Ctrypre

Country Risk Premiums
To estimate the equity risk premium for a country, I start with a mature market premium and
Use the look up table in the next worksheet, to look up the statistics for an individual country
Step 1: Estimating mature market risk premium
To estimate the mature market risk premium, I compute the implied equity risk premium for
Link to site:
http://www.damodaran.com
Historical monthl http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls
Step 2: Estimate the default spread for the country in question. I offer two choices
Moody's ratings: http://www.moodys.com
(You will have to register, but it is free. Look under sov
Ratings to spreadBased upon my estimates of typical spreads for each ratings class. I compu
CDS spreads:
Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign
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 m
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relativ
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 spr
Any country that has a CDS spread lower than the US will have a negative country risk prem
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to
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
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 r
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?abs
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_ris
Watch my lectures on country risk premiums:
http://echo360.stern.nyu.edu:8080/ess/ech
http://echo360.stern.nyu.edu:8080/ess/ech
market premium and add an additional country risk premium, based upon the risk of the country in que
an individual country or region.
ty risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you
bymonth.xls
I offer two choices, one based upon the local currency sovereign rating for the country from
free. Look under sovereign ratings)
atings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings cla
ot have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for a
y risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
n the market, relative to the default spread. You can see the relative ratios for individual countries in t
he US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
ve country risk premium and end up with a total equity risk premium lower than the US.
ds to this number to get a country risk premium. The default scaling is set at 1.5, but you can change
m from step 3 to get a total equity risk premium.
y risk premiums by region

e most recent year. http://www.data.worldbank.org/data-catalog/GDP-ranking-table
eferences:
/sol3/papers.cfm?abstract_id=2409198
charvey/Country_risk/couindex.htm
yu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
yu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
e risk of the country in question.
go to my website and you can download the excel spreadsheet containing the implied premium
ting for the country from Moody's and the other is the CDS spread for the country (if one ex
bond spreads by ratings class, at the start of every year.
et in this spreadsheet for an alternate estimate.
E5 to 1.00.
for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the E
or other markets.
han the US.
t 1.5, but you can change it to 1, if you would
3/media.m4v
d/media.m4v
the implied premium
or the country (if one exists)
dsheet. Set cell E5 in the ERP worksheet to that number.
To look up the equity risk premium for a country, use this worksheet
Country
Zambia
If you cannot find a country on this list, i
or a sovereign CDS spread. Try the PRS w
Moody's sovereign rating

S&P sovereign rating
CDS spread
Excess CDS spread (over US CDS)
Country Risk Premium (Rating)
Equity Risk Premium (Rating)
B1
AAA
NA
NA
Local currency
Local currency
6.75%
12.50%
Country Risk Premium (CDS)

Equity Risk Premium (CDS)
0.69%
6.44%
To look up the equity risk premium for a region, use this worksheet
Region
Western Europe
Country Risk Premium (simple ave

Total Equity Risk Premium (simple
2.17%
Country Risk Premium (GDP weigh

Total Equity Risk Premium (GDP w
1.13%
7.92%
6.88%
, use this worksheet
you cannot find a country on this list, it is because that country does not have a sovereign rating
a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
use this worksheet
EstimatingCountry
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
AbuDhabi
Albania
Andorra(Principalityof)
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
Africa
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Caribbean
Australia & New Zealand
Western Europe
Caribbean
Middle East
Asia
Caribbean
Western Europe
Caribbean
Africa
Moody'srating
Aa2
B1
Baa1
Ba2
Caa1
Ba2
B3
Aaa
Aaa
Baa3
Baa2
Baa2
Ba3
B3
B3
Aa3
Caa2
A1
Ba3
B3
A2
Baa2
Baa2
RatingbasedDefaultSpread
0.50%
4.50%
1.60%
3.00%
7.50%
3.00%
6.50%
0.00%
0.00%
2.20%
1.90%
1.90%
3.60%
6.50%
6.50%
0.60%
9.00%
0.70%
3.60%
6.50%
0.85%
1.90%
1.90%
BurkinaFaso
Cambodia
Cameroon
Canada
CaymanIslands
CapeVerde
Chile
China
Colombia
Congo(DemocraticRepublicof)
Congo(Republicof)
CookIslands
CostaRica
Cted'Ivoire
Croatia
Cuba
Curacao
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Africa
Asia
Africa
North America
Caribbean
Africa
Asia
Africa
Africa
Africa
Caribbean
Caribbean
Western Europe
Western Europe
Caribbean
Africa
Africa
Asia
Western Europe
Western Europe
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
B1
Ba1
Caa2
A3
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
6.50%
5.50%
5.50%
0.00%
0.60%
5.50%
0.60%
0.60%
1.90%
6.50%
3.60%
4.50%
2.50%
4.50%
2.50%
9.00%
1.20%
6.50%
0.70%
0.00%
4.50%
6.50%
7.50%
3.60%
0.70%
4.50%
4.50%
0.00%
0.40%
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Africa
Western Europe
Africa
Western Europe
Western Europe
Asia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Africa
Asia
Middle East
Middle East
Western Europe
Ba3
Ba3
Aaa
B2
Caa1
Ba1
Aa1
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
Aa1
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
Aaa
Baa1
3.60%
3.60%
0.00%
5.50%
7.50%
2.50%
0.40%
6.50%
0.40%
2.50%
2.20%
2.20%
2.20%
1.60%
0.40%
0.70%
1.90%
10.00%
0.70%
0.40%
4.50%
1.90%
4.50%
0.60%
0.50%
1.60%
5.50%
0.00%
1.60%
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Western Europe
Asia
Asia
Western Europe
Asia
Asia
Caribbean
Africa
Africa
Africa
Western Europe
Africa
Western Europe
Middle East
Asia
Asia
Asia
Western Europe
Middle East
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
0.00%
0.50%
3.60%
1.20%
1.20%
1.60%
1.20%
6.50%
5.50%
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%
3.00%
1.20%
1.90%
0.85%
2.50%
0.50%
RasAlKhaimah(Emirateof)
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIslands
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
Middle East
Africa
Middle East
Africa
Middle East
Asia
Africa
Western Europe
Asia
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Middle East
Western Europe
A2
Baa3
Baa2
B2
Aa3
B1
B1
A3
Aaa
A2
Ba1
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
0.85%
2.20%
1.90%
5.50%
0.60%
4.50%
4.50%
1.20%
0.00%
0.85%
2.50%
1.90%
1.90%
4.50%
1.60%
6.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
1.60%
4.50%
10.00%
0.50%
0.40%
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia
North America
Asia
Africa
Rating
A1
A2
A3
Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2
Ba3
Baa1
Baa2
Baa3
Caa1
Caa2
Caa3
NR
Aaa
Baa2
Caa1
B1
B1
Default spread in basis points
70
85
120
40
50
60
0
450
550
650
250
300
360
160
190
220
750
900
1000
NA
0.00%
1.90%
7.50%
4.50%
4.50%
EstimatingCountryRiskPremiums
5.75%
Yes
1.5
Updated January 1, 2015
TotalEquityRiskPremium CountryRiskPremium CDSDefaultSpreadTotalEquityRiskPremiumCountryRiskPremium Has to be sorted in ascend

