Ctryprem

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 th
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 averag
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 int
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. S
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 prem
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. http://www.data.worldbank.o
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3825823
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=387910
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
nd add an additional country risk premium, based upon the risk of the country in question.
ry or region.
r the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet conta
sed upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if
er sovereign ratings)
ompute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
make this choice, go into the ERP worksheet and set cell E5 to 1.00.
ve to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public B
d" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
ead, I subtracted out the US CDS spread from the CDS for other markets.
as a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium equal to
o get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to 1, if you
t a total equity risk premium.
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
t_id=3825823
fm?abstract_id=3879109
IRPvY2SQ94
D3IGn6tH03c
he excel spreadsheet containing the implied premium
spread for the country (if one exists)
t of every year.
he BAML Emerging Public Bond index standard deviation
uity risk premium equal to the US.

u can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Georgia If you cannot find a country on this list, it is because that country doe
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating Ba2 Local currency
S&P sovereign rating BB Local currency
CDS spread NA
Excess CDS spread (over US CDS) NA
Country Default Spread (based on 2.56%

Country Risk Premium (Rating) 2.97%
Equity Risk Premium (Rating) 7.21%
Country Risk Premium (CDS) NA

Equity Risk Premium (CDS) NA
To look up the equity risk premium for a region, use this worksheet
Region Caribbean
Country Risk Premium (simple av 3.80%

Total Equity Risk Premium (simpl 8.04%
Country Risk Premium (GDP weig 6.83%

Total Equity Risk Premium (GDP 11.07%
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 Korea, D.P.R.
PRS Score 51.50

ERP based on PRS Score 16.11%
t, it is because that country does not have a sovereign rating
RS worksheet in this spreadsheet for an alternate estimate.
nal Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: 1-Jan-22
Enter the current risk premium for a mature equity market 4.24%
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) 1.16
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Abu Dhabi Middle East Aa2 0.42% 4.73%
Albania Eastern Europe & Russia B1 3.83% 8.69%
Andorra (Principality of) Western Europe Baa2 1.62% 6.12%
Angola Africa B3 5.53% 10.67%
Argentina Central and South America Ca 10.21% 16.11%
Armenia Eastern Europe & Russia Ba3 3.06% 7.80%
Aruba Caribbean Baa2 1.62% 6.12%
Australia Australia & New Zealand Aaa 0.00% 4.24%
Austria Western Europe Aa1 0.34% 4.63%
Azerbaijan Eastern Europe & Russia Ba2 2.56% 7.21%
Bahamas Caribbean Ba3 3.06% 7.80%
Bahrain Middle East B2 4.68% 9.68%
Bangladesh Asia Ba3 3.06% 7.80%
Barbados Caribbean Caa1 6.38% 11.65%
Belarus Eastern Europe & Russia B3 5.53% 10.67%
Belgium Western Europe Aa3 0.51% 4.84%
Belize Central and South America Caa3 8.51% 14.13%
Benin Africa B1 3.83% 8.69%
Bermuda Caribbean A2 0.72% 5.08%
Bolivia Central and South America B2 4.68% 9.68%
Bosnia and Herzegovina Eastern Europe & Russia B3 5.53% 10.67%
Botswana Africa A3 1.02% 5.43%
Brazil Central and South America Ba2 2.56% 7.21%
Bulgaria Eastern Europe & Russia Baa1 1.36% 5.82%
Burkina Faso Africa B2 4.68% 9.68%
Cambodia Asia B2 4.68% 9.68%
Cameroon Africa B2 4.68% 9.68%
Canada North America Aaa 0.00% 4.24%
Cape Verde Africa B3 5.53% 10.67%
Cayman Islands Caribbean Aa3 0.51% 4.84%
Chile Central and South America A1 0.60% 4.94%
China Asia A1 0.60% 4.94%
Colombia Central and South America Baa2 1.62% 6.12%
Congo (Democratic Republic of) Africa Caa1 6.38% 11.65%
Congo (Republic of) Africa Caa2 7.66% 13.14%
Cook Islands Australia & New Zealand B1 3.83% 8.69%
Costa Rica Central and South America B2 4.68% 9.68%
Côte d'Ivoire Africa Ba3 3.06% 7.80%
Croatia Eastern Europe & Russia Ba1 2.13% 6.71%
Cuba Caribbean Ca 10.21% 16.11%
Curacao Caribbean Baa2 1.62% 6.12%
Cyprus Western Europe Ba1 2.13% 6.71%
Czech Republic Eastern Europe & Russia Aa3 0.51% 4.84%
Denmark Western Europe Aaa 0.00% 4.24%
Dominican Republic Caribbean Ba3 3.06% 7.80%
Ecuador Central and South America Caa3 8.51% 14.13%
Egypt Africa B2 4.68% 9.68%
El Salvador Central and South America Caa1 6.38% 11.65%
Estonia Eastern Europe & Russia A1 0.60% 4.94%
Ethiopia Africa Caa2 7.66% 13.14%
Fiji Asia B1 3.83% 8.69%
Finland Western Europe Aa1 0.34% 4.63%
France Western Europe Aa2 0.42% 4.73%
Gabon Africa Caa1 6.38% 11.65%
Georgia Eastern Europe & Russia Ba2 2.56% 7.21%
Germany Western Europe Aaa 0.00% 4.24%
Ghana Africa B3 5.53% 10.67%
