Ctryprem 19

Country Risk Premiums
To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
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. To see t
Link to site: http://www.damodaran.com
Historical monthly ERP 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, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign ratings)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by avera
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
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 choice, go in
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet.
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 subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
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 risk pre
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: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3378246
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=34278
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
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 excel spreadshe
, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the cou
Look under sovereign ratings)
class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
vereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
et, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
ry that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium e
umber to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to
p 3 to get a total equity risk premium.
ums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
cfm?abstract_id=3378246
/papers.cfm?abstract_id=3427863
atch?v=aIRPvY2SQ94
atch?v=D3IGn6tH03c
oad the excel spreadsheet containing the implied premium
e CDS spread for the country (if one exists)
e start of every year.
n to the BAML Emerging Public Bond index standard deviation
al equity risk premium equal to the US.

ut you can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Zambia If you cannot find a country on this list, it is because that country do
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating Caa2 Local currency
S&P sovereign rating CCC+ Local currency
CDS spread 12.20%
Excess CDS spread (over US CDS) 12.02%
Country Default Spread (based on 7.53%

Country Risk Premium (Rating) 8.88%
Equity Risk Premium (Rating) 14.08%
Country Risk Premium (CDS) 14.18%

Equity Risk Premium (CDS) 19.38%
To look up the equity risk premium for a region, use this worksheet
Region Western Europe
Country Risk Premium (simple av 1.05%

Total Equity Risk Premium (simpl 6.25%
Country Risk Premium (GDP weig 0.81%

Total Equity Risk Premium (GDP 6.01%
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages
For countries not on the list above, try this frontier market list
Country Syria
PRS Score 53.00

ERP based on PRS Score 17.03%
ry on this list, it is because that country does not have a sovereign rating
d. Try the PRS worksheet in this spreadsheet for an alternate estimate.
he Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: Jan-20
Enter the current risk premium for a mature equity market 5.20%
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium? Yes
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets) 1.18
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Abu Dhabi Middle East Aa2 0.41% 5.69%
Albania Eastern Europe & Russia B1 3.76% 9.64%
Andorra (Principality of) Western Europe Baa2 1.59% 7.08%
Angola Africa B3 5.44% 11.62%
Argentina Central and South America Caa2 7.53% 14.08%
Armenia Eastern Europe & Russia Ba3 3.01% 8.75%
Aruba Caribbean Baa1 1.34% 6.77%
Australia Australia & New Zealand Aaa 0.00% 5.20%
Austria Western Europe Aa1 0.33% 5.59%
Azerbaijan Eastern Europe & Russia Ba2 2.51% 8.16%
Bahamas Caribbean Baa3 1.84% 7.37%
Bahrain Middle East B2 4.60% 10.63%
Bangladesh Asia Ba3 3.01% 8.75%
Barbados Caribbean Caa1 6.27% 12.59%
Belarus Eastern Europe & Russia B3 5.44% 11.62%
Belgium Western Europe Aa3 0.51% 5.80%
Belize Central and South America B3 5.44% 11.62%
Benin Africa B2 4.60% 10.63%
Bermuda Caribbean A2 0.71% 6.04%
Bolivia Central and South America Ba3 3.01% 8.75%
Bosnia and Herzegovina Eastern Europe & Russia B3 5.44% 11.62%
Botswana Africa A2 0.71% 6.04%
Brazil Central and South America Ba2 2.51% 8.16%
Bulgaria Eastern Europe & Russia Baa2 1.59% 7.08%
Burkina Faso Africa B2 4.60% 10.63%
Cambodia Asia B2 4.60% 10.63%
Cameroon Africa B2 4.60% 10.63%
Canada North America Aaa 0.00% 5.20%
Cape Verde Africa B2 4.60% 10.63%
Cayman Islands Caribbean Aa3 0.51% 5.80%
Chile Central and South America A1 0.59% 5.89%
China Asia A1 0.59% 5.89%
Colombia Central and South America Baa2 1.59% 7.08%
Congo (Democratic Republic of) Africa Caa1 6.27% 12.59%
Congo (Republic of) Africa Caa2 7.53% 14.08%
Cook Islands Australia & New Zealand B1 3.76% 9.64%
Costa Rica Central and South America B1 3.76% 9.64%
Côte d'Ivoire Africa Ba3 3.01% 8.75%
Croatia Eastern Europe & Russia Ba2 2.51% 8.16%
Cuba Caribbean Caa2 7.53% 14.08%
Curacao Caribbean Baa1 1.34% 6.77%
Cyprus Western Europe Ba2 2.51% 8.16%
Czech Republic Eastern Europe & Russia Aa3 0.51% 5.80%
Denmark Western Europe Aaa 0.00% 5.20%
Dominican Republic Caribbean Ba3 3.01% 8.75%
Ecuador Central and South America B3 5.44% 11.62%
Egypt Africa B2 4.60% 10.63%
El Salvador Central and South America B3 5.44% 11.62%
Estonia Eastern Europe & Russia A1 0.59% 5.89%
Ethiopia Africa B1 3.76% 9.64%
Fiji Asia Ba3 3.01% 8.75%
Finland Western Europe Aa1 0.33% 5.59%
France Western Europe Aa2 0.41% 5.69%
Gabon Africa Caa1 6.27% 12.59%
Georgia Eastern Europe & Russia Ba2 2.51% 8.16%
Germany Western Europe Aaa 0.00% 5.20%
Ghana Africa B3 5.44% 11.62%
Greece Western Europe B1 3.76% 9.64%
Guatemala Central and South America Ba1 2.09% 7.66%
Guernsey (States of) Western Europe Baa1 1.34% 6.77%
Honduras Central and South America B1 3.76% 9.64%
Hong Kong Asia Aa2 0.41% 5.69%
Hungary Eastern Europe & Russia Baa3 1.84% 7.37%
Iceland Western Europe A2 0.71% 6.04%
India Asia Baa2 1.59% 7.08%
Indonesia Asia Baa2 1.59% 7.08%
Iraq Middle East Caa1 6.27% 12.59%
Ireland Western Europe A2 0.71% 6.04%
Isle of Man Western Europe Aa2 0.41% 5.69%
Israel Middle East A1 0.59% 5.89%
Italy Western Europe Baa3 1.84% 7.37%
Jamaica Caribbean B2 4.60% 10.63%
Japan Asia A1 0.59% 5.89%
Jersey (States of) Western Europe A1 0.59% 5.89%
Jordan Middle East B1 3.76% 9.64%
Kazakhstan Eastern Europe & Russia Baa3 1.84% 7.37%
Kenya Africa B2 4.60% 10.63%
Korea Asia Aa2 0.41% 5.69%
Kuwait Middle East Aa2 0.41% 5.69%
Kyrgyzstan Eastern Europe & Russia B2 4.60% 10.63%
Latvia Eastern Europe & Russia A3 1.00% 6.38%
Lebanon Middle East Caa2 7.53% 14.08%
Liechtenstein Western Europe Aaa 0.00% 5.20%
Lithuania Eastern Europe & Russia A3 1.00% 6.38%
Luxembourg Western Europe Aaa 0.00% 5.20%
Macao Asia Aa3 0.51% 5.80%
Macedonia Eastern Europe & Russia Ba3 3.01% 8.75%
Malaysia Asia A3 1.00% 6.38%
Maldives Asia B2 4.60% 10.63%
Mali Africa B3 5.44% 11.62%
Malta Western Europe A2 0.71% 6.04%
Mauritius Asia Baa1 1.34% 6.77%
Mexico Central and South America A3 1.00% 6.38%
Moldova Eastern Europe & Russia B3 5.44% 11.62%
Mongolia Asia B3 5.44% 11.62%
Montenegro Eastern Europe & Russia B1 3.76% 9.64%
Montserrat Caribbean Baa3 1.84% 7.37%
Morocco Africa Ba1 2.09% 7.66%
Mozambique Africa Caa2 7.53% 14.08%
Namibia Africa Ba2 2.51% 8.16%
Netherlands Western Europe Aaa 0.00% 5.20%
New Zealand Australia & New Zealand Aaa 0.00% 5.20%
Nicaragua Central and South America B2 4.60% 10.63%
Niger Africa B3 5.44% 11.62%
Nigeria Africa B2 4.60% 10.63%
Norway Western Europe Aaa 0.00% 5.20%
Oman Middle East Ba1 2.09% 7.66%
Pakistan Asia B3 5.44% 11.62%
Panama Central and South America Baa1 1.34% 6.77%
Papua New Guinea Asia B2 4.60% 10.63%
Paraguay Central and South America Ba1 2.09% 7.66%
Peru Central and South America A3 1.00% 6.38%
Philippines Asia Baa2 1.59% 7.08%
Poland Eastern Europe & Russia A2 0.71% 6.04%
Portugal Western Europe Baa3 1.84% 7.37%
Qatar Middle East Aa3 0.51% 5.80%
Ras Al Khaimah (Emirate of) Middle East Caa1 6.27% 12.59%
Romania Eastern Europe & Russia Baa3 1.84% 7.37%
Russia Eastern Europe & Russia Baa3 1.84% 7.37%
Rwanda Africa B2 4.60% 10.63%
Saudi Arabia Middle East A1 0.59% 5.89%
Senegal Africa Ba3 3.01% 8.75%
Serbia Eastern Europe & Russia Ba3 3.01% 8.75%
Sharjah Middle East A3 1.00% 6.38%
Singapore Asia Aaa 0.00% 5.20%
Slovakia Eastern Europe & Russia A2 0.71% 6.04%
Slovenia Eastern Europe & Russia Baa1 1.34% 6.77%
Solomon Islands Asia B3 5.44% 11.62%
South Africa Africa Baa3 1.84% 7.37%
Spain Western Europe Baa1 1.34% 6.77%
Sri Lanka Asia B2 4.60% 10.63%
St. Maarten Caribbean Baa3 1.84% 7.37%
St. Vincent & the Grenadines Caribbean B3 5.44% 11.62%
Suriname Central and South America B2 4.60% 10.63%
Swaziland Africa B2 4.60% 10.63%
Sweden Western Europe Aaa 0.00% 5.20%
Switzerland Western Europe Aaa 0.00% 5.20%
Taiwan Asia Aa3 0.51% 5.80%
Tajikistan Eastern Europe & Russia B3 5.44% 11.62%
Tanzania Africa B1 3.76% 9.64%
Thailand Asia Baa1 1.34% 6.77%
Togo Africa B3 5.44% 11.62%
Trinidad and Tobago Caribbean Ba1 2.09% 7.66%
Tunisia Africa B2 4.60% 10.63%
Turkey Western Europe B1 3.76% 9.64%
Turks and Caicos Islands Caribbean Baa1 1.34% 6.77%
Uganda Africa B2 4.60% 10.63%
Ukraine Eastern Europe & Russia Caa1 6.27% 12.59%
United Arab Emirates Middle East Aa2 0.41% 5.69%
United Kingdom Western Europe Aa2 0.41% 5.69%
United States North America Aaa 0.00% 5.20%
Uruguay Central and South America B1 3.76% 9.64%
Uzbekistan Eastern Europe & Russia Baa2 1.59% 7.08%
Venezuela Central and South America C 15.00% 22.89%
Vietnam Asia Ba3 3.01% 8.75%
Zambia Africa Caa2 7.53% 14.08%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 63 11.62% 6.42% 5.44%
Brunei 82.75 5.59% 0.39% 0.33%
Gambia 63.75 11.62% 6.42% 5.44%
Guinea 57 15.06% 9.86% 8.36%
Guinea-Bissau 63.25 11.62% 6.42% 5.44%
Guyana 63.75 11.62% 6.42% 5.44%
Haiti 57.5 14.08% 8.88% 7.53%
Iran 62.5 11.62% 6.42% 5.44%
Korea, D.P.R. 50.5 17.03% 11.83% 10.03%
Liberia 49.5 21.71% 16.51% 14.00%
Libya 69.5 8.16% 2.96% 2.51%
Madagascar 65.5 10.63% 5.43% 4.60%
Malawi 63.5 11.62% 6.42% 5.44%
Myanmar 64 11.62% 6.42% 5.44%
Sierra Leone 57 15.06% 9.86% 8.36%
Somalia 53 17.03% 11.83% 10.03%
Sudan 39.75 21.71% 16.51% 14.00%
Syria 53 17.03% 11.83% 10.03%
Yemen, Republic 54.5 17.03% 11.83% 10.03%
Zimbabwe 50.5 17.03% 11.83% 10.03%
Rating Default spread in basis points

A1 59
A2 71
A3 100
Aa1 33
Aa2 41
Aa3 51
Aaa 0
B1 376
B2 460
B3 544
Ba1 209
Ba2 251
Ba3 301
Baa1 134
Baa2 159
Baa3 184
C 1500
Ca 1003
Caa1 627
Caa2 753
Caa3 836
NR NA
Updated January 1, 2020
Updated January 1, 2020

Sovereign CDS, net
Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
0.49% 0.51% 5.80% 0.60% Rating
Default spread in basis points
4.44% NA NA NA A1 59
1.88% NA NA NA A2 71
6.42% 4.59% 10.61% 5.41% A3 100
8.88% NA NA NA Aa1 33
3.55% NA NA NA Aa2 41
1.57% NA NA NA Aa3 51
0.00% 0.12% 5.34% 0.14% Aaa 0
0.39% 0.03% 5.24% 0.04% B1 376
2.96% NA NA NA B2 460
2.17% NA NA NA B3 544
5.43% 2.06% 7.63% 2.43% Ba1 209
3.55% NA NA NA Ba2 251
7.39% NA NA NA Ba3 301
6.42% NA NA NA Baa1 134
0.60% 0.12% 5.34% 0.14% Baa2 159
6.42% NA NA NA Baa3 184
5.43% NA NA NA C 1500
0.84% NA NA NA Caa1 627
3.55% NA NA NA Caa2 753
6.42% NA NA NA Caa3 836
0.84% NA NA NA NR NA
2.96% 1.56% 7.04% 1.84%
1.88% 0.71% 6.04% 0.84%
5.43% NA NA NA
5.43% NA NA NA
5.43% 5.42% 11.59% 6.39%
0.00% 0.16% 5.39% 0.19%
5.43% NA NA NA
0.60% NA NA NA
0.69% 0.61% 5.92% 0.72%
0.69% 0.54% 5.84% 0.64%
1.88% 1.19% 6.60% 1.40%
7.39% NA NA NA
8.88% NA NA NA
4.44% NA NA NA
4.44% 3.53% 9.36% 4.16%
3.55% NA NA NA
2.96% 1.02% 6.40% 1.20%
8.88% NA NA NA
1.57% NA NA NA
2.96% 0.92% 6.29% 1.09%
0.60% 0.41% 5.68% 0.48%
0.00% 0.00% 5.20% 0.00%
3.55% NA NA NA
6.42% NA NA NA
5.43% 3.41% 9.22% 4.02%
6.42% 4.04% 9.97% 4.77%
0.69% 0.54% 5.84% 0.64%
4.44% NA NA NA
3.55% NA NA NA
0.39% 0.03% 5.24% 0.04%
0.49% 0.15% 5.38% 0.18%
7.39% NA NA NA
2.96% NA NA NA
0.00% 0.00% 5.20% 0.00%
6.42% NA NA NA
4.44% 1.78% 7.30% 2.10%
2.46% NA NA NA
1.57% NA NA NA
4.44% NA NA NA
0.49% 0.37% 5.64% 0.44%
2.17% 0.95% 6.32% 1.12%
0.84% 0.75% 6.08% 0.88%
1.88% 1.10% 6.50% 1.30%
1.88% 1.17% 6.58% 1.38%
7.39% 4.95% 11.04% 5.84%
0.84% 0.16% 5.39% 0.19%
0.49% NA NA NA
0.69% 0.57% 5.87% 0.67%
2.17% 1.50% 6.97% 1.77%
5.43% NA NA NA
0.69% 0.21% 5.45% 0.25%
0.69% NA NA NA
4.44% NA NA NA
2.17% 0.86% 6.21% 1.01%
5.43% 3.99% 9.91% 4.71%
0.49% 0.30% 5.55% 0.35%
0.49% 0.56% 5.86% 0.66%
5.43% NA NA NA
1.18% 0.80% 6.14% 0.94%
8.88% NA NA NA
0.00% NA NA NA
1.18% 0.69% 6.01% 0.81%
0.00% NA NA NA
0.60% NA NA NA
3.55% NA NA NA
1.18% 0.61% 5.92% 0.72%
5.43% NA NA NA
6.42% NA NA NA
0.84% NA NA NA
1.57% NA NA NA
1.18% 1.22% 6.64% 1.44%
6.42% NA NA NA
6.42% NA NA NA
4.44% NA NA NA
2.17% NA NA NA
2.46% 1.08% 6.47% 1.27%
8.88% NA NA NA
2.96% NA NA NA
0.00% 0.04% 5.25% 0.05%
0.00% 0.15% 5.38% 0.18%
5.43% NA NA NA
6.42% NA NA NA
5.43% 3.92% 9.82% 4.62%
0.00% 0.04% 5.25% 0.05%
2.46% 2.74% 8.43% 3.23%
6.42% 4.48% 10.48% 5.28%
1.57% 0.67% 5.99% 0.79%
5.43% NA NA NA
2.46% NA NA NA
1.18% 0.71% 6.04% 0.84%
1.88% 0.58% 5.88% 0.68%
0.84% 0.72% 6.05% 0.85%
2.17% 0.50% 5.79% 0.59%
0.60% 0.54% 5.84% 0.64%
7.39% NA NA NA
2.17% 1.02% 6.40% 1.20%
2.17% 0.88% 6.24% 1.04%
5.43% 2.98% 8.72% 3.52%
0.69% 0.85% 6.20% 1.00%
3.55% 2.60% 8.27% 3.07%
3.55% 1.10% 6.50% 1.30%
1.18% NA NA NA
0.00% NA NA NA
0.84% 0.47% 5.75% 0.55%
1.57% 0.95% 6.32% 1.12%
6.42% NA NA NA
2.17% 2.30% 7.91% 2.71%
1.57% 0.55% 5.85% 0.65%
5.43% NA NA NA
2.17% NA NA NA
6.42% NA NA NA
5.43% NA NA NA
5.43% NA NA NA
0.00% 0.01% 5.21% 0.01%
0.00% 0.00% 5.20% 0.00%
0.60% NA NA NA
6.42% NA NA NA
4.44% NA NA NA
1.57% 0.30% 5.55% 0.35%
6.42% NA NA NA
2.46% NA NA NA
5.43% 3.88% 9.78% 4.58%
4.44% 3.29% 9.08% 3.88%
1.57% NA NA NA
5.43% NA NA NA
7.39% 5.07% 11.18% 5.98%
0.49% NA NA NA
0.49% 0.16% 5.39% 0.19%
0.00% 0.00% 5.20% 0.00%
4.44% 1.11% 6.51% 1.31%
1.88% NA NA NA
17.69% NA NA NA
3.55% 1.41% 6.86% 1.66%
8.88% 12.02% 19.38% 14.18%
Volatility
BAML Emerging Mkt Public Bond Sp 11.55% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 13.62% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.18
Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield Index:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years Period
Interval Daily Interval
DATE VALUE Effective da
2014-12-31 5.38 Average = 4.47 In spread % 12/31/2014
2015-01-01 5.38 Std Dev = 0.51586787 In spread % 1/1/2015