6.50%
0.75%
1.12%
7.43%
1.68%
Rating
12.50%
6.75%
NA
NA
NA
A1
8.15%
2.40%
NA
NA
NA
A2
10.25%
4.50%
NA
NA
NA
A3
17.00%
11.25%
83.17%
130.50%
124.75%
Aa1
10.25%
4.50%
NA
NA
NA
Aa2
15.50%
9.75%
NA
NA
NA
Aa3
5.75%
0.00%
0.66%
6.74%
0.99%
Aaa
5.75%
0.00%
0.50%
6.50%
0.75%
B1
9.05%
3.30%
NA
NA
NA
B2
8.60%
2.85%
NA
NA
NA
B3
8.60%
2.85%
2.87%
10.05%
4.30%
Ba1
11.15%
5.40%
NA
NA
NA
Ba2
15.50%
9.75%
NA
NA
NA
Ba3
15.50%
9.75%
NA
NA
NA
Baa1
6.65%
0.90%
0.89%
7.09%
1.34%
Baa2
19.25%
13.50%
NA
NA
NA
Baa3
6.80%
1.05%
NA
NA
NA
Caa1
11.15%
5.40%
NA
NA
NA
Caa2
15.50%
9.75%
NA
NA
NA
Caa3
7.03%
1.28%
NA
NA
NA
NR
8.60%
2.85%
2.86%
10.04%
4.29%
8.60%
2.85%
2.68%
9.77%
4.02%
15.50%
14.00%
14.00%
5.75%
6.65%
14.00%
6.65%
6.65%
8.60%
15.50%
11.15%
12.50%
9.50%
12.50%
9.50%
19.25%
7.55%
15.50%
6.80%
5.75%
12.50%
15.50%
17.00%
11.15%
6.80%
12.50%
12.50%
5.75%
6.35%
9.75%
8.25%
8.25%
0.00%
0.90%
8.25%
0.90%
0.90%
2.85%
9.75%
5.40%
6.75%
3.75%
6.75%
3.75%
13.50%
1.80%
9.75%
1.05%
0.00%
6.75%
9.75%
11.25%
5.40%
1.05%
6.75%
6.75%
0.00%
0.60%
NA
NA
NA
NA
NA
NA
1.46%
1.47%
2.26%
NA
NA
NA
3.27%
NA
3.34%
NA
NA
6.04%
0.94%
0.48%
NA
NA
3.25%
NA
0.89%
NA
NA
0.50%
0.91%
NA
NA
NA
NA
NA
NA
7.93%
7.96%
9.14%
NA
NA
NA
10.66%
NA
10.76%
NA
NA
14.80%
7.16%
6.47%
NA
NA
10.63%
NA
7.08%
NA
NA
6.50%
7.12%
NA
NA
NA
NA
NA
NA
2.18%
2.21%
3.39%
NA
NA
NA
4.91%
NA
5.01%
NA
NA
9.05%
1.41%
0.72%
NA
NA
4.88%
NA
1.33%
NA
NA
0.75%
1.37%
11.15%
11.15%
5.75%
14.00%
17.00%
9.50%
6.35%
15.50%
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
20.75%
6.80%
6.35%
12.50%
8.60%
12.50%
6.65%
6.50%
8.15%
14.00%
5.75%
8.15%
5.40%
5.40%
0.00%
8.25%
11.25%
3.75%
0.60%
9.75%
0.60%
3.75%
3.30%
3.30%
3.30%
2.40%
0.60%
1.05%
2.85%
15.00%
1.05%
0.60%
6.75%
2.85%
6.75%
0.90%
0.75%
2.40%
8.25%
0.00%
2.40%
NA
NA
0.43%
NA
10.45%
NA
NA
NA
0.81%
2.33%
1.96%
2.33%
2.51%
0.95%
NA
0.11%
2.03%
NA
1.24%
NA
NA
3.85%
NA
0.86%
NA
1.61%
4.38%
NA
1.57%
NA
NA
6.40%
NA
21.43%
NA
NA
NA
6.96%
9.24%
8.69%
9.25%
9.51%
7.18%
NA
5.92%
8.80%
NA
7.61%
NA
NA
11.52%
NA
7.03%
NA
8.16%
12.32%
NA
8.11%
NA
NA
0.65%
NA
15.68%
NA
NA
NA
1.21%
3.49%
2.94%
3.50%
3.76%
1.43%
NA
0.17%
3.05%
NA
1.86%
NA
NA
5.77%
NA
1.28%
NA
2.41%
6.57%
NA
2.36%
5.75%
6.50%
11.15%
7.55%
7.55%
8.15%
7.55%
15.50%
14.00%
11.15%
9.05%
9.50%
12.50%
9.05%
5.75%
5.75%
15.50%
11.15%
5.75%
6.80%
17.00%
8.60%
12.50%
10.25%
7.55%
8.60%
7.03%
9.50%
6.50%
0.00%
0.75%
5.40%
1.80%
1.80%
2.40%
1.80%
9.75%
8.25%
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%
4.50%
1.80%
2.85%
1.28%
3.75%
0.75%
NA
NA
NA
1.84%
NA
NA
1.74%
NA
NA
NA
NA
2.24%
NA
NA
0.47%
0.70%
NA
NA
0.30%
NA
10.10%
1.78%
NA
NA
1.92%
1.67%
1.15%
2.78%
1.26%
NA
NA
NA
8.51%
NA
NA
8.36%
NA
NA
NA
NA
9.11%
NA
NA
6.46%
6.80%
NA
NA
6.20%
NA
20.91%
8.41%
NA
NA
8.63%
8.26%
7.48%
9.92%
7.64%
NA
NA
NA
2.76%
NA
NA
2.61%
NA
NA
NA
NA
3.36%
NA
NA
0.71%
1.05%
NA
NA
0.45%
NA
15.16%
2.66%
NA
NA
2.88%
2.51%
1.73%
4.17%
1.89%
7.03%
9.05%
8.60%
14.00%
6.65%
12.50%
12.50%
7.55%
5.75%
7.03%
9.50%
8.60%
8.60%
12.50%
8.15%
15.50%
11.15%
5.75%
5.75%
6.65%
8.15%
8.15%
11.15%
9.05%
8.15%
12.50%
20.75%
6.50%
6.35%
1.28%
3.30%
2.85%
8.25%
0.90%
6.75%
6.75%
1.80%
0.00%
1.28%
3.75%
2.85%
2.85%
6.75%
2.40%
9.75%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
2.40%
6.75%
15.00%
0.75%
0.60%
NA
1.92%
5.32%
NA
1.08%
NA
NA
NA
NA
1.01%
1.83%
2.65%
1.48%
NA
NA
NA
NA
0.34%
0.41%
NA
1.60%
NA
3.07%
2.46%
NA
0.00%
15.43%
1.23%
0.46%
NA
8.64%
13.72%
NA
7.37%
NA
NA
NA
NA
7.27%
8.50%
9.72%
7.97%
NA
NA
NA
NA
6.26%
6.36%
NA
8.14%
NA
10.35%
9.44%
NA
5.75%
28.90%
7.60%
6.44%
NA
2.89%
7.97%
NA
1.62%
NA
NA
NA
NA
1.52%
2.75%
3.97%
2.22%
NA
NA
NA
NA
0.51%
0.61%
NA
2.39%
NA
4.60%
3.69%
NA
0.00%
23.15%
1.85%
0.69%
5.75%
8.60%
17.00%
12.50%
12.50%
0.00%
2.85%
11.25%
6.75%
6.75%
0.00%
NA
17.75%
2.84%
NA
5.75%
NA
32.38%
10.00%
NA
0.00%
NA
26.63%
4.25%
NA
as to be sorted in ascending order

Default spread in basis points
70
85
120
40
50
60
0
450
550
650
250
300
360
160
190
220
750
900
1000
NA
Values
Row Labels
Average of Adj. Default Sprea Average of Country Risk Premiu
Africa
4.28%
6.42%
Asia
2.49%
3.73%
1.50%
2.25%
Caribbean
3.89%
5.83%
Central and South Americ
3.74%
5.60%
2.88%
4.32%
Middle East
1.59%
2.38%
North America
0.00%
0.00%
Western Europe
1.45%
2.17%
Grand Total
2.83%
4.24%
Average of Total Risk Premium

12.17%
9.48%
8.00%
11.58%
11.35%
10.07%
8.13%
5.75%
7.92%
9.99%
Country
GDP (in billions)
Angola
124.2
Botswana
14.8
Burkina Faso
11.6
Cameroon
29.6
Cape Verde
4
Congo (Democratic Repu
32.7
Congo (Republic of)
14.1
Cte d'Ivoire
31.1
Egypt
272
Ethiopia
47.5
Gabon
19.3
Ghana
48.1
Kenya
55.2
Morocco
103.8
Mozambique
15.6
Namibia
13.1
Nigeria
521.8
Rwanda
7.5
Senegal
14.8
South Africa
350.6
Tunisia
47
Uganda
21.5
Zambia
26.8
Africa
1826.7
Bangladesh
150
Cambodia
15.2
China
9240.3
Fiji
3.9
Hong Kong
274
India
1876.8
Indonesia
868.4
Japan
4919.6
Korea
1304.6
Macao
51.8
Malaysia
313.2
Mauritius
11.9
Mongolia
11.5
Pakistan
232.3
Papua New Guinea
15.3
Philippines
272.1
Moody's rating
Ba2
A2
B3
B2
B2
B3
Ba3
B1
Caa1
B1
Ba3
B2
B1
Ba1
B1
Baa3
Ba3
B2
B1
Baa2
Ba3
B1
B1
Ba3
B2
Aa3
B1
Aa1
Baa3
Baa3
A1
Aa3
Aa2
A3
Baa1
B2
Caa1
B1
Baa2
Adj. Default Spread