Greece Western Europe Ba3 3.06% 7.80%
Guatemala Central and South America Ba1 2.13% 6.71%
Guernsey (States of) Western Europe Aa3 0.51% 4.84%
Honduras Central and South America B1 3.83% 8.69%
Hong Kong Asia Aa3 0.51% 4.84%
Hungary Eastern Europe & Russia Baa2 1.62% 6.12%
Iceland Western Europe A2 0.72% 5.08%
India Asia Baa3 1.87% 6.42%
Indonesia Asia Baa2 1.62% 6.12%
Iraq Middle East Caa1 6.38% 11.65%
Ireland Western Europe A2 0.72% 5.08%
Isle of Man Western Europe Aa3 0.51% 4.84%
Israel Middle East A1 0.60% 4.94%
Italy Western Europe Baa3 1.87% 6.42%
Jamaica Caribbean B2 4.68% 9.68%
Japan Asia A1 0.60% 4.94%
Jersey (States of) Western Europe Aaa 0.00% 4.24%
Jordan Middle East B1 3.83% 8.69%
Kazakhstan Eastern Europe & Russia Baa2 1.62% 6.12%
Kenya Africa B2 4.68% 9.68%
Korea Asia Aa2 0.42% 4.73%
Kuwait Middle East A1 0.60% 4.94%
Kyrgyzstan Eastern Europe & Russia B2 4.68% 9.68%
Laos Asia Caa2 7.66% 13.14%
Latvia Eastern Europe & Russia A3 1.02% 5.43%
Lebanon Middle East C 17.50% 24.58%
Liechtenstein Western Europe Aaa 0.00% 4.24%
Lithuania Eastern Europe & Russia A2 0.72% 5.08%
Luxembourg Western Europe Aaa 0.00% 4.24%
Macao Asia Aa3 0.51% 4.84%
Macedonia Eastern Europe & Russia Ba3 3.06% 7.80%
Malaysia Asia A3 1.02% 5.43%
Maldives Asia Caa1 6.38% 11.65%
Mali Africa Caa1 6.38% 11.65%
Malta Western Europe A2 0.72% 5.08%
Mauritius Africa Baa2 1.62% 6.12%
Mexico Central and South America Baa1 1.36% 5.82%
Moldova Eastern Europe & Russia B3 5.53% 10.67%
Mongolia Asia B3 5.53% 10.67%
Montenegro Eastern Europe & Russia B1 3.83% 8.69%
Montserrat Caribbean Baa3 1.87% 6.42%
Morocco Africa Ba1 2.13% 6.71%
Mozambique Africa Caa2 7.66% 13.14%
Namibia Africa Ba3 3.06% 7.80%
Netherlands Western Europe Aaa 0.00% 4.24%
New Zealand Australia & New Zealand Aaa 0.00% 4.24%
Nicaragua Central and South America B3 5.53% 10.67%
Niger Africa B3 5.53% 10.67%
Nigeria Africa B2 4.68% 9.68%
Norway Western Europe Aaa 0.00% 4.24%
Oman Middle East Ba3 3.06% 7.80%
Pakistan Asia B3 5.53% 10.67%
Panama Central and South America Baa2 1.62% 6.12%
Papua New Guinea Asia B2 4.68% 9.68%
Paraguay Central and South America Ba1 2.13% 6.71%
Peru Central and South America Baa1 1.36% 5.82%
Philippines Asia Baa2 1.62% 6.12%
Poland Eastern Europe & Russia A2 0.72% 5.08%
Portugal Western Europe Baa2 1.62% 6.12%
Qatar Middle East Aa3 0.51% 4.84%
Ras Al Khaimah (Emirate of) Middle East A3 1.02% 5.43%
Romania Eastern Europe & Russia Baa3 1.87% 6.42%
Russia Eastern Europe & Russia Baa3 1.87% 6.42%
Rwanda Africa B2 4.68% 9.68%
Saudi Arabia Middle East A1 0.60% 4.94%
Senegal Africa Ba3 3.06% 7.80%
Serbia Eastern Europe & Russia Ba2 2.56% 7.21%
Sharjah Middle East Baa3 1.87% 6.42%
Singapore Asia Aaa 0.00% 4.24%
Slovakia Eastern Europe & Russia A2 0.72% 5.08%
Slovenia Eastern Europe & Russia A3 1.02% 5.43%
Solomon Islands Asia Caa1 6.38% 11.65%
South Africa Africa Ba2 2.56% 7.21%
Spain Western Europe Baa1 1.36% 5.82%
Sri Lanka Asia Caa2 7.66% 13.14%
St. Maarten Caribbean Ba2 2.56% 7.21%
St. Vincent & the Grenadines Caribbean B3 5.53% 10.67%
Suriname Central and South America Caa3 8.51% 14.13%
Swaziland Africa B3 5.53% 10.67%
Sweden Western Europe Aaa 0.00% 4.24%
Switzerland Western Europe Aaa 0.00% 4.24%
Taiwan Asia Aa3 0.51% 4.84%
Tajikistan Eastern Europe & Russia B3 5.53% 10.67%
Tanzania Africa B2 4.68% 9.68%
Thailand Asia Baa1 1.36% 5.82%
Togo Africa B3 5.53% 10.67%
Trinidad and Tobago Caribbean Ba2 2.56% 7.21%
Tunisia Africa Caa1 6.38% 11.65%
Turkey Western Europe B2 4.68% 9.68%
Turks and Caicos Islands Caribbean Baa1 1.36% 5.82%
Uganda Africa B2 4.68% 9.68%
Ukraine Eastern Europe & Russia B3 5.53% 10.67%
United Arab Emirates Middle East Aa2 0.42% 4.73%
United Kingdom Western Europe Aa3 0.51% 4.84%
United States North America Aaa 0.00% 4.24%
Uruguay Central and South America Baa2 1.62% 6.12%
Uzbekistan Eastern Europe & Russia B1 3.83% 8.69%
Venezuela Central and South America C 17.50% 24.58%
Vietnam Asia Ba3 3.06% 7.80%
Zambia Africa Ca 10.21% 16.11%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 62.25 10.67% 6.43% 5.53%
Brunei 79 5.08% 0.84% 0.72%
Gambia 65.75 9.68% 5.44% 4.68%
Guinea 57.5 13.14% 8.90% 7.66%
Guinea-Bissau 62.75 10.67% 6.43% 5.53%
Guyana 66.25 8.69% 4.45% 3.83%
Haiti 56.25 14.13% 9.89% 8.51%
Iran 63.75 10.67% 6.43% 5.53%
Korea, D.P.R. 51.5 16.11% 11.87% 10.21%
Liberia 59 13.14% 8.90% 7.66%
Libya 66.25 8.69% 4.45% 3.83%
Madagascar 63.5 10.67% 6.43% 5.53%
Malawi 59.75 13.14% 8.90% 7.66%
Myanmar 53 16.11% 11.87% 10.21%
Sierra Leone 57 14.13% 9.89% 8.51%
Somalia 51.5 16.11% 11.87% 10.21%
Sudan 36.25 24.58% 20.34% 17.50%
Syria 45.5 24.58% 20.34% 17.50%
Yemen, Republic 52.75 16.11% 11.87% 10.21%
Zimbabwe 61 11.65% 7.41% 6.38%
Rating Default spread in basis points

A1 60
A2 72
A3 102
Aa1 34
Aa2 42
Aa3 51
Aaa 0
B1 383
B2 468
B3 553
Ba1 213
Ba2 256
Ba3 306
Baa1 136
Baa2 162
Baa3 187
C 1750
Ca 1021
Caa1 638
Caa2 766
Caa3 851
NR NA
Updated January 1, 2022
Updated January 1, 2022

Sovereign CDS, net
Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
0.49% 0.58% 4.91% 0.67% Rating
Default spread in basis points
4.45% NA NA NA A1 60
1.88% NA NA NA A2 72
6.43% 5.75% 10.92% 6.68% A3 102
11.87% 23.13% 31.12% 26.88% Aa1 34
3.56% NA NA NA Aa2 42