2015-01-02 5.38 CV = ### ! Std Dev/ Average 1/2/2015
2015-01-05 5.46 1/5/2015
2015-01-06 5.57 1/6/2015
2015-01-07 5.53 1/7/2015
2015-01-08 5.45 1/8/2015
2015-01-09 5.45 1/9/2015
2015-01-12 5.46 1/12/2015
2015-01-13 5.46 1/13/2015
2015-01-14 5.43 1/14/2015
2015-01-15 5.36 1/15/2015
2015-01-16 5.36 1/16/2015
2015-01-19 5.38 1/19/2015
2015-01-20 5.38 1/20/2015
2015-01-21 5.39 1/21/2015
2015-01-22 5.38 1/22/2015
2015-01-23 5.27 1/23/2015
2015-01-26 5.28 1/26/2015
2015-01-27 5.32 1/27/2015
2015-01-28 5.28 1/28/2015
2015-01-29 5.33 1/29/2015
2015-01-30 5.38 1/30/2015
2015-01-31 5.38 2/2/2015
2015-02-02 5.37 2/3/2015
2015-02-03 5.35 2/4/2015
2015-02-04 5.32 2/5/2015
2015-02-05 5.28 2/6/2015
2015-02-06 5.29 2/9/2015
2015-02-09 5.29 2/10/2015
2015-02-10 5.34 2/11/2015
2015-02-11 5.35 2/12/2015
2015-02-12 5.28 2/13/2015
2015-02-13 5.21 2/16/2015
2015-02-16 5.20 2/17/2015
2015-02-17 5.21 2/18/2015
2015-02-18 5.14 2/19/2015
2015-02-19 5.19 2/20/2015
2015-02-20 5.21 2/23/2015
2015-02-23 5.22 2/24/2015
2015-02-24 5.16 2/25/2015
2015-02-25 5.17 2/26/2015
2015-02-26 5.16 2/27/2015
2015-02-27 5.14 3/2/2015
2015-02-28 5.15 3/3/2015
2015-03-02 5.16 3/4/2015
2015-03-03 5.13 3/5/2015
2015-03-04 5.14 3/6/2015
2015-03-05 5.11 3/9/2015
2015-03-06 5.13 3/10/2015
2015-03-09 5.18 3/11/2015
2015-03-10 5.22 3/12/2015
2015-03-11 5.22 3/13/2015
2015-03-12 5.19 3/16/2015
2015-03-13 5.25 3/17/2015
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2019-04-25 4.55 5/16/2019
2019-04-26 4.53 5/17/2019
2019-04-29 4.52 5/20/2019
2019-04-30 4.51 5/21/2019
2019-05-01 4.51 5/22/2019
2019-05-02 4.54 5/23/2019
2019-05-03 4.53 5/24/2019
2019-05-06 4.52 5/27/2019
2019-05-07 4.51 5/28/2019
2019-05-08 4.50 5/29/2019
2019-05-09 4.49 5/30/2019
2019-05-10 4.49 5/31/2019
2019-05-13 4.47 6/3/2019
2019-05-14 4.47 6/4/2019
2019-05-15 4.46 6/5/2019
2019-05-16 4.44 6/6/2019
2019-05-17 4.46 6/7/2019
2019-05-20 4.47 6/10/2019
2019-05-21 4.46 6/11/2019
2019-05-22 4.44 6/12/2019
2019-05-23 4.42 6/13/2019
2019-05-24 4.40 6/14/2019
2019-05-27 4.40 6/17/2019
2019-05-28 4.38 6/18/2019
2019-05-29 4.37 6/19/2019
2019-05-30 4.37 6/20/2019
2019-05-31 4.36 6/21/2019
2019-06-03 4.31 6/24/2019
2019-06-04 4.31 6/25/2019
2019-06-05 4.28 6/26/2019
2019-06-06 4.28 6/27/2019
2019-06-07 4.30 6/28/2019
2019-06-10 4.27 7/1/2019
2019-06-11 4.26 7/2/2019
2019-06-12 4.24 7/3/2019
2019-06-13 4.23 7/4/2019
2019-06-14 4.22 7/5/2019
2019-06-17 4.24 7/8/2019
2019-06-18 4.19 7/9/2019
2019-06-19 4.18 7/10/2019
2019-06-20 4.08 7/11/2019
2019-06-21 4.11 7/12/2019
2019-06-24 4.10 7/15/2019
2019-06-25 4.10 7/16/2019
2019-06-26 4.11 7/17/2019
2019-06-27 4.11 7/18/2019
2019-06-28 4.08 7/19/2019
2019-06-30 4.09 7/22/2019
2019-07-01 4.07 7/23/2019
2019-07-02 4.05 7/24/2019
2019-07-03 4.04 7/25/2019
2019-07-04 4.02 7/26/2019
2019-07-05 4.03 7/29/2019
2019-07-08 4.04 7/30/2019
2019-07-09 4.07 7/31/2019
2019-07-10 4.08 8/1/2019
2019-07-11 4.05 8/2/2019
2019-07-12 4.06 8/5/2019
2019-07-15 4.05 8/6/2019
2019-07-16 4.04 8/7/2019
2019-07-17 4.04 8/8/2019
2019-07-18 4.03 8/9/2019
2019-07-19 4.02 8/12/2019
2019-07-22 4.02 8/13/2019
2019-07-23 4.03 8/14/2019
2019-07-24 4.01 8/15/2019
2019-07-25 4.00 8/16/2019
2019-07-26 4.02 8/19/2019
2019-07-29 4.00 8/20/2019
2019-07-30 3.99 8/21/2019
2019-07-31 4.01 8/22/2019
2019-08-01 4.01 8/23/2019
2019-08-02 3.97 8/26/2019
2019-08-05 3.93 8/27/2019
2019-08-06 3.94 8/28/2019
2019-08-07 3.89 8/29/2019
2019-08-08 3.89 8/30/2019
2019-08-09 3.88 9/2/2019
2019-08-12 3.99 9/3/2019
2019-08-13 4.02 9/4/2019
2019-08-14 4.04 9/5/2019
2019-08-15 4.00 9/6/2019
2019-08-16 3.96 9/9/2019
2019-08-19 4.00 9/10/2019
2019-08-20 3.97 9/11/2019
2019-08-21 3.97 9/12/2019
2019-08-22 3.97 9/13/2019
2019-08-23 4.00 9/16/2019
2019-08-26 3.94 9/17/2019
2019-08-27 3.95 9/18/2019
2019-08-28 3.95 9/19/2019
2019-08-29 3.96 9/20/2019
2019-08-30 3.94 9/23/2019
2019-08-31 3.95 9/24/2019
2019-09-02 3.95 9/25/2019
2019-09-03 3.92 9/26/2019
2019-09-04 3.89 9/27/2019
2019-09-05 3.90 9/30/2019
2019-09-06 3.92 10/1/2019
2019-09-09 3.93 10/2/2019
2019-09-10 3.96 10/3/2019
2019-09-11 4.00 10/4/2019
2019-09-12 3.99 10/7/2019
2019-09-13 4.03 10/8/2019
2019-09-16 4.03 10/9/2019
2019-09-17 4.02 10/10/2019
2019-09-18 4.00 10/11/2019
2019-09-19 3.99 10/14/2019
2019-09-20 3.96 10/15/2019
2019-09-23 3.92 10/16/2019
2019-09-24 3.93 10/17/2019
2019-09-25 3.94 10/18/2019
2019-09-26 3.94 10/21/2019
2019-09-27 3.94 10/22/2019
2019-09-30 3.99 10/23/2019
2019-10-01 3.99 10/24/2019
2019-10-02 3.95 10/25/2019
2019-10-03 3.92 10/28/2019
2019-10-04 3.87 10/29/2019
2019-10-07 3.87 10/30/2019
2019-10-08 3.89 10/31/2019
2019-10-09 3.89 11/1/2019
2019-10-10 3.91 11/4/2019
2019-10-11 3.94 11/5/2019
2019-10-14 3.94 11/6/2019
2019-10-15 3.95 11/7/2019
2019-10-16 3.96 11/8/2019
2019-10-17 3.96 11/11/2019
2019-10-18 3.95 11/12/2019
2019-10-21 3.96 11/13/2019
2019-10-22 3.94 11/14/2019
2019-10-23 3.93 11/15/2019
2019-10-24 3.93 11/18/2019
2019-10-25 3.93 11/19/2019
2019-10-28 3.95 11/20/2019
2019-10-29 3.94 11/21/2019
2019-10-30 3.95 11/22/2019
2019-10-31 3.94 11/25/2019
2019-11-01 3.91 11/26/2019
2019-11-04 3.93 11/27/2019
2019-11-05 3.96 11/28/2019
2019-11-06 3.96 11/29/2019
2019-11-07 3.99 12/2/2019
2019-11-08 4.02 12/3/2019
2019-11-11 4.01 12/4/2019
2019-11-12 4.02 12/5/2019
2019-11-13 4.01 12/6/2019
2019-11-14 3.97 12/9/2019
2019-11-15 3.96 12/10/2019
2019-11-18 3.97 12/11/2019
2019-11-19 3.97 12/12/2019
2019-11-20 3.94 12/13/2019
2019-11-21 3.94 12/16/2019
2019-11-22 3.95 12/17/2019
2019-11-25 3.94 12/18/2019
2019-11-26 3.93 12/19/2019
2019-11-27 3.94 12/20/2019
2019-11-28 3.94 12/23/2019
2019-11-29 3.94 12/24/2019
2019-11-30 3.97 12/25/2019
2019-12-02 4.01 12/26/2019
2019-12-03 3.99 12/27/2019
2019-12-04 3.95 12/30/2019
2019-12-05 3.97 12/31/2019
2019-12-06 3.99
2019-12-09 3.99
2019-12-10 3.99
2019-12-11 3.97
2019-12-12 3.96
2019-12-13 3.95
2019-12-16 3.92
2019-12-17 3.91
2019-12-18 3.90
2019-12-19 3.92
2019-12-20 3.92
2019-12-23 3.91
2019-12-24 3.91
2019-12-25 3.91
2019-12-26 3.90
2019-12-27 3.89
2019-12-30 3.89
2019-12-31 3.90
S&P Emerging BMI Index
S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Five years
Daily
S&P
Emerging
BMI (US
Dollar)
Gross Total
Return Return
Daily Std
387.99 Deviation = 0.84%
Annualized
Std
388.07 0.02% Deviation= 13.62%
387.24 -0.21%
382.53 -1.22%
380.03 -0.65%
382.75 0.72%
389.39 1.73%
389.68 0.07%
386.98 -0.69%
388.57 0.41%
386.93 -0.42%
388.56 0.42%
387.95 -0.16%
385.49 -0.63%
387.85 0.61%
394.94 1.83%
398.58 0.92%
401.08 0.63%
400.07 -0.25%
400.42 0.09%
398.36 -0.51%
394.05 -1.08%
389.47 -1.16%
390.69 0.31%
395.59 1.25%
396.13 0.14%
397.23 0.28%
395.1 -0.54%
392.87 -0.56%
390.99 -0.48%
388.97 -0.52%
393.78 1.24%
399.35 1.41%
398.47 -0.22%
397.85 -0.16%
398.79 0.24%
398.91 0.03%
398.62 -0.07%
398.08 -0.14%
399.85 0.44%
400.7 0.21%
401.29 0.15%
400.41 -0.22%
399.8 -0.15%
398.41 -0.35%
394.58 -0.96%
394.68 0.03%
392.41 -0.58%
388.47 -1.00%
382.75 -1.47%
382.13 -0.16%
385.1 0.78%
380.85 -1.10%
381.28 0.11%
383.34 0.54%
386.66 0.87%
389.36 0.70%
391.8 0.63%
394.14 0.60%
394.8 0.17%
393.52 -0.32%
388.97 -1.16%
387.36 -0.41%
392.1 1.22%
394.25 0.55%
398.35 1.04%
402.42 1.02%
402.58 0.04%
406.98 1.09%
407.56 0.14%
414.65 1.74%
418.29 0.88%
419.72 0.34%
423.15 0.82%
420.64 -0.59%
420.42 -0.05%
425.66 1.25%
421.23 -1.04%
416.63 -1.09%
420.39 0.90%
422.8 0.57%
424.81 0.48%
427.66 0.67%
430.12 0.58%
431.21 0.25%
428.38 -0.66%
424.11 -1.00%
423.42 -0.16%
424.9 0.35%
424.24 -0.16%
421.22 -0.71%
415.13 -1.45%
420.51 1.30%
421.05 0.13%
418.09 -0.70%
420.66 0.61%
421.58 0.22%
425.23 0.87%
424.54 -0.16%
424.83 0.07%
422.84 -0.47%
422.37 -0.11%
423.79 0.34%
422.85 -0.22%
420.07 -0.66%
418.85 -0.29%
414.41 -1.06%
412.83 -0.38%
413.71 0.21%
413.05 -0.16%
411.25 -0.44%
408.14 -0.76%
405.76 -0.58%
403.69 -0.51%
400.43 -0.81%
404.01 0.89%
403.39 -0.15%
405.27 0.47%
401.71 -0.88%
399.99 -0.43%
401.76 0.44%
405.2 0.86%
403.65 -0.38%
408.31 1.15%
409.63 0.32%
410.52 0.22%
409.04 -0.36%
405.56 -0.85%
397.32 -2.03%
402.73 1.36%
402.3 -0.11%
402.15 -0.04%
399.02 -0.78%
390.65 -2.10%
384.54 -1.56%
373.61 -2.84%
381.2 2.03%
387.03 1.53%
391.58 1.18%
391.86 0.07%
390.1 -0.45%
392.19 0.54%
392.76 0.15%
390.64 -0.54%
391.94 0.33%
387.84 -1.05%
385.45 -0.62%
380.06 -1.40%
370.72 -2.46%
369.56 -0.31%
373.24 1.00%
371.72 -0.41%
374.56 0.76%
370.27 -1.15%
371.03 0.21%
371.61 0.16%
369.22 -0.64%
369.6 0.10%
371.29 0.46%
367.05 -1.14%
359.6 -2.03%
360.46 0.24%
360.7 0.07%
357.59 -0.86%
354.12 -0.97%
350.64 -0.98%
345.92 -1.35%
338.5 -2.15%
319.74 -5.54%
326.59 2.14%
325.26 -0.41%
337.22 3.68%
339.09 0.55%
338.46 -0.19%
330.98 -2.21%
329.44 -0.47%
332.38 0.89%
326.85 -1.66%
323.28 -1.09%
328.75 1.69%
335.55 2.07%
333.12 -0.72%
332.93 -0.06%
334.93 0.60%
334.69 -0.07%
340.67 1.79%
341.91 0.36%
342.12 0.06%
337.75 -1.28%
333.75 -1.18%
327.95 -1.74%
325.44 -0.77%
327.27 0.56%
323.63 -1.11%
321.64 -0.61%
327.47 1.81%
328.96 0.46%
333.53 1.39%
340.88 2.20%
343.01 0.62%
351.32 2.42%
349.68 -0.47%
354.64 1.42%
356.9 0.64%
352.47 -1.24%
350.4 -0.59%
356.35 1.70%
357.16 0.23%
357.6 0.12%
356.89 -0.20%
353.96 -0.82%
354.67 0.20%
358.62 1.11%
359.02 0.11%
357.42 -0.45%
356.72 -0.20%
351.27 -1.53%
352.32 0.30%
353.05 0.21%
356.85 1.08%
360.19 0.94%
358.82 -0.38%
354.71 -1.15%
351.12 -1.01%
347.55 -1.02%
347.45 -0.03%
347.81 0.10%
342.58 -1.50%
341.22 -0.40%
344.94 1.09%
344.38 -0.16%
349.89 1.60%
352.75 0.82%
351.79 -0.27%
350.21 -0.45%
348.69 -0.43%
348.98 0.08%
344.51 -1.28%
341.82 -0.78%
345.57 1.10%
345.03 -0.16%
344.21 -0.24%
341.65 -0.74%
340.73 -0.27%
335.73 -1.47%
335.03 -0.21%
332.34 -0.80%
324.67 -2.31%
324.34 -0.10%
328.28 1.21%
331.94 1.11%
335.98 1.22%
332.66 -0.99%
333.29 0.19%
334.1 0.24%
337.77 1.10%
338.15 0.11%
338.36 0.06%
337.09 -0.38%
337.4 0.09%
334.32 -0.91%
335.55 0.37%
335.71 0.05%
325.14 -3.15%
325.35 0.06%
322.12 -0.99%
312.4 -3.02%
312.71 0.10%
305.73 -2.23%
305.54 -0.06%
306.84 0.43%
304.85 -0.65%
298.34 -2.14%
295.79 -0.85%
300.29 1.52%
291.77 -2.84%
290.03 -0.60%
298.17 2.81%
299.99 0.61%
297.44 -0.85%
299.46 0.68%
301.94 0.83%
310.48 2.83%
310.41 -0.02%
305.28 -1.65%
302.54 -0.90%
309.04 2.15%
308.65 -0.13%
306.1 -0.83%
304.11 -0.65%
304.44 0.11%
297.76 -2.19%
297.71 -0.02%
303.97 2.10%
306.11 0.70%
308.6 0.81%
312.59 1.29%
311 -0.51%
315.32 1.39%
312.77 -0.81%
309.57 -1.02%
308.54 -0.33%
311.02 0.80%
311.43 0.13%
317.59 1.98%
323.73 1.93%
327.59 1.19%
332.53 1.51%
334.3 0.53%
331.6 -0.81%
332.06 0.14%
332.16 0.03%
336.39 1.27%
337.24 0.25%
331.45 -1.72%
332.17 0.22%
342.21 3.02%
346.09 1.13%
347.55 0.42%
347.49 -0.02%
343.94 -1.02%
341.04 -0.84%
340.67 -0.11%
340.67 0.00%
340.97 0.09%
349.02 2.36%
350.35 0.38%
347.3 -0.87%
347.05 -0.07%
341.96 -1.47%
340.45 -0.44%
340.09 -0.11%
343.69 1.06%
346.92 0.94%
349.47 0.74%
355.75 1.80%
355.92 0.05%
355.88 -0.01%
355.04 -0.24%
358.64 1.01%
357.56 -0.30%
358.46 0.25%
355.37 -0.86%
352.78 -0.73%
354.31 0.43%
354.45 0.04%
355.09 0.18%
354.04 -0.30%
352.2 -0.52%
345.71 -1.84%
342.88 -0.82%
341.33 -0.45%
339.36 -0.58%
337.76 -0.47%
340.53 0.82%
340.9 0.11%
340.06 -0.25%
336.26 -1.12%
337.53 0.38%
339.08 0.46%
336.42 -0.78%
331.13 -1.57%
332.88 0.53%
333.65 0.23%
334.67 0.31%
338.21 1.06%
340 0.53%
342.48 0.73%
342.88 0.12%
342.65 -0.07%
342.49 -0.05%
343.17 0.20%
346.35 0.93%
349.83 1.00%
353.96 1.18%
356.34 0.67%
354.04 -0.65%
348.75 -1.49%
343.49 -1.51%
340.79 -0.79%
343.32 0.74%
339.93 -0.99%
342.94 0.89%
348.52 1.63%
350.14 0.46%
351.81 0.48%
354.73 0.83%
343.62 -3.13%
339.59 -1.17%
344.11 1.33%
351.35 2.10%
356.15 1.37%
357.66 0.42%
359.65 0.56%
355.15 -1.25%
351.42 -1.05%
353.92 0.71%
355.36 0.41%
362.07 1.89%
365.67 0.99%
366.28 0.17%
370.2 1.07%
370.53 0.09%
371.57 0.28%
370.88 -0.19%
372.52 0.44%
372.64 0.03%
372.12 -0.14%
371.95 -0.05%
372.14 0.05%
373.68 0.41%
374.15 0.13%
373.37 -0.21%
376.31 0.79%
374.44 -0.50%
371.82 -0.70%
375.02 0.86%
378.8 1.01%
382.82 1.06%
384.39 0.41%
385.27 0.23%
387.5 0.58%
388.84 0.35%
391.7 0.74%
391.22 -0.12%
389.35 -0.48%
392.12 0.71%
389.64 -0.63%
387.41 -0.57%
387.63 0.06%
384.05 -0.92%
384.41 0.09%
386.31 0.49%
384.14 -0.56%
385.41 0.33%
383.27 -0.56%
382.73 -0.14%
386.41 0.96%
389.59 0.82%
395.71 1.57%
396.49 0.20%
397.2 0.18%
390.33 -1.73%
383.23 -1.82%
381.22 -0.52%
381.13 -0.02%
383.16 0.53%
381.67 -0.39%
386.51 1.27%
386.73 0.06%
389.61 0.74%
395.34 1.47%
393.85 -0.38%
388.74 -1.30%
390.34 0.41%
391.32 0.25%
390.96 -0.09%
387.68 -0.84%
391.73 1.04%
393.59 0.47%
393.83 0.06%
393.99 0.04%
393.18 -0.21%
394.46 0.33%
390.07 -1.11%
388.71 -0.35%
384.05 -1.20%
386.85 0.73%
385.6 -0.32%
391.36 1.49%
393.17 0.46%
393.41 0.06%
393.27 -0.04%
395.88 0.66%
396.16 0.07%
393.31 -0.72%
391.2 -0.54%
390.34 -0.22%
391.13 0.20%
389.8 -0.34%
384.89 -1.26%
381.87 -0.78%
379.76 -0.55%
386.01 1.65%
388.78 0.72%
380.47 -2.14%
378.03 -0.64%
367.23 -2.86%
363.59 -0.99%
364.48 0.24%
366.6 0.58%
366.7 0.03%
365.77 -0.25%
367.11 0.37%
370.51 0.93%
369.43 -0.29%
368.21 -0.33%
369.94 0.47%
372.74 0.76%
370.83 -0.51%
372.58 0.47%
370.22 -0.63%
368.42 -0.49%
369.1 0.18%
371.75 0.72%
374.46 0.73%
378.25 1.01%
378.12 -0.03%
375.6 -0.67%
377.62 0.54%
375.58 -0.54%
369.74 -1.55%
368.84 -0.24%
366.46 -0.65%
366.34 -0.03%
366.84 0.14%
363.2 -0.99%
363.32 0.03%
363.32 0.00%
364.5 0.32%
368.08 0.98%
371.28 0.87%
373.45 0.58%
373.28 -0.05%
375.37 0.56%
377.01 0.44%
381.4 1.16%
381.05 -0.09%
380.15 -0.24%
383.03 0.76%
382.7 -0.09%
386.59 1.02%
386.37 -0.06%
383.97 -0.62%
386.03 0.54%
387.21 0.31%
385.97 -0.32%
385.37 -0.16%
389.21 1.00%
392.42 0.82%
393.76 0.34%
394.85 0.28%
394.74 -0.03%
393.46 -0.32%
392.62 -0.21%
394.23 0.41%
395.33 0.28%
397.28 0.49%
398.59 0.33%
397.78 -0.20%
399.34 0.39%
401.32 0.50%
403.47 0.54%
406.13 0.66%
405.14 -0.24%
408.59 0.85%
410.31 0.42%
407.75 -0.62%
409.83 0.51%
410.22 0.10%
412.36 0.52%
412.82 0.11%
409.17 -0.88%
408.27 -0.22%
406.21 -0.50%
407.31 0.27%
406.01 -0.32%
405.05 -0.24%
406.68 0.40%
406.88 0.05%
405.82 -0.26%
401.15 -1.15%
402.24 0.27%
406.5 1.06%
407.14 0.16%
408.79 0.41%
417.01 2.01%
417.65 0.15%
420.24 0.62%
419.66 -0.14%
417.3 -0.56%
418.06 0.18%
418.91 0.20%
416.9 -0.48%
418.9 0.48%
419.66 0.18%
419.17 -0.12%
414.91 -1.02%
417.74 0.68%
418.34 0.14%
420.56 0.53%
418.78 -0.42%
418.22 -0.13%
417.34 -0.21%
416.43 -0.22%
417.61 0.28%
418.63 0.24%
417.68 -0.23%
419.06 0.33%
416.88 -0.52%
415 -0.45%
417.18 0.53%
417.93 0.18%
421.66 0.89%
425.89 1.00%
425.59 -0.07%
424.47 -0.26%
424.31 -0.04%
425.12 0.19%
428.02 0.68%
426.83 -0.28%
423.82 -0.71%
422.72 -0.26%
424 0.30%
426.12 0.50%
429.34 0.76%
430.4 0.25%
431.54 0.26%
435.13 0.83%
436.74 0.37%
433.91 -0.65%
424.45 -2.18%
428.29 0.90%
430.49 0.51%
430.66 0.04%
430.96 0.07%
434.24 0.76%
435.53 0.30%
434.72 -0.19%
433.99 -0.17%
431.41 -0.59%
433.04 0.38%
435.39 0.54%
436.4 0.23%
435.7 -0.16%
436.52 0.19%
437.85 0.30%
436.89 -0.22%
433.76 -0.72%
434.2 0.10%
435.54 0.31%
431.26 -0.98%
431.71 0.10%
435.5 0.88%
433.12 -0.55%
433.47 0.08%
434.17 0.16%
435.09 0.21%
438.64 0.82%
437.26 -0.31%
436 -0.29%
436.51 0.12%
435.79 -0.16%
437.9 0.48%
435.43 -0.56%
436.56 0.26%
435.92 -0.15%
434.74 -0.27%
437.41 0.61%
440.76 0.77%
446.07 1.20%
450.21 0.93%
452.92 0.60%
454.42 0.33%
455.02 0.13%
458.31 0.72%
457.87 -0.10%
457.47 -0.09%
459.05 0.35%
458.6 -0.10%
459.53 0.20%
462 0.54%
461.41 -0.13%
462.66 0.27%
463.92 0.27%
464.43 0.11%
463.53 -0.19%
464.78 0.27%
468.52 0.80%
469.67 0.25%
466.68 -0.64%
460.79 -1.26%
456.06 -1.03%
460.25 0.92%
459.81 -0.10%
463.22 0.74%
463.97 0.16%
462.52 -0.31%
464.35 0.40%
467.79 0.74%
469.13 0.29%
472 0.61%
473.65 0.35%
473.89 0.05%
472.44 -0.31%
475.56 0.66%
476.73 0.25%
478.86 0.45%
476.67 -0.46%
477.83 0.24%
477.64 -0.04%
479.93 0.48%
480.24 0.06%
483.84 0.75%
484.92 0.22%
483.84 -0.22%
483.85 0.00%
484.75 0.19%
487.69 0.61%
486.37 -0.27%
487.3 0.19%
485.76 -0.32%
483.2 -0.53%
475.12 -1.67%
472.56 -0.54%
471.85 -0.15%
469.96 -0.40%
474.1 0.88%
474.79 0.15%
481.17 1.34%
483.75 0.54%
484.41 0.14%
484.52 0.02%
483.22 -0.27%
486.9 0.76%
487.66 0.16%
489.43 0.36%
491.61 0.45%
494.13 0.51%
490.96 -0.64%
491.42 0.09%
487.63 -0.77%
488.44 0.17%
486.55 -0.39%
485.4 -0.24%
485.94 0.11%
483.84 -0.43%
483.93 0.02%
485.74 0.37%
486.44 0.14%
489.34 0.60%
488.9 -0.09%
487.95 -0.19%
490.46 0.51%
491.41 0.19%
491.64 0.05%
491.33 -0.06%
489.2 -0.43%
487 -0.45%
484.7 -0.47%
481.1 -0.74%
486.27 1.07%
491.14 1.00%
491.47 0.07%
497.64 1.26%
499.59 0.39%
498 -0.32%
498.93 0.19%
496.63 -0.46%
496.92 0.06%
494.41 -0.51%
487.76 -1.35%
485.19 -0.53%
487 0.37%
484.81 -0.45%
478.52 -1.30%
478.18 -0.07%
482.7 0.95%
486.95 0.88%
483.45 -0.72%
486.05 0.54%
487.45 0.29%
486.7 -0.15%
492.33 1.16%
492.88 0.11%
493.65 0.16%
496.4 0.56%
498.96 0.52%
498.93 -0.01%
498.43 -0.10%
500.76 0.47%
503.87 0.62%
506.47 0.52%
506.16 -0.06%
514.64 1.68%
517.6 0.58%
522.31 0.91%
525.31 0.57%
527.64 0.44%
527.26 -0.07%
525.33 -0.37%
525.68 0.07%
529.61 0.75%
530.32 0.13%
532.35 0.38%
535.56 0.60%
537.66 0.39%
540.21 0.47%
544.44 0.78%
549.11 0.86%
552.88 0.69%
553.58 0.13%
558.13 0.82%
554.91 -0.58%
547.17 -1.39%
549.96 0.51%
547.83 -0.39%
540.84 -1.28%
532.07 -1.62%
516.7 -2.89%
517.2 0.10%
512.37 -0.93%
504.47 -1.54%
508.42 0.78%
512.65 0.83%
520.96 1.62%
529.07 1.56%
527.9 -0.22%
527.22 -0.13%
525.41 -0.34%
532.5 1.35%
529.71 -0.52%
535.87 1.16%
537.79 0.36%
533.2 -0.85%
527.28 -1.11%
526.02 -0.24%
521.99 -0.77%
519.77 -0.43%
525.89 1.18%
522.92 -0.56%
524.74 0.35%
529.38 0.88%
535.39 1.14%
535.57 0.03%
533.27 -0.43%
532.23 -0.20%
530.58 -0.31%
526.88 -0.70%
528.83 0.37%
529.28 0.09%
523.11 -1.17%
514.81 -1.59%
519.17 0.85%
519.91 0.14%
510.89 -1.73%
513.39 0.49%
513.98 0.11%
513.36 -0.12%
513.97 0.12%
508.55 -1.05%
512.85 0.85%
512.05 -0.16%
511.54 -0.10%
517.01 1.07%
517.46 0.09%
518.28 0.16%
515.12 -0.61%
511.98 -0.61%
512.11 0.03%
516.47 0.85%
519.24 0.54%
513.17 -1.17%
508.4 -0.93%
507.81 -0.12%
501.59 -1.22%
502.27 0.14%
506.86 0.91%
509.78 0.58%
508.84 -0.18%
505.09 -0.74%
499.21 -1.16%
499.46 0.05%
500.87 0.28%
502.13 0.25%
503.24 0.22%
507.69 0.88%
510.89 0.63%
513.11 0.43%
505.74 -1.44%
507.86 0.42%
503.91 -0.78%
500.32 -0.71%
500 -0.06%
502.85 0.57%
497.38 -1.09%
498.62 0.25%
499.49 0.17%
499.86 0.07%
495.41 -0.89%
491.8 -0.73%
495.09 0.67%
498.75 0.74%
505.38 1.33%
503.51 -0.37%
506.62 0.62%
506.08 -0.11%
500.8 -1.04%
502.49 0.34%
503.31 0.16%
500.83 -0.49%
498.16 -0.53%
493.78 -0.88%
491.33 -0.50%
482.28 -1.84%
485.44 0.66%
480.28 -1.06%
482.86 0.54%
476.18 -1.38%
474.71 -0.31%
467.34 -1.55%
465.87 -0.31%
475.81 2.13%
473.01 -0.59%
472.01 -0.21%
471.61 -0.08%
471.38 -0.05%
473.74 0.50%
481.22 1.58%
481.85 0.13%
477.19 -0.97%
480.86 0.77%
482.22 0.28%
479.98 -0.46%
480.55 0.12%
480.03 -0.11%
476.17 -0.80%
480.34 0.88%
480.74 0.08%
486.49 1.20%
490.49 0.82%
489.97 -0.11%
491.36 0.28%
490.46 -0.18%
489.16 -0.27%
488.89 -0.06%
481.19 -1.57%
483.98 0.58%
482.75 -0.25%
486.44 0.76%
485.86 -0.12%
485.2 -0.14%
478.65 -1.35%
469.87 -1.83%
469.3 -0.12%
460.08 -1.96%
459.99 -0.02%
460.17 0.04%
465.21 1.10%
469.2 0.86%
471.67 0.53%
470.36 -0.28%
470.8 0.09%
479.29 1.80%
479.47 0.04%
478.87 -0.13%
472.64 -1.30%
471.97 -0.14%
468.1 -0.82%
464.06 -0.86%
456.53 -1.62%
455.32 -0.27%
457.67 0.52%
451.42 -1.37%
447.69 -0.83%
448.84 0.26%
454.91 1.35%
458.79 0.85%
454.22 -1.00%
455.13 0.20%
460.08 1.09%
462.12 0.44%
468.17 1.31%
463.32 -1.04%
463.05 -0.06%
465.19 0.46%
466.8 0.35%
465.53 -0.27%
464.98 -0.12%
460.58 -0.95%
461.32 0.16%
450.88 -2.26%
445.86 -1.11%
443.9 -0.44%
442.78 -0.25%
439.59 -0.72%
427.86 -2.67%
438.42 2.47%
435.68 -0.62%
441.65 1.37%
440.16 -0.34%
435.14 -1.14%
434.54 -0.14%
439.33 1.10%
430.77 -1.95%
427.34 -0.80%
426.56 -0.18%
423.12 -0.81%
421.13 -0.47%
421.19 0.01%
430.15 2.13%
438.38 1.91%
447.44 2.07%
446.18 -0.28%
445.69 -0.11%
449.06 0.76%
446.28 -0.62%
439.12 -1.60%
434.4 -1.07%
434.84 0.10%
436.55 0.39%
441.83 1.21%
444.74 0.66%
445.69 0.21%
438.89 -1.53%
440.94 0.47%
441.2 0.06%
438.31 -0.66%
441.06 0.63%
442.27 0.27%
447.51 1.18%
450.53 0.67%
449.98 -0.12%
458.68 1.93%
457.41 -0.28%
452.46 -1.08%
442.41 -2.22%
443.48 0.24%
434.86 -1.94%
436.15 0.30%
442.33 1.42%
445.08 0.62%
440.06 -1.13%
437.99 -0.47%
436.07 -0.44%
437.77 0.39%
435.1 -0.61%
432.91 -0.50%
431.06 -0.43%
429.7 -0.32%
430.52 0.19%
431.46 0.22%
436.12 1.08%
437.93 0.42%
438.17 0.05%
434.4 -0.86%
432.61 -0.41%
439.75 1.65%
444.9 1.17%
444.42 -0.11%
451.56 1.61%
453.38 0.40%
453.91 0.12%
450.72 -0.70%
455.18 0.99%
456.84 0.36%
456.49 -0.08%
460.29 0.83%
460.66 0.08%
457.2 -0.75%
457.66 0.10%
460.83 0.69%
464.91 0.89%
462.53 -0.51%
462.94 0.09%
465.35 0.52%
471.94 1.42%
472.65 0.15%
471.67 -0.21%
473.41 0.37%
471.91 -0.32%
469.18 -0.58%
467.66 -0.32%
467.02 -0.14%
469.86 0.61%
469.56 -0.06%
467.71 -0.39%
464.93 -0.59%
467.09 0.46%
467.87 0.17%
472.54 1.00%
473.57 0.22%
477.57 0.84%
481.79 0.88%
480.31 -0.31%
478.5 -0.38%
475.41 -0.65%
476 0.12%
477.36 0.29%
479.22 0.39%
479.89 0.14%
474.24 -1.18%
469.44 -1.01%
474.83 1.15%
478.99 0.88%
479.48 0.10%
478.58 -0.19%
482.59 0.84%
488.14 1.15%
488.92 0.16%
487.57 -0.28%
487.19 -0.08%
481.87 -1.09%
477.9 -0.82%
479.57 0.35%
476.95 -0.55%
478.2 0.26%
483.68 1.15%
488.79 1.06%
489.21 0.09%
492.45 0.66%
492.69 0.05%
494.78 0.42%
496.35 0.32%
498.62 0.46%
499.68 0.21%
495.91 -0.75%
496.31 0.08%
494.62 -0.34%
498.04 0.69%
499.47 0.29%
498.39 -0.22%
498.53 0.03%
496.98 -0.31%
497.09 0.02%
495.9 -0.24%
492.85 -0.62%
493.85 0.20%
494.56 0.14%
494.06 -0.10%
494.7 0.13%
493.73 -0.20%
496.57 0.58%
486.41 -2.05%
484.18 -0.46%
481.65 -0.52%
473.39 -1.71%
475.5 0.45%
467.64 -1.65%
467.05 -0.13%
467.69 0.14%
466.7 -0.21%
460.49 -1.33%
459.86 -0.14%
462.16 0.50%
461.9 -0.06%
455.41 -1.41%
457.55 0.47%
459.04 0.33%
459.24 0.04%
459.02 -0.05%
463.05 0.88%
464.81 0.38%
468.39 0.77%
467.4 -0.21%
467.23 -0.04%
466.13 -0.24%
468.55 0.52%
474.73 1.32%
479.31 0.96%
476.7 -0.54%
475.49 -0.25%
472.13 -0.71%
470.24 -0.40%
476.12 1.25%
481.62 1.16%
488.65 1.46%
488.61 -0.01%
488.74 0.03%
485.47 -0.67%
487.22 0.36%
490.63 0.70%
490.72 0.02%
495.51 0.98%
496.66 0.23%
496.27 -0.08%
498.67 0.48%
496.46 -0.44%
491.61 -0.98%
489.83 -0.36%
492.85 0.62%
495.27 0.49%
493.32 -0.39%
496.59 0.66%
497.49 0.18%
495.97 -0.31%
494.61 -0.27%
496.11 0.30%
494.16 -0.39%
494.46 0.06%
494.81 0.07%
494.73 -0.02%
492.5 -0.45%
491.89 -0.12%
489.88 -0.41%
487.93 -0.40%
482.05 -1.21%
472.74 -1.93%
459.11 -2.88%
459.94 0.18%
460.36 0.09%
466.34 1.30%
464.48 -0.40%
461.9 -0.56%
459.35 -0.55%
456.36 -0.65%
455.51 -0.19%
459.19 0.81%
462.74 0.77%
462.9 0.03%
464.33 0.31%
461.2 -0.67%
460.18 -0.22%
455.54 -1.01%
456.99 0.32%
457.18 0.04%
459.97 0.61%
466.01 1.31%
466.02 0.00%
460.97 -1.08%
468.77 1.69%
473.66 1.04%
475.87 0.47%
476.25 0.08%
474.95 -0.27%
479.38 0.93%
482.67 0.69%
485.03 0.49%
484.26 -0.16%
480.32 -0.81%
481.45 0.24%
478.65 -0.58%
481.52 0.60%
479.56 -0.41%
477.5 -0.43%
475.21 -0.48%
476.76 0.33%
473.84 -0.61%
472.42 -0.30%
470.84 -0.33%
468.12 -0.58%
469.74 0.35%
471.48 0.37%
470.16 -0.28%
469.03 -0.24%
469.08 0.01%
471.44 0.50%
477.67 1.32%
479.91 0.47%
480.51 0.13%
482.23 0.36%
485.08 0.59%
483.78 -0.27%
485.33 0.32%
487.09 0.36%
485.99 -0.23%
488.93 0.60%
488.43 -0.10%
491.77 0.68%
491.6 -0.03%
491.21 -0.08%
491.06 -0.03%
494.51 0.70%
500.41 1.19%
502.72 0.46%
501.45 -0.25%
504.08 0.52%
500.18 -0.77%
495.05 -1.03%
495.66 0.12%
490.66 -1.01%
489.76 -0.18%
492.16 0.49%
493.71 0.31%
496.52 0.57%
494.79 -0.35%
492.32 -0.50%
493.93 0.33%
495.97 0.41%
493.7 -0.46%
496.03 0.47%
495.35 -0.14%
491.74 -0.73%
491.76 0.00%
490.73 -0.21%
491.24 0.10%
494.11 0.58%
496.56 0.50%
497.32 0.15%
496.28 -0.21%
500.41 0.83%
504.99 0.92%
510.85 1.16%
511.98 0.22%
517.47 1.07%
520.65 0.61%
519.91 -0.14%
519.89 0.00%
521.84 0.38%
521.11 -0.14%
521.19 0.02%
522.11 0.18%
525.71 0.69%
526.33 0.12%
524.91 -0.27%
Values
Row Labels Average of Adj. Default Spr Average of Country Risk Pre Average of Equity Risk Pre
Africa 4.50% 5.31% 10.51%
Asia 2.37% 2.80% 8.00%
Australia & New Zealand 1.25% 1.48% 6.68%
Caribbean 2.83% 3.34% 8.54%
Central and South America 3.01% 3.55% 8.75%
Eastern Europe & Russia 2.71% 3.19% 8.39%
Middle East 2.65% 3.13% 8.33%
North America 0.00% 0.00% 5.20%
Western Europe 0.89% 1.05% 6.25%
Grand Total 2.66% 3.13% 8.33%
Average of Corporate Tax Rate
28.26%
24.01%
28.81%
17.78%
27.88%
16.14%
18.85%
25.75%
19.65%
22.22%
Country GDP in 2017 Moody's rating Adj. Default SpreadTotal Risk Premium
Angola 105.75 B3 5.44% 11.62%
Benin 10.35 B2 4.60% 10.63%
Botswana 18.62 A2 0.71% 6.04%
Burkina Faso 14.12 B2 4.60% 10.63%
Cameroon 38.68 B2 4.60% 10.63%
Cape Verde 1.90 B2 4.60% 10.63%
Congo (Democratic Rep 47.23 Caa1 6.27% 12.59%
Congo (Republic of) 11.26 Caa2 7.53% 14.08%
Côte d'Ivoire 43.01 Ba3 3.01% 8.75%
Egypt 250.89 B2 4.60% 10.63%
Ethiopia 84.36 B1 3.76% 9.64%
Gabon 16.85 Caa1 6.27% 12.59%
Ghana 65.56 B3 5.44% 11.62%
Kenya 87.91 B2 4.60% 10.63%
Mali 17.16 B3 5.44% 11.62%
Morocco 117.92 Ba1 2.09% 7.66%
Mozambique 14.72 Caa2 7.53% 14.08%
Namibia 14.52 Ba2 2.51% 8.16%
Niger 9.29 B3 5.44% 11.62%
Nigeria 397.27 B2 4.60% 10.63%
Rwanda 9.51 B2 4.60% 10.63%
Senegal 24.13 Ba3 3.01% 8.75%
South Africa 368.29 Baa3 1.84% 7.37%
Swaziland 4.71 B2 4.60% 10.63%
Tanzania 58.00 B1 3.76% 9.64%
Togo 5.36 B3 5.44% 11.62%
Tunisia 39.87 B2 4.60% 10.63%
Uganda 27.46 B2 4.60% 10.63%
Zambia 26.72 Caa2 7.53% 14.08%
Africa 1931.42 3.97% 9.89%
Bangladesh 274.02 Ba3 3.01% 8.75%
Cambodia 24.54 B2 4.60% 10.63%
China 13608.15 A1 0.59% 5.89%
Fiji 5.54 Ba3 3.01% 8.75%
Hong Kong 362.68 Aa2 0.41% 5.69%
India 2718.73 Baa2 1.59% 7.08%
Indonesia 1042.17 Baa2 1.59% 7.08%
Japan 4971.32 A1 0.59% 5.89%
Korea 1619.42 Aa2 0.41% 5.69%
Macao 55.08 Aa3 0.51% 5.80%
Malaysia 358.58 A3 1.00% 6.38%
Maldives 5.33 B2 4.60% 10.63%
Mauritius 14.22 Baa1 1.34% 6.77%
Mongolia 13.07 B3 5.44% 11.62%
Pakistan 314.59 B3 5.44% 11.62%
Papua New Guinea 23.50 B2 4.60% 10.63%
Philippines 330.91 Baa2 1.59% 7.08%
Singapore 364.16 Aaa 0.00% 5.20%
Solomon Islands 1.40 B3 5.44% 11.62%
Sri Lanka 88.90 B2 4.60% 10.63%
Taiwan 646.00 Aa3 0.51% 5.80%
Thailand 504.99 Baa1 1.34% 6.77%
Vietnam 245.21 Ba3 3.01% 8.75%
Asia 27592.522879395 0.86% 6.21%
Australia 1433.90 Aaa 0.00% 5.20%
Cook Islands 1.20 B1 3.76% 9.64%
New Zealand 204.92 Aaa 0.00% 5.20%
Australia & New Zeal 1640.0282663695 0.00% 5.20%
Aruba 2.70 Baa1 1.34% 6.77%
Bahamas 12.42 Baa3 1.84% 7.37%
Barbados 5.15 Caa1 6.27% 12.59%
Bermuda 5.57 A2 0.71% 6.04%
Cayman Islands 5.14 Aa3 0.51% 5.80%
Cuba 100.02 Caa2 7.53% 14.08%
Curacao 3.13 Baa1 1.34% 6.77%
Dominican Republic 85.56 Ba3 3.01% 8.75%
Jamaica 15.71 B2 4.60% 10.63%
Montserrat 1.50 Baa3 1.84% 7.37%
St. Maarten 1.50 Baa3 1.84% 7.37%
St. Vincent & the Gren 0.92 B3 5.44% 11.62%
Trinidad and Tobago 23.81 Ba1 2.09% 7.66%
Turks and Caicos Islan 1.02 Baa1 1.34% 6.77%
Caribbean 264.15626857142 4.60% 10.62%
Argentina 519.87 Caa2 7.53% 14.08%
Belize 1.87 B3 5.44% 11.62%
Bolivia 40.29 Ba3 3.01% 8.75%
Brazil 1868.63 Ba2 2.51% 8.16%
Chile 298.23 A1 0.59% 5.89%
Colombia 331.05 Baa2 1.59% 7.08%
Costa Rica 60.13 B1 3.76% 9.64%
Ecuador 108.40 B3 5.44% 11.62%
El Salvador 26.06 B3 7.53% 14.08%
Guatemala 78.46 Ba1 2.09% 7.66%
Honduras 23.97 B1 3.76% 9.64%
Mexico 1220.70 A3 1.00% 6.38%
Nicaragua 13.12 B2 4.60% 10.63%
Panama 65.06 Baa1 1.34% 6.77%
Paraguay 40.50 Ba1 2.09% 7.66%
Peru 222.04 A3 1.00% 6.38%
Suriname 3.59 B2 4.60% 10.63%
Uruguay 59.60 B1 3.76% 9.64%
Venezuela 100.00 C 15.00% 22.89%
Central and South Ame5081.5521230454 2.78% 8.48%
Albania 15.10 B1 3.76% 9.64%
Armenia 12.43 Ba3 3.01% 8.75%
Azerbaijan 46.94 Ba2 2.51% 8.16%
Belarus 59.66 B3 5.44% 11.62%
Bosnia and Herzegovi 20.16 B3 5.44% 11.62%
Bulgaria 65.13 Baa2 1.59% 7.08%
Croatia 60.97 Ba2 2.51% 8.16%
Czech Republic 245.23 Aa3 0.51% 5.80%
Estonia 30.73 A1 0.59% 5.89%
Georgia 17.60 Ba2 2.51% 8.16%
Hungary 157.88 Baa3 1.84% 7.37%
Kazakhstan 179.34 Baa3 1.84% 7.37%
Kyrgyzstan 8.09 B2 4.60% 10.63%
Latvia 34.41 A3 1.00% 6.38%
Lithuania 53.43 A3 1.00% 6.38%
Macedonia 12.67 Ba3 3.01% 8.75%
Moldova 11.44 B3 5.44% 11.62%
Montenegro 5.50 B1 3.76% 9.64%
Poland 585.66 A2 0.71% 6.04%
Romania 239.55 Baa3 1.84% 7.37%
Russia 1657.55 Baa3 1.84% 7.37%
Serbia 50.60 Ba3 3.01% 8.75%
Slovakia 105.90 A2 0.71% 6.04%
Slovenia 54.01 Baa1 1.34% 6.77%
Tajikistan 7.52 B3 5.44% 11.62%
Ukraine 130.83 Caa1 6.27% 12.59%
Uzbekistan 50.50 Baa2 1.59% 7.08%
Eastern Europe & Russ 3918.87 1.81% 7.34%
Abu Dhabi 253.00 Aa2 0.41% 5.69%
Bahrain 37.75 B2 4.60% 10.63%
Iraq 224.23 Caa1 6.27% 12.59%
Israel 370.59 A1 0.59% 5.89%
Jordan 42.23 B1 3.76% 9.64%
Kuwait 140.65 Aa2 0.41% 5.69%
Lebanon 56.64 Caa2 7.53% 14.08%
Oman 79.28 Ba1 2.09% 7.66%
Qatar 191.36 Aa3 0.51% 5.80%
Ras Al Khaimah (Emira 5.20 Caa1 6.27% 12.59%
Saudi Arabia 786.52 A1 0.59% 5.89%
Sharjah 5.00 A3 1.00% 6.38%
United Arab Emirates 414.18 Aa2 0.41% 5.69%
Middle East 2606.617585102 1.34% 6.77%
Canada 1713.34 Aaa 0.00% 5.20%
United States 20544.34 Aaa 0.00% 5.20%
North America 22257.685161814 0.00% 5.20%
Andorra (Principality o 3.24 Baa2 1.59% 7.08%
Austria 455.29 Aa1 0.33% 5.59%
Belgium 542.76 Aa3 0.51% 5.80%
Cyprus 24.96 Ba2 2.51% 8.16%
Denmark 355.68 Aaa 0.00% 5.20%
Finland 276.74 Aa1 0.33% 5.59%
France 2777.54 Aa2 0.41% 5.69%
Germany 3947.62 Aaa 0.00% 5.20%
Greece 218.03 B1 3.76% 9.64%
Guernsey (States of) 0.50 Baa1 1.34% 6.77%
Iceland 25.88 A2 0.71% 6.04%
Ireland 382.49 A2 0.71% 6.04%
Isle of Man 6.77 Aa2 0.41% 5.69%
Italy 2083.86 Baa3 1.84% 7.37%
Jersey (States of) 1.00 A1 0.59% 5.89%
Liechtenstein 6.21 Aaa 0.00% 5.20%
Luxembourg 70.89 Aaa 0.00% 5.20%
Malta 14.55 A2 0.71% 6.04%
Netherlands 913.66 Aaa 0.00% 5.20%
Norway 434.17 Aaa 0.00% 5.20%
Portugal 240.67 Baa3 1.84% 7.37%
Spain 1419.04 Baa1 1.34% 6.77%
Sweden 556.09 Aaa 0.00% 5.20%
Switzerland 705.14 Aaa 0.00% 5.20%
Turkey 771.35 B1 3.76% 9.64%
United Kingdom 2855.30 Aa2 0.41% 5.69%
Western Europe 19089.42074047 0.69% 6.01%
Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 9.89% 4.69% 3.97% 28.49%
Asia 6.21% 1.01% 0.86% 26.12%
Australia & New Zealand 5.20% 0.00% 0.00% 29.75%
Caribbean 10.62% 5.42% 4.60% 23.88%
Central and South America 8.48% 3.28% 2.78% 30.96%
Eastern Europe & Russia 7.34% 2.14% 1.81% 18.36%
Middle East 6.77% 1.57% 1.34% 27.37%
North America 5.20% 0.00% 0.00% 25.12%
Western Europe 6.01% 0.81% 0.69% 25.04%
Global 6.18% 0.98% 0.83% 25.70%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 7.80% 2.21% 27.74%
Australia, NZ & Canada 5.20% 0.00% 28.09%
Latin America & Caribbean 8.59% 1.89% 27.15%
Japan 5.89% 0.59% 30.62%
US 5.20% 0.00% 25.00%
Europe 6.01% 0.69% 22.62%
Emerging Markets 6.96% 0.81% 26.15%
Small Asia (No India, China 6.78% 0.69% 20.00%
India 7.08% 1.59% 30.00%
China 5.89% 0.59% 25.00%
Global 6.18% 0.83% 25.70%
Country Risk Premium Corporate Tax Rate Region GDP Weight
6.42% 30.00% Africa 5.48%
5.43% 30.00% Africa 0.54%
0.84% 22.00% Africa 0.96%
5.43% 28.00% Africa 0.73%
5.43% 33.00% Africa 2.00%
5.43% 0.00% Africa 0.10%
7.39% 35.00% Africa 2.45%
8.88% 32.36% Africa 0.58%
3.55% 25.00% Africa 2.23%
5.43% 22.50% Africa 12.99%
4.44% 30.00% Africa 4.37%
7.39% 30.00% Africa 0.87%
6.42% 25.00% Africa 3.39%
5.43% 30.00% Africa 4.55%
6.42% 28.24% Africa 0.89%
2.46% 31.00% Africa 6.11%
8.88% 32.00% Africa 0.76%
2.96% 32.00% Africa 0.75%
6.42% 32.36% Africa 0.48%
5.43% 30.00% Africa 20.57%
5.43% 30.00% Africa 0.49%
3.55% 30.00% Africa 1.25%
2.17% 28.00% Africa 19.07%
5.43% 27.50% Africa 0.24%
4.44% 30.00% Africa 3.00%
6.42% 32.36% Africa 0.28%
5.43% 25.00% Africa 2.06%
5.43% 30.00% Africa 1.42%
8.88% 35.00% Africa 1.38%
4.69% 28.49% 100.00%
3.55% 25.00% Asia 0.99%
5.43% 20.00% Asia 0.09%
0.69% 25.00% Asia 49.32%
3.55% 20.00% Asia 0.02%
0.49% 16.50% Asia 1.31%
1.88% 30.00% Asia 9.85%
1.88% 25.00% Asia 3.78%
0.69% 30.62% Asia 18.02%
0.49% 25.00% Asia 5.87%
0.60% 12.00% Asia 0.20%
1.18% 24.00% Asia 1.30%
5.43% 30.19% Asia 0.02%
1.57% 15.00% Asia 0.05%
6.42% 25.00% Asia 0.05%
6.42% 30.00% Asia 1.14%
5.43% 30.00% Asia 0.09%
1.88% 30.00% Asia 1.20%
0.00% 17.00% Asia 1.32%
6.42% 30.00% Asia 0.01%
5.43% 28.00% Asia 0.32%
0.60% 20.00% Asia 2.34%
1.57% 20.00% Asia 1.83%
3.55% 20.00% Asia 0.89%
1.01% 26.12% 100.00%
0.00% 30.00% Australia & New Zealand 87.43%
0.00% 29.75% 100.00%
1.57% 25.00% Caribbean 1.02%
2.17% 0.00% Caribbean 4.70%
7.39% 5.50% Caribbean 1.95%
0.84% 0.00% Caribbean 2.11%
0.60% 0.00% Caribbean 1.95%
8.88% 27.24% Caribbean 37.87%
1.57% 22.00% Caribbean 1.18%
3.55% 27.00% Caribbean 32.39%
5.43% 25.00% Caribbean 5.95%
2.17% 27.24% Caribbean 0.57%
2.17% 35.00% Caribbean 0.57%
6.42% 30.00% Caribbean 0.35%
2.46% 25.00% Caribbean 9.01%
1.57% 0.00% Caribbean 0.39%
5.42% 23.88% 100.00%
8.88% 30.00% Central and South America 10.23%
3.28% 30.96% 100.00%
4.44% 15.00% Eastern Europe & Russia 0.39%
2.14% 18.36% 100.00%
0.49% 55.00% Middle East 9.71%
5.43% 0.00% Middle East 1.45%
7.39% 15.00% Middle East 8.60%
0.69% 23.00% Middle East 14.22%
4.44% 20.00% Middle East 1.62%
0.49% 15.00% Middle East 5.40%
8.88% 17.00% Middle East 2.17%
2.46% 15.00% Middle East 3.04%
0.60% 10.00% Middle East 7.34%
7.39% 0.00% Middle East 0.20%
0.69% 20.00% Middle East 30.17%
1.18% 0.00% Middle East 0.19%
0.49% 55.00% Middle East 15.89%
1.57% 27.37% 100.00%
0.00% 26.50% North America 7.70%
0.00% 25.00% North America 92.30%
0.00% 25.12%
1.88% 10.00% Western Europe 0.02%
0.39% 25.00% Western Europe 2.39%
0.60% 29.00% Western Europe 2.84%
2.96% 12.50% Western Europe 0.13%
0.00% 22.00% Western Europe 1.86%
0.39% 20.00% Western Europe 1.45%
0.49% 31.00% Western Europe 14.55%
0.00% 30.00% Western Europe 20.68%
4.44% 28.00% Western Europe 1.14%
1.57% 0.00% Western Europe 0.00%
0.84% 20.00% Western Europe 0.14%
0.84% 12.50% Western Europe 2.00%
2.17% 24.00% Western Europe 10.92%
0.00% 12.50% Western Europe 0.03%
0.00% 26.01% Western Europe 0.37%
0.84% 35.00% Western Europe 0.08%
0.00% 25.00% Western Europe 4.79%
0.00% 22.00% Western Europe 2.27%
2.17% 21.00% Western Europe 1.26%
1.57% 25.00% Western Europe 7.43%
0.00% 21.40% Western Europe 2.91%
0.00% 18.00% Western Europe 3.69%
4.44% 22.00% Western Europe 4.04%
0.49% 19.00% Western Europe 14.96%
0.81% 25.04% 100.00%
Total GDP Weight Weight *ERP Weight*CRP