3.00%
0.85%
6.50%
5.50%
5.50%
6.50%
3.60%
4.50%
7.50%
4.50%
3.60%
5.50%
4.50%
2.50%
4.50%
2.20%
3.60%
5.50%
4.50%
1.90%
3.60%
4.50%
4.50%
3.99%
3.60%
5.50%
0.60%
4.50%
0.40%
2.20%
2.20%
0.70%
0.60%
0.50%
1.20%
1.60%
5.50%
7.50%
4.50%
1.90%
Singapore
Sri Lanka
Taiwan
Thailand
Vietnam
Asia
Australia
Cook Islands
New Zealand
Australia & New Zea
Aruba
Bahamas
Barbados
Bermuda
Cayman Islands
Cuba
Curacao
Dominican Republic
Jamaica
Montserrat
St. Maarten
St. Vincent & the Grena
Trinidad and Tobago
Caribbean
Argentina
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Ecuador
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Suriname
297.9
67.2
970.9
387.3
171.4
21455.6
1560.4
1.2
185.8
1747.4
2.6
8.4
3.7
5.557
1.897
60.8
1
61.2
14.4
1.5
1.5
0.713
24.6
187.867
609.9
1.6
30.6
2245.7
277.2
378.4
49.6
94.5
24.3
53.8
18.6
1260.9
11.3
42.7
29
202.4
5.3
Aaa
B1
Aa3
Baa1
B1
Aaa
B1
Aaa
B3
Baa2
B3
A1
Aa3
Caa2
A3
B1
Caa3
Baa3
Baa1
B3
Baa1
Caa1
Caa2
Ba3
Baa2
Aa3
Baa2
Ba1
B3
Ba3
Ba1
B3
A3
B3
Baa2
Ba2
A3
Ba3
0.00%
4.50%
0.60%
1.60%
4.50%
1.01%
0.00%
4.50%
0.00%
0.00%
6.50%
1.90%
6.50%
0.70%
0.60%
9.00%
1.20%
4.50%
10.00%
2.20%
1.60%
6.50%
1.60%
5.75%
7.50%
9.00%
3.60%
1.90%
0.60%
1.90%
2.50%
6.50%
3.60%
2.50%
6.50%
1.20%
6.50%
1.90%
3.00%
1.20%
3.60%
Uruguay
Venezuela
Central and South A
Albania
Armenia
Azerbaijan
Belarus
Bosnia and Herzegovin
Bulgaria
Croatia
Czech Republic
Estonia
Georgia
Hungary
Kazakhstan
Latvia
Lithuania
Macedonia
Moldova
Montenegro
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Ukraine
Eastern Europe & Ru
Abu Dhabi
Bahrain
Israel
Jordan
Kuwait
Lebanon
Oman
Qatar
Ras Al Khaimah (Emirat
Saudi Arabia
Sharjah
United Arab Emirates
Middle East
55.7
438.3
5829.8
12.9
10.4
73.4
71.7
17.9
54.5
57.9
208.9
24.9
16.1
133.4
321.9
31
45.9
10.2
8
4.4
525.9
189.6
2096.8
45.5
97.7
48
177.4
4284.3
390
32.9
290.6
33.7
175.8
44.4
80
203.2
5.2
748.5
1
402.3
2407.6
Baa2
Caa1
B1
Ba2
Baa3
B3
B3
Baa2
Ba1
A1
A1
Ba3
Ba1
Baa2
Baa1
Baa1
Ba3
B3
Ba3
A2
Baa3
Baa2
B1
A2
Ba1
Caa3
Aa2
Baa2
A1
B1
Aa2
B2
A1
Aa2
A2
Aa3
A3
Aa2
1.90%
7.50%
2.80%
4.50%
3.00%
2.20%
6.50%
6.50%
1.90%
2.50%
0.70%
0.70%
3.60%
2.50%
1.90%
1.60%
1.60%
3.60%
6.50%
3.60%
0.85%
2.20%
1.90%
4.50%
0.85%
2.50%
10.00%
2.22%
0.50%
1.90%
0.70%
4.50%
0.50%
5.50%
0.70%
0.50%
0.85%
0.60%
1.20%
0.50%
0.73%
Canada
United States of Ameri
North America
Andorra (Principality of)
Austria
Belgium
Cyprus
Denmark
Finland
France
Germany
Greece
Guernsey (States of)
Iceland
Ireland
Isle of Man
Italy
Jersey (States of)
Liechtenstein
Luxembourg
Malta
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Western Europe
Region
Africa
Asia
Caribbean
Middle East
North America
Western Europe
Global
1826.8
16768.4
18595.2
4.5
428.3
524.8
21.9
335.9
267.3
2806.4
3730.3
242.2
0.5
15.3
232.1
1.4
2149.5
1
10.5
60.1
9.6
853.54
512.6
227.3
1393
579.7
685.4
822.1
2678.5
18593.74
Weighted Average: TRP
11.73%
7.26%
5.75%
14.37%
9.95%
9.08%
6.85%
5.75%
6.88%
7.18%
Aaa
Aaa
Baa1
Aaa
Aa3
B3
Aaa
Aaa
Aa1
Aaa
Caa1
Aa1
Baa3
Baa1
Aa1
Baa2
Aa1
Aaa
Aaa
A3
Aaa
Aaa
Ba1
Baa2
Aaa
Aaa
Baa3
Aa1
0.00%
0.00%
0.00%
1.60%
0.00%
0.60%
6.50%
0.00%
0.00%
0.40%
0.00%
7.50%
0.40%
2.20%
1.60%
0.40%
1.90%
0.40%
0.00%
0.00%
1.20%
0.00%
0.00%
2.50%
1.90%
0.00%
0.00%
2.20%
0.40%
0.75%
Weighted Average: CRP

Weighted Average: Default Spreads
5.98%
3.99%
1.51%
1.01%
0.00%
0.00%
8.62%
5.75%
4.20%
2.80%
3.33%
2.22%
1.10%
0.73%
0.00%
0.00%
1.13%
0.75%
1.43%
0.96%
For updating industry average spreadsheets

ERP
Default Spread
Africa & Mid East
8.95%
2.14%
Australia, NZ & Canada
5.75%
0.00%
Latin America & Caribbean
10.09%
2.90%
Japan
6.80%
0.70%
US
5.75%
0.00%
Europe
6.88%
0.75%
Emerging Markets
8.37%
1.74%
Small Asia (No India, China & J
8.11%
1.57%
India
9.05%
2.20%
China
6.65%
0.60%
Global
7.18%
0.96%
Tax rate
27.85%
30%
27.15%
35.64%
40%
30%
25%
20%
34%
25%
30%
Total Risk PremiumCountry Risk PremiumRegion

10.25%
4.50%
Africa
7.03%
1.28%
Africa
15.50%
9.75%
Africa
14.00%
8.25%
Africa
14.00%
8.25%
Africa
15.50%
9.75%
Africa
11.15%
5.40%
Africa
12.50%
6.75%
Africa
17.00%
11.25%
Africa
12.50%
6.75%
Africa
11.15%
5.40%
Africa
14.00%
8.25%
Africa
12.50%
6.75%
Africa
9.50%
3.75%
Africa
12.50%
6.75%
Africa
9.05%
3.30%
Africa
11.15%
5.40%
Africa
14.00%
8.25%
Africa
12.50%
6.75%
Africa
8.60%
2.85%
Africa
11.15%
5.40%
Africa
12.50%
6.75%
Africa
12.50%
6.75%
Africa
11.73%
5.98%
11.15%
5.40%
Asia
14.00%
8.25%
Asia
6.65%
0.90%
Asia
12.50%
6.75%
Asia
6.35%
0.60%
Asia
9.05%
3.30%
Asia
9.05%
3.30%
Asia
6.80%
1.05%
Asia
6.65%
0.90%
Asia
6.50%
0.75%
Asia
7.55%
1.80%
Asia
8.15%
2.40%
Asia
14.00%
8.25%
Asia
17.00%
11.25%
Asia
12.50%
6.75%
Asia
8.60%
2.85%
Asia
5.75%
12.50%
6.65%
8.15%
12.50%
7.26%
5.75%
12.50%
5.75%
5.75%
15.50%
8.60%
15.50%
6.80%
6.65%
19.25%
7.55%
12.50%
20.75%
9.05%
8.15%
15.50%
8.15%
14.37%
17.00%
19.25%
11.15%
8.60%
6.65%
8.60%
9.50%
15.50%
11.15%
9.50%
15.50%
7.55%
15.50%
8.60%
10.25%
7.55%
11.15%
0.00%
6.75%
0.90%
2.40%
6.75%
1.51%
0.00%
6.75%
0.00%
0.00%
9.75%
2.85%
9.75%
1.05%
0.90%
13.50%
1.80%
6.75%
15.00%
3.30%
2.40%
9.75%
2.40%
8.62%
11.25%
13.50%
5.40%
2.85%
0.90%
2.85%
3.75%
9.75%
5.40%
3.75%
9.75%
1.80%
9.75%
2.85%
4.50%
1.80%
5.40%
Asia
Asia
Asia
Asia
Asia
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
and
and
and
and
and
and
and
and
and
and
and
and
and
and
and
and
and
South
South
South
South
South
South
South
South
South
South
South
South
South
South
South
South
South
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
Ameri
8.60%
17.00%
9.95%
12.50%
10.25%
9.05%
15.50%
15.50%
8.60%
9.50%
6.80%
6.80%
11.15%
9.50%
8.60%
8.15%
8.15%
11.15%
15.50%
11.15%
7.03%
9.05%
8.60%
12.50%
7.03%
9.50%
20.75%
9.08%
6.50%
8.60%
6.80%
12.50%
6.50%
14.00%
6.80%
6.50%
7.03%
6.65%
7.55%
6.50%
6.85%
2.85%
11.25%
4.20%
6.75%
4.50%
3.30%
9.75%
9.75%
2.85%
3.75%
1.05%
1.05%
5.40%
3.75%
2.85%
2.40%
2.40%
5.40%
9.75%
5.40%
1.28%
3.30%
2.85%
6.75%
1.28%
3.75%
15.00%
3.33%
0.75%
2.85%
1.05%
6.75%
0.75%
8.25%
1.05%
0.75%
1.28%
0.90%
1.80%
0.75%
1.10%
Central and South Ameri