1.88% NA NA NA Aa3 51
0.00% 0.04% 4.29% 0.05% Aaa 0
0.39% 0.00% 4.24% 0.00% B1 383
2.97% NA NA NA B2 468
3.56% NA NA NA B3 553
5.44% 3.21% 7.97% 3.73% Ba1 213
3.56% NA NA NA Ba2 256
7.41% NA NA NA Ba3 306
6.43% NA NA NA Baa1 136
0.60% 0.02% 4.26% 0.02% Baa2 162
9.89% NA NA NA Baa3 187
4.45% NA NA NA C 1750
0.84% NA NA NA Ca 1021
5.44% NA NA NA Caa1 638
6.43% NA NA NA Caa2 766
1.19% NA NA NA Caa3 851
2.97% 2.72% 7.40% 3.16% NR NA
1.58% 0.62% 4.96% 0.72%
5.44% NA NA NA
5.44% NA NA NA
5.44% 3.37% 8.16% 3.92%
0.00% 0.09% 4.34% 0.10%
6.43% NA NA NA
0.60% NA NA NA
0.70% 1.06% 5.47% 1.23%
0.70% 0.55% 4.88% 0.64%
1.88% 2.58% 7.24% 3.00%
7.41% NA NA NA
8.90% NA NA NA
4.45% NA NA NA
5.44% 3.73% 8.58% 4.34%
3.56% NA NA NA
2.47% 0.92% 5.31% 1.07%
11.87% NA NA NA
1.88% NA NA NA
2.47% 0.55% 4.88% 0.64%
0.60% 0.28% 4.57% 0.33%
0.00% 0.00% 4.24% 0.00%
3.56% NA NA NA
9.89% 7.38% 12.82% 8.58%
5.44% 5.55% 10.69% 6.45%
7.41% 18.14% 25.32% 21.08%
0.70% 0.66% 5.01% 0.77%
8.90% 20.21% 27.73% 23.49%
4.45% NA NA NA
0.39% 0.01% 4.25% 0.01%
0.49% 0.15% 4.41% 0.17%
7.41% NA NA NA
2.97% NA NA NA
0.00% 0.00% 4.24% 0.00%
6.43% NA NA NA
3.56% 1.50% 5.98% 1.74%
2.47% NA NA NA
0.60% NA NA NA
4.45% NA NA NA
0.60% 0.22% 4.50% 0.26%
1.88% 0.50% 4.82% 0.58%
0.84% 0.54% 4.87% 0.63%
2.18% 1.25% 5.69% 1.45%
1.88% 1.17% 5.60% 1.36%
7.41% 5.44% 10.56% 6.32%
0.84% 0.08% 4.33% 0.09%
0.60% NA NA NA
0.70% 0.53% 4.86% 0.62%
2.18% 1.22% 5.66% 1.42%
5.44% NA NA NA
0.70% 0.14% 4.40% 0.16%
0.00% NA NA NA
4.45% NA NA NA
1.88% 0.80% 5.17% 0.93%
5.44% 4.25% 9.18% 4.94%
0.49% 0.16% 4.43% 0.19%
0.70% 0.67% 5.02% 0.78%
5.44% NA NA NA
8.90% NA NA NA
1.19% 0.55% 4.88% 0.64%
20.34% NA NA NA
0.00% NA NA NA
0.84% 0.60% 4.94% 0.70%
0.00% NA NA NA
0.60% NA NA NA
3.56% NA NA NA
1.19% 0.62% 4.96% 0.72%
7.41% NA NA NA
7.41% NA NA NA
0.84% NA NA NA
1.88% NA NA NA
1.58% 1.39% 5.86% 1.62%
6.43% NA NA NA
6.43% NA NA NA
4.45% NA NA NA
2.18% NA NA NA
2.47% 1.13% 5.55% 1.31%
8.90% NA NA NA
3.56% NA NA NA
0.00% 0.00% 4.24% 0.00%
0.00% 0.02% 4.26% 0.02%
6.43% 4.17% 9.09% 4.85%
6.43% NA NA NA
5.44% 5.34% 10.45% 6.21%
0.00% 0.00% 4.24% 0.00%
3.56% 3.00% 7.73% 3.49%
6.43% 3.48% 8.28% 4.04%
1.88% 1.07% 5.48% 1.24%
5.44% NA NA NA
2.47% NA NA NA
1.58% 1.12% 5.54% 1.30%
1.88% 0.73% 5.09% 0.85%
0.84% 0.49% 4.81% 0.57%
1.88% 0.37% 4.67% 0.43%
0.60% 0.55% 4.88% 0.64%
1.19% NA NA NA
2.18% 1.05% 5.46% 1.22%
2.18% 1.51% 6.00% 1.76%
5.44% 3.17% 7.92% 3.68%
0.70% 0.69% 5.04% 0.80%
3.56% 2.47% 7.11% 2.87%
2.97% 1.18% 5.61% 1.37%
2.18% NA NA NA
0.00% NA NA NA
0.84% 0.44% 4.75% 0.51%
1.19% 0.68% 5.03% 0.79%
7.41% NA NA NA
2.97% 2.66% 7.33% 3.09%
1.58% 0.41% 4.72% 0.48%
8.90% 19.50% 26.90% 22.66%
2.97% NA NA NA
6.43% NA NA NA
9.89% NA NA NA
6.43% NA NA NA
0.00% 0.00% 4.24% 0.00%
0.00% 0.00% 4.24% 0.00%
0.60% NA NA NA
6.43% NA NA NA
5.44% NA NA NA
1.58% 0.33% 4.62% 0.38%
6.43% NA NA NA
2.97% NA NA NA
7.41% 8.63% 14.27% 10.03%
5.44% 5.32% 10.42% 6.18%
1.58% NA NA NA
5.44% NA NA NA
6.43% 5.98% 11.19% 6.95%
0.49% NA NA NA
0.60% 0.00% 4.24% 0.00%
0.00% 0.00% 4.24% 0.00%
1.88% 1.27% 5.72% 1.48%
4.45% NA NA NA
20.34% NA NA NA
3.56% 1.37% 5.83% 1.59%
11.87% NA NA NA
Volatility
BAML Emerging Mkt Public Bond Spr 16.44% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 19.11% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.16
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 Two years Period
Interval Daily Interval
DATE VALUE Effective dat
2020-01-01 3.66 Average = 3.25 In spread % 1/1/2020
2020-01-02 3.66 Std Dev = 0.53517206 In spread % 1/2/2020

2020-01-03 3.62 CV = ### ! Std Dev/ Average 1/3/2020
2020-01-06 3.60 1/6/2020
2020-01-07 3.61 1/7/2020
2020-01-08 3.61 1/8/2020
2020-01-09 3.61 1/9/2020
2020-01-10 3.60 1/10/2020
2020-01-13 3.59 1/13/2020
2020-01-14 3.58 1/14/2020
2020-01-15 3.55 1/15/2020
2020-01-16 3.54 1/16/2020
2020-01-17 3.54 1/17/2020
2020-01-20 3.53 1/20/2020
2020-01-21 3.51 1/21/2020
2020-01-22 3.49 1/22/2020
2020-01-23 3.48 1/23/2020
2020-01-24 3.48 1/24/2020
2020-01-27 3.45 1/27/2020
2020-01-28 3.43 1/28/2020
2020-01-29 3.42 1/29/2020
2020-01-30 3.40 1/30/2020
2020-01-31 3.43 1/31/2020
2020-02-03 3.41 2/3/2020
2020-02-04 3.44 2/4/2020
2020-02-05 3.44 2/5/2020
2020-02-06 3.44 2/6/2020
2020-02-07 3.42 2/7/2020
2020-02-10 3.40 2/10/2020
2020-02-11 3.40 2/11/2020
2020-02-12 3.40 2/12/2020
2020-02-13 3.39 2/13/2020
2020-02-14 3.38 2/14/2020
2020-02-17 3.38 2/17/2020
2020-02-18 3.36 2/18/2020
2020-02-19 3.36 2/19/2020
2020-02-20 3.34 2/20/2020
2020-02-21 3.32 2/21/2020
2020-02-24 3.29 2/24/2020
2020-02-25 3.30 2/25/2020
2020-02-26 3.31 2/26/2020
2020-02-27 3.35 2/27/2020
2020-02-28 3.37 2/28/2020
2020-02-29 3.35 3/2/2020
2020-03-02 3.30 3/3/2020
2020-03-03 3.26 3/4/2020
2020-03-04 3.15 3/5/2020
2020-03-05 3.18 3/6/2020
2020-03-06 3.15 3/9/2020
2020-03-09 3.39 3/10/2020
2020-03-10 3.53 3/11/2020
2020-03-11 3.64 3/12/2020
2020-03-12 3.90 3/13/2020
2020-03-13 4.03 3/16/2020
2020-03-16 4.19 3/17/2020
2020-03-17 4.35 3/18/2020
2020-03-18 4.84 3/19/2020
2020-03-19 5.09 3/20/2020
2020-03-20 5.09 3/23/2020
2020-03-23 5.20 3/24/2020
2020-03-24 5.23 3/25/2020
2020-03-25 5.16 3/26/2020
2020-03-26 4.93 3/27/2020
2020-03-27 4.92 3/30/2020
2020-03-30 4.93 3/31/2020
2020-03-31 4.93 4/1/2020