1931.42234928991 2.29% 0.23% 0.11%
27592.5228793947 32.70% 2.03% 0.33%
1640.02826636947 1.94% 0.10% 0.00%
264.156268571415 0.31% 0.03% 0.02%
5081.55212304536 6.02% 0.51% 0.20%
3918.86981308963 4.64% 0.34% 0.10%
2606.61758510203 3.09% 0.21% 0.05%
22257.6851618135 26.38% 1.37% 0.00%
19089.42074047 22.62% 1.36% 0.18%
84382.2751871461
Weight*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.30% 0.64% 0.35% 1.64%
0.02% 0.06% 0.03% 0.16%
0.01% 0.06% 0.01% 0.21%
0.03% 0.08% 0.04% 0.20%
0.09% 0.21% 0.11% 0.66%
0.00% 0.01% 0.01% 0.00%
0.15% 0.31% 0.18% 0.86%
0.04% 0.08% 0.05% 0.19%
0.07% 0.19% 0.08% 0.56%
0.60% 1.38% 0.71% 2.92%
0.16% 0.42% 0.19% 1.31%
0.05% 0.11% 0.06% 0.26%
0.18% 0.39% 0.22% 0.85%
0.21% 0.48% 0.25% 1.37%
0.05% 0.10% 0.06% 0.25%
0.13% 0.47% 0.15% 1.89%
0.06% 0.11% 0.07% 0.24%
0.02% 0.06% 0.02% 0.24%
0.03% 0.06% 0.03% 0.16%
0.95% 2.19% 1.12% 6.17%
0.02% 0.05% 0.03% 0.15%
0.04% 0.11% 0.04% 0.37%
0.35% 1.41% 0.41% 5.34%
0.01% 0.03% 0.01% 0.07%
0.11% 0.29% 0.13% 0.90%
0.02% 0.03% 0.02% 0.09%
0.09% 0.22% 0.11% 0.52%
0.07% 0.15% 0.08% 0.43%
0.10% 0.19% 0.12% 0.48%
0.03% 0.09% 0.04% 0.25%