Central and South Ameri
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
East
East
East
East
East
East
East
East
East
East
East
East
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
5.75%
5.75%
5.75%
8.15%
5.75%
6.65%
15.50%
5.75%
5.75%
6.35%
5.75%
17.00%
6.35%
9.05%
8.15%
6.35%
8.60%
6.35%
5.75%
5.75%
7.55%
5.75%
5.75%
9.50%
8.60%
5.75%
5.75%
9.05%
6.35%
6.88%
0.00%
0.00%
0.00%
2.40%
0.00%
0.90%
9.75%
0.00%
0.00%
0.60%
0.00%
11.25%
0.60%
3.30%
2.40%
0.60%
2.85%
0.60%
0.00%
0.00%
1.80%
0.00%
0.00%
3.75%
2.85%
0.00%
0.00%
3.30%
0.60%
1.13%
Total GDP
1826.7
21455.6
1747.4
187.867
5829.8
4284.3
2407.6
18595.2
18593.74
74928.207
Weight
2.44%
28.63%
2.33%
0.25%
7.78%
5.72%
3.21%
24.82%
24.82%
North America
North America
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Weight *ERP
0.29%
2.08%
0.13%
0.04%
0.77%
0.52%
0.22%
1.43%
1.71%
GDP Weight
6.80%
0.81%
0.64%
1.62%
0.22%
1.79%
0.77%
1.70%
14.89%
2.60%
1.06%
2.63%
3.02%
5.68%
0.85%
0.72%
28.57%
0.41%
0.81%
19.19%
2.57%
1.18%
1.47%
100.00%
0.70%
0.07%
43.07%
0.02%
1.28%
8.75%
4.05%
22.93%
6.08%
0.24%
1.46%
0.06%
0.05%
1.08%
0.07%
1.27%
Weigth*Default Spr Weight*ERP