2020-04-01 4.97 4/2/2020
2020-04-02 4.96 4/3/2020
2020-04-03 4.92 4/6/2020
2020-04-06 4.97 4/7/2020
2020-04-07 4.96 4/8/2020
2020-04-08 4.94 4/9/2020
2020-04-09 4.84 4/10/2020
2020-04-10 4.84 4/13/2020
2020-04-13 4.78 4/14/2020
2020-04-14 4.70 4/15/2020
2020-04-15 4.69 4/16/2020
2020-04-16 4.67 4/17/2020
2020-04-17 4.63 4/20/2020
2020-04-20 4.65 4/21/2020
2020-04-21 4.68 4/22/2020
2020-04-22 4.69 4/23/2020
2020-04-23 4.69 4/24/2020
2020-04-24 4.70 4/27/2020
2020-04-27 4.72 4/28/2020
2020-04-28 4.69 4/29/2020
2020-04-29 4.61 4/30/2020
2020-04-30 4.51 5/1/2020
2020-05-01 4.50 5/4/2020
2020-05-04 4.50 5/5/2020
2020-05-05 4.47 5/6/2020
2020-05-06 4.48 5/7/2020
2020-05-07 4.45 5/8/2020
2020-05-08 4.40 5/11/2020
2020-05-11 4.39 5/12/2020
2020-05-12 4.35 5/13/2020
2020-05-13 4.35 5/14/2020
2020-05-14 4.36 5/15/2020
2020-05-15 4.31 5/18/2020
2020-05-18 4.25 5/19/2020
2020-05-19 4.22 5/20/2020
2020-05-20 4.14 5/21/2020
2020-05-21 4.05 5/22/2020
2020-05-22 4.06 5/25/2020
2020-05-25 4.05 5/26/2020
2020-05-26 4.01 5/27/2020
2020-05-27 3.99 5/28/2020
2020-05-28 3.98 5/29/2020
2020-05-29 3.98 6/1/2020
2020-05-31 3.99 6/2/2020
2020-06-01 3.96 6/3/2020
2020-06-02 3.93 6/4/2020
2020-06-03 3.88 6/5/2020
2020-06-04 3.87 6/8/2020
2020-06-05 3.82 6/9/2020
2020-06-08 3.76 6/10/2020
2020-06-09 3.74 6/11/2020
2020-06-10 3.73 6/12/2020
2020-06-11 3.75 6/15/2020
2020-06-12 3.76 6/16/2020
2020-06-15 3.79 6/17/2020
2020-06-16 3.74 6/18/2020
2020-06-17 3.75 6/19/2020
2020-06-18 3.74 6/22/2020
2020-06-19 3.72 6/23/2020
2020-06-22 3.72 6/24/2020
2020-06-23 3.71 6/25/2020
2020-06-24 3.72 6/26/2020
2020-06-25 3.72 6/29/2020
2020-06-26 3.71 6/30/2020
2020-06-29 3.71 7/1/2020
2020-06-30 3.62 7/2/2020
2020-07-01 3.62 7/3/2020
2020-07-02 3.60 7/6/2020
2020-07-03 3.59 7/7/2020
2020-07-06 3.55 7/8/2020
2020-07-07 3.55 7/9/2020
2020-07-08 3.53 7/10/2020
2020-07-09 3.53 7/13/2020
2020-07-10 3.53 7/14/2020
2020-07-13 3.52 7/15/2020
2020-07-14 3.52 7/16/2020
2020-07-15 3.51 7/17/2020
2020-07-16 3.50 7/20/2020
2020-07-17 3.47 7/21/2020
2020-07-20 3.45 7/22/2020
2020-07-21 3.40 7/23/2020
2020-07-22 3.35 7/24/2020
2020-07-23 3.34 7/27/2020
2020-07-24 3.35 7/28/2020
2020-07-27 3.33 7/29/2020
2020-07-28 3.32 7/30/2020
2020-07-29 3.30 7/31/2020
2020-07-30 3.28 8/3/2020
2020-07-31 3.25 8/4/2020
2020-08-03 3.24 8/5/2020
2020-08-04 3.20 8/6/2020
2020-08-05 3.17 8/7/2020
2020-08-06 3.14 8/10/2020
2020-08-07 3.13 8/11/2020
2020-08-10 3.13 8/12/2020
2020-08-11 3.12 8/13/2020
2020-08-12 3.13 8/14/2020
2020-08-13 3.14 8/17/2020
2020-08-14 3.16 8/18/2020
2020-08-17 3.16 8/19/2020
2020-08-18 3.16 8/20/2020
2020-08-19 3.15 8/21/2020
2020-08-20 3.16 8/24/2020
2020-08-21 3.15 8/25/2020
2020-08-24 3.14 8/26/2020
2020-08-25 3.16 8/27/2020
2020-08-26 3.16 8/28/2020
2020-08-27 3.16 8/31/2020
2020-08-28 3.17 9/1/2020
2020-08-31 3.13 9/2/2020
2020-09-01 3.11 9/3/2020
2020-09-02 3.07 9/4/2020
2020-09-03 3.07 9/7/2020
2020-09-04 3.09 9/8/2020
2020-09-07 3.09 9/9/2020
2020-09-08 3.11 9/10/2020
2020-09-09 3.10 9/11/2020
2020-09-10 3.09 9/14/2020
2020-09-11 3.10 9/15/2020
2020-09-14 3.09 9/16/2020
2020-09-15 3.09 9/17/2020
2020-09-16 3.11 9/18/2020
2020-09-17 3.13 9/21/2020
2020-09-18 3.13 9/22/2020
2020-09-21 3.18 9/23/2020
2020-09-22 3.19 9/24/2020
2020-09-23 3.23 9/25/2020
2020-09-24 3.25 9/28/2020
2020-09-25 3.25 9/29/2020
2020-09-28 3.25 9/30/2020
2020-09-29 3.26 10/1/2020
2020-09-30 3.19 10/2/2020
2020-10-01 3.20 10/5/2020
2020-10-02 3.20 10/6/2020
2020-10-05 3.19 10/7/2020
2020-10-06 3.17 10/8/2020
2020-10-07 3.16 10/9/2020
2020-10-08 3.14 10/12/2020
2020-10-09 3.11 10/13/2020
2020-10-12 3.11 10/14/2020
2020-10-13 3.09 10/15/2020
2020-10-14 3.09 10/16/2020
2020-10-15 3.10 10/19/2020
2020-10-16 3.09 10/20/2020
2020-10-19 3.10 10/21/2020
2020-10-20 3.11 10/22/2020
2020-10-21 3.13 10/23/2020
2020-10-22 3.14 10/26/2020
2020-10-23 3.14 10/27/2020
2020-10-26 3.13 10/28/2020
2020-10-27 3.12 10/29/2020
2020-10-28 3.13 10/30/2020
2020-10-29 3.16 11/2/2020
2020-10-30 3.19 11/3/2020
2020-10-31 3.20 11/4/2020
2020-11-02 3.20 11/5/2020
2020-11-03 3.19 11/6/2020
2020-11-04 3.12 11/9/2020
2020-11-05 3.06 11/10/2020
2020-11-06 3.07 11/11/2020
2020-11-09 3.03 11/12/2020
2020-11-10 3.05 11/13/2020
2020-11-11 3.04 11/16/2020
2020-11-12 3.03 11/17/2020
2020-11-13 3.02 11/18/2020
2020-11-16 3.01 11/19/2020
2020-11-17 3.02 11/20/2020
2020-11-18 3.01 11/23/2020
2020-11-19 3.01 11/24/2020
2020-11-20 3.00 11/25/2020
2020-11-23 2.99 11/26/2020
2020-11-24 2.99 11/27/2020
2020-11-25 2.98 11/30/2020
2020-11-26 2.98 12/1/2020
2020-11-27 2.96 12/2/2020
2020-11-30 2.92 12/3/2020
2020-12-01 2.92 12/4/2020
2020-12-02 2.92 12/7/2020
2020-12-03 2.90 12/8/2020
2020-12-04 2.89 12/9/2020
2020-12-07 2.88 12/10/2020
2020-12-08 2.87 12/11/2020
2020-12-09 2.88 12/14/2020
2020-12-10 2.86 12/15/2020
2020-12-11 2.84 12/16/2020
2020-12-14 2.82 12/17/2020
2020-12-15 2.81 12/18/2020
2020-12-16 2.80 12/21/2020
2020-12-17 2.79 12/22/2020
2020-12-18 2.79 12/23/2020
2020-12-21 2.80 12/24/2020
2020-12-22 2.79 12/25/2020
2020-12-23 2.80 12/28/2020
2020-12-24 2.80 12/29/2020
2020-12-25 2.80 12/30/2020
2020-12-28 2.79 12/31/2020
2020-12-29 2.77 1/1/2021
2020-12-30 2.77 1/4/2021
2020-12-31 2.79 1/5/2021