0.00% 0.01% 0.00% 0.02%
0.29% 2.91% 0.34% 12.33%
0.00% 0.00% 0.00% 0.00%
0.01% 0.07% 0.01% 0.22%
0.16% 0.70% 0.18% 2.96%
0.06% 0.27% 0.07% 0.94%
0.11% 1.06% 0.13% 5.52%
0.02% 0.33% 0.03% 1.47%
0.00% 0.01% 0.00% 0.02%
0.01% 0.08% 0.02% 0.31%
0.00% 0.00% 0.00% 0.01%
0.00% 0.00% 0.00% 0.01%
0.00% 0.01% 0.00% 0.01%
0.06% 0.13% 0.07% 0.34%
0.00% 0.01% 0.00% 0.03%
0.02% 0.08% 0.02% 0.36%
0.00% 0.07% 0.00% 0.22%
0.00% 0.00% 0.00% 0.00%
0.01% 0.03% 0.02% 0.09%
0.01% 0.14% 0.01% 0.47%
0.02% 0.12% 0.03% 0.37%
0.03% 0.08% 0.03% 0.18%
0.00% 4.55% 0.00% 26.23%

0.00% 0.01% 0.00% 0.02%
0.00% 0.65% 0.00% 3.50%
0.01% 0.07% 0.02% 0.26%

0.09% 0.35% 0.10% 0.00%
0.12% 0.25% 0.14% 0.11%
0.01% 0.13% 0.02% 0.00%
0.01% 0.11% 0.01% 0.00%
2.85% 5.33% 3.36% 10.31%
0.02% 0.08% 0.02% 0.26%
0.97% 2.83% 1.15% 8.74%
0.27% 0.63% 0.32% 1.49%
0.01% 0.04% 0.01% 0.15%
0.01% 0.04% 0.01% 0.20%
0.02% 0.04% 0.02% 0.10%
0.19% 0.69% 0.22% 2.25%
0.01% 0.03% 0.01% 0.00%
5.42%
0.77% 1.44% 0.91% 3.07%
0.00% 0.00% 0.00% 0.01%
0.02% 0.07% 0.03% 0.20%
0.92% 3.00% 1.09% 12.50%
0.03% 0.35% 0.04% 1.58%
0.10% 0.46% 0.12% 2.15%
0.04% 0.11% 0.05% 0.35%
0.12% 0.25% 0.14% 0.53%
0.04% 0.07% 0.05% 0.09%
0.03% 0.12% 0.04% 0.39%
0.02% 0.05% 0.02% 0.12%
0.24% 1.53% 0.28% 7.21%
0.01% 0.03% 0.01% 0.08%
0.02% 0.09% 0.02% 0.32%
0.02% 0.06% 0.02% 0.08%
0.04% 0.28% 0.05% 1.29%
0.00% 0.01% 0.00% 0.03%
0.04% 0.11% 0.05% 0.29%
0.30% 0.45% 0.35% 0.67%
0.01% 0.04% 0.02% 0.06%

0.01% 0.03% 0.01% 0.06%
0.03% 0.10% 0.04% 0.24%
0.08% 0.18% 0.10% 0.27%
0.03% 0.06% 0.03% 0.05%
0.03% 0.12% 0.03% 0.17%
0.04% 0.13% 0.05% 0.28%
0.03% 0.36% 0.04% 1.19%
0.00% 0.05% 0.01% 0.16%
0.01% 0.04% 0.01% 0.07%
0.07% 0.30% 0.09% 0.36%
0.08% 0.34% 0.10% 0.92%
0.01% 0.02% 0.01% 0.02%
0.01% 0.06% 0.01% 0.18%
0.01% 0.09% 0.02% 0.20%
0.01% 0.03% 0.01% 0.03%
0.02% 0.03% 0.02% 0.04%
0.01% 0.01% 0.01% 0.01%
0.11% 0.90% 0.12% 2.84%
0.11% 0.45% 0.13% 0.98%
0.78% 3.12% 0.92% 8.46%
0.04% 0.11% 0.05% 0.19%
0.02% 0.16% 0.02% 0.57%
0.02% 0.09% 0.02% 0.26%
0.01% 0.02% 0.01% 0.06%
0.21% 0.42% 0.25% 0.60%
0.02% 0.09% 0.02% 0.10%
0.04% 0.55% 0.05% 5.34%

0.07% 0.15% 0.08% 0.00%
0.54% 1.08% 0.64% 1.29%
0.08% 0.84% 0.10% 3.27%
0.06% 0.16% 0.07% 0.32%
0.02% 0.31% 0.03% 0.81%
0.16% 0.31% 0.19% 0.37%
0.06% 0.23% 0.07% 0.46%
0.04% 0.43% 0.04% 0.73%
0.01% 0.03% 0.01% 0.00%
0.18% 1.78% 0.21% 6.03%
0.00% 0.01% 0.00% 0.00%
0.07% 0.90% 0.08% 8.74%
0.00% 0.40% 0.00% 2.04%

0.00% 4.80% 0.00% 23.08%
0.00% 0.00% 0.00% 0.00%

0.01% 0.13% 0.01% 0.60%
0.01% 0.16% 0.02% 0.82%
0.00% 0.01% 0.00% 0.02%
0.00% 0.10% 0.00% 0.41%
0.00% 0.08% 0.01% 0.29%
0.06% 0.83% 0.07% 4.51%
0.00% 1.08% 0.00% 6.20%
0.04% 0.11% 0.05% 0.32%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.03%
0.01% 0.12% 0.02% 0.25%
0.00% 0.00% 0.00% 0.00%
0.20% 0.80% 0.24% 2.62%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.02% 0.00% 0.10%
0.00% 0.00% 0.00% 0.03%
0.00% 0.25% 0.00% 1.20%
0.00% 0.12% 0.00% 0.50%
0.02% 0.09% 0.03% 0.26%
0.10% 0.50% 0.12% 1.86%
0.00% 0.15% 0.00% 0.62%
0.00% 0.19% 0.00% 0.66%
0.15% 0.39% 0.18% 0.89%
0.06% 0.85% 0.07% 2.84%
Weight*Default Spread Weight* Tax Rate