0.20%
0.01%
0.04%
0.09%
0.01%
0.12%
0.03%
0.08%
1.12%
0.12%
0.04%
0.14%
0.14%
0.14%
0.04%
0.02%
1.03%
0.02%
0.04%
0.36%
0.09%
0.05%
0.07%
0.70%
0.06%
0.10%
0.23%
0.03%
0.28%
0.09%
0.21%
2.53%
0.33%
0.12%
0.37%
0.38%
0.54%
0.11%
0.06%
3.19%
0.06%
0.10%
1.65%
0.29%
0.15%
0.18%
0.03%
0.00%
0.26%
0.00%
0.01%
0.19%
0.09%
0.16%
0.04%
0.00%
0.02%
0.00%
0.00%
0.08%
0.00%
0.02%
0.08%
0.01%
2.86%
0.00%
0.08%
0.79%
0.37%
1.56%
0.40%
0.02%
0.11%
0.00%
0.01%
0.18%
0.01%
0.11%
1.39%
0.31%
4.53%
1.81%
0.80%
100.00%
89.30%
0.07%
10.63%
0.00%
0.01%
0.03%
0.03%
0.04%
0.08%
0.04%
0.30%
0.15%
0.10%
0.00%
0.00%
0.00%
5.13%
0.01%
0.61%
1.38%
4.47%
1.97%
2.96%
1.01%
32.36%
0.53%
32.58%
7.66%
0.80%
0.80%
0.38%
13.09%
0.09%
0.08%
0.13%
0.02%
0.01%
2.91%
0.01%
1.47%
0.77%
0.02%
0.01%
0.02%
0.21%
0.21%
0.38%
0.31%
0.20%
0.07%
6.23%
0.04%
4.07%
1.59%
0.07%
0.07%
0.06%
1.07%
10.46%
0.03%
0.52%
38.52%
4.75%
6.49%
0.85%
1.62%
0.42%
0.92%
0.32%
21.63%
0.19%
0.73%
0.50%
3.47%
0.09%
0.78%
0.00%
0.02%
0.73%
0.03%
0.12%
0.02%
0.11%
0.02%
0.02%
0.02%
0.26%
0.01%
0.01%
0.01%
0.04%
0.00%
1.78%
0.01%
0.06%
3.31%
0.32%
0.56%
0.08%
0.25%
0.05%
0.09%
0.05%
1.63%
0.03%
0.06%
0.05%
0.26%
0.01%
0.96%
7.52%
100.00%
0.30%
0.24%
1.71%
1.67%
0.42%
1.27%
1.35%
4.88%
0.58%
0.38%
3.11%
7.51%
0.72%
1.07%
0.24%
0.19%
0.10%
12.28%
4.43%
48.94%
1.06%
2.28%
1.12%
4.14%
100.00%
16.20%
1.37%
12.07%
1.40%
7.30%
1.84%
3.32%
8.44%
0.22%
31.09%
0.04%
16.71%
100.00%
0.02%
0.56%
0.08%
1.28%
0.01%
0.01%
0.04%
0.11%
0.03%
0.02%
0.03%
0.03%
0.00%
0.01%
0.08%
0.14%
0.01%
0.02%
0.01%
0.01%
0.00%
0.10%
0.10%
0.93%
0.05%
0.02%
0.03%
0.41%
0.04%
0.02%
0.16%
0.26%
0.06%
0.11%
0.13%
0.33%
0.04%
0.04%
0.30%
0.65%
0.06%
0.09%
0.03%
0.03%
0.01%
0.86%
0.40%
4.21%
0.13%
0.16%
0.11%
0.86%
0.08%
0.03%
0.08%
0.06%
0.04%
0.10%
0.02%
0.04%
0.00%
0.19%
0.00%
0.08%
1.05%
0.12%
0.82%
0.17%
0.47%
0.26%
0.23%
0.55%
0.02%
2.07%
0.00%
1.09%
9.82%
90.18%
0.00%
0.00%
0.56%
5.19%
0.02%
2.30%
2.82%
0.12%
1.81%
1.44%
15.09%
20.06%
1.30%
0.00%
0.08%
1.25%
0.01%
11.56%
0.01%
0.06%
0.32%
0.05%
4.59%
2.76%
1.22%
7.49%
3.12%
3.69%
4.42%
14.41%
100.00%
0.00%
0.00%
0.02%
0.01%
0.00%
0.00%
0.06%
0.00%
0.10%
0.00%
0.00%
0.02%
0.00%
0.22%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.03%
0.14%
0.00%
0.00%
0.10%
0.06%
0.00%
0.13%
0.19%
0.02%
0.10%
0.08%
0.96%
1.15%
0.22%
0.00%
0.01%
0.10%
0.00%
0.99%
0.00%
0.00%
0.02%
0.00%
0.26%
0.16%
0.12%
0.64%
0.18%
0.21%
0.40%
0.91%
Weight*CRP
0.15%
0.43%
0.00%
0.02%
0.33%
0.19%
0.04%
0.00%
0.28%
Weight*Default Spread
0.10%
0.29%
0.00%
0.01%
0.22%
0.13%
0.02%
0.00%
0.19%
Weight*CRP
0.31%
0.01%
0.06%
0.13%
0.02%
0.17%
0.04%
0.11%
1.68%
0.18%
0.06%
0.22%
0.20%
0.21%
0.06%
0.02%
1.54%
0.03%
0.05%
0.55%
0.14%
0.08%
0.10%
0.04%
0.01%
0.39%
0.00%
0.01%
0.29%
0.13%
0.24%
0.05%
0.00%
0.03%
0.00%
0.00%
0.12%
0.00%
0.04%
0.00%
0.02%
0.04%
0.04%
0.05%
0.00%
0.00%
0.00%
0.13%
0.13%
0.19%
0.03%
0.01%
4.37%
0.01%
2.20%
1.15%
0.03%
0.02%
0.04%
0.31%
8.62%
1.18%
0.00%
0.03%
1.10%
0.04%
0.18%
0.03%
0.16%
0.02%
0.03%
0.03%
0.39%
0.02%
0.02%
0.02%
0.06%
0.00%
0.03%
0.85%
0.02%
0.01%
0.06%
0.16%
0.04%
0.04%
0.05%
0.05%
0.01%
0.02%
0.12%
0.21%
0.02%
0.03%
0.01%
0.02%
0.01%
0.16%
0.15%
1.39%
0.07%
0.03%
0.04%
0.62%
0.12%
0.04%
0.13%
0.09%
0.05%
0.15%
0.03%
0.06%
0.00%
0.28%
0.00%
0.13%
0.00%
0.00%
0.00%
0.00%
0.03%
0.01%
0.00%
0.00%
0.09%
0.00%
0.15%
0.00%
0.00%
0.03%
0.00%
0.33%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.21%
0.00%
0.00%
0.15%
0.09%
GDP(inbillions)
Country
AbuDhabi
390
Albania
12.9
Andorra(Principalityof)
4.5
Angola
124.2
Argentina
609.9
Armenia
10.4
Aruba
2.6
Australia
1560.4
Austria
428.3
Azerbaijan
73.4
Bahamas
8.4
Bahrain
32.9
Bangladesh
150
Barbados
3.7
Belarus
71.7
Belgium
524.8
Belize
1.6
Bermuda
5.557
Bolivia
30.6
17.9
Botswana
14.8
Brazil
2245.7
Bulgaria
54.5
BurkinaFaso
11.6
Cambodia
15.2
Cameroon
29.6
Canada
1826.8
CaymanIslands
1.897
CapeVerde
4
Chile
277.2
China
9240.3
Colombia
378.4
Congo(DemocraticRepubli
32.7
Congo(Republicof)
14.1
CookIslands
1.2
CostaRica
49.6
Cted'Ivoire
31.1
Croatia
57.9
Cuba
60.8
Curacao
1
Moody'srating
Aa2
B1
Baa1
Ba2
Caa1
Ba2
B3
Aaa
Aaa
Baa3
Baa2
Baa2
Ba3
B3
B3
Aa3
Caa2
A1
Ba3
B3
A2
Baa2
Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
B1
Ba1
Caa2
A3
Adj.DefaultSpread
0.50%
4.50%
1.60%
3.00%
7.50%
3.00%
6.50%
0.00%
0.00%
2.20%
1.90%
1.90%
3.60%
6.50%
6.50%
0.60%
9.00%
0.70%
3.60%
6.50%
0.85%
1.90%
1.90%
6.50%
5.50%
5.50%
0.00%
0.60%
5.50%
0.60%
0.60%
1.90%
6.50%
3.60%
4.50%
2.50%
4.50%
2.50%
9.00%
1.20%
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
21.9
208.9
335.9
61.2
94.5
272
24.3
24.9
47.5
3.9
267.3
2806.4
19.3
16.1
3730.3
48.1
242.2
53.8
0.5
18.6
274
133.4
15.3
1876.8
868.4
232.1
1.4
290.6
2149.5
14.4
4919.6
1
33.7
321.9
55.2
1304.6
175.8
31
44.4
10.5
45.9
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B2
Caa1
Ba1
Aa1
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
Aa1
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
Aaa
Baa1
6.50%
0.70%
0.00%
4.50%
6.50%
7.50%
3.60%
0.70%
4.50%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
5.50%
7.50%
2.50%
0.40%
6.50%
0.40%
2.50%
2.20%
2.20%
2.20%
1.60%
0.40%
0.70%
1.90%
10.00%
0.70%
0.40%
4.50%
1.90%
4.50%
0.60%
0.50%
1.60%
5.50%
0.00%
1.60%
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaimah(Emirateo
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
SouthAfrica
60.1
51.8
10.2
313.2
9.6
11.9
1260.9
8
11.5
4.4
1.5
103.8
15.6
13.1
853.54
185.8
11.3
521.8
512.6
80
232.3
42.7
15.3
29
202.4
272.1
525.9
227.3
203.2
5.2
189.6
2096.8
7.5
748.5
14.8
45.5
1
297.9
97.7
48
350.6
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Baa2
B2
Aa3
B1
B1
A3
Aaa
A2
Ba1
Baa2
0.00%
0.50%
3.60%
1.20%
1.20%
1.60%
1.20%
6.50%
5.50%
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%
3.00%
1.20%
1.90%
0.85%
2.50%
0.50%
0.85%
2.20%
1.90%
5.50%
0.60%
4.50%
4.50%
1.20%
0.00%
0.85%
2.50%
1.90%
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadin
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIslands
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
Uruguay
Venezuela
Vietnam
Zambia
1393
67.2
1.5
0.713
5.3
579.7
685.4
970.9
387.3
24.6
47
822.1
1.5
21.5
177.4
402.3
2678.5
16768.4
55.7
438.3
171.4
26.8
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa1
B1
B1
1.90%
4.50%
1.60%
6.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
1.60%
4.50%
10.00%
0.50%
0.40%
0.00%
1.90%
7.50%
4.50%
4.50%
TotalRiskPremium
CountryRiskPremium Region
6.50%
0.75%
Middle East
12.50%
6.75%
8.15%
2.40%
Western Europe
10.25%
4.50%
Africa
17.00%
11.25%
10.25%
4.50%
15.50%
9.75%
Caribbean
5.75%
0.00%
5.75%
0.00%
Western Europe
9.05%
3.30%
8.60%
2.85%
Caribbean
8.60%
2.85%
Middle East
11.15%
5.40%
Asia
15.50%
9.75%
Caribbean
15.50%
9.75%
6.65%
0.90%
Western Europe
19.25%
13.50%
6.80%
1.05%
Caribbean
11.15%
5.40%
15.50%
9.75%
7.03%
1.28%
Africa
8.60%
2.85%
8.60%
2.85%
15.50%
9.75%
Africa
14.00%
8.25%
Asia
14.00%
8.25%
Africa
5.75%
0.00%
North America
6.65%
0.90%
Caribbean
14.00%
8.25%
Africa
6.65%
0.90%
6.65%
0.90%
Asia
8.60%
2.85%
15.50%
9.75%
Africa
11.15%
5.40%
Africa
12.50%
6.75%
9.50%
3.75%
12.50%
6.75%
Africa
9.50%
3.75%
19.25%
13.50%
Caribbean
7.55%
1.80%
Caribbean
15.50%
6.80%
5.75%
12.50%
15.50%
17.00%
11.15%
6.80%
12.50%
12.50%
5.75%
6.35%
11.15%
11.15%
5.75%
14.00%
17.00%
9.50%
6.35%
15.50%
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
20.75%
6.80%
6.35%
12.50%
8.60%
12.50%
6.65%
6.50%
8.15%
14.00%
5.75%
8.15%
9.75%
1.05%
0.00%
6.75%
9.75%
11.25%
5.40%
1.05%
6.75%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
8.25%
11.25%
3.75%
0.60%
9.75%
0.60%
3.75%
3.30%
3.30%
3.30%
2.40%
0.60%
1.05%
2.85%
15.00%
1.05%
0.60%
6.75%
2.85%
6.75%
0.90%
0.75%
2.40%
8.25%
0.00%
2.40%
Western Europe
Western Europe
Caribbean
Africa
Africa
Asia
Western Europe
Western Europe
Africa
Western Europe
Africa
Western Europe
Western Europe
Asia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Africa
Asia
Middle East
Middle East
Western Europe
5.75%
6.50%
11.15%
7.55%
7.55%
8.15%
7.55%
15.50%
14.00%
11.15%
9.05%
9.50%
12.50%
9.05%
5.75%
5.75%
15.50%
11.15%
5.75%
6.80%
17.00%
8.60%
12.50%
10.25%
7.55%
8.60%
7.03%
9.50%
6.50%
7.03%
9.05%
8.60%
14.00%
6.65%
12.50%
12.50%
7.55%
5.75%
7.03%
9.50%
8.60%
0.00%
0.75%
5.40%
1.80%
1.80%
2.40%
1.80%
9.75%
8.25%
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%
4.50%
1.80%
2.85%
1.28%
3.75%
0.75%
1.28%
3.30%
2.85%
8.25%
0.90%
6.75%
6.75%
1.80%
0.00%
1.28%
3.75%
2.85%
Western Europe
Asia
Asia
Western Europe
Asia
Asia
Caribbean
Africa
Africa
Africa
Western Europe
Africa
Western Europe
Middle East
Asia
Asia
Asia
Western Europe
Middle East
Middle East
Africa
Middle East
Africa
Middle East
Asia
Africa
8.60%
12.50%
8.15%
15.50%
11.15%
5.75%
5.75%
6.65%
8.15%
8.15%
11.15%
9.05%
8.15%
12.50%
20.75%
6.50%
6.35%
5.75%
8.60%
17.00%
12.50%
12.50%
2.85%
6.75%
2.40%
9.75%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
2.40%
6.75%
15.00%
0.75%
0.60%
0.00%
2.85%
11.25%
6.75%
6.75%
Western Europe
Asia
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Middle East
Western Europe
North America
Asia
Africa
Country
S&P Rating
Abu Dhabi
AA
Albania
B
BBB+
Angola
BBArgentina
CCC+
Armenia
NA
Aruba
BBB+
Australia
AAA
Austria
AA+
Azerbaijan
BBBBahamas
BBB
Bahrain
BBB
Bangladesh
BBBarbados
B
Belarus
BBelgium
AA
Belize
BBermuda
AABolivia
BB
Bosnia and Herzegovin
B
Botswana
ABrazil
BBB+
Bulgaria
BB+
Burkina Faso
BCambodia
NA
Cameroon
B
Canada
AAA
Cayman Islands
NA
Cape Verde
B
Chile
AA+
China
AAColombia
BBB+
BCongo (Republic of)
B+
Cook Islands
B+
Costa Rica
BB
Cte d'Ivoire
NA
Croatia
BB
Cuba
NA
Curacao
A-
Moody's rating
Aa2
B1
Baa1
Ba2
Caa1
Ba2
B3
Aaa
Aaa
Baa3
Baa2
Baa2
Ba3
B3
B3
Aa3
Caa2
A1
Ba3
B3
A2
Baa2
Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
B1
Ba1
Caa2
A3
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
B+
AA
AAA
B+
B+
BB+
AAB
B
AA+
AA
BBBBAAA
BB
BB+
AA+
B
AAA
BB
BBBBBBBB+
A
NA
A+
BBBBAAAA+
BBBBB+
B+
AAAA
ABAAA
A-
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B2
Caa1
Ba1
Aa1
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
Aa1
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
Aaa
Baa1
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
Poland
Portugal
Qatar
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
South Africa
AAA
NA
BBA
BBB+
NA
A
NA
B+
B+
BBBBBBB
NA
AA+
AA+
NA
BBAAA
A
BBBB
B+
BB
ABBB
A
BB
AA
A
BBBBBB
B
AAB+
BBA
AAA
A
ABBB+
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Baa2
B2
Aa3
B1
B1
A3
Aaa
A2
Ba1
Baa2
Spain
Sri Lanka
St. Maarten
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Island
Uganda
Ukraine
United Kingdom
United States of Americ
Uruguay
Venezuela
Vietnam
Zambia
BBB
B+
NA
NA
BBAAA
AAA
AAAA
NA
BBB
BBB+
B
CCC+
NA
AAA
AA+
BBBCCC+
BBB+
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa1
B1
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.
S&P
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC+
CCC
CCCCC+
CC
CCC+
C
C-
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
lookup table is used to estimate the
Country
Region
MiddleEast
Abu Dhabi
Albania
Andorra
Western Europe
Angola
Africa
Argentina
Armenia
Caribbean
Aruba
Australia
Austria
WesternEurope
Azerbaijan
EasternEurope&Russia
Bahamas
Caribbean
Bahrain
MiddleEast
Bangladesh
Asia
Barbados
Caribbean
Belarus
Belgium
WesternEurope
Belize
CentralandSouthAmerica
Benin
Africa
Bermuda
Caribbean
Bolivia
Botswana
Africa
Brazil
Bulgaria
Africa
Burkina Faso
Cambodia
Asia
Africa
Cameroon
Canada
NorthAmerica
CapeVerde
Africa
CaymanIslands
Caribbean
Chile
China
Asia
Colombia
Africa
Africa
Congo (Republic of)
Australia&NewZealand
Cook Islands
CostaRica
Africa
Cte d'Ivoire
Croatia
Cuba
Caribbean
Caribbean
Curacao
Cyprus
WesternEurope
CzechRepublic
Democratic Republic of Africa
Denmark
WesternEurope
DominicanRepublic
Caribbean
Ecuador
Egypt
Africa
ElSalvador
Estonia
Africa
Ethiopia
Fiji
Asia
Finland
WesternEurope
France
WesternEurope
Africa
Gabon
Georgia
Germany
WesternEurope
Ghana
Africa
Greece
WesternEurope
Guatemala
Guernsey (States of) WesternEurope
Honduras
HongKong
Asia
Hungary
Iceland
WesternEurope
India
Asia
Indonesia
Asia
Ireland
WesternEurope
IsleofMan
WesternEurope
Israel
MiddleEast
Italy
WesternEurope
Jamaica
Caribbean
Japan
Asia
WesternEurope
Jersey (States of)
Jordan
MiddleEast
Kazakhstan
Kenya
Africa
Korea
Asia
Kuwait
MiddleEast
Latvia
Lebanon
MiddleEast
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kaminah
Republic of the Congo
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
WesternEurope
WesternEurope
Asia
Asia
WesternEurope
Asia
Asia
Caribbean
Africa
Africa
Africa
WesternEurope
Australia&NewZealand
Africa
WesternEurope
MiddleEast
Asia
Asia
Asia
WesternEurope
MiddleEast
MiddleEast
Africa
Africa
MiddleEast
Africa
MiddleEast
Asia
Slovakia
Slovenia
SouthAfrica
Africa
Spain
WesternEurope
SriLanka
Asia
Caribbean
St. Maarten
St.Vincent&theGrenadinesCaribbean
Suriname
Sweden
WesternEurope
Switzerland
WesternEurope
Taiwan
Asia
Thailand
Asia
TrinidadandTobago
Caribbean
Tunisia
Africa
Turkey
WesternEurope
Turkmenistan
TurksandCaicos
Caribbean
Uganda
Africa
Ukraine
UnitedArabEmirates
MiddleEast
UnitedKingdom
WesternEurope
NorthAmerica
Uruguay
Venezuela
Vietnam
Asia
Zambia
Africa
Row Labels
A1
A2
A3
Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2
Ba3
Baa1
Baa2
Baa3
Caa1
Caa2
Caa3
Grand Total
Values
Count of 10-year CDS Average of 10-year CDS2
6
0.67%
4
#DIV/0!
6
1.62%
6
2.52%
5
2.08%
7
1.65%
14
1.65%
14
1.88%
7
#DIV/0!
13
2.09%
7
2.30%
3
4.03%
11
1.55%
8
1.20%
12
1.87%
8
1.12%
4
8.31%
2
#DIV/0!
2
6.53%
139
2.14%
Mood
CDS Spread
y's
adj for US
rating
Abu Dhabi
Aa2
1.12%
Albania
B1
NA
Andorra (Principality of) Baa1
NA
Angola
Ba2
NA
Argentina
Caa1
83.17%
Armenia
Ba2
NA
Aruba
B3
NA
Australia
Aaa
0.66%
Austria
Aaa
0.50%
Azerbaijan
Baa3
NA
Bahamas
Baa2
NA
Bahrain
Baa2
2.87%
Bangladesh
Ba3
NA
Barbados
B3
NA
Belarus
B3
NA
Belgium
Aa3
0.89%
Belize
Caa2
NA
Bermuda
A1
NA
Bolivia
Ba3
NA
Bosnia and Herzegovin B3
NA
Botswana
A2
NA
Brazil
Baa2
2.86%
Bulgaria
Baa2
2.68%
Burkina Faso
B3
NA
Cambodia
B2
NA
Cameroon
B2
NA
Canada
Aaa
NA
Cayman Islands
Aa3
NA
Cape Verde
B2
NA
Chile
Aa3
1.46%
China
Aa3
1.47%
Colombia
Baa2
2.26%
Congo (Democratic Repu B3
NA
Congo (Republic of)
Ba3
NA
Cook Islands
B1
NA
Costa Rica
Ba1
3.27%
Cte d'Ivoire
B1
NA
Croatia
Ba1
3.34%
Country
Updated: January 5, 2015
Cuba
Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Caa2
A3
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B2
Caa1
Ba1
Aa1
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
Aa1
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
NA
NA
6.04%
0.94%
0.48%
NA
NA
3.25%
NA
0.89%
NA
NA
0.50%
0.91%
NA
NA
0.43%
NA
10.45%
NA
NA
NA
0.81%
2.33%
1.96%
2.33%
2.51%
0.95%
NA
0.11%
2.03%
NA
1.24%
NA
NA
3.85%
NA
0.86%
NA
1.61%
4.38%
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
Poland
Portugal
Qatar
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Aaa
Baa1
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Baa2
B2
Aa3
B1
B1
A3
Aaa
A2
NA
1.57%
NA
NA
NA
1.84%
NA
NA
1.74%
NA
NA
NA
NA
2.24%
NA
NA
0.47%
0.70%
NA
NA
0.30%
NA
10.10%
1.78%
NA
NA
1.92%
1.67%
1.15%
2.78%
1.26%
NA
1.92%
5.32%
NA
1.08%
NA
NA
NA
NA
1.01%
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Island
Uganda
Ukraine
United Kingdom
United States of Americ
Uruguay
Venezuela
Vietnam
Zambia
Ba1
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa1
B1
B1
1.83%
2.65%
1.48%
NA
NA
NA
NA
0.34%
0.41%
NA
1.60%
NA
3.07%
2.46%
NA
0.00%
15.43%
1.23%
0.46%
0.00%
NA
17.75%
2.84%
NA
Country
Std deviation in Equities (weekly over 2 years)