2021-01-01 2.79 1/6/2021
2021-01-04 2.78 1/7/2021
2021-01-05 2.79 1/8/2021
2021-01-06 2.83 1/11/2021
2021-01-07 2.85 1/12/2021
2021-01-08 2.87 1/13/2021
2021-01-11 2.89 1/14/2021
2021-01-12 2.94 1/15/2021
2021-01-13 2.93 1/18/2021
2021-01-14 2.92 1/19/2021
2021-01-15 2.93 1/20/2021
2021-01-18 2.92 1/21/2021
2021-01-19 2.91 1/22/2021
2021-01-20 2.89 1/25/2021
2021-01-21 2.87 1/26/2021
2021-01-22 2.86 1/27/2021
2021-01-25 2.84 1/28/2021
2021-01-26 2.82 1/29/2021
2021-01-27 2.83 2/1/2021
2021-01-28 2.83 2/2/2021
2021-01-29 2.84 2/3/2021
2021-01-31 2.85 2/4/2021
2021-02-01 2.83 2/5/2021
2021-02-02 2.82 2/8/2021
2021-02-03 2.82 2/9/2021
2021-02-04 2.81 2/10/2021
2021-02-05 2.80 2/11/2021
2021-02-08 2.83 2/12/2021
2021-02-09 2.82 2/15/2021
2021-02-10 2.81 2/16/2021
2021-02-11 2.79 2/17/2021
2021-02-12 2.80 2/18/2021
2021-02-15 2.79 2/19/2021
2021-02-16 2.83 2/22/2021
2021-02-17 2.85 2/23/2021
2021-02-18 2.82 2/24/2021
2021-02-19 2.83 2/25/2021
2021-02-22 2.88 2/26/2021
2021-02-23 2.87 3/1/2021
2021-02-24 2.88 3/2/2021
2021-02-25 2.93 3/3/2021
2021-02-26 2.96 3/4/2021
2021-02-28 2.94 3/5/2021
2021-03-01 2.92 3/8/2021
2021-03-02 2.92 3/9/2021
2021-03-03 2.94 3/10/2021
2021-03-04 2.96 3/11/2021
2021-03-05 3.02 3/12/2021
2021-03-08 3.08 3/15/2021
2021-03-09 3.09 3/16/2021
2021-03-10 3.07 3/17/2021
2021-03-11 3.03 3/18/2021
2021-03-12 3.07 3/19/2021
2021-03-15 3.07 3/22/2021
2021-03-16 3.05 3/23/2021
2021-03-17 3.06 3/24/2021
2021-03-18 3.08 3/25/2021
2021-03-19 3.06 3/26/2021
2021-03-22 3.05 3/29/2021
2021-03-23 3.04 3/30/2021
2021-03-24 3.04 3/31/2021
2021-03-25 3.06 4/1/2021
2021-03-26 3.07 4/2/2021
2021-03-29 3.07 4/5/2021
2021-03-30 3.11 4/6/2021
2021-03-31 3.09 4/7/2021
2021-04-01 3.07 4/8/2021
2021-04-02 3.07 4/9/2021
2021-04-05 3.08 4/12/2021
2021-04-06 3.05 4/13/2021
2021-04-07 3.03 4/14/2021
2021-04-08 3.03 4/15/2021
2021-04-09 3.04 4/16/2021
2021-04-12 3.04 4/19/2021
2021-04-13 3.06 4/20/2021
2021-04-14 3.06 4/21/2021
2021-04-15 3.05 4/22/2021
2021-04-16 3.04 4/23/2021
2021-04-19 3.03 4/26/2021
2021-04-20 3.04 4/27/2021
2021-04-21 3.03 4/28/2021
2021-04-22 3.02 4/29/2021
2021-04-23 3.02 4/30/2021
2021-04-26 3.03 5/3/2021
2021-04-27 3.04 5/4/2021
2021-04-28 3.05 5/5/2021
2021-04-29 3.05 5/6/2021
2021-04-30 3.06 5/7/2021
2021-05-03 3.05 5/10/2021
2021-05-04 3.04 5/11/2021
2021-05-05 3.03 5/12/2021
2021-05-06 3.01 5/13/2021
2021-05-07 2.99 5/14/2021
2021-05-10 2.98 5/17/2021
2021-05-11 3.00 5/18/2021
2021-05-12 3.02 5/19/2021
2021-05-13 3.04 5/20/2021
2021-05-14 3.01 5/21/2021
2021-05-17 3.00 5/24/2021
2021-05-18 3.00 5/25/2021
2021-05-19 3.02 5/26/2021
2021-05-20 3.01 5/27/2021
2021-05-21 3.00 5/28/2021
2021-05-24 2.99 5/31/2021
2021-05-25 2.96 6/1/2021
2021-05-26 2.94 6/2/2021
2021-05-27 2.95 6/3/2021
2021-05-28 2.94 6/4/2021
2021-05-31 2.97 6/7/2021
2021-06-01 2.97 6/8/2021
2021-06-02 2.96 6/9/2021
2021-06-03 2.97 6/10/2021
2021-06-04 2.97 6/11/2021
2021-06-07 2.95 6/14/2021
2021-06-08 2.92 6/15/2021
2021-06-09 2.90 6/16/2021
2021-06-10 2.89 6/17/2021
2021-06-11 2.87 6/18/2021
2021-06-14 2.88 6/21/2021
2021-06-15 2.89 6/22/2021
2021-06-16 2.90 6/23/2021
2021-06-17 2.91 6/24/2021
2021-06-18 2.89 6/25/2021
2021-06-21 2.89 6/28/2021
2021-06-22 2.91 6/29/2021
2021-06-23 2.90 6/30/2021
2021-06-24 2.90 7/1/2021
2021-06-25 2.90 7/2/2021
2021-06-28 2.90 7/5/2021
2021-06-29 2.90 7/6/2021
2021-06-30 2.89 7/7/2021
2021-07-01 2.90 7/8/2021
2021-07-02 2.89 7/9/2021
2021-07-05 2.89 7/12/2021
2021-07-06 2.87 7/13/2021
2021-07-07 2.85 7/14/2021
2021-07-08 2.84 7/15/2021
2021-07-09 2.86 7/16/2021
2021-07-12 2.86 7/19/2021
2021-07-13 2.88 7/20/2021
2021-07-14 2.87 7/21/2021
2021-07-15 2.84 7/22/2021
2021-07-16 2.85 7/23/2021
2021-07-19 2.83 7/26/2021
2021-07-20 2.82 7/27/2021
2021-07-21 2.82 7/28/2021
2021-07-22 2.82 7/29/2021
2021-07-23 2.82 7/30/2021
2021-07-26 2.81 8/2/2021
2021-07-27 2.82 8/3/2021
2021-07-28 2.83 8/4/2021
2021-07-29 2.82 8/5/2021
2021-07-30 2.82 8/6/2021
2021-07-31 2.84 8/9/2021
2021-08-02 2.82 8/10/2021
2021-08-03 2.82 8/11/2021
2021-08-04 2.81 8/12/2021
2021-08-05 2.82 8/13/2021
2021-08-06 2.84 8/16/2021
2021-08-09 2.86 8/17/2021
2021-08-10 2.87 8/18/2021
2021-08-11 2.87 8/19/2021
2021-08-12 2.86 8/20/2021
2021-08-13 2.86 8/23/2021
2021-08-16 2.84 8/24/2021
2021-08-17 2.83 8/25/2021
2021-08-18 2.83 8/26/2021
2021-08-19 2.82 8/27/2021
2021-08-20 2.82 8/30/2021
2021-08-23 2.82 8/31/2021
2021-08-24 2.80 9/1/2021
2021-08-25 2.81 9/2/2021
2021-08-26 2.80 9/3/2021
2021-08-27 2.79 9/6/2021
2021-08-30 2.76 9/7/2021
2021-08-31 2.75 9/8/2021
2021-09-01 2.76 9/9/2021
2021-09-02 2.75 9/10/2021
2021-09-03 2.74 9/13/2021
2021-09-06 2.74 9/14/2021
2021-09-07 2.74 9/15/2021
2021-09-08 2.73 9/16/2021
2021-09-09 2.73 9/17/2021
2021-09-10 2.73 9/20/2021
2021-09-13 2.72 9/21/2021
2021-09-14 2.71 9/22/2021
2021-09-15 2.70 9/23/2021
2021-09-16 2.72 9/24/2021
2021-09-17 2.74 9/27/2021
2021-09-20 2.77 9/28/2021
2021-09-21 2.77 9/29/2021
2021-09-22 2.77 9/30/2021
2021-09-23 2.80 10/1/2021
2021-09-24 2.84 10/4/2021
2021-09-27 2.87 10/5/2021
2021-09-28 2.92 10/6/2021
2021-09-29 2.93 10/7/2021
2021-09-30 2.96 10/8/2021
2021-10-01 2.96 10/11/2021
2021-10-04 2.96 10/12/2021
2021-10-05 2.99 10/13/2021
2021-10-06 3.02 10/14/2021