0.09% 0.65%
0.28% 8.54%
0.00% 0.58%
0.01% 0.07%
0.17% 1.86%
0.08% 0.85%
0.04% 0.85%
0.00% 6.62%
0.16% 5.66%
Country GDP (in billions) in 2018
Moody's ratingSovereign CDS Adj. Default Sp
Abu Dhabi 253.00 Aa2 0.69% 0.41%
Albania 15.10 B1 3.76%
Andorra (Principality 3.24 Baa2 1.59%
Angola 105.75 B3 5.44%
Argentina 519.87 Caa2 7.53%
Armenia 12.43 Ba3 3.01%
Aruba 2.70 Baa1 1.34%
Australia 1433.90 Aaa 0.00%
Austria 455.29 Aa1 0.33%
Azerbaijan 46.94 Ba2 2.51%
Bahamas 12.42 Baa3 1.84%
Bahrain 37.75 B2 4.60%
Bangladesh 274.02 Ba3 3.01%
Barbados 5.15 Caa1 6.27%
Belarus 59.66 B3 5.44%
Belgium 542.76 Aa3 0.51%
Belize 1.87 B3 5.44%
Benin 10.35 B2 4.60%
Bermuda 5.57 A2 0.71%
Bolivia 40.29 Ba3 3.01%
Bosnia and Herzegov 20.16 B3 5.44%
Botswana 18.62 A2 0.71%
Brazil 1868.63 Ba2 2.51%
Bulgaria 65.13 Baa2 1.59%
Burkina Faso 14.12 B2 4.60%
Cambodia 24.54 B2 4.60%
Cameroon 38.68 B2 4.60%
Canada 1713.34 Aaa 0.00%
Cape Verde 1.90 B2 4.60%
Cayman Islands 5.14 Aa3 0.51%
Chile 298.23 A1 0.59%
China 13608.15 A1 0.59%
Colombia 331.05 Baa2 1.59%
Congo (Democratic Re 47.23 Caa1 6.27%
Congo (Republic of) 11.26 Caa2 7.53%
Cook Islands 1.20 B1 3.76%
Costa Rica 60.13 B1 3.76%
Côte d'Ivoire 43.01 Ba3 3.01%
Croatia 60.97 Ba2 2.51%
Cuba 100.02 Caa2 7.53%
Curacao 3.13 Baa1 1.34%
Cyprus 24.96 Ba2 2.51%
Czech Republic 245.23 Aa3 0.51%
Denmark 355.68 Aaa 0.00%
Dominican Republic 85.56 Ba3 3.01%
Ecuador 108.40 B3 5.44%
Egypt 250.89 B2 4.60%
El Salvador 26.06 B3 5.44%
Estonia 30.73 A1 0.59%
Ethiopia 84.36 B1 3.76%
Fiji 5.54 Ba3 3.01%
Finland 276.74 Aa1 0.33%
France 2777.54 Aa2 0.41%
Gabon 16.85 Caa1 6.27%
Georgia 17.60 Ba2 2.51%
Germany 3947.62 Aaa 0.00%
Ghana 65.56 B3 5.44%
Greece 218.03 B1 3.76%
Guatemala 78.46 Ba1 2.09%
Guernsey (States of) 0.50 Baa1 1.34%
Honduras 23.97 B1 3.76%
Hong Kong 362.68 Aa2 0.41%
Hungary 157.88 Baa3 1.84%
Iceland 25.88 A2 0.71%
India 2718.73 Baa2 1.59%
Indonesia 1042.17 Baa2 1.59%
Iraq 224.23 Caa1 6.27%
Ireland 382.49 A2 0.71%
Isle of Man 6.77 Aa2 0.41%
Israel 370.59 A1 0.59%
Italy 2083.86 Baa3 1.84%
Jamaica 15.71 B2 4.60%
Japan 4971.32 A1 0.59%
Jersey (States of) 1.00 A1 0.59%
Jordan 42.23 B1 3.76%
Kazakhstan 179.34 Baa3 1.84%
Kenya 87.91 B2 4.60%
Korea 1619.42 Aa2 0.41%
Kuwait 140.65 Aa2 0.41%
Kyrgyzstan 8.09 B2 4.60%
Latvia 34.41 A3 1.00%
Lebanon 56.64 Caa2 7.53%
Liechtenstein 6.21 Aaa 0.00%
Lithuania 53.43 A3 1.00%
Luxembourg 70.89 Aaa 0.00%
Macao 55.08 Aa3 0.51%
Macedonia 12.67 Ba3 3.01%
Malaysia 358.58 A3 1.00%
Maldives 5.33 B2 4.60%
Mali 17.16 B3 5.44%
Malta 14.55 A2 0.71%
Mauritius 14.22 Baa1 1.34%
Mexico 1220.70 A3 1.00%
Moldova 11.44 B3 5.44%
Mongolia 13.07 B3 5.44%
Montenegro 5.50 B1 3.76%
Montserrat 1.50 Baa3 1.84%
Morocco 117.92 Ba1 2.09%
Mozambique 14.72 Caa2 7.53%
Namibia 14.52 Ba2 2.51%
Netherlands 913.66 Aaa 0.00%
New Zealand 204.92 Aaa 0.00%
Nicaragua 13.12 B2 4.60%
Niger 9.29 B3 5.44%
Nigeria 397.27 B2 4.60%
Norway 434.17 Aaa 0.00%
Oman 79.28 Ba1 2.09%
Pakistan 314.59 B3 5.44%
Panama 65.06 Baa1 1.34%
Papua New Guinea 23.50 B2 4.60%
Paraguay 40.50 Ba1 2.09%
Peru 222.04 A3 1.00%
Philippines 330.91 Baa2 1.59%
Poland 585.66 A2 0.71%
Portugal 240.67 Baa3 1.84%
Qatar 191.36 Aa3 0.51%
Ras Al Khaimah (Emir 5.20 Caa1 6.27%
Romania 239.55 Baa3 1.84%
Russia 1657.55 Baa3 1.84%
Rwanda 9.51 B2 4.60%
Saudi Arabia 786.52 A1 0.59%
Senegal 24.13 Ba3 3.01%
Serbia 50.60 Ba3 3.01%
Sharjah 5.00 A3 1.00%
Singapore 364.16 Aaa 0.00%
Slovakia 105.90 A2 0.71%
Slovenia 54.01 Baa1 1.34%
Solomon Islands 1.40 B3 5.44%
South Africa 368.29 Baa3 1.84%
Spain 1419.04 Baa1 1.34%
Sri Lanka 88.90 B2 4.60%
St. Maarten 1.50 Baa3 1.84%
St. Vincent & the Gr 0.92 B3 5.44%
Suriname 3.59 B2 4.60%
Swaziland 4.71 B2 4.60%
Sweden 556.09 Aaa 0.00%
Switzerland 705.14 Aaa 0.00%
Taiwan 646.00 Aa3 0.51%
Tajikistan 7.52 B3 5.44%
Tanzania 58.00 B1 3.76%
Thailand 504.99 Baa1 1.34%
Togo 5.36 B3 5.44%
Trinidad and Tobago 23.81 Ba1 2.09%
Tunisia 39.87 B2 4.60%
Turkey 771.35 B1 3.76%
Turks and Caicos Isla 1.02 Baa1 1.34%
Uganda 27.46 B2 4.60%
Ukraine 130.83 Caa1 6.27%
United Arab Emirates 414.18 Aa2 0.41%
United Kingdom 2855.30 Aa2 0.41%
United States 20544.34 Aaa 0.00%
Uruguay 59.60 B1 3.76%
Uzbekistan 50.50 Baa2 1.59%
Venezuela 100.00 C 15.00%
Vietnam 245.21 Ba3 3.01%
Zambia 26.72 Caa2 7.53%
Equity Risk PrCountry Risk Premium
Corporate Tax RateRegion
5.69% 0.49% 55.00% Middle East
9.64% 4.44% 15.00% Eastern Europe & Russia
7.08% 1.88% 10.00% Western Europe
11.62% 6.42% 30.00% Africa
14.08% 8.88% 30.00% Central and South America
6.77% 1.57% 25.00% Caribbean
5.20% 0.00% 30.00% Australia & New Zealand
5.59% 0.39% 25.00% Western Europe
7.37% 2.17% 0.00% Caribbean
10.63% 5.43% 0.00% Middle East
8.75% 3.55% 25.00% Asia
12.59% 7.39% 5.50% Caribbean
5.80% 0.60% 29.00% Western Europe
10.63% 5.43% 30.00% Africa
6.04% 0.84% 0.00% Caribbean
6.04% 0.84% 22.00% Africa
10.63% 5.43% 28.00% Africa
10.63% 5.43% 20.00% Asia
10.63% 5.43% 33.00% Africa
5.20% 0.00% 26.50% North America
10.63% 5.43% 0.00% Africa
5.80% 0.60% 0.00% Caribbean
5.89% 0.69% 25.00% Asia
12.59% 7.39% 35.00% Africa
14.08% 8.88% 32.36% Africa
8.75% 3.55% 25.00% Africa
14.08% 8.88% 27.24% Caribbean
6.77% 1.57% 22.00% Caribbean
8.16% 2.96% 12.50% Western Europe
5.20% 0.00% 22.00% Western Europe
8.75% 3.55% 27.00% Caribbean
10.63% 5.43% 22.50% Africa
9.64% 4.44% 30.00% Africa
8.75% 3.55% 20.00% Asia
5.59% 0.39% 20.00% Western Europe
5.69% 0.49% 31.00% Western Europe
12.59% 7.39% 30.00% Africa
5.20% 0.00% 30.00% Western Europe
11.62% 6.42% 25.00% Africa
9.64% 4.44% 28.00% Western Europe
6.77% 1.57% 0.00% Western Europe
5.69% 0.49% 16.50% Asia
6.04% 0.84% 20.00% Western Europe
7.08% 1.88% 30.00% Asia
7.08% 1.88% 25.00% Asia
12.59% 7.39% 15.00% Middle East
6.04% 0.84% 12.50% Western Europe
5.89% 0.69% 23.00% Middle East
7.37% 2.17% 24.00% Western Europe
10.63% 5.43% 25.00% Caribbean
5.89% 0.69% 30.62% Asia
9.64% 4.44% 20.00% Middle East
10.63% 5.43% 30.00% Africa
5.69% 0.49% 25.00% Asia
5.69% 0.49% 15.00% Middle East
14.08% 8.88% 17.00% Middle East
5.20% 0.00% 12.50% Western Europe
5.20% 0.00% 26.01% Western Europe
5.80% 0.60% 12.00% Asia
6.38% 1.18% 24.00% Asia
10.63% 5.43% 30.19% Asia
11.62% 6.42% 28.24% Africa
6.04% 0.84% 35.00% Western Europe
6.77% 1.57% 15.00% Asia
11.62% 6.42% 25.00% Asia
7.37% 2.17% 27.24% Caribbean
7.66% 2.46% 31.00% Africa
14.08% 8.88% 32.00% Africa
8.16% 2.96% 32.00% Africa
5.20% 0.00% 25.00% Western Europe
11.62% 6.42% 32.36% Africa
10.63% 5.43% 30.00% Africa
5.20% 0.00% 22.00% Western Europe
7.66% 2.46% 15.00% Middle East
11.62% 6.42% 30.00% Asia
10.63% 5.43% 30.00% Asia
7.08% 1.88% 30.00% Asia
7.37% 2.17% 21.00% Western Europe
5.80% 0.60% 10.00% Middle East
12.59% 7.39% 0.00% Middle East
10.63% 5.43% 30.00% Africa
5.89% 0.69% 20.00% Middle East
8.75% 3.55% 30.00% Africa
6.38% 1.18% 0.00% Middle East
5.20% 0.00% 17.00% Asia
11.62% 6.42% 30.00% Asia
7.37% 2.17% 28.00% Africa
6.77% 1.57% 25.00% Western Europe
10.63% 5.43% 28.00% Asia
7.37% 2.17% 35.00% Caribbean
11.62% 6.42% 30.00% Caribbean
10.63% 5.43% 27.50% Africa
5.20% 0.00% 21.40% Western Europe
5.20% 0.00% 18.00% Western Europe
5.80% 0.60% 20.00% Asia
9.64% 4.44% 30.00% Africa
6.77% 1.57% 20.00% Asia
11.62% 6.42% 32.36% Africa
7.66% 2.46% 25.00% Caribbean
10.63% 5.43% 25.00% Africa
9.64% 4.44% 22.00% Western Europe
6.77% 1.57% 0.00% Caribbean
10.63% 5.43% 30.00% Africa
5.69% 0.49% 55.00% Middle East
5.69% 0.49% 19.00% Western Europe
5.20% 0.00% 25.00% North America
8.75% 3.55% 20.00% Asia
14.08% 8.88% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of BBB Baa2 S&P: These are the S&P sovereign local currency ratings
Angola B- B3 Moody's: These are the Moody's local currency rating
Argentina CC Caa2 In red: These are countries where S&P has a rating
Armenia NA Ba3 Moody's equivalent rating for these countries.
Aruba BBB+ Baa1 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba2 A+ A1
Bahamas BB+ Baa3 AA Aa2
Bahrain B+ B2 AA- Aa3
Bangladesh BB- Ba3 AA+ Aa1
Barbados B- Caa1 AAA Aaa
Belarus B B3 B B2
Belgium AA Aa3 B- B3
Belize B- B3 B+ B1
Benin B+ B2 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia BB- Ba3 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana A- A2 BBB- Baa3
Brazil BB- Ba2 BBB+ Baa1
Bulgaria BBB Baa2 C C2
Burkina Faso B B2 C- C3
Cambodia NA B2 C+ C1
Cameroon B B2 CC Ca2
Canada AAA Aaa CC- Ca3
Cape Verde B B2 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile A+ A1 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BBB- Baa2
Congo (Democratic Rep CCC+ Caa1
Congo (Republic of) B- Caa2
Cook Islands B+ B1
Costa Rica B+ B1
Côte d'Ivoire NA Ba3
Croatia BBB- Ba2
Cuba NA Caa2
Curacao BBB+ Baa1
Cyprus BBB- Ba2
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- B3
Egypt B B2
El Salvador B- B3
Estonia AA- A1
Ethiopia B B1
Fiji BB- Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana B B3
Greece BB- B1
Guatemala SD Ba1
Guernsey (States of) BB- Baa1
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB Baa3
Iceland A A2
India BBB- Baa2
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA- A2
Isle of Man NA Aa2
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AA- A1
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NR B2
Latvia A A3
Lebanon CCC Caa2
Liechtenstein AAA Aaa
Lithuania A A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NA B2
Mali NA B3
Malta A- A2
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B B3
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CCC+ Caa2
Namibia NA Ba2
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B- B2
Niger NA B3
Nigeria B B2
Norway AAA Aaa
Oman BB Ba1
Pakistan B- B3
Panama BBB+ Baa1
Papua New Guinea B B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirat NA Caa1
Romania BBB- Baa3
Russia BBB- Baa3
Rwanda B+ B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB+ Ba3
Sharjah NA A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- Baa1
Solomon Islands NA B3
South Africa BB Baa3
Spain AA Baa1
Sri Lanka A B2
St. Maarten B Baa3
St. Vincent & the Gren NA B3
Suriname B B2
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Tanzania NA B1
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB Ba1
Tunisia NA B2
Turkey B+ B1
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine B Caa1
United Arab Emirates AA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB B1
Uzbekistan BB- Baa2
Venezuela SD C
Vietnam BB Ba3
Zambia CCC+ Caa2
GOVERNMENT BOND RATINGS
In local currency
re the S&P sovereign local currency ratings