Std deviation in Bond Price
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
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%
18.27%
NA
NA
12.58%
NA
8.50%
11.20%
14.52%
9.08%
10.90%
16.35%
NA
39.17%
18.24%
12.41%
8.01%
20.43%
24.86%
9.20%
15.30%
NA
6.55%
NA
NA
NA
8.64%
11.06%
8.35%
NA
NA
7.54%
12.24%
12.24%
11.67%
29.69%
16.97%
12.55%
NA
10.44%
12.63%
South Africa
Spain
Sri Lanka
Thailand
Tunisia
Turkey
Ukraine
Venezuela
Vietnam
US
Average
Median
16.33%
29.14%
19.28%
17.77%
17.00%
24.52%
37.83%
14.38%
25.42%
19.55%
10.18%
30.83%
NA
9.88%
NA
11.97%
NA
20.87%
12.65%
Relative Standard Deviation

1.63
NA
NA
1.73
NA
1.84
1.96
1.23
1.65
1.97
1.61
NA
0.84
1.48
1.15
2.48
1.01
0.91
2.02
1.96
NA
3.04
NA
NA
NA
1.27
1.63
1.36
NA
NA
2.21
2.17
1.50
1.60
0.69
1.40
1.95
NA
1.63
1.25
1.60
0.95
NA
1.80
NA
2.05
NA
0.69
2.01
1.61
1.63
GDP (in billions)

