Moody's
Rating
rating
Abu Dhabi
AA
Aa2
Albania
B
B1
Andorra
ANA
Angola
BBBa3
Argentina
CCC+
B3
Armenia
NA
Ba2
Aruba
BBB+
NA
Australia
AAA
Aaa
Austria
AA+
Aaa
Azerbaijan
BBBBaa3
Bahamas
BBB
Baa1
Bahrain
BBB
Baa2
Bangladesh
BBBa3
Barbados
BBBa1
Belarus
BB3
Belgium
AA
Aa3
Belize
BCaa2
Benin
B
NA
Bermuda
AAAa3
Bolivia
BBBa3
Bosnia and Herzegovina
B
B3
Botswana
AA2
Brazil
ABaa2
Bulgaria
BBB
Baa2
Burkina Faso
B
NA
Cambodia
B
B2
Cameroon
B
Na
Canada
AAA
Aaa
Cape Verde
B
NA
Cayman Islands NA
Aa3
Chile
AA+
Aa3
China
AAAa3
Colombia
BBB+
Baa3
Cook Islands B+
NA
Costa Rica
BB
Baa3
Croatia
BB+
Ba1
Cuba
NA
Caa1
Curacao
ANA
Cyprus
BCaa3
Czech Republic AA
A1
Democratic Republic
B- of Congo
B3
Denmark
AAA
Aaa

Dominican Republic
B+
Ecuador
B
Egypt
BEl Salvador
BBEstonia
AAFiji
NA
Finland
AAA
France
AA
Gabon
BBGeorgia
BB=
Germany
AAA
Ghana
B
Greece
BGuatemala
BB+
Honduras
B
Hong Kong
AAA
Hungary
BB
Iceland
BBBIndia
BBBIndonesia
BB+
Ireland
BBB+
Isle of Man
AA+
Israel
A+
Italy
BBB
Jamaica
BJapan
AAJordan
BBKazakhstan BBB+
Kenya
B+
Korea
AAKuwait
AA
Latvia
BBB+
Lebanon
BLiechtenstein AAA
Lithuania
BBB
Luxembourg AAA
Macao
NA
Macedonia
BBMalaysia
A
Malta
BBB+
Mauritius
NA
Mexico
A
Moldova
NA
Mongolia
BB-

B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
NA
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
NA
Baa1
Aaa
Aa3
NA
A3
A3
Baa1
Baa1
B3
B1

Montenegro BBBa3
Montserrat BBBNA
Morocco
BBBBa1
Mozambique B+
B1
Namibia
NA
Baa3
Netherlands AA+
Aaa
New Zealand AA+
Aaa
Nicaragua
NA
B3
Nigeria
BBBa3
Norway
AAA
Aaa
Oman
A
A1
Pakistan
BCaa1
Panama
BBB
Baa2
Papua New Guinea
B+
B1
Paraguay
BBBa3
Peru
ABaa2
Philippines
BBBBaa3
Poland
A
A2
Portugal
BB
Ba3
Qatar
AA
Aa2
Ras Al Kaminah A
A2
Republic of the Congo
NA
Ba3
Romania
BB+
Baa3
Russia
BBB+
Baa1
Rwanda
B
NA
Saudi Arabia AAA
Aa3
Senegal
B+
B1
Serbia
BBB1
Singapore
AAA
Aaa
Slovakia
A
A2
Slovenia
ABa1
South Africa
ABaa1
Spain
BBBBaa3
Sri Lanka
B+
B1
St. Maarten
NA
Baa1
St. Vincent & theNA
GrenadinesB2
Suriname
BBBa3
Sweden
AAA
Aaa
Switzerland AAA
Aaa
Taiwan
AAAa3
Thailand
ABaa1
Trinidad and Tobago
A
Baa1
Tunisia
NA
Ba3
Turkey
BBB
Baa3

Uganda
B+
Ukraine
B+
United Arab Emirates
NA
United KingdomAAA
United States ofAA+
America
Uruguay
BBBVenezuela
BVietnam
BBZambia
B+

NA
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

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