se are the Moody's local currency rating
e are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
uivalent rating for these countries.
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
Congo (Democratic Republic oAfrica
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of CongoAfrica
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Mali Africa
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova 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
Niger Africa
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
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Togo Africa
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Uzbekistan Eastern Europe & Russia
Venezuela Central and South America
Vietnam Asia
Zambia Africa
CDS CDS
Moody's Spread CDS %
Country rating Spread (12/31/1 Change
Rating Default Spread (7/1 Updated Default Spread (12/31/19) (7/1/19)
9)
A1 65 59 Abu Dhabi Aa2 0.86% 0.69% -19.77%
A2 79 71 Algeria NA 0.92% 0.91% -1.09%
A3 111 100 Angola B3 4.64% 4.77% 2.80%
Aa1 37 33 Australia Aaa 0.34% 0.30% -11.76%
Aa2 46 41 Austria Aa1 0.23% 0.21% -8.70%
Aa3 56 51 Bahrain B2 3.00% 2.24% -25.33%
Aaa 0 0 Belgium Aa3 0.36% 0.30% -16.67%
B1 418 376 Brazil Ba2 2.01% 1.74% -13.43%
B2 511 460 Bulgaria Baa2 1.20% 0.89% -25.83%
B3 603 544 Cameroon B2 5.23% 5.60% 7.07%
Ba1 232 209 Canada Aaa 0.46% 0.34% -26.09%
Ba2 279 251 Chile A1 0.70% 0.79% 12.86%
Ba3 334 301 China A1 0.78% 0.72% -7.69%
Baa1 148 134 Colombia Baa2 1.48% 1.37% -7.43%
Baa2 177 159 Costa Rica B1 3.24% 3.71% 14.51%
Baa3 204 184 Croatia Ba2 1.17% 1.20% 2.56%
Ca 1113 1003 Cyprus Ba2 1.16% 1.10% -5.17%
Caa1 696 627 Czech Republic A1 0.65% 0.59% -9.23%
Caa2 835 753 Denmark Aaa 0.23% 0.18% -21.74%
Caa3 927 836 Dubai Aa2 1.80% 1.31% -27.22%
NR NA NA Egypt B2 3.69% 3.59% -2.71%
El Salvador B3 4.21% 4.22% 0.24%
Estonia A1 0.67% 0.72% 7.46%
Finland Aa1 0.24% 0.21% -12.50%
France Aa2 0.39% 0.33% -15.38%
Germany Aaa 0.22% 0.18% -18.18%
Greece B1 3.27% 1.96% -40.06%
Guatemala Ba1 2.35% 1.99% -15.32%
Hong Kong Aa2 0.46% 0.55% 19.57%
Hungary Baa3 1.14% 1.13% -0.88%
Iceland A3 0.95% 0.93% -2.11%
India Baa2 1.26% 1.28% 1.59%
Indonesia Baa2 1.56% 1.35% -13.46%
Iraq Caa1 3.65% 5.13% 40.55%
Ireland A2 0.42% 0.34% -19.05%
Israel A1 0.99% 0.75% -24.24%
Italy Baa3 1.96% 1.68% -14.29%
Japan A1 0.37% 0.39% 5.41%
Kazakhstan Baa3 1.22% 1.04% -14.75%
Kenya B2 3.94% 4.17% 5.84%
Korea Aa2 0.53% 0.48% -9.43%
Kuwait Aa2 0.92% 0.74% -19.57%
Latvia A3 1.06% 0.98% -7.55%
Lithuania A3 0.97% 0.87% -10.31%
Malaysia A3 0.94% 0.79% -15.96%
Mexico A3 1.83% 1.40% -23.50%
Morocco Ba1 1.62% 1.26% -22.22%
Netherlands Aaa 0.24% 0.22% -8.33%
New Zealand Aaa 0.37% 0.33% -10.81%
Nigeria B2 3.52% 4.10% 16.48%
Norway Aaa 0.23% 0.22% -4.35%
Oman Ba1 3.53% 2.92% -17.28%
Pakistan B3 4.00% 4.66% 16.50%
Panama Baa1 0.97% 0.85% -12.37%
Peru A3 1.05% 0.89% -15.24%
Philippines Baa2 0.89% 0.76% -14.61%
Poland A2 0.98% 0.90% -8.16%
Portugal Baa3 0.74% 0.68% -8.11%
Qatar Aa3 3.92% 0.72% -81.63%
Romania Baa3 1.29% 1.20% -6.98%
Russia Baa3 1.63% 1.06% -34.97%
Rwanda B2 3.41% 3.16% -7.33%
Saudi Arabia A1 1.17% 1.03% -11.97%
Senegal Ba3 2.94% 2.78% -5.44%
Serbia Ba3 1.35% 1.28% -5.19%
Slovakia A2 0.74% 0.65% -12.16%
Slovenia Baa1 1.22% 1.13% -7.38%
South Africa Baa3 2.36% 2.48% 5.08%
Spain Baa1 0.71% 0.73% 2.82%
Sweden Aaa 0.21% 0.19% -9.52%
Switzerland Aaa 0.19% 0.16% -15.79%
Thailand Baa1 0.61% 0.48% -21.31%
Tunisia B2 4.06% 4.06% 0.00%
Turkey B1 4.04% 3.47% -14.11%
Ukraine Caa1 5.45% 5.25% -3.67%
United Kingdom Aa2 0.48% 0.34% -29.17%
United States Aaa 0.25% 0.18% -28.00%
Uruguay Baa2 1.48% 1.29% -12.84%
Vietnam Ba3 1.70% 1.59% -6.47%
Average -9.88%
Median -9.52%
CDS Spread
Country Moody's rating (12/31/19) CDS Spread adj for US
Updated: January 2020
Abu Dhabi Aa2 0.69% 0.51%
Albania B1 NA NA
Andorra (Principality of Baa2 NA NA
Angola B3 4.77% 4.59%
Argentina Caa2 NA NA
Armenia Ba3 NA NA
Aruba Baa1 NA NA
Australia Aaa 0.30% 0.12%
Austria Aa1 0.21% 0.03%
Azerbaijan Ba2 NA NA
Bahamas Baa3 NA NA
Bahrain B2 2.24% 2.06%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus B3 NA NA
Belgium Aa3 0.30% 0.12%
Belize B3 NA NA
Benin B2 NA NA
Bermuda A2 NA NA
Bolivia Ba3 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A2 NA NA
Brazil Ba2 1.74% 1.56%
Bulgaria Baa2 0.89% 0.71%
Burkina Faso B2 NA NA
Cambodia B2 NA NA
Cameroon B2 5.60% 5.42%
Canada Aaa 0.34% 0.16%
Cape Verde B2 NA NA
Cayman Islands Aa3 NA NA
Chile A1 0.79% 0.61%
China A1 0.72% 0.54%
Colombia Baa2 1.37% 1.19%
Congo (Democratic Rep Caa1 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B1 3.71% 3.53%
Côte d'Ivoire Ba3 NA NA
Croatia Ba2 1.20% 1.02%
Cuba Caa2 NA NA
Curacao Baa1 NA NA
Cyprus Ba2 1.10% 0.92%
Czech Republic Aa3 0.59% 0.41%
Denmark Aaa 0.18% 0.00%
Dominican Republic Ba3 NA NA
Ecuador B3 NA NA
Egypt B2 3.59% 3.41%
El Salvador B3 4.22% 4.04%
Estonia A1 0.72% 0.54%
Ethiopia B1 NA NA
Fiji Ba3 NA NA
Finland Aa1 0.21% 0.03%
France Aa2 0.33% 0.15%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.18% 0.00%
Ghana B3 NA NA
Greece B1 1.96% 1.78%
Guatemala Ba1 NA NA
Guernsey (States of) Baa1 NA NA
Honduras B1 NA NA
Hong Kong Aa2 0.55% 0.37%
Hungary Baa3 1.13% 0.95%
Iceland A2 0.93% 0.75%
India Baa2 1.28% 1.10%
Indonesia Baa2 1.35% 1.17%
Iraq Caa1 5.13% 4.95%
Ireland A2 0.34% 0.16%
Isle of Man Aa2 NA NA
Israel A1 0.75% 0.57%
Italy Baa3 1.68% 1.50%
Jamaica B2 NA NA
Japan A1 0.39% 0.21%
Jersey (States of) A1 NA NA
Jordan B1 NA NA
Kazakhstan Baa3 1.04% 0.86%
Kenya B2 4.17% 3.99%
Korea Aa2 0.48% 0.30%
Kuwait Aa2 0.74% 0.56%
Kyrgyzstan B2 NA NA
Latvia A3 0.98% 0.80%
Lebanon Caa2 NA NA
Liechtenstein Aaa NA NA
Lithuania A3 0.87% 0.69%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 0.79% 0.61%
Maldives B2 NA NA
Mali B3 NA NA
Malta A2 NA NA
Mauritius Baa1 NA NA
Mexico A3 1.40% 1.22%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 1.26% 1.08%
Mozambique Caa2 NA NA
Namibia Ba2 NA NA
Netherlands Aaa 0.22% 0.04%
New Zealand Aaa 0.33% 0.15%
Nicaragua B2 NA NA
Niger B3 NA NA
Nigeria B2 4.10% 3.92%
Norway Aaa 0.22% 0.04%
Oman Ba1 2.92% 2.74%
Pakistan B3 4.66% 4.48%
Panama Baa1 0.85% 0.67%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru A3 0.89% 0.71%
Philippines Baa2 0.76% 0.58%
Poland A2 0.90% 0.72%
Portugal Baa3 0.68% 0.50%
Qatar Aa3 0.72% 0.54%
Ras Al Khaimah (Emirat Caa1 NA NA
Romania Baa3 1.20% 1.02%
Russia Baa3 1.06% 0.88%
Rwanda B2 3.16% 2.98%
Saudi Arabia A1 1.03% 0.85%
Senegal Ba3 2.78% 2.60%
Serbia Ba3 1.28% 1.10%
Sharjah A3 NA NA
Singapore Aaa NA NA
Slovakia A2 0.65% 0.47%
Slovenia Baa1 1.13% 0.95%
Solomon Islands B3 NA NA
South Africa Baa3 2.48% 2.30%
Spain Baa1 0.73% 0.55%
Sri Lanka B2 NA NA
St. Maarten Baa3 NA NA
St. Vincent & the Gren B3 NA NA
Suriname B2 NA NA
Swaziland B2 NA NA
Sweden Aaa 0.19% 0.01%
Switzerland Aaa 0.16% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B1 NA NA
Thailand Baa1 0.48% 0.30%
Togo B3 NA NA
Trinidad and Tobago Ba1 NA NA
Tunisia B2 4.06% 3.88%
Turkey B1 3.47% 3.29%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine Caa1 5.25% 5.07%
United Arab Emirates Aa2 NA NA
United Kingdom Aa2 0.34% 0.16%
United States Aaa 0.18% 0.00%
Uruguay B1 1.29% 1.11%
Uzbekistan Baa2 NA NA
Venezuela C NA NA
Vietnam Ba3 1.59% 1.41%
Zambia Caa2 12.20% 12.02%
Updated: January 2020
CDS
Spread
net of
Country ### US
Abu Dhabi 0.69% 0.51%
Algeria 0.91% 0.73%
Angola 4.77% 4.59%
Argentina NA #VALUE!
Australia 0.30% 0.12%
Austria 0.21% 0.03%
Bahrain 2.24% 2.06%
Belgium 0.30% 0.12%
Brazil 1.74% 1.56%
Bulgaria 0.89% 0.71%
Cameroon 5.60% 5.42%
Canada 0.34% 0.16%
Chile 0.79% 0.61%
China 0.72% 0.54%
Colombia 1.37% 1.19%
Costa Rica 3.71% 3.53%
Croatia 1.20% 1.02%
Cyprus 1.10% 0.92%
Czech Republic 0.59% 0.41%
Denmark 0.18% 0.00%
Dubai 1.31% 1.13%
Egypt 3.59% 3.41%
El Salvador 4.22% 4.04%
Estonia 0.72% 0.54%
Finland 0.21% 0.03%
France 0.33% 0.15%
Germany 0.18% 0.00%
Greece 1.96% 1.78%
Guatamela 1.99% 1.81%
Hong Kong 0.55% 0.37%
Hungary 1.13% 0.95%
Iceland 0.93% 0.75%
India 1.28% 1.10%
Indonesia 1.35% 1.17%
Iraq 5.13% 4.95%
Ireland 0.34% 0.16%
Israel 0.75% 0.57%
Italy 1.68% 1.50%
Japan 0.39% 0.21%
Kazakhstan 1.04% 0.86%
Kenya 4.17% 3.99%
Korea 0.48% 0.30%
Kuwait 0.74% 0.56%
Latvia 0.98% 0.80%
Lebanon NA #VALUE!
Lithuania 0.87% 0.69%
Malaysia 0.79% 0.61%
Mexico 1.40% 1.22%
Morocco 1.26% 1.08%
Netherlands 0.22% 0.04%
New Zealand 0.33% 0.15%
Nigeria 4.10% 3.92%
Norway 0.22% 0.04%
Oman 2.92% 2.74%
Pakistan 4.66% 4.48%
Panama 0.85% 0.67%
Peru 0.89% 0.71%
Philippines 0.76% 0.58%
Poland 0.90% 0.72%
Portugal 0.68% 0.50%
Qatar 0.72% 0.54%
Romania 1.20% 1.02%
Russia 1.06% 0.88%
Rwanda 3.16% 2.98%
Saudi Arabia 1.03% 0.85%
Senegal 2.78% 2.60%
Serbia 1.28% 1.10%
Slovakia 0.65% 0.47%
Slovenia 1.13% 0.95%
South Africa 2.48% 2.30%
Spain 0.73% 0.55%
Sweden 0.19% 0.01%
Switzerland 0.16% -0.02%
Thailand 0.48% 0.30%
Tunisia 4.06% 3.88%
Turkey 3.47% 3.29%
Ukraine 5.25% 5.07%
United Kingdom 0.34% 0.16%
United States 0.18% 0.00%
Uruguay 1.29% 1.11%
Venezuela NA NA
Vietnam 1.59% 1.41%
Zambia 12.20% 12.02%
Country Std deviation in Equities (weekly) sBond sEquity/ sBond s (CDS)
Argentina 38.11% NA NA NA
Bangladesh 13.48% NA NA NA
Bosnia 8.96% NA NA NA
Botswana 4.89% NA NA NA
Ghana 8.33% NA NA NA
Greece 43.21% 45.54% 0.95 NA
Jamaica 16.93% NA NA NA
Jordan 7.14% NA NA NA
Kenya 10.90% NA NA NA
Kuwait 10.77% NA NA NA
Laos 16.00% NA NA NA
Macedonia 11.59% NA NA NA
Malta 7.75% NA NA NA
Mauritius 5.40% NA NA NA
Mongolia 17.21% NA NA NA
Montenegro 20.08% NA NA NA
Namibia 21.83% NA NA NA
Nigeria 27.08% NA NA NA
Oman 17.56% NA NA NA
Palestine 9.33% NA NA NA
Serbia 10.18% NA NA NA
Singapore 11.27% NA NA NA
Sri Lanka 8.88% NA NA NA
Taiwan 14.02% NA NA NA
Tanzania 19.44% NA NA NA
UAE 31.74% NA NA NA
Ukraine 29.74% NA NA NA
US 12.69% NA NA 0.1100%
Venezuela 51.23% 44.85% 1.14 1.3700%
Pakistan 14.21% NA NA 0.3219%
Tunisia 8.44% NA NA 0.4039%
Egypt 27.71% NA NA 0.2988%
Brazil 23.52% 12.21% 1.93 0.4111%
Lebanon 6.33% 3.15% 2.01 0.3565%
Costa Rica 8.31% NA NA 0.3136%
Bahrain 7.93% NA NA 0.3200%
South Africa 14.79% 20.21% 0.73 0.3821%
Russia 22.90% 40.10% 0.57 0.5519%
Kazakhastan 32.79% NA NA 0.3585%
Vietnam 17.55% NA NA 0.2610%
Turkey 20.97% 9.46% 2.22 0.3261%
Croatia 7.77% NA NA 0.2240%
Colombia 17.48% 7.09% 2.47 0.4247%
Portugal 22.96% 7.14% 3.22 0.5728%
Indonesia 15.19% 10.00% 1.52 0.3922%
Morocco 8.16% NA NA 0.3185%
Cyprus 32.96% NA NA 0.5916%
Mexico 13.68% 4.74% 2.89 0.4093%
Peru 15.94% 8.51% 1.87 0.3400%
Panama 4.69% NA NA 0.3181%
India 14.93% 2.93% 5.10 0.3731%
Malaysia 10.65% NA NA 0.5214%
Bulgaria 14.54% 13.05% 1.11 0.2917%
Thailand 12.08% 6.87% 1.76 0.3830%
Hungary 17.05% NA NA 0.3111%
Saudi Arabia 24.27% 17.55% 1.38 0.6852%
Italy 20.08% 7.23% 2.78 0.5215%
China 29.13% NA NA 0.3936%
Philippines 11.29% 30.36% 0.37 0.3890%
Romania 12.79% NA NA 0.2938%
Qatar 21.16% NA NA 0.4138%
Slovenia 14.17% 5.78% 2.45 0.2665%
Spain 22.89% 6.37% 3.59 0.5239%
Chile 12.29% 8.04% 1.53 0.3765%
Poland 13.93% 12.13% 1.15 0.2970%
Latvia 17.53% NA NA 0.2699%
Lithuania 7.63% NA NA 0.2612%
Iceland 10.01% 4.02% 2.49 0.3686%
Israel 10.30% 4.86% 2.12 0.2495%
Ireland 17.41% 3.08% 5.65 0.4114%
Korea 12.40% NA NA 0.4744%
Slovakia 17.69% 7.91% 2.24 0.1457%
Czech Republ 13.82% 4.93% 2.80 0.3475%
Estonia 10.89% NA NA 0.3969%
Average 2.15
Median 2.01
Average 1.98
Median 1.87
CDS CVCDS sEquity/ sCDS
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
6.56% 4.90% 2.90
6.33% 6.38% 1.32
5.48% 5.45% 5.08
5.09% 8.07% 2.91
5.00% 7.13% 0.89
4.86% 6.45% 1.29
4.00% 8.00% 0.99
3.99% 9.58% 1.54
3.67% 15.05% 1.52
3.55% 10.10% 3.25
3.52% 7.41% 2.37
3.39% 9.61% 2.18
3.23% 6.93% 1.12
3.22% 13.19% 1.33
3.18% 18.03% 1.27
2.96% 13.27% 1.14
2.69% 11.84% 0.69
2.66% 22.24% 1.48
2.48% 16.50% 0.83
2.35% 14.50% 1.10
2.32% 13.70% 0.34
2.25% 16.59% 0.90
2.21% 23.59% 0.45
2.13% 13.69% 1.06
2.05% 18.73% 0.65
2.03% 15.33% 1.11
1.93% 35.50% 0.68
1.93% 27.09% 0.74
1.76% 22.36% 1.30
1.68% 23.22% 0.49
1.66% 17.72% 0.72
1.63% 25.42% 0.83
1.62% 16.47% 0.86
1.55% 33.85% 0.68
1.54% 24.50% 0.50
1.38% 21.57% 0.65
1.30% 20.76% 0.84
1.26% 20.73% 0.37
1.26% 29.31% 0.34
1.19% 20.97% 0.49
1.06% 38.81% 0.45
0.89% 53.60% 0.23
0.88% 16.63% 1.06
0.81% 42.90% 0.32
0.80% 49.71% 0.22
1.14
0.89
1.33
1.10
GDP (in billions) in
Country 2018 GDP in 2017
Abu Dhabi 253 #N/A #N/A
Albania 15.10 13.04 SourceWorld Bank 15.10
Andorra (Principality of) 3.24 3.01 Year 2018 3.24
Angola 105.75 124.21 105.75
Argentina 519.87 637.59 519.87
Armenia 12.43 11.54 12.43
Aruba 2.70 3 2.70
Australia 1433.90 1323.42 1433.90
Austria 455.29 416.6 455.29
Azerbaijan 46.94 40.75 46.94
Bahamas 12.42 12.16 12.42
Bahrain 37.75 35.31 37.75
Bangladesh 274.02 249.72 274.02
Barbados 5.15 4.8 5.15
Belarus 59.66 54.44 59.66
Belgium 542.76 492.68 542.76
Belize 1.87 1.84 1.87
Benin 10.35 9.27 10.35
Bermuda 5.57 6.2 5.57
Bolivia 40.29 37.51 40.29
Bosnia and Herzegovina 20.16 18.17 20.16
Botswana 18.62 17.41 18.62
Brazil 1868.63 2055.51 1868.63
Bulgaria 65.13 56.83 65.13
Burkina Faso 14.12 12.87 14.12
Cambodia 24.54 22.16 24.54
Cameroon 38.68 34.80 38.68
Canada 1713.34 1653.04 1713.34
Cape Verde 1.90 1.9 1713.34
Cayman Islands 5.14 3.2
Chile 298.23 277.08 298.23
China 13608.15 12237.70 13608.15
Colombia 331.05 309.19 331.05
Congo (Democratic Repub 47.23 37.24 37.24
Congo (Republic of) 11.26 8.72 8.72
Cook Islands 1.20 1.2
Costa Rica 60.13 60.13 60.13
Côte d'Ivoire 43.01 43.01 43.01
Croatia 60.97 60.97 60.97
Cuba 100.02 81.6 100.02
Curacao 3.13 1.0 3.13
Cyprus 24.96 24.96 24.96
Czech Republic 245.23 245.23 245.23
Denmark 355.68 355.68 355.68
Dominican Republic 85.56 85.56 85.56
Ecuador 108.40 108.40 108.40
Egypt 250.89 235.37
El Salvador 26.06 26.06 26.06
Estonia 30.73 30.73 30.73
Ethiopia 84.36 84.36 84.36
Fiji 5.54 5.54 5.54
Finland 276.74 276.74 276.74
France 2777.54 2777.54 2777.54
Gabon 16.85 16.85 16.85
Georgia 17.60 17.60 17.60
Germany 3947.62 3947.62 3947.62
Ghana 65.56 65.56 65.56
Greece 218.03 218.03 218.03
Guatemala 78.46 78.46 78.46
Guernsey (States of) 0.50 0.5 78.46
Honduras 23.97 23.97 23.97
Hong Kong 362.68 341.45 341.45
Hungary 157.88 157.88 157.88
Iceland 25.88 25.88 25.88
India 2718.73 2718.73 2718.73
Indonesia 1042.17 1042.17 1042.17
Iraq 224.23 224.23 224.23
Ireland 382.49 382.49 382.49
Isle of Man 6.77 7.4 6.77
Israel 370.59 370.59 370.59
Italy 2083.86 2083.86 2083.86
Jamaica 15.71 15.71 15.71
Japan 4971.32 4971.32 4971.32
Jersey (States of) 1.00 1
Jordan 42.23 42.23 42.23
Kazakhstan 179.34 179.34 179.34
Kenya 87.91 87.91 87.91
Korea 1619.42 1530.75 1530.75
Kuwait 140.65 140.65 140.65
Kyrgyzstan 8.09 8.09 8.09
Latvia 34.41 34.41 34.41
Lebanon 56.64 56.64 56.64
Liechtenstein 6.21 6.7 6.21
Lithuania 53.43 53.43 53.43
Luxembourg 70.89 70.89 70.89
Macao 55.08 55.08 55.08
Macedonia 12.67 55.08 55.08
Malaysia 358.58 358.58 358.58
Maldives 5.33 5.33 5.33
Mali 17.16 15.29 14.55
Malta 14.55 14.55 14.22
Mauritius 14.22 14.22 1220.70
Mexico 1220.70 1220.70 11.44
Moldova 11.44 11.44 13.07
Mongolia 13.07 13.07 5.50
Montenegro 5.50 5.50 5.50
Montserrat 1.50 1.5 117.92
Morocco 117.92 117.92 14.72
Mozambique 14.72 14.72 14.52
Namibia 14.52 14.52 913.66
Netherlands 913.66 913.66 204.92
New Zealand 204.92 204.92 13.12
Nicaragua 13.12 13.12 397.27
Niger 9.29 434.17
Nigeria 397.27 397.27 79.28
Norway 434.17 434.17 314.59
Oman 79.28 79.28 65.06
Pakistan 314.59 314.59 23.50
Panama 65.06 65.06 40.50
Papua New Guinea 23.50 23.50 222.04
Paraguay 40.50 40.50 330.91
Peru 222.04 222.04 585.66
Philippines 330.91 330.91 240.67
Poland 585.66 585.66 191.36
Portugal 240.67 240.67 191.36
Qatar 191.36 191.36 239.55
Ras Al Khaimah (Emirate 5.20 5.2 1657.55
Romania 239.55 239.55 9.51
Russia 1657.55 1657.55 786.52
Rwanda 9.51 9.51 24.13
Saudi Arabia 786.52 786.52 50.60
Senegal 24.13 24.13 1.59
Serbia 50.60 50.60 364.16
Sharjah 5.00 5 105.90
Singapore 364.16 364.16 54.01
Slovakia 105.90 105.90 1.40
Slovenia 54.01 54.01 368.29
Solomon Islands 1.40 1.40 1419.04
South Africa 368.29 368.29 88.90
Spain 1419.04 1419.04 1.92
Sri Lanka 88.90 88.90 0.00
St. Maarten 1.50 1.5 3.59
St. Vincent & the Grena 0.92 0.8 3.59
Suriname 3.59 3.59 556.09
Swaziland 4.71 3.72 705.14
Sweden 556.09 556.09 0.00
Switzerland 705.14 705.14 7.52
Taiwan 646.00 970.9 58.00
Tajikistan 7.52 7.52 504.99
Tanzania 58.00 58.00 23.81
Thailand 504.99 504.99 39.87
Togo 5.36 4.81 771.35
Trinidad and Tobago 23.81 23.81 1.02
Tunisia 39.87 39.87 27.46
Turkey 771.35 771.35 130.83
Turks and Caicos Islands 1.02 1.5 414.18
Uganda 27.46 27.46 2855.30
Ukraine 130.83 130.83 20544.34
United Arab Emirates 414.18 414.18 59.60
United Kingdom 2855.30 2855.30 0.91
United States of Americ 20544.34 ### 245.21
Uruguay 59.60 59.60 26.72
Uzbekistan 50.50 48.72
Venezuela 100.00 250
Vietnam 245.21 245.21
Zambia 26.72 26.72
Country Name GDP in 2018
Afghanistan 19.36
Albania 15.10
Algeria 173.76
American Samoa 0.64
Andorra (Principality of) 3.24
Angola 105.75
Antigua and Barbuda 1.61
Arab World 2774.31
Argentina 519.87
Armenia 12.43
Aruba 2.70
Australia 1433.90
Austria 455.29
Azerbaijan 46.94
Bahamas 12.42
Bahrain 37.75
Bangladesh 274.02
Barbados 5.15
Belarus 59.66
Belgium 542.76
Belize 1.87
Benin 10.35
Bermuda 5.57
Bhutan 2.53
Bolivia 40.29
Bosnia and Herzegovina 20.16
Botswana 18.62
Brazil 1868.63
British Virgin Islands 0.00
Brunei Darussalam 13.57
Bulgaria 65.13
Burkina Faso 14.12
Burundi 3.04
Cabo Verde 1.98
Cambodia 24.54
Cameroon 38.68
Canada 1713.34
Caribbean small states 73.52
Cayman Islands 5.14
Central African Republic 2.22
Central Europe and the Baltics 1632.91
Chad 11.27
Channel Islands 11.51
Chile 298.23
China 13608.15
Colombia 331.05
Comoros 1.18
Congo (Democratic Republic of) 47.23
Congo (Republic of) 11.26
Costa Rica 60.13
Côte d'Ivoire 43.01
Croatia 60.97
Cuba 100.02
Curacao 3.13
Cyprus 24.96
Czech Republic 245.23
Denmark 355.68
Djibouti 2.96
Dominica 0.55
Dominican Republic 85.56
Early-demographic dividend 11638.15
East Asia & Pacific 25942.41
East Asia & Pacific (excluding high income) 16284.46
East Asia & Pacific (IDA & IBRD countries) 16253.26
Ecuador 108.40
Egypt 250.89
El Salvador 26.06
Equatorial Guinea 13.43
Eritrea 2.61
Estonia 30.73
Eswatini 4.71
Ethiopia 84.36
Euro area 13646.59
Europe & Central Asia 23068.40
Europe & Central Asia (excluding high income) 3410.70
Europe & Central Asia (IDA & IBRD countries) 4057.33
European Union 18768.08
Faroe Islands 2.69
Fiji 5.54
Finland 276.74
Fragile and conflict affected situations 841.43
France 2777.54
French Polynesia 0.00
Gabon 16.85
Gambia, The 1.63
Georgia 17.60
Germany 3947.62
Ghana 65.56
Gibraltar 0.00
Greece 218.03
Greenland 2.71
Grenada 1.19
Guam 5.92
Guatemala 78.46
Guinea 10.91
Guinea-Bissau 1.46
Guyana 3.88
Haiti 9.66
Heavily indebted poor countries (HIPC) 729.22
High income 54205.74
Honduras 23.97
Hong Kong 362.68
Hungary 157.88
IBRD only 30473.24
Iceland 25.88
IDA & IBRD total 32694.49
IDA blend 993.78
IDA only 1235.90
IDA total 2229.56
India 2718.73
Indonesia 1042.17
Iran, Islamic Rep. 454.01
Iraq 224.23
Ireland 382.49
Isle of Man 6.77
Israel 370.59
Italy 2083.86
Jamaica 15.71
Japan 4971.32
Jordan 42.23
Kazakhstan 179.34
Kenya 87.91
Kiribati 0.19
Korea, Dem. People’s Rep. 0.00
Korea, Rep. 1619.42
Kosovo 7.94
Kuwait 140.65
Kyrgyzstan 8.09
Lao PDR 17.95
Late-demographic dividend 22183.24
Latin America & Caribbean 5800.58
Latin America & Caribbean (excluding high inco 5204.64
Latin America & the Caribbean (IDA & IBRD cou 5559.76
Latvia 34.41
Least developed countries: UN classification 1064.73
Lebanon 56.64
Lesotho 2.74
Liberia 3.26
Libya 48.36
Liechtenstein 6.21
Lithuania 53.43
Low & middle income 31735.69
Low income 588.23
Lower middle income 6702.15
Luxembourg 70.89
Macao 55.08
Madagascar 13.85
Malawi 7.06
Malaysia 358.58
Maldives 5.33
Mali 17.16
Malta 14.55
Marshall Islands 0.22
Mauritania 5.23
Mauritius 14.22
Mexico 1220.70
Micronesia, Fed. Sts. 0.40
Middle East & North Africa 3610.54
Middle East & North Africa (excluding high inco 1439.62
Middle East & North Africa (IDA & IBRD countr 0.00
Middle income 31149.55
Moldova 11.44
Monaco 7.18
Mongolia 13.07
Montenegro 5.50
Morocco 117.92
Mozambique 14.72
Myanmar 71.21
Namibia 14.52
Nauru 0.13
Nepal 29.04
Netherlands 913.66
New Caledonia 0.00
New Zealand 204.92
Nicaragua 13.12
Niger 9.29
Nigeria 397.27
North America 22264.35
North Macedonia 12.67
Northern Mariana Islands 1.32
Norway 434.17
Not classified 0.00
OECD members 52676.22
Oman 79.28
Other small states 452.39
Pacific island small states 10.38
Pakistan 314.59
Palau 0.28
Panama 65.06
Papua New Guinea 23.50
Paraguay 40.50
Peru 222.04
Philippines 330.91
Poland 585.66
Portugal 240.67
Post-demographic dividend 50090.29
Pre-demographic dividend 1321.57
Puerto Rico 101.13
Qatar 191.36
Romania 239.55
Russia 1657.55
Rwanda 9.51
Samoa 0.82
San Marino 1.63
Sao Tome and Principe 0.42
Saudi Arabia 786.52
Senegal 24.13
Serbia 50.60
Seychelles 1.59
Sierra Leone 4.09
Singapore 364.16
Sint Maarten (Dutch part) 0.00
Slovakia 105.90
Slovenia 54.01
Small states 536.23
Solomon Islands 1.40
Somalia 4.72
South Africa 368.29
South Asia 3452.51
South Asia (IDA & IBRD) 3452.51
South Sudan 12.00
Spain 1419.04
Sri Lanka 88.90
St. Kitts and Nevis 1.01
St. Lucia 1.92
St. Martin (French part) 0.00
St. Vincent and the Grenadines 0.81
Sub-Saharan Africa 1709.95
Sub-Saharan Africa (excluding high income) 1708.36
Sub-Saharan Africa (IDA & IBRD countries) 1709.95
Sudan 40.85
Suriname 3.59
Sweden 556.09
Switzerland 705.14
Syrian Arab Republic 0.00
Tajikistan 7.52
Tanzania 58.00
Thailand 504.99
Timor-Leste 2.58
Togo 5.36
Tonga 0.45
Trinidad and Tobago 23.81
Tunisia 39.87
Turkey 771.35
Turkmenistan 40.76
Turks and Caicos Islands 1.02
Tuvalu 0.04
Uganda 27.46
Ukraine 130.83
United Arab Emirates 414.18
United Kingdom 2855.30
United States of America 20544.34
Upper middle income 24446.13
Uruguay 59.60
Uzbekistan 50.50
Vanuatu 0.91
Venezuela, RB 0.00
Vietnam 245.21
Virgin Islands (U.S.) 0.00
West Bank and Gaza 14.62
World 85909.82
Yemen, Rep. 26.91
Zambia 26.72
Zimbabwe 31.00
Country S&P Rating
Moody's Rating FC
Abu Dhabi AA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB NA
Angola B- B3 Angola B3
Argentina CC Caa2 Argentina Caa2
Armenia NA Ba3 Armenia Ba3
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba2 Azerbaijan Ba2
Bahamas BB+ Baa3 Bahamas Baa3
Bahrain B+ B2 Bahrain B2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados B- Caa1 Barbados Caa1
Belarus B B3 Belarus B3
Belgium AA Aa3 Belgium Aa3
Belize B- B3 Belize B3
Benin B+ B2 Benin B2
Bermuda A+ A2 Bermuda A2
Bolivia BB- Ba3 Bolivia Ba3
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana A- A2 Botswana A2
Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB Baa2 Bulgaria Baa2
Burkina Faso B NA
Cambodia NA B2 Cambodia B2
Cameroon B B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B NA
Cayman Islands NA Aa3 Cayman Islands Aa3
Chile A+ A1 Chile A1
China A+ A1 China A1
Colombia BBB- Baa2 Colombia Baa2
Congo (Democratic Repub CCC+ Caa1 Congo (Democratic Republ Caa1
Congo (Republic of) B- Caa2 Congo (Republic of) Caa2
Cook Islands B+ NA
Costa Rica B+ B1 Costa Rica B1
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BBB- Ba2 Croatia Ba2
Cuba NA Caa2 Cuba Caa2
Curacao BBB+ NA
Cyprus BBB- Ba2 Cyprus Ba2
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador B- B3 Ecuador B3
Egypt B B2 Egypt B2
El Salvador B- B3 El Salvador B3
Estonia AA- A1 Estonia A1
Ethiopia B B1 Ethiopia B1
Fiji BB- Ba3 Fiji Ba3
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon NA Caa1 Gabon Caa1
Georgia BB Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana B B3 Ghana B3
Greece BB- B1 Greece B1
Guatemala SD Ba1 Guatemala Ba1
Guernsey (States of) BB- Baa1 Guernsey (Channel Islands) Baa1
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa2 Hong Kong Aa2
Hungary BBB Baa3 Hungary Baa3
Iceland A A2 Iceland A2
India BBB- Baa2 India Baa2
Indonesia BBB Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland AA- A2 Ireland A2
Isle of Man NA Aa2 Isle of Man Aa2
Israel AA- A1 Israel A1
Italy BBB Baa3 Italy Baa3
Jamaica B+ B2 Jamaica B2
Japan A+ A1 Japan A1
Jersey (States of) AA- A1 Jersey (Channel Islands) A1
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa3 Kazakhstan Baa3
Kenya B+ B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait AA Aa2 Kuwait Aa2
Kyrgyzstan NR B2 Kyrgyz Republic B2
Latvia A A3 Latvia A3
Lebanon CCC Caa2 Lebanon Caa2
Liechtenstein AAA Aaa Liechtenstein Aaa
Lithuania A A3 Lithuania A3
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA
Malaysia A- A3 Malaysia A3
Maldives NA B2 Maldives B2
Mali NA B3 Mali B3
Malta A- A2 Malta A2
Mauritius NA Baa1 Mauritius Baa1
Mexico BBB+ A3 Mexico A3
Moldova NA B3 Moldova B3
Mongolia B B3 Mongolia B3
Montenegro B+ NA Montenegro B1
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco Ba1
Mozambique CCC+ Caa2 Mozambique Caa2
Namibia NA Ba2 Namibia Ba2
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA Aaa New Zealand Aaa
Nicaragua B- B2 Nicaragua B2
Niger NA B3 Niger B3
Nigeria B B2 Nigeria B2
Norway AAA Aaa Norway Aaa
Oman BB Ba1 Oman Ba1
Pakistan B- B3 Pakistan B3
Panama BBB+ Baa1 Panama Baa1
Papua New Guinea B B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru BBB+ A3 Peru A3
Philippines BBB+ Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB Baa3 Portugal Baa3
Qatar AA- Aa3 Qatar Aa3
Ras Al Khaimah (Emirate NA NA
Romania BBB- Baa3 Romania Baa3
Russia BBB- Baa3 Russia Baa3
Rwanda B+ B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1
Senegal B+ Ba3 Senegal Ba3
Serbia BB+ Ba3 Serbia Ba3
Sharjah NA A3 Sharjah A3
Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia AA- Baa1 Slovenia Baa1
Solomon Islands NA B3 Solomon Islands B3
South Africa BB Baa3 South Africa Baa3
Spain AA Baa1 Spain Baa1
Sri Lanka A B2 Sri Lanka B2
St. Maarten B Baa3 Sint Maarten Baa3
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname B B2 Suriname B2
Swaziland NA B2 Swaziland B2
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA- Aa3 Taiwan Aa3
Tajikistan B- B3 Tajikistan B3
Tanzania NA B1 Tanzania B1
Thailand BBB+ Baa1 Thailand Baa1
Togo B B3 Togo B3
Trinidad and Tobago BBB Ba1 Trinidad and Tobago Ba1
Tunisia NA B2 Tunisia B2
Turkey B+ B1 Turkey B1
Turks and Caicos Islands BBB+ NA
Uganda B B2 Uganda B2
Ukraine B Caa1 Ukraine Caa1
United Arab Emirates AA Aa2 United Arab Emirates Aa2
United Kingdom AA Aa2 United Kingdom Aa2
United States AA+ Aaa United States of America Aaa
Uruguay BBB B1 Uzbekistan B1
Uzbekistan BB- Baa2 Uruguay Baa2
Venezuela SD C Venezuela C
Vietnam BB Ba3 Vietnam Ba3
Zambia CCC+ Caa2 Zambia Caa2
LC S&P
Aa2 Abu Dhabi AA
B1 Albania B+
Andorra BBB
B3 Angola B-
Caa2 Argentina CC
Ba3
Aruba BBB+
Aaa Australia AAA
Aa1 Austria AA+
Ba2 Azerbaijan BB+
Baa3 Bahamas BB+
B2 Bahrain B+
Ba3 Bangladesh BB-
Caa1 Barbados B-
B3 Belarus B
Aa3 Belgium AA
B3 Belize B-
B2 Benin B+
A2 Bermuda A+
Ba3 Bolivia BB-
B3 Bosnia and Herzegovina B
A2 Botswana A-
Ba2 Brazil BB-
Baa2 Bulgaria BBB
Burkina Faso B
B2
B2 Cameroon B
Aaa Canada AAA
Cape Verde B
Aa3
A1 Chile A+
A1 China A+
Baa2 Colombia BBB-
Caa1 Congo CCC+
Caa2 Congo (Republic of B-
Cook Islands B+
B1 Costa Rica B+
Ba3
Ba2 Croatia BBB-
Caa2
Curacao BBB+
Ba2 Cyprus BBB-
Aa3 Czech Republic AA-
Aaa Denmark AAA
Ba3 Dominican Republic BB-
B3 Ecuador B-
B2 Egypt B
B3 El Salvador B-
A1 Estonia AA-
B1 Ethiopia B
Ba3 Fiji BB-
Aa1 Finland AA+
Aa2 France AA
Caa1
Ba2 Georgia BB
Aaa Germany AAA
B3 Ghana B
B1 Greece BB-
Ba1 Grenada SD
Baa1 Guatemala BB-
B1 Honduras BB-
Aa2 Hong Kong AA+
Baa3 Hungary BBB
A2 Iceland A
Baa2 India BBB-
Baa2 Indonesia BBB
Caa1 Iraq B-
A2 Ireland AA-
Aa2
A1 Israel AA-
Baa3 Italy BBB
B2 Jamaica B+
A1 Japan A+
A1 Jersey AA-
B1 Jordan B+
Baa3 Kazakhstan BBB-
B2 Kenya B+
Aa2 Korea AA
Aa2 Kuwait AA
B2 Kyrgyzstan NR
A3 Latvia A
Caa2 Lebanon CCC
Aaa Liechtenstein AAA
A3 Lithuania A
Aaa Luxembourg AAA
Aa3
Macedonia BB-
A3 Malaysia A-
B2
B3
A2 Malta A-
Baa1
A3 Mexico BBB+
B3
B3 Mongolia B
- Montenegro B+
Montserrat BBB-
Ba1 Morocco BBB-
Caa2 Mozambique CCC+
Ba2
Aaa Netherlands AAA
Aaa New Zealand AA
B2 Nicaragua B-
B3
B2 Nigeria B
Aaa Norway AAA
Ba1 Oman BB
B3 Pakistan B-
Baa1 Panama BBB+
B2 Papua New Guinea B
Ba1 Paraguay BB
A3 Peru BBB+
Baa2 Philippines BBB+
A2 Poland A-
Baa3 Portugal BBB
Aa3 Qatar AA-
Baa3 Romania BBB-
Baa3 Russia BBB-
B2 Rwanda B+
A1 Saudi Arabia A-
Ba3 Senegal B+
Ba3 Serbia BB+
A3 Seychelles
Aaa Singapore AAA
A2 Slovakia A+
Baa1 Slovenia AA-
B3 Solomon Islands
Baa3 South Africa BB
Baa1 South Korea AA
B2 Spain A
Baa3 Sri Lanka B
B3 St Vincent and the Grenadines
B2 Suriname B
B2 Swaziland
Aaa Sweden AAA
Aaa Switzerland AAA
Aa3 Taiwan AA-
B3 Tajikistan B-
B1
Baa1 Thailand BBB+
B3 Togo B
Ba1 Trinidad and Tobago BBB
B2
B1 Turkey B+
Turks and Caicos BBB+
B2 Uganda B
Caa1 Ukraine B
Aa2 United Arab Emirates AA
Aa2 United Kingdom AA
Aaa United States AA+
B1 Uruguay BBB
Baa2 Uzbekistan BB-
C Venezuela SD
Ba3 Vietnam BB
Caa2 Zambia CCC+
B
Country Country Tax Rate
Abu Dhabi Abu Dhabi 55.00%
Albania Albania 15.00%
Andorra (Principality of) Andorra (Principality of) 10.00%
Angola Angola 30.00%
Argentina Argentina 30.00%
Armenia Armenia 20.00%
Aruba Aruba 25.00%
Australia Australia 30.00%
Austria Austria 25.00%
Azerbaijan Azerbaijan 20.00%
Bahamas Bahamas 0.00%
Bahrain Bahrain 0.00%
Bangladesh Bangladesh 25.00%
Barbados Barbados 5.50%
Belarus Belarus 18.00%
Belgium Belgium 29.00%
Belize Belize 32.36%
Benin Benin 30.00%
Bermuda Bermuda 0.00%
Bolivia Bolivia 25.00%
Bosnia and Herzegovina Bosnia and Herzegovina 10.00%
Botswana Botswana 22.00%
Brazil Brazil 34.00%
Bulgaria Bulgaria 10.00%
Burkina Faso Burkina Faso 28.00%
Cambodia Cambodia 20.00%
Cameroon Cameroon 33.00%
Canada Canada 26.50%
Cape Verde Cape Verde 0.00%
Cayman Islands Cayman Islands 0.00%
Chile Chile 27.00%
China China 25.00%
Colombia Colombia 33.00%
Congo (Democratic RepubCongo (Democratic Republic o 35.00%
Congo (Republic of) Congo (Republic of) 32.36%
Cook Islands Cook Islands 28.43%
Costa Rica Costa Rica 30.00%
Côte d'Ivoire Côte d'Ivoire 25.00%
Croatia Croatia 18.00%
Cuba Cuba 27.24%
Curacao Curacao 22.00%
Cyprus Cyprus 12.50%
Czech Republic Czech Republic 19.00%
Denmark Denmark 22.00%
Dominican Republic Dominican Republic 27.00%
Ecuador Ecuador 25.00%
Egypt Egypt 22.50%
El Salvador El Salvador 30.00%
Estonia Estonia 20.00%
Ethiopia Ethiopia 30.00%
Fiji Fiji 20.00%
Finland Finland 20.00%
France France 31.00%
Gabon Gabon 30.00%
Georgia Georgia 15.00%
Germany Germany 30.00%
Ghana Ghana 25.00%
Greece Greece 28.00%
Guatemala Guatemala 25.00%
Guernsey (States of) Guernsey (States of) 0.00%
Honduras Honduras 25.00%
Hong Kong Hong Kong 16.50%
Hungary Hungary 9.00%
Iceland Iceland 20.00%
India India 30.00%
Indonesia Iraq 25.00%
Iraq Iraq 15.00%
Ireland Ireland 12.50%
Isle of Man Isle of Man 0.00%
Israel Israel 23.00%
Italy Italy 24.00%
Jamaica Jamaica 25.00%
Japan Japan 30.62%
Jersey (States of) Jersey (States of) 0.00%
Jordan Jordan 20.00%
Kazakhstan Kazakhstan 20.00%
Kenya Kenya 30.00%
Korea Kuwait 25.00%
Kuwait Kuwait 15.00%
Kyrgyzstan Kyrgyzstan 10.00%
Latvia Latvia 20.00%
Lebanon Lebanon 17.00%
Liechtenstein Liechtenstein 12.50%
Lithuania Lithuania 15.00%
Luxembourg Luxembourg 26.01%
Macao Macao 12.00%
Macedonia Macedonia 10.00%
Malaysia Malaysia 24.00%
Maldives Maldives 30.19%
Mali Mali 28.24%
Malta Malta 35.00%
Mauritius Mauritius 15.00%
Mexico Mexico 30.00%
Moldova Moldova 12.00%
Mongolia Mongolia 25.00%
Montenegro Montenegro 9.00%
Montserrat Montserrat 27.24%
Morocco Morocco 31.00%
Mozambique Mozambique 32.00%
Namibia Namibia 32.00%
Netherlands Netherlands 25.00%
New Zealand New Zealand 28.00%
Nicaragua Nicaragua 30.00%
Niger Niger 32.36%
Nigeria Nigeria 30.00%
Norway Norway 22.00%
Oman Oman 15.00%
Pakistan Pakistan 30.00%
Panama Panama 25.00%
Papua New Guinea Papua New Guinea 30.00%
Paraguay Paraguay 10.00%
Peru Peru 29.50%
Philippines Philippines 30.00%
Poland Poland 19.00%
Portugal Portugal 21.00%
Qatar Qatar 10.00%
Ras Al Khaimah (Emirate Ras Al Khaimah (Emirate of) 0.00%
Romania Romania 16.00%
Russia Russia 20.00%
Rwanda Rwanda 30.00%
Saudi Arabia Saudi Arabia 20.00%
Senegal Senegal 30.00%
Serbia Serbia 15.00%
Sharjah Sharjah 0.00%
Singapore Singapore 17.00%
Slovakia Slovakia 21.00%
Slovenia Slovenia 19.00%
Solomon Islands Solomon Islands 30.00%
South Africa South Africa 28.00%
Spain Spain 25.00%
Sri Lanka Sri Lanka 28.00%
St. Maarten St. Maarten 35.00%
St. Vincent & the GrenadSt. Vincent & the Grenadines 30.00%
Suriname Suriname 36.00%
Swaziland Swaziland 27.50%
Sweden Sweden 21.40%
Switzerland Switzerland 18.00%
Taiwan Taiwan 20.00%
Tajikistan Tajikistan 30.19%
Tanzania Tanzania 30.00%
Thailand Thailand 20.00%
Togo Togo 32.36%
Trinidad and Tobago Trinidad and Tobago 25.00%
Tunisia Tunisia 25.00%
Turkey Turkey 22.00%
Turks and Caicos Islands Turks and Caicos Islands 0.00%
Uganda Uganda 30.00%
Ukraine Ukraine 18.00%
United Arab Emirates United Arab Emirates 55.00%
United Kingdom United Kingdom 19.00%
United States United States 25.00%
Uruguay Uruguay 25.00%
Uzbekistan Uzbekistan 7.50%
Venezuela Venezuela 34.00%
Vietnam Vietnam 20.00%
Zambia Zambia 35.00%
Country 2019.00 Africa average 32.36%
Afghanistan 20.00 Americas average 31.29%
Albania 15.00 Asia average 30.19%
Algeria 26.00 EU average 27.95%
Andorra 10.00 Europe average 26.72%
Angola 30.00 Global average 29.42%
Anguilla 0.00 Latin America avera 30.81%
Antigua and Barbuda 25.00 North America avera 35.30%
Argentina 30.00 Oceania average 30.20%
Armenia 20.00 OECD average 30.08%
Aruba 25.00 South America aver 30.81%
Australia 30.00
Austria 25.00
Azerbaijan 20.00
Bahamas 0.00
Bahrain 0.00
Bangladesh 25.00
Barbados 5.50
Belarus 18.00
Belgium 29.00
Benin 30.00
Bermuda 0.00
Bolivia 25.00
Bonaire, Saint Eustatius 25.00
Bosnia and Herzegovina 10.00
Botswana 22.00
Brazil 34.00
Brunei Darussalam 18.50
Bulgaria 10.00
Burkina Faso 28.00
Burundi 30.00
Cambodia 20.00
Cameroon 33.00
Canada 26.50
Cayman Islands 0.00
Chile 27.00
China 25.00
Colombia 33.00
Congo (Democratic Republ 35.00
Costa Rica 30.00
Croatia 18.00
Curacao 22.00
Cyprus 12.50
Czech Republic 19.00
Denmark 22.00
Djibouti 25.00
Dominica 25.00
Ecuador 25.00
Egypt 22.50
El Salvador 30.00
Estonia 20.00
Ethiopia 30.00
Fiji 20.00
Finland 20.00
France 31.00
Gabon 30.00
Gambia 31.00
Georgia 15.00
Germany 30.00
Ghana 25.00
Gibraltar 10.00
Greece 28.00
Grenada 28.00
Guatemala 25.00
Guernsey 0.00
Honduras 25.00
Hong Kong SAR 16.50
Hungary 9.00
Iceland 20.00
India 30.00
Indonesia 25.00
Iraq 15.00
Ireland 12.50
Isle of Man 0.00
Israel 23.00
Italy 24.00
Ivory Coast 25.00
Jamaica 25.00
Japan 30.62
Jersey 0.00
Jordan 20.00
Kazakhstan 20.00
Kenya 30.00
Korea, Republic of 25.00
Kuwait 15.00
Kyrgyzstan 10.00
Latvia 20.00
Lebanon 17.00
Libya 20.00
Liechtenstein 12.50
Lithuania 15.00
Luxembourg 26.01
Macau 12.00
Macedonia 10.00
Madagascar 20.00
Malawi 30.00
Malaysia 24.00
Malta 35.00
Mauritius 15.00
Mexico 30.00
Moldova 12.00
Monaco 33.00
Mongolia 25.00
Montenegro 9.00
Morocco 31.00
Mozambique 32.00
Myanmar 25.00
Namibia 32.00
Netherlands 25.00
New Zealand 28.00
Nicaragua 30.00
Nigeria 30.00
Norway 22.00
Oman 15.00
Pakistan 30.00
Palestinian Territory 15.00
Panama 25.00
Paraguay 10.00
Peru 29.50
Philippines 30.00
Poland 19.00
Portugal 21.00
Qatar 10.00
Romania 16.00
Russia 20.00
Rwanda 30.00
Saint Kitts and Nevis 33.00
Saint Lucia 30.00
Saint Vincent and the Gre 30.00
Samoa 27.00
Saudi Arabia 20.00
Senegal 30.00
Serbia 15.00
Sierra Leone 30.00
Singapore 17.00
Sint Maarten (Dutch part) 35.00
Slovakia 21.00
Slovenia 19.00
Solomon Islands 30.00
South Africa 28.00
Spain 25.00
Sri Lanka 28.00
St Maarten 35.00
Sudan 35.00
Suriname 36.00
Swaziland 27.50
Sweden 21.40
Switzerland 18.00
Syria 28.00
Taiwan 20.00
Tanzania 30.00
Thailand 20.00
Trinidad and Tobago 25.00
Tunisia 25.00
Turkey 22.00
Turkmenistan 20.00
Turks and Caicos Islands 0.00
Uganda 30.00
Ukraine 18.00
United Kingdom 19.00
United States 27.00
Uruguay 25.00
Uzbekistan 7.50
Vanuatu 0.00
Venezuela 34.00
Vietnam 20.00
Yemen 20.00
Zambia 35.00
Zimbabwe 25.00
Country PRS Score Total Equity Risk P Rating-based Defaul Final ERP
Abu Dhabi #N/A 5.69% 0.41% 5.69%
Albania 70.25 9.64% 3.76% 9.64%
Andorra (Principality of) #N/A 7.08% 1.59% 7.08%
Angola 58.25 11.62% 5.44% 11.62%
Argentina 59.75 14.08% 7.53% 14.08%
Armenia 68.50 8.75% 3.01% 8.75%
Aruba #N/A 6.77% 1.34% 6.77%
Australia 80.25 5.20% 0.00% 5.20%
Austria 81.00 5.59% 0.33% 5.59%
Azerbaijan 72.25 8.16% 2.51% 8.16%
Bahamas 74.75 7.37% 1.84% 7.37%
Bahrain 66.00 10.63% 4.60% 10.63%
Bangladesh 67.75 8.75% 3.01% 8.75%
Barbados #N/A 12.59% 6.27% 12.59%
Belarus 66.00 11.62% 5.44% 11.62%
Belgium 77.75 5.80% 0.51% 5.80%
Belize #N/A 11.62% 5.44% 11.62%
Benin #N/A 10.63% 4.60% 10.63%
Bermuda #N/A 6.04% 0.71% 6.04%
Bolivia 65.50 8.75% 3.01% 8.75%
Bosnia and Herzegovina #N/A 11.62% 5.44% 11.62%
Botswana 76.75 6.04% 0.71% 6.04%
Brazil 70.75 8.16% 2.51% 8.16%
Bulgaria 77.50 7.08% 1.59% 7.08%
Burkina Faso 65.00 10.63% 4.60% 10.63%
Cambodia #N/A 10.63% 4.60% 10.63%
Cameroon 61.25 10.63% 4.60% 10.63%
Canada 82.50 5.20% 0.00% 5.20%
Cape Verde #N/A 10.63% 4.60% 10.63%
Cayman Islands #N/A 5.80% 0.51% 5.80%
Chile 74.25 5.89% 0.59% 5.89%
China #N/A 5.89% 0.59% 5.89%
Colombia 67.50 7.08% 1.59% 7.08%
Congo (Democratic Repub #N/A 12.59% 6.27% 12.59%
Congo (Republic of) #N/A 14.08% 7.53% 14.08%
Cook Islands #N/A 9.64% 3.76% 9.64%
Costa Rica 72.50 9.64% 3.76% 9.64%
Côte d'Ivoire #N/A 8.75% 3.01% 8.75%
Croatia 76.00 8.16% 2.51% 8.16%
Cuba 70.00 14.08% 7.53% 14.08%
Curacao #N/A 6.77% 1.34% 6.77%
Cyprus 75.50 8.16% 2.51% 8.16%
Czech Republic 80.00 5.80% 0.51% 5.80%
Denmark 84.75 5.20% 0.00% 5.20%
Dominican Republic 72.75 8.75% 3.01% 8.75%
Ecuador 65.00 11.62% 5.44% 11.62%
Egypt 65.75 10.63% 4.60% 10.63%
El Salvador 70.25 11.62% 5.44% 11.62%
Estonia 75.50 5.89% 0.59% 5.89%
Ethiopia 61.50 9.64% 3.76% 9.64%
Fiji #N/A 8.75% 3.01% 8.75%
Finland 81.75 5.59% 0.33% 5.59%
France 75.00 5.69% 0.41% 5.69%
Gabon 66.25 12.59% 6.27% 12.59%
Georgia #N/A 8.16% 2.51% 8.16%
Germany 83.00 5.20% 0.00% 5.20%
Ghana 68.25 11.62% 5.44% 11.62%
Greece 72.25 9.64% 3.76% 9.64%
Guatemala 72.75 7.66% 2.09% 7.66%
Guernsey (States of) #N/A 6.77% 1.34% 6.77%
Honduras 66.75 9.64% 3.76% 9.64%
Hong Kong 79.25 5.69% 0.41% 5.69%
Hungary 77.25 7.37% 1.84% 7.37%
Iceland 82.00 6.04% 0.71% 6.04%
India 71.75 7.08% 1.59% 7.08%
Indonesia 69.50 7.08% 1.59% 7.08%
Iraq 63.75 12.59% 6.27% 12.59%
Ireland 84.50 6.04% 0.71% 6.04%
Isle of Man #N/A 5.69% 0.41% 5.69%
Israel 77.00 5.89% 0.59% 5.89%
Italy 76.25 7.37% 1.84% 7.37%
Jamaica 70.75 10.63% 4.60% 10.63%
Japan 81.50 5.89% 0.59% 5.89%
Jersey (States of) #N/A 5.89% 0.59% 5.89%
Jordan 65.25 9.64% 3.76% 9.64%
Kazakhstan 72.75 7.37% 1.84% 7.37%
Kenya 65.25 10.63% 4.60% 10.63%
Korea #N/A 5.69% 0.41% 5.69%
Kuwait 78.00 5.69% 0.41% 5.69%
Kyrgyzstan #N/A 10.63% 4.60% 10.63%
Latvia 74.50 6.38% 1.00% 6.38%
Lebanon 57.75 14.08% 7.53% 14.08%
Liechtenstein #N/A 5.20% 0.00% 5.20%
Lithuania 74.75 6.38% 1.00% 6.38%
Luxembourg 86.75 5.20% 0.00% 5.20%
Macao #N/A 5.80% 0.51% 5.80%
Macedonia #N/A 8.75% 3.01% 8.75%
Malaysia 76.00 6.38% 1.00% 6.38%
Maldives #N/A 10.63% 4.60% 10.63%
Mali 60.00 11.62% 5.44% 11.62%
Malta 79.00 6.04% 0.71% 6.04%
Mauritius #N/A 6.77% 1.34% 6.77%
Mexico 68.50 6.38% 1.00% 6.38%
Moldova 67.00 11.62% 5.44% 11.62%
Mongolia 69.25 11.62% 5.44% 11.62%
Montenegro #N/A 9.64% 3.76% 9.64%
Montserrat #N/A 7.37% 1.84% 7.37%
Morocco 69.50 7.66% 2.09% 7.66%
Mozambique 57.75 14.08% 7.53% 14.08%
Namibia 70.75 8.16% 2.51% 8.16%
Netherlands 82.75 5.20% 0.00% 5.20%
New Zealand 83.50 5.20% 0.00% 5.20%
Nicaragua 61.75 10.63% 4.60% 10.63%
Niger 52.75 11.62% 5.44% 11.62%
Nigeria 63.50 10.63% 4.60% 10.63%
Norway 88.50 5.20% 0.00% 5.20%
Oman 71.75 7.66% 2.09% 7.66%
Pakistan 56.75 11.62% 5.44% 11.62%
Panama 74.00 6.77% 1.34% 6.77%
Papua New Guinea 66.50 10.63% 4.60% 10.63%
Paraguay 67.25 7.66% 2.09% 7.66%
Peru 74.25 6.38% 1.00% 6.38%
Philippines 73.25 7.08% 1.59% 7.08%
Poland 78.75 6.04% 0.71% 6.04%
Portugal 78.00 7.37% 1.84% 7.37%
Qatar 77.00 5.80% 0.51% 5.80%
Ras Al Khaimah (Emirate #N/A 12.59% 6.27% 12.59%
Romania 70.75 7.37% 1.84% 7.37%
Russia 72.75 7.37% 1.84% 7.37%
Rwanda #N/A 10.63% 4.60% 10.63%
Saudi Arabia 75.50 5.89% 0.59% 5.89%
Senegal 63.00 8.75% 3.01% 8.75%
Serbia #N/A 8.75% 3.01% 8.75%
Sharjah #N/A 6.38% 1.00% 6.38%
Singapore 85.00 5.20% 0.00% 5.20%
Slovakia 75.25 6.04% 0.71% 6.04%
Slovenia 76.75 6.77% 1.34% 6.77%
Solomon Islands #N/A 11.62% 5.44% 11.62%
South Africa 67.50 7.37% 1.84% 7.37%
Spain 75.75 6.77% 1.34% 6.77%
Sri Lanka 64.50 10.63% 4.60% 10.63%
St. Maarten #N/A 7.37% 1.84% 7.37%
St. Vincent & the Grenad #N/A 11.62% 5.44% 11.62%
Suriname 65.00 10.63% 4.60% 10.63%
Swaziland #N/A 10.63% 4.60% 10.63%
Sweden 84.75 5.20% 0.00% 5.20%
Switzerland 88.25 5.20% 0.00% 5.20%
Taiwan 85.50 5.80% 0.51% 5.80%
Tajikistan #N/A 11.62% 5.44% 11.62%
Tanzania 65.75 9.64% 3.76% 9.64%
Thailand 71.75 6.77% 1.34% 6.77%
Togo 62.00 11.62% 5.44% 11.62%
Trinidad and Tobago #N/A 7.66% 2.09% 7.66%
Tunisia 65.00 10.63% 4.60% 10.63%
Turkey 61.75 9.64% 3.76% 9.64%
Turks and Caicos Islands #N/A 6.77% 1.34% 6.77%
Uganda 61.50 10.63% 4.60% 10.63%
Ukraine 67.50 12.59% 6.27% 12.59%
United Arab Emirates 79.50 5.69% 0.41% 5.69%
United Kingdom 78.25 5.69% 0.41% 5.69%
United States 77.75 5.20% 0.00% 5.20%
Uruguay 74.00 9.64% 3.76% 9.64%
Uzbekistan #N/A 7.08% 1.59% 7.08%
Venezuela 42.00 22.89% 15.00% 22.89%
Vietnam 71.00 8.75% 3.01% 8.75%
Zambia 61.75 14.08% 7.53% 14.08%
Algeria 63.00 5.44% 11.62%
Brunei 82.75 0.33% 5.59%
Gambia 63.75 5.44% 11.62%
Guinea 57.00 8.36% 15.06%
Guinea-Bissau 63.25 5.44% 11.62%
Guyana 63.75 5.44% 11.62%
Haiti 57.50 7.53% 14.08%
Iran 62.50 5.44% 11.62%
Korea, D.P.R. 50.50 10.03% 17.03%
Liberia 49.50 14.00% 21.71%
Libya 69.50 2.51% 8.16%
Madagascar 65.50 4.60% 10.63%
Malawi 63.50 5.44% 11.62%
Myanmar 64.00 5.44% 11.62%
Sierra Leone 57.00 8.36% 15.06%
Somalia 53.00 10.03% 17.03%
Sudan 39.75 14.00% 21.71%
Syria 53.00 10.03% 17.03%
Yemen, Republic 54.50 10.03% 17.03%
Zimbabwe 50.50 10.03% 17.03%
Tax Rate CRP PRS Score
55.00% 0.49% More than Less than ERP CRP
15.00% 4.44% 0 50.000 21.71% 14.00%
10.00% 1.88% 50.001 55.000 17.03% 10.03%
30.00% 6.42% 55.001 57.000 15.06% 8.36%
30.00% 8.88% 57.001 60.000 14.08% 7.53%
20.00% 3.55% 60.001 62.000 12.59% 6.27%
25.00% 1.57% 62.001 64.000 11.62% 5.44%
30.00% 0.00% 64.001 66.000 10.63% 4.60%
25.00% 0.39% 66.001 68.000 9.64% 3.76%
20.00% 2.96% 68.001 69.000 8.75% 3.01%
0.00% 2.17% 69.001 72.000 8.16% 2.51%
0.00% 5.43% 72.001 74.000 7.08% 1.59%
25.00% 3.55% 74.001 76.000 6.77% 1.34%
5.50% 7.39% 76.001 80.000 6.04% 0.71%
18.00% 6.42% 80.001 82.500 5.80% 0.51%
29.00% 0.60% 82.501 85.000 5.59% 0.33%
32.36% 6.42% 85.001 90.000 5.20% 0.00%
30.00% 5.43%
0.00% 0.84% Rating Default Spread
25.00% 3.55% Aaa 0.00%
10.00% 6.42% Aa1 0.33%
22.00% 0.84% Aa2 0.41%
34.00% 2.96% Aa3 0.51%
10.00% 1.88% A1 0.59%
28.00% 5.43% A2 0.71%
20.00% 5.43% A3 1.00%
33.00% 5.43% Baa1 1.34%
26.50% 0.00% Baa2 1.59%
0.00% 5.43% Baa3 1.84%
0.00% 0.60% Ba1 2.09%
27.00% 0.69% Ba2 2.51%
25.00% 0.69% Ba3 3.01%
33.00% 1.88% B1 3.76%
35.00% 7.39% B2 4.60%
32.36% 8.88% B3 5.44%
28.43% 4.44% Caa1 6.27%
30.00% 4.44% Caa2 7.53%
25.00% 3.55% Caa3 8.36%
18.00% 2.96% Ca 10.03%
27.24% 8.88% C 14.00%
22.00% 1.57%
12.50% 2.96%
19.00% 0.60%
22.00% 0.00%
27.00% 3.55%
25.00% 6.42%
22.50% 5.43%
30.00% 6.42%
20.00% 0.69%
30.00% 4.44%
20.00% 3.55%
20.00% 0.39%
31.00% 0.49%
30.00% 7.39%
15.00% 2.96%
30.00% 0.00%
25.00% 6.42%
28.00% 4.44%
25.00% 2.46%
0.00% 1.57%
25.00% 4.44%
16.50% 0.49%
9.00% 2.17%
20.00% 0.84%
30.00% 1.88%
25.00% 1.88%
15.00% 7.39%
12.50% 0.84%
0.00% 0.49%
23.00% 0.69%
24.00% 2.17%
25.00% 5.43%
30.62% 0.69%
0.00% 0.69%
20.00% 4.44%
20.00% 2.17%
30.00% 5.43%
25.00% 0.49%
15.00% 0.49%
10.00% 5.43%
20.00% 1.18%
17.00% 8.88%
12.50% 0.00%
15.00% 1.18%
26.01% 0.00%
12.00% 0.60%
10.00% 3.55%
24.00% 1.18%
30.19% 5.43%
28.24% 6.42%
35.00% 0.84%
15.00% 1.57%
30.00% 1.18%
12.00% 6.42%
25.00% 6.42%
9.00% 4.44%
27.24% 2.17%
31.00% 2.46%
32.00% 8.88%
32.00% 2.96%
25.00% 0.00%
28.00% 0.00%
30.00% 5.43%
32.36% 6.42%
30.00% 5.43%
22.00% 0.00%
15.00% 2.46%
30.00% 6.42%
25.00% 1.57%
30.00% 5.43%
10.00% 2.46%
29.50% 1.18%
30.00% 1.88%
19.00% 0.84%
21.00% 2.17%
10.00% 0.60%
0.00% 7.39%
16.00% 2.17%
20.00% 2.17%
30.00% 5.43%
20.00% 0.69%
30.00% 3.55%
15.00% 3.55%
0.00% 1.18%
17.00% 0.00%
21.00% 0.84%
19.00% 1.57%
30.00% 6.42%
28.00% 2.17%
25.00% 1.57%
28.00% 5.43%
35.00% 2.17%
30.00% 6.42%
36.00% 5.43%
27.50% 5.43%
21.40% 0.00%
18.00% 0.00%
20.00% 0.60%
30.19% 6.42%
30.00% 4.44%
20.00% 1.57%
32.36% 6.42%
25.00% 2.46%
25.00% 5.43%
22.00% 4.44%
0.00% 1.57%
30.00% 5.43%
18.00% 7.39%
55.00% 0.49%
19.00% 0.49%
25.00% 0.00%
25.00% 4.44%
7.50% 1.88%
34.00% 17.69%
20.00% 3.55%
35.00% 8.88%
Row Labels Average of Corporate Tax Rate