2021-10-07 3.03 10/15/2021
2021-10-08 3.06 10/18/2021
2021-10-11 3.06 10/19/2021
2021-10-12 3.10 10/20/2021
2021-10-13 3.09 10/21/2021
2021-10-14 3.07 10/22/2021
2021-10-15 3.08 10/25/2021
2021-10-18 3.11 10/26/2021
2021-10-19 3.09 10/27/2021
2021-10-20 3.08 10/28/2021
2021-10-21 3.10 10/29/2021
2021-10-22 3.12 11/1/2021
2021-10-25 3.11 11/2/2021
2021-10-26 3.09 11/3/2021
2021-10-27 3.07 11/4/2021
2021-10-28 3.06 11/5/2021
2021-10-29 3.08 11/8/2021
2021-10-31 3.09 11/9/2021
2021-11-01 3.11 11/10/2021
2021-11-02 3.10 11/11/2021
2021-11-03 3.09 11/12/2021
2021-11-04 3.08 11/15/2021
2021-11-05 3.06 11/16/2021
2021-11-08 3.06 11/17/2021
2021-11-09 3.06 11/18/2021
2021-11-10 3.09 11/19/2021
2021-11-11 3.09 11/22/2021
2021-11-12 3.13 11/23/2021
2021-11-15 3.11 11/24/2021
2021-11-16 3.14 11/25/2021
2021-11-17 3.13 11/26/2021
2021-11-18 3.11 11/29/2021
2021-11-19 3.09 11/30/2021
2021-11-22 3.10 12/1/2021
2021-11-23 3.16 12/2/2021
2021-11-24 3.17 12/3/2021
2021-11-25 3.17 12/6/2021
2021-11-26 3.14 12/7/2021
2021-11-29 3.16 12/8/2021
2021-11-30 3.13 12/9/2021
2021-12-01 3.16 12/10/2021
2021-12-02 3.14 12/13/2021
2021-12-03 3.14 12/14/2021
2021-12-06 3.13 12/15/2021
2021-12-07 3.12 12/16/2021
2021-12-08 3.13 12/17/2021
2021-12-09 3.13 12/20/2021
2021-12-10 3.14 12/21/2021
2021-12-13 3.13 12/22/2021
2021-12-14 3.11 12/23/2021
2021-12-15 3.07 12/24/2021
2021-12-16 3.06 12/27/2021
2021-12-17 3.06 12/28/2021
2021-12-20 3.06 12/29/2021
2021-12-21 3.08 12/30/2021
2021-12-22 3.09 12/31/2021
2021-12-23 3.10
2021-12-24 3.10
2021-12-27 3.10
2021-12-28 3.10
2021-12-29 3.10
2021-12-30 3.11
2021-12-31 3.10
S&P Emerging BMI Index
S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Two years
Daily
S&P
Emerging
BMI (USD) Return
Daily Std
294.1 Deviation = 1.19%
Annualized
Std
298.23 1.40% Deviation= 19.11%
297.17 -0.36%
294.22 -0.99%
294.75 0.18%
293.61 -0.39%
297.82 1.43%
298.82 0.34%
301.32 0.84%
301.23 -0.03%
300.07 -0.39%
300.6 0.18%
302.11 0.50%
301.43 -0.23%
296.95 -1.49%
298.18 0.41%
295.55 -0.88%
294.84 -0.24%
290.14 -1.59%
291.15 0.35%
289.81 -0.46%
283.4 -2.21%
281.29 -0.74%
279.9 -0.49%
285.89 2.14%
287.12 0.43%
289.37 0.78%
286.84 -0.87%
285.51 -0.46%
288.64 1.10%
291.18 0.88%
290.33 -0.29%
290.05 -0.10%
290.75 0.24%
288.17 -0.89%
290.33 0.75%
288.73 -0.55%
286.59 -0.74%
280.14 -2.25%
279.68 -0.16%
276.6 -1.10%
273.07 -1.28%
266.59 -2.37%
268.94 0.88%
272.01 1.14%
273.49 0.54%
273.31 -0.07%
266.81 -2.38%
249.58 -6.46%
253.81 1.69%
249.68 -1.63%
232.06 -7.06%
234.96 1.25%
218.98 -6.80%
217.76 -0.56%
207.3 -4.80%
203.35 -1.91%
211.43 3.97%
199.71 -5.54%
209.4 4.85%
217.72 3.97%
222.85 2.36%
219.58 -1.47%
216.78 -1.28%
220.78 1.85%
216.35 -2.01%
218.73 1.10%
216.77 -0.90%
221.78 2.31%
228.48 3.02%
227.95 -0.23%
231.52 1.57%
231.6 0.03%
230.69 -0.39%
233.98 1.43%
231.54 -1.04%
230.99 -0.24%
234.23 1.40%
234.47 0.10%
228.79 -2.42%
231.59 1.22%
232.52 0.40%
229.45 -1.32%
233.3 1.68%
235.31 0.86%
239.9 1.95%
241.39 0.62%
239.2 -0.91%
232.15 -2.95%
234.39 0.96%
234.83 0.19%
234.54 -0.12%
238.3 1.60%
239.36 0.44%
237.97 -0.58%
237.79 -0.08%
235.7 -0.88%
235.82 0.05%
238.72 1.23%
241.44 1.14%
243.25 0.75%
242.92 -0.14%
236.81 -2.52%
238.6 0.76%
242.35 1.57%
242.7 0.14%
242.42 -0.12%
243.9 0.61%
249.33 2.23%
253.66 1.74%
258.21 1.79%
258.38 0.07%
261.85 1.34%
263.39 0.59%
263.62 0.09%
264.12 0.19%
259.01 -1.93%
258.13 -0.34%
254.1 -1.56%
259.01 1.93%
260.51 0.58%
260.85 0.13%
262.5 0.63%
262.77 0.10%
266.4 1.38%
264.46 -0.73%
263.75 -0.27%
261.81 -0.74%
261.11 -0.27%
261.23 0.05%
262.85 0.62%
269.22 2.42%
271.7 0.92%
278.94 2.66%
277.2 -0.62%
281.73 1.63%
284.11 0.84%
281.41 -0.95%
281.77 0.13%
278.27 -1.24%
279.57 0.47%
274.64 -1.76%
276.79 0.78%
279.71 1.05%
284.6 1.75%
282.72 -0.66%
282.9 0.06%
278.11 -1.69%
280.46 0.84%
282 0.55%
283.33 0.47%
281.89 -0.51%
281.56 -0.12%
281.21 -0.12%
284 0.99%
287.34 1.18%
287.59 0.09%
283.29 -1.50%
282.4 -0.31%
283.31 0.32%
283.63 0.11%
284.13 0.18%
283.91 -0.08%
285.83 0.68%
288.17 0.82%
286.83 -0.47%
282.97 -1.35%
285.62 0.94%
289.79 1.46%
290.89 0.38%
291.85 0.33%
291.77 -0.03%
293.3 0.52%
288.68 -1.58%
293.31 1.60%
293.01 -0.10%
289.95 -1.04%
287.88 -0.71%
286.14 -0.60%
283.75 -0.84%
283.7 -0.02%
283.08 -0.22%
284.65 0.55%
287.67 1.06%
289.66 0.69%
290.88 0.42%
288.68 -0.76%
288.88 0.07%
283.63 -1.82%
282.42 -0.43%
280.78 -0.58%
275.86 -1.75%
276.19 0.12%
278.96 1.00%
278.41 -0.20%
281.88 1.25%
283.05 0.42%
282.19 -0.30%
284.37 0.77%
287.22 1.00%
288.2 0.34%
290.51 0.80%
292.33 0.63%
295.73 1.16%
295.32 -0.14%
295.6 0.09%
291.56 -1.37%
292.97 0.48%
293.43 0.16%
295.18 0.60%
295.88 0.24%
295.66 -0.07%
295.77 0.04%
293.83 -0.66%
294.45 0.21%
290.74 -1.26%
290.9 0.06%
287.35 -1.22%
289.59 0.78%
291.27 0.58%
295.15 1.33%
302.67 2.55%
305.09 0.80%
309.39 1.41%
306.37 -0.98%
305.26 -0.36%
306.38 0.37%
307.75 0.45%
310.62 0.93%
310.72 0.03%
312.36 0.53%
311.08 -0.41%
313.57 0.80%
315.65 0.66%
317.08 0.45%
314.9 -0.69%
317.53 0.84%
318.28 0.24%
312.62 -1.78%
317.3 1.50%
317.47 0.05%
319.78 0.73%
321.8 0.63%
322.02 0.07%
323.22 0.37%
322.69 -0.16%
322.68 0.00%
323.02 0.11%
321.62 -0.43%
321.77 0.05%
325.44 1.14%
328.17 0.84%
327.2 -0.30%
323.8 -1.04%
322.21 -0.49%
324.62 0.75%