Country
Abu Dhabi
390
Albania
12.9 SourceWorld Bank
2013
4.5 Year
Angola
124.2
Argentina
609.9
Armenia
10.4
Aruba
2.6
Australia
1560
Austria
428.3
Azerbaijan
73.4
Bahamas
8.4
Bahrain
32.9
Bangladesh
150
Barbados
3.7
Belarus
71.7
Belgium
524.8
Belize
1.6
Bermuda
5.6
Bolivia
30.6
Bosnia and Herzegovina
17.9
Botswana
14.8
Brazil
2246
Bulgaria
54.5
Burkina Faso
11.6
Cambodia
15.2
Cameroon
29.6
Canada
1827
Cayman Islands
1.9
Cape Verde
4.0
Chile
277.2
China
9240
Colombia
378.4
Congo (Democratic Republ 32.7
Congo (Republic of)
14.1
Cook Islands
1.2
Costa Rica
49.6
Cte d'Ivoire
31.1
Croatia
57.9
Cuba
60.8
Curacao
1.0
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
21.9
208.9
335.9
61.2
94.5
272
24.3
24.9
47.5
3.9
267.3
2806
19.3
16.1
3730
48.1
242.2
53.8
0.5
18.6
274
133.4
15.3
1877
868.4
232.1
1.4
290.6
2150
14.4
4920
1
33.7
321.9
55.2
1305
175.8
31
44.4
10.5
45.9
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
Poland
Portugal
Qatar
Ras Al Khaimah (Emirate
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
South Africa
60.1
51.8
10.2
313.2
9.6
11.9
1261
8
11.5
4.4
1.5
103.8
15.6
13.1
853.5
185.8
11.3
521.8
512.6
80
232.3
42.7
15.3
29
202.4
272.1
525.9
227.3
203.2
5.2
189.6
2097
7.5
748.5
14.8
45.5
1
297.9
97.7
48
350.6
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenad
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Islands
Uganda
Ukraine
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia
1393
67.2
1.5
0.7
5.3
579.7
685.4
970.9
387.3
24.6
47
822.1
1.5
21.5
177.4
402.3
2679
16768
55.7
438.3
171.4
26.8
S&P
Rating Moody's Rating
Abu Dhabi
AA
Aa2
Albania
B
B1
BBB+
NA
Angola
BBBa2
Argentina
CCC+
Caa1
Armenia
NA
Ba2
Aruba
BBB+
NA
Australia
AAA
Aaa
Austria
AA+
Aaa
Azerbaijan
BBBBaa3
Bahamas
BBB
Baa2
Bahrain
BBB
Baa2
Bangladesh
BBBa3
Barbados
B
B3
Belarus
BB3
Belgium
AA
Aa3
Belize
BCaa2
Bermuda
AAA1
Bolivia
BB
Ba3
B
B3
Botswana
AA2
Brazil
BBB+
Baa2
Bulgaria
BB+
Baa2
Burkina Faso
BNA
Cambodia
NA
B2
Cameroon
B
NA
Canada
AAA
Aaa
Cayman Islands
NA
Aa3
Cape Verde
B
NA
Chile
AA+
Aa3
China
AAAa3
Colombia
BBB+
Baa2
Congo (Democratic Republ BB3
Congo (Republic of)
B+
Ba3
Cook Islands
B+
NA
Costa Rica
BB
Ba1
Cte d'Ivoire
NA
B1
Croatia
BB
Ba1
Cuba
NA
Caa2
Country
Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
AB+
AA
AAA
B+
B+
BB+
AAB
B
AA+
AA
BBBBAAA
BB
BB+
AA+
B
AAA
BB
BBBBBBBB+
A
NA
A+
BBBBAAAA+
BBBBB+
B+
AAAA
ABAAA
NA
B3
A1
Aaa
B1
B3
Caa1
Ba3
A1
B1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B2
Caa1
Ba1
NA
B3
Aa1
Ba1
Baa3
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa3
A1
NA
B1
Baa2
B1
Aa3
Aa2
Baa1
B2
NA
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
Poland
Portugal
Qatar
Ras Al Khaimah (Emirate
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
AAAA
NA
BBA
BBB+
NA
A
NA
B+
B+
BBBBBBB
NA
AA+
AA+
NA
BBAAA
A
BBBB
B+
BB
ABBB
A
BB
AA
A
BBBBBB
B
AAB+
BBA
AAA
A
A-
Baa1
Aaa
Aa2
NA
A3
A3
Baa1
A3
B3
B2
Ba3
NA
Ba1
B1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
Ba2
A3
Baa2
A2
Ba1
Aa2
NA
Baa3
Baa2
NA
Aa3
B1
B1
A3
Aaa
A2
Ba1
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadi
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia
BBB+
BBB
B+
NA
NA
BBAAA
AAA
AAAA
NA
BBB
BBB+
B
CCC+
NA
AAA
AA+
BBBCCC+
BBB+
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Ba3
Baa3
NA
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa1
B1
B1
S&P local currency rating
Moody's Local Currency Rating
Abu Dhabi (Emirate of)
AA
Abu Dhabi
Aa2
Albania (Republic of)
Albania
B1
BBB+
Angola (Republic of)
BB-
Angola
Ba2
Argentina
Caa1
Armenia
Ba2
Australia (Commonwealth of) (Unso

AAA
Australia
Aaa
Austria (Republic of)
AA+
Austria
Aaa
Azerbaijan (Republic of)
BBB-
Azerbaijan
Baa3
Bahamas
BBB
Bahamas
Baa2
Bahrain (Kingdom of)
BBB
Argentina (Republic of) (Unsolicit CCC+

Aruba
BBB+
Bahrain
Baa2
Bangladesh (People's Republic of) BB-
Bangladesh
Ba3
Barbados
Barbados
B3
Belarus (Republic of)
B-
Belarus
B3
Belgium (Kingdom of) (UnsolicitedAA
Belgium
Aa3
Belize
B-
Belize
Caa2
Bermuda
AA-
Bermuda
A1
Bolivia (Plurinational State of)
BB
Bolivia
Ba3
Bosnia and Herzego
B3
Botswana (Republic of)
A-
Botswana
A2
Brazil (Federative Republic of)
BBB+
Brazil
Baa2
Bulgaria (Republic of)
BB+
Bulgaria
Baa2
Burkina Faso
BCambodia
B2
Canada
Aaa
Cayman Islands
Aa3
Cameroon
Canada
AAA
Cape Verde
Chile (Republic of)
AA+
Chile
Aa3
China (People's Republic of )
AA-
China
Aa3
Colombia (Republic of)
BBB+
Colombia
Baa2
Congo (Democratic Republic of)
B-
Congo (Democr
B3
Congo (Republic of)
B+
Congo (Republi
Ba3
Cook Islands
B+
Costa Rica (Republic of)
BB
Costa Rica
Ba1
Cte d'Ivoire
B1
Croatia
Ba1
Cuba
Caa2
Croatia (Republic of)
BB
Curacao
A-
Cyprus (Republic of)
B+
Cyprus
B3
Czech Republic
AA
Czech Republic
A1
Denmark (Kingdom of)
AAA
Denmark
Aaa
Dominican Republic
B+
Dominican Republi
B1
Ecuador (Republic of)
B+
Ecuador
B3
Egypt (Arab republic of)
B-
Egypt
Caa1
El Salvador (Republic of)
B+
El Salvador
Ba3
Estonia (Republic of)
AA-
Estonia
A1
Ethiopia (Federal Democratic RepuB
Ethiopia
B1
Fiji
Fiji
B1
Finland (Republic of)
AA+
Finland
Aaa
France (Republic of) (Unsolicited AA
France
Aa1
Gabonese Republic
BB-
Gabon
Ba3
Georgia (Government of)
BB-
Georgia
Ba3
Germany (Federal Republic of) (UnAAA
Germany
Aaa
Ghana (Republic of)
B-
Ghana
B2
Greece (Hellenic Republic)
Greece
Caa1
Guatemala (Republic of)
BB+
Guatemala
Ba1
AA+
Honduras (Republic of)
Honduras
B3
Hong Kong (Special Administrativ AAA
Hong Kong
Aa1
Hungary
BB
Hungary
Ba1
Iceland (Republic of)
BBB-
Iceland
Baa3
India (Republic of) (Unsolicited Ra BBB-
India
Baa3
Indonesia (Republic of)
BB+
Indonesia
Baa3
Ireland (Republic of)
Ireland
Baa1
Isle of Man
Aa1
Israel
A1
Israel (State of)
A+
Italy (Republic of) (Unsolicited RatBBB-
Italy
Baa2
Jamaica
B-
Jamaica
Caa3
Japan (Unsolicited Ratings)
AA-
Japan
A1
Jersey (States of)
AA+
Jordan (Hashemite Kingdom of)
BB-
Jordan
B1
Kazakhstan (Republic of)
BBB+
Kazakhstan
Kenya (Republic of)
B+
Kenya
B1
Korea (Republic of)
AA-
Korea
Aa3
Kuwait (State of)
AA
Kuwait
Aa2
Latvia (Republic of)
A-
Latvia
Baa1
Lebanon (Republic of)
B-
Lebanon
Liechtenstein
AAA
Baa2
B2
Lithuania (Republic of)
A-
Lithuania
Baa1
Luxembourg (Grand Duchy of)
AAA
Luxembourg
Aaa
Macao
Aa2
Macedonia
BB-
Malaysia
Malaysia
A3
Malta (Republic of)
BBB+
Malta
A3
Mauritius
Mexico
Baa1
Mexico
A3
Moldova
B3
Mongolia
B+
Mongolia
B2
Montenegro (Republic of)
B+
Montenegro
Ba3
Montserrat
BBB-
Morocco (Kingdom of)
BBB-
Morocco
Ba1
Mozambique (Republic of)
Mozambique
B1
Namibia
Baa3
Netherlands (State of The) (UnsoliAA+
Netherlands
Aaa
New Zealand
New Zealand
Aaa
Nicaragua
B3
AA+
Nigeria (Federal Republic of)
BB-
Nigeria
Ba3
Norway (Kingdom of)
AAA
Norway
Aaa
Oman (Sultanate of)
Oman
A1
Pakistan (Islamic Republic of)
B-
Pakistan
Caa1
Panama (Republic of)
BBB
Panama
Baa2
Papua New Guinea (Independent SB+
Papua New Guinea
B1
Paraguay (Republic of)
BB
Paraguay
Ba2
Peru (Republic of)
A-
Peru
A3
Philippines (Republic of the)
BBB
Philippines
Poland (Republic of)
Poland
A2
Portugal (Republic of) (Unsolicited BB
Portugal
Ba1
Qatar (State of)
AA
Qatar
Aa2
Ras Al Khaimah (Emirate of)
Romania
BBB-
Romania
Baa3
Russian Federation
BBB
Russia
Baa2
Rwanda
Saudi Arabia (Kingdom of)
AA-
Saudi Arabia
Aa3
Senegal (Republic of)
B+
Senegal
B1
Serbia (Republic of)
BB-
Serbia
B1
Sharjah (Emirate of)
Sharjah
A3
Singapore (Republic of) (Unsolicit AAA
Singapore
Aaa
Slovak Republic
Slovakia
A2
Slovenia (Republic of)
A-
Slovenia
Ba1
Baa2
South Africa (Republic of)
BBB+
South Africa
Baa2
Spain (Kingdom of)
BBB
Spain
Baa2
Sri Lanka (Democratic Socialist ReB+
Sri Lanka
St. Maarten
B1
Baa1
St. Vincent & the G
B3
Suriname
Ba3
Sweden (Kingdom of) (Unsolicited AAA
Sweden
Aaa
Swiss Confederation (Unsolicited AAA
Switzerland
Aaa
Taiwan (Republic of China) (Unsoli AA-
Taiwan
Aa3
Thailand (Kingdom of)
Thailand
Baa1
Trinidad and Tobag
Baa1
Tunisia
Ba3
Turkey
Baa3
Suriname (The Republic of)
BB-
A-
Trinidad and Tobago (Republic of) A