26.00% 6.42% Africa 29.15%
18.50% 0.39% Asia 23.10%
31.00% 6.42% Australia & New Zeal 19.33%
29.15% 9.86% Caribbean 18.64%
29.15% 6.42% Central and South Ame 27.93%
18.64% 6.42% Eastern Europe & Russ 16.69%
18.64% 8.88% Middle East 20.23%
20.23% 6.42% North America 25.75%
23.10% 11.83% Western Europe 20.02%
29.15% 16.51%
20.00% 2.96%
20.00% 5.43%
30.00% 6.42%
25.00% 6.42%
30.00% 9.86%
29.15% 11.83%
35.00% 16.51%
28.00% 11.83%
20.00% 11.83%
25.00% 11.83%
Country PRS - Jan 20
Albania 70.3
Below Ca Algeria 63.0
Ca Angola 58.3
Caa3 Argentina 59.8
Caa2 Armenia 68.5
Caa1 Australia 80.3
B3 Austria 81.0
B2 Azerbaijan 72.3
B1 Bahamas 74.8
Ba3 Bahrain 66.0
Ba2 Bangladesh 67.8
Baa2 Belarus 66.0
Baa1 Belgium 77.8
A2 Bolivia 65.5
Aa3 Botswana 76.8
Aa1 Brazil 70.8
Aaa Brunei 82.8
Bulgaria 77.5
Burkina Faso 65.0
Cameroon 61.3
Canada 82.5
Chile 74.3
China, Peoples' Rep. 72.3
Colombia 67.5
Congo, Dem. Republic 55.8
Congo, Republic 68.3
Costa Rica 72.5
Cote d'Ivoire 61.3
Croatia 76.0
Cuba 70.0
Cyprus 75.5
Czech Republic 80.0
Denmark 84.8
Ecuador 65.0
Egypt 65.8
El Salvador 70.3
Estonia 75.5
Ethiopia 61.5
Finland 81.8
France 75.0
Gabon 66.3
Gambia 63.8
Germany 83.0
Ghana 68.3
Greece 72.3
Guatemala 72.8
Guinea 57.0
Guinea-Bissau 63.3
Guyana 63.8
Haiti 57.5
Honduras 66.8
Hong Kong 79.3
Hungary 77.3
Iceland 82.0
India 71.8
Indonesia 69.5
Iran 62.5
Iraq 63.8
Ireland 84.5
Israel 77.0
Italy 76.3
Jamaica 70.8
Japan 81.5
Jordan 65.3
Kazakhstan 72.8
Kenya 65.3
Korea, D.P.R. 50.5
Korea, Republic 81.8
Kuwait 78.0
Latvia 74.5
Lebanon 57.8
Liberia 49.5
Libya 69.5
Lithuania 74.8
Luxembourg 86.8
Madagascar 65.5
Malawi 63.5
Malaysia 76.0
Mali 60.0
Malta 79.0
Mexico 68.5
Moldova 67.0
Mongolia 69.3
Morocco 69.5
Mozambique 57.8
Myanmar 64.0
Namibia 70.8
Netherlands 82.8
New Zealand 83.5
Nicaragua 61.8
Niger 52.8
Nigeria 63.5
Norway 88.5
Oman 71.8
Pakistan 56.8
Panama 74.0
Paraguay 67.3
Peru 74.3
Philippines 73.3
Poland 78.8
Portugal 78.0
Qatar 77.0
Romania 70.8
Russia 72.8
Saudi Arabia 75.5
Senegal 63.0
Serbia 69.8
Sierra Leone 57.0
Singapore 85.0
Slovakia 75.3
Slovenia 76.8
Somalia 53.0
South Africa 67.5
Spain 75.8
Sri Lanka 64.5
Sudan 39.8
Suriname 65.0
Sweden 84.8
Switzerland 88.3
Syria 53.0
Taiwan 85.5
Tanzania 65.8
Thailand 71.8
Togo 62.0
Trinidad & Tobago 75.3
Tunisia 65.0
Turkey 61.8
Uganda 61.5
Ukraine 67.5
United Kingdom 78.3
United States 77.8
Uruguay 74.0
Venezuela 42.0
Vietnam 71.0
Yemen, Republic 54.5
Zambia 61.8
Zimbabwe 50.5
Corporate Tax Rate