322.79 -0.56%
323.16 0.11%
322.53 -0.19%
325.84 1.03%
330.6 1.46%
331.34 0.22%
331.57 0.07%
334.34 0.84%
337.8 1.03%
336.87 -0.28%
337.98 0.33%
343.78 1.72%
342.48 -0.38%
344.33 0.54%
346.61 0.66%
348.89 0.66%
346.19 -0.77%
347.78 0.46%
352.56 1.37%
357.12 1.29%
357.52 0.11%
354.69 -0.79%
357.84 0.89%
353.68 -1.16%
349.28 -1.24%
344.95 -1.24%
340.73 -1.22%
347.93 2.11%
353.35 1.56%
355.98 0.74%
355.5 -0.13%
357.29 0.50%
359.51 0.62%
362.25 0.76%
365.49 0.89%
367.04 0.42%
367.4 0.10%
368.84 0.39%
369.97 0.31%
371.45 0.40%
367.1 -1.17%
368.17 0.29%
360.27 -2.15%
360.55 0.08%
355.64 -1.36%
355.86 0.06%
345.68 -2.86%
352.43 1.95%
350.92 -0.43%
355.27 1.24%
347.71 -2.13%
345.69 -0.58%
337.39 -2.40%
340.26 0.85%
342.84 0.76%
351.1 2.41%
348.12 -0.85%
346.23 -0.54%
348.11 0.54%
346.81 -0.37%
347.35 0.16%
345.31 -0.59%
345.15 -0.05%
341.91 -0.94%
335.12 -1.99%
332.33 -0.83%
337 1.41%
337.71 0.21%
340.1 0.71%
339.62 -0.14%
344.11 1.32%
344.2 0.03%
343.95 -0.07%
345.97 0.59%
344.33 -0.47%
345.8 0.43%
342.87 -0.85%
340.05 -0.82%
339.76 -0.09%
342.53 0.82%
343.64 0.32%
346.25 0.76%
346.6 0.10%
346.06 -0.16%
344.58 -0.43%
345.69 0.32%
348.69 0.87%
350.67 0.57%
351.2 0.15%
353.08 0.54%
353.02 -0.02%
349 -1.14%
347.17 -0.52%
344.99 -0.63%
344.66 -0.10%
346.65 0.58%
348.66 0.58%
347.55 -0.32%
343.59 -1.14%
340.16 -1.00%
335.04 -1.51%
338.29 0.97%
339.63 0.40%
345.37 1.69%
343.94 -0.41%
344.45 0.15%
344.78 0.10%
344.65 -0.04%
348.92 1.24%
350.79 0.54%
352.03 0.35%
353.55 0.43%
357.07 1.00%
360.55 0.97%
360.82 0.07%
359.36 -0.40%
359.35 0.00%
359 -0.10%
358.41 -0.16%
357.69 -0.20%
359.54 0.52%
359.7 0.04%
360.42 0.20%
358.56 -0.52%
355.87 -0.75%
354.57 -0.37%
354.09 -0.14%
351.85 -0.63%
350.98 -0.25%
354.53 1.01%
356.13 0.45%
359.35 0.90%
359.43 0.02%
358.53 -0.25%
357.51 -0.28%
355.92 -0.44%
353.12 -0.79%
353.41 0.08%
350.16 -0.92%
349.27 -0.25%
343.35 -1.69%
345.29 0.57%
347.23 0.56%
349.69 0.71%
349.57 -0.03%
351.76 0.63%
349.79 -0.56%
344.53 -1.50%
342.95 -0.46%
343.74 0.23%
347.03 0.96%
342.79 -1.22%
334.85 -2.32%
327.16 -2.30%
331.47 1.32%
338.17 2.02%
334.62 -1.05%
338.84 1.26%
338.05 -0.23%
340.17 0.63%
339.06 -0.33%
336.9 -0.64%
337.54 0.19%
339.36 0.54%
339.28 -0.02%
338.21 -0.32%
336.45 -0.52%
333.54 -0.86%
329.49 -1.21%
330.87 0.42%
323.88 -2.11%
321.23 -0.82%
326.25 1.56%
333.81 2.32%
335.47 0.50%
333.09 -0.71%
335.25 0.65%
338.88 1.08%
343.62 1.40%
345.15 0.45%
345.18 0.01%
346.12 0.27%
347.97 0.53%
348.89 0.26%
345.54 -0.96%
343.68 -0.54%
345.63 0.57%
344.47 -0.34%
342.42 -0.60%
340.71 -0.50%
337.88 -0.83%
337.68 -0.06%
331.06 -1.96%
332.2 0.34%
333.07 0.26%
336.36 0.99%
334.03 -0.69%
334.7 0.20%
332.91 -0.53%
330.45 -0.74%
331.89 0.44%
330.75 -0.34%
328.07 -0.81%
329.39 0.40%
327.22 -0.66%
333.88 2.04%
334.74 0.26%
335.98 0.37%
333.96 -0.60%
335.39 0.43%
336.43 0.31%
340.73 1.28%
340.99 0.08%
343.88 0.85%
344.52 0.19%
342.55 -0.57%
342.18 -0.11%
342.85 0.20%
342.14 -0.21%
339.39 -0.80%
337.29 -0.62%
334.9 -0.71%
335.97 0.32%
334.32 -0.49%
335.12 0.24%
336.3 0.35%
335.24 -0.32%
337.32 0.62%
338.32 0.30%
338.97 0.19%
341.22 0.66%
341.98 0.22%
342.06 0.02%
342.54 0.14%
341.62 -0.27%
337.38 -1.24%
337.02 -0.11%
333.63 -1.01%
332.5 -0.34%
332.53 0.01%
333.41 0.26%
325.05 -2.51%
323.91 -0.35%
322.84 -0.33%
324.96 0.66%
326.52 0.48%
323.44 -0.94%
322.01 -0.44%
326.63 1.43%
328.96 0.71%
329.87 0.28%
328.36 -0.46%
326.16 -0.67%
324.17 -0.61%
321.59 -0.80%
323.85 0.70%
321.5 -0.73%
314.64 -2.13%
319.6 1.58%
320.72 0.35%
323.51 0.87%
323.61 0.03%
324.19 0.18%
324.95 0.23%
322.9 -0.63%
325.86 0.92%
327.39 0.47%
Data
Region Average of Adj. Default SpreAverage of Country Risk Prem Average of Equity Risk Prem
Africa 4.81% 5.59% 9.83%
Asia 3.00% 3.49% 7.73%
Australia & New Zealand 1.28% 1.48% 5.72%
Caribbean 3.27% 3.80% 8.04%
Central and South America 4.21% 4.90% 9.14%
Eastern Europe & Russia 2.72% 3.16% 7.40%
Middle East 3.19% 3.71% 7.95%
North America 0.00% 0.00% 4.24%
Western Europe 0.83% 0.97% 5.21%
Total Result 3.04% 3.53% 7.77%
Average of Corporate Tax Rate
26.12%
25.09%
28.81%
17.37%
27.20%
15.79%
20.38%
26.75%
19.25%
21.91%
Country GDP (in billions) Moody's rating Adj. Default SpreadEquity Risk Premiu
Angola 62.31 B3 5.53% 10.67%
Benin 15.65 B1 3.83% 8.69%
Botswana 15.78 A3 1.02% 5.43%
Burkina Faso 17.37 B2 4.68% 9.68%
Cameroon 39.80 B2 4.68% 9.68%
Cape Verde 1.70 B3 5.53% 10.67%
Congo (Democratic Rep 49.87 Caa1 6.38% 11.65%
Congo (Republic of) 10.89 Caa2 7.66% 13.14%
Côte d'Ivoire 61.35 Ba3 3.06% 7.80%
Egypt 363.09 B2 4.68% 9.68%
Ethiopia 107.65 Caa2 7.66% 13.14%
Gabon 15.59 Caa1 6.38% 11.65%
Ghana 72.35 B3 5.53% 10.67%
Kenya 98.84 B2 4.68% 9.68%
Mali 17.39 Caa1 6.38% 11.65%
Mauritius 10.91 Baa2 1.62% 6.12%
Morocco 112.87 Ba1 2.13% 6.71%
Mozambique 14.02 Caa2 7.66% 13.14%
Namibia 10.70 Ba3 3.06% 7.80%
Niger 13.68 B3 5.53% 10.67%
Nigeria 432.29 B2 4.68% 9.68%
Rwanda 10.33 B2 4.68% 9.68%
Senegal 24.91 Ba3 3.06% 7.80%
South Africa 301.92 Ba2 2.56% 7.21%
Swaziland 3.96 B3 5.53% 10.67%
Tanzania 62.41 B2 4.68% 9.68%
Togo 7.58 B3 5.53% 10.67%
Tunisia 39.24 Caa1 6.38% 11.65%
Uganda 37.37 B2 4.68% 9.68%
Zambia 19.32 Ca 10.21% 16.11%
Africa 2051.16 4.51% 9.49%
Bangladesh 324.24 Ba3 3.06% 7.80%
Cambodia 25.29 B2 4.68% 9.68%