Turkey (Republic of) (Unsolicited RBBB
BBB+
Uganda (Republic of)
Uganda
B1
Ukraine
CCC+
Ukraine
Caa3
United Arab Emirat
Aa2
United Kingdom (Unsolicited RatinAAA
United Kingdom
Aa1
United States of America (UnsoliciAA+
United States of Am
Aaa
Uruguay (Oriental Republic of)
BBB-
Uruguay
Baa2
Venezuela
CCC+
Venezuela
Caa1
Vietnam (Socialist Republic of)
BB-
Vietnam
B1
Zambia (Republic of)
B+
Zambia
B1
Country
Somalia
Syria
Guinea
Liberia
Sudan
Ukraine
PRS Score (1/15) Country ERP (if available) Group ERP

37.3
41.5
47.8
23.75% (Estimated)
50.0
50.0
54.3
20.75%
Zimbabwe
Venezuela
Congo, Dem. Republic
54.5
54.8
55.3
Korea, D.P.R.
Niger
Mozambique
Uganda
Lebanon
Pakistan
Egypt
Belarus
Ethiopia
Libya
Yemen, Republic
Togo
Mali
Haiti
Malawi
Ghana
Iran
Sierra Leone
Turkey
Guyana
Iraq
Cote d'Ivoire
Sri Lanka
Tanzania
Guinea-Bissau
Nigeria
Gambia
Myanmar
Senegal
Armenia
Burkina Faso
Serbia
Kenya
Cameroon
Madagascar
Tunisia
Argentina
Moldova
55.8
55.8
56.0
58.0
58.5
58.5
59.0
59.3
59.3
59.3
59.5
60.3
60.5
61.0
61.0
61.3
61.3
61.5
61.5
61.8
61.8
62.3
62.3
62.3
62.5
62.5
62.8
62.8
62.8
63.0
63.0
63.0
63.3
63.5
63.5
63.5
63.8
63.8
17.00%
15.50%
12.50%
12.50%
14.00%
17.00%
17.00%
15.50%
12.50%
17.75%
14.00%
15.00%
14.00%
14.00%
9.05%
11.35%
12.50%
12.50%
11.15%
11.83%
12.50%
10.25%
15.50%
12.50%
12.50%
14.00%
12.65%
11.15%
17.00%
15.50%
13.88%
Bangladesh
Greece
Mongolia
Russia
Honduras
Nicaragua
Papua New Guinea
Jordan
Cuba
Angola
Albania
El Salvador
Guatemala
Ecuador
Thailand
Zambia
Indonesia
Morocco
South Africa
Brazil
Algeria
Colombia
Croatia
Jamaica
Congo, Republic
India
Mexico
Latvia
Bulgaria
Cyprus
Estonia
Paraguay
Slovenia
Vietnam
Bahrain
Kazakhstan
Spain
France
Gabon
Dominican Republic
Peru
Romania
China, Peoples' Rep.
Panama
Suriname
Uruguay
Hungary
Israel
Philippines
Italy
64.0
64.3
64.3
64.3
64.8
64.8
64.8
65.0
65.5
65.8
66.3
66.8
66.8
67.0
67.0
67.0
67.3
67.3
67.3
67.5
68.3
68.5
68.5
68.5
68.8
68.8
68.8
69.0
69.3
69.3
69.5
69.5
70.0
70.0
70.5
70.5
70.5
70.8
71.3
71.5
71.5
71.5
71.8
71.8
72.0
72.0
72.3
72.3
72.3
72.5
11.15%
17.00%
14.00%
8.60%
15.50%
15.50%
12.50%
12.50%
19.25%
10.25%
12.50%
11.15%
9.50%
15.50%
8.15%
12.50%
9.05%
9.50%
8.60%
8.60%
8.60%
9.50%
20.75%
11.15%
9.05%
7.55%
8.15%
8.60%
15.50%
6.80%
10.25%
9.50%
12.50%
8.60%
8.60%
8.60%
6.35%
11.15%
12.50%
7.55%
9.05%
6.65%
8.60%
11.15%
8.60%
9.50%
6.80%
8.60%
8.60%
13.88%
15.05%
11.36%
8.94%
11.10%
9.86%
9.56%
8.84%
8.93%
9.16%
Portugal
Costa Rica
Bolivia
Slovakia
Poland
Azerbaijan
Bahamas
Chile
Malta
Namibia
Belgium
Lithuania
Trinidad & Tobago
United States
Czech Republic
Australia
Ireland
Japan
Malaysia
Saudi Arabia
United Kingdom
Finland
Austria
Botswana
Iceland
Hong Kong
Netherlands
Oman
Denmark
Korea, Republic
Kuwait
Canada
Sweden
Qatar
New Zealand
Taiwan
Germany
Brunei
Singapore
Luxembourg
Switzerland
Norway
73.3
73.5
73.8
74.3
75.3
75.8
75.8
75.8
75.8
75.8
76.0
76.0
76.8
77.3
78.3
78.5
78.5
78.8
78.8
78.8
78.8
79.0
79.5
79.5
79.8
81.0
81.0
81.0
81.3
81.5
81.5
82.0
82.0
82.3
82.8
83.0
83.0
84.5
87.0
87.0
87.5
89.5
90.0
9.50%
9.50%
11.15%
7.03%
7.03%
9.05%
8.60%
6.65%
7.55%
9.05%
6.65%
8.15%
8.15%
5.75%
6.80%
5.75%
8.15%
6.80%
7.55%
6.65%
6.35%
5.75%
5.75%
7.03%
9.05%
6.35%
5.75%
6.80%
5.75%
6.65%
6.50%
5.75%
5.75%
6.50%
6.50%
5.75%
6.65%
5.75%
5.75%
5.75%
5.75%
5.75%
9.16%
7.99%
7.10%
6.88%
6.64%
6.08%
6.23%
5.75%

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Country Risk Premiums

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

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

Step 5: Compute regional averages and regional weighted averages

m from step 3 to get a total equity risk premium.

y risk premiums by region

e risk of the country in question.

bond spreads by ratings class, at the start of every year.

et in this spreadsheet for an alternate estimate.

the implied premium

or the country (if one exists)

dsheet. Set cell E5 in the ERP worksheet to that number.

If you cannot find a country on this list, i

or a sovereign CDS spread. Try the PRS w

Moody's sovereign rating

Country Risk Premium (CDS)

Country Risk Premium (simple ave

Country Risk Premium (GDP weigh

, use this worksheet

use this worksheet

Updated January 1, 2015

TotalEquityRiskPremium CountryRiskPremium CDSDefaultSpreadTotalEquityRiskPremiumCountryRiskPremium Has to be sorted in ascend

as to be sorted in ascending order

Average of Total Risk Premium

Adj. Default Spread

Weighted Average: CRP

For updating industry average spreadsheets

Total Risk PremiumCountry Risk PremiumRegion

Central and South Ameri

Weigth*Default Spr Weight*ERP

GOVERNMENT BOND RATINGS

lookup table is used to estimate the

Updated: January 5, 2015

Std deviation in Equities (weekly over 2 years)

Relative Standard Deviation

GDP (in billions)

S&P local currency rating

Moody's Local Currency Rating

Abu Dhabi (Emirate of)

Albania (Republic of)

Andorra (Principality of)

Angola (Republic of)

Australia (Commonwealth of) (Unso

Austria (Republic of)

Azerbaijan (Republic of)

Bahrain (Kingdom of)

Argentina (Republic of) (Unsolicit CCC+

Bangladesh (People's Republic of) BB-

Belarus (Republic of)

Belgium (Kingdom of) (UnsolicitedAA

Bolivia (Plurinational State of)

Bosnia and Herzegovina

Bosnia and Herzego

Botswana (Republic of)

Brazil (Federative Republic of)

Bulgaria (Republic of)

Chile (Republic of)

China (People's Republic of )

Colombia (Republic of)

Congo (Democratic Republic of)

Congo (Republic of)

Costa Rica (Republic of)

Croatia (Republic of)

WeigthDefault Spr WeightERP