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Country Risk Premiums

Step 1: Estimating mature market risk premium

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

Step 4: Compute a total equity risk premium

Step 5: Compute regional averages and regional weighted averages

p 3 to get a total equity risk premium.

e CDS spread for the country (if one exists)

e start of every year.

n to the BAML Emerging Public Bond index standard deviation

al equity risk premium equal to the US.

Country Default Spread (based on 7.53%

Country Risk Premium (CDS) 14.18%

Country Risk Premium (simple av 1.05%

Country Risk Premium (GDP weig 0.81%

PRS Score 53.00

he Regional Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Rating Default spread in basis points

Updated January 1, 2020

DATE VALUE Effective da

2014-12-31 5.38 Average = 4.47 In spread % 12/31/2014

2015-01-01 5.38 Std Dev = 0.51586787 In spread % 1/1/2015

Region Weighted Average: TRP Weighted Average: CRP

For updating industry average spreadsheets

Total GDP Weight Weight *ERP Weight*CRP

0.03% 0.09% 0.04% 0.25%

0.00% 4.55% 0.00% 26.23%

0.01% 0.07% 0.02% 0.26%

0.01% 0.04% 0.02% 0.06%

0.04% 0.55% 0.05% 5.34%

0.00% 0.40% 0.00% 2.04%

0.00% 0.00% 0.00% 0.00%

Weight*Default Spread Weight* Tax Rate

re the S&P sovereign local currency ratings

Row Labels Average of Corporate Tax Rate

Corporate Tax Rate

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Total GDP Weight Weight ERP WeightCRP

WeightDefault Spread Weight Tax Rate