China 14722.73 A1 0.60% 4.94%
Fiji 4.38 B1 3.83% 8.69%
Hong Kong 346.60 Aa3 0.51% 4.84%
India 2622.98 Baa3 1.87% 6.42%
Indonesia 1058.42 Baa2 1.62% 6.12%
Japan 5064.87 A1 0.60% 4.94%
Korea 1630.53 Aa2 0.42% 4.73%
Laos 19.14 Caa2 7.66% 13.14%
Macao 55.15 Aa3 0.51% 4.84%
Malaysia 336.66 A3 1.02% 5.43%
Maldives 4.03 Caa1 6.38% 11.65%
Mongolia 13.14 B3 5.53% 10.67%
Pakistan 263.69 B3 5.53% 10.67%
Papua New Guinea 23.59 B2 4.68% 9.68%
Philippines 361.49 Baa2 1.62% 6.12%
Singapore 340.00 Aaa 0.00% 4.24%
Solomon Islands 1.55 Caa1 6.38% 11.65%
Sri Lanka 80.71 Caa2 7.66% 13.14%
Taiwan 689.00 Aa3 0.51% 4.84%
Thailand 501.80 Baa1 1.36% 5.82%
Vietnam 271.16 Ba3 3.06% 7.80%
Asia 28761.146 0.89% 5.28%
Australia 1330.90 Aaa 0.00% 4.24%
Cook Islands 0.38 B1 3.83% 8.69%
New Zealand 212.48 Aaa 0.00% 4.24%
Australia & New Zeala 1543.767 0.00% 4.24%
Aruba 3.20 Baa2 1.62% 6.12%
Bahamas 11.25 Ba3 3.06% 7.80%
Barbados 4.37 Caa1 6.38% 11.65%
Bermuda 7.48 A2 0.72% 5.08%
Cayman Islands 5.94 Aa3 0.51% 4.84%
Cuba 103.13 Ca 10.21% 16.11%
Curacao 3.10 Baa2 1.62% 6.12%
Dominican Republic 78.85 Ba3 3.06% 7.80%
Jamaica 13.81 B2 4.68% 9.68%
Montserrat 0.25 Baa3 1.87% 6.42%
St. Maarten 1.19 Ba2 2.56% 7.21%
St. Vincent & the Gren 0.81 B3 5.53% 10.67%
Trinidad and Tobago 21.53 Ba2 2.56% 7.21%
Turks and Caicos Islan 0.93 Baa1 1.36% 5.82%
Caribbean 255.831 5.88% 11.07%
Argentina 383.07 Ca 10.21% 16.11%
Belize 1.76 Caa3 8.51% 14.13%
Bolivia 36.69 B2 4.68% 9.68%
Brazil 1444.73 Ba2 2.56% 7.21%
Chile 252.94 A1 0.60% 4.94%
Colombia 271.35 Baa2 1.62% 6.12%
Costa Rica 61.52 B2 4.68% 9.68%
Ecuador 98.81 Caa3 8.51% 14.13%
El Salvador 24.64 Caa1 6.38% 11.65%
Guatemala 77.61 Ba1 2.13% 6.71%
Honduras 23.83 B1 3.83% 8.69%
Mexico 1076.16 Baa1 1.36% 5.82%
Nicaragua 12.62 B3 5.53% 10.67%
Panama 52.94 Baa2 1.62% 6.12%
Paraguay 35.30 Ba1 2.13% 6.71%
Peru 202.01 Baa1 1.36% 5.82%
Suriname 3.81 Caa3 8.51% 14.13%
Uruguay 53.63 Baa2 1.62% 6.12%
Venezuela 98.40 C 17.50% 24.58%
Central and South Ame 4211.818 3.26% 8.03%
Albania 14.80 B1 3.83% 8.69%
Armenia 12.65 Ba3 3.06% 7.80%
Azerbaijan 42.61 Ba2 2.56% 7.21%
Belarus 60.26 B3 5.53% 10.67%
Bosnia and Herzegovin 19.79 B3 5.53% 10.67%
Bulgaria 69.11 Baa1 1.36% 5.82%
Croatia 55.97 Ba1 2.13% 6.71%
Czech Republic 243.53 Aa3 0.51% 4.84%
Estonia 31.03 A1 0.60% 4.94%
Georgia 15.89 Ba2 2.56% 7.21%
Hungary 155.01 Baa2 1.62% 6.12%
Kazakhstan 169.84 Baa2 1.62% 6.12%
Kyrgyzstan 7.74 B2 4.68% 9.68%
Latvia 33.51 A3 1.02% 5.43%
Lithuania 55.89 A2 0.72% 5.08%
Macedonia 12.27 Ba3 3.06% 7.80%
Moldova 11.91 B3 5.53% 10.67%
Montenegro 4.78 B1 3.83% 8.69%
Poland 594.17 A2 0.72% 5.08%
Romania 248.72 Baa3 1.87% 6.42%
Russia 1483.50 Baa3 1.87% 6.42%
Serbia 52.96 Ba2 2.56% 7.21%
Slovakia 104.57 A2 0.72% 5.08%
Slovenia 52.88 A3 1.02% 5.43%
Tajikistan 8.19 B3 5.53% 10.67%
Ukraine 155.58 B3 5.53% 10.67%
Uzbekistan 57.71 B1 3.83% 8.69%
Eastern Europe & Russ 3774.84 1.82% 6.35%
Abu Dhabi 268.00 Aa2 0.42% 4.73%
Bahrain 38.48 B2 4.68% 9.68%
Iraq 167.22 Caa1 6.38% 11.65%
Israel 401.95 A1 0.60% 4.94%
Jordan 43.70 B1 3.83% 8.69%
Kuwait 136.20 A1 0.60% 4.94%
Lebanon 33.38 C 17.50% 24.58%
Oman 76.33 Ba3 3.06% 7.80%
Qatar 146.37 Aa3 0.51% 4.84%
Ras Al Khaimah (Emira 3.52 A3 1.02% 5.43%
Saudi Arabia 700.12 A1 0.60% 4.94%
Sharjah 24.80 Baa3 1.87% 6.42%
United Arab Emirates 421.14 Aa2 0.42% 4.73%
Middle East 2461.22 1.38% 5.84%
Canada 1643.41 Aaa 0.00% 4.24%
United States 20936.60 Aaa 0.00% 4.24%
North America 22580.008 0.00% 4.24%
Andorra (Principality o 3.16 Baa2 1.62% 6.12%
Austria 428.97 Aa1 0.34% 4.63%
Belgium 515.33 Aa3 0.51% 4.84%
Cyprus 23.80 Ba1 2.13% 6.71%
Denmark 355.18 Aaa 0.00% 4.24%
Finland 271.23 Aa1 0.34% 4.63%
France 2603.00 Aa2 0.42% 4.73%
Germany 3806.06 Aaa 0.00% 4.24%
Greece 189.41 Ba3 3.06% 7.80%
Guernsey (States of) 3.18 Aa3 0.51% 4.84%
Iceland 21.72 A2 0.72% 5.08%
Ireland 418.62 A2 0.72% 5.08%
Isle of Man 7.49 Aa3 0.51% 4.84%
Italy 1886.45 Baa3 1.87% 6.42%
Jersey (States of) 4.89 Aaa 0.00% 4.24%
Liechtenstein 6.84 Aaa 0.00% 4.24%
Luxembourg 73.26 Aaa 0.00% 4.24%
Malta 14.65 A2 0.72% 5.08%
Netherlands 912.24 Aaa 0.00% 4.24%
Norway 362.01 Aaa 0.00% 4.24%
Portugal 231.26 Baa2 1.62% 6.12%
Spain 1281.20 Baa1 1.36% 5.82%
Sweden 537.61 Aaa 0.00% 4.24%
Switzerland 747.97 Aaa 0.00% 4.24%
Turkey 720.10 B2 4.68% 9.68%
United Kingdom 2707.74 Aa3 0.51% 4.84%
Western Europe 18133.377 0.72% 5.07%
Region Weighted Average: ERP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 9.49% 5.25% 4.51% 27.46%
Asia 5.28% 1.04% 0.89% 26.53%
Australia & New Zealand 4.24% 0.00% 0.00% 29.72%
Caribbean 11.07% 6.83% 5.88% 24.06%
Central and South America 8.03% 3.79% 3.26% 30.30%
Eastern Europe & Russia 6.35% 2.11% 1.82% 18.23%
Middle East 5.84% 1.60% 1.38% 29.70%
North America 4.24% 0.00% 0.00% 26.96%
Western Europe 5.07% 0.83% 0.72% 23.94%
Global 5.26% 1.02% 0.88% 26.07%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 7.12% 2.48% 28.91%
Australia, NZ & Canada 4.24% 0.00% 28.06%
Latin America & Caribbean 8.20% 3.17% 29.94%
Japan 4.94% 0.60% 30.62%
US 4.24% 0.00% 27.00%
Europe 5.07% 0.72% 23.94%
Emerging Markets 6.07% 1.23% 26.37%
Small Asia (No India, China & 5.88% 1.06% 25.87%
India 6.42% 1.87% 30.00%
China 4.94% 0.60% 25.00%
Global 5.26% 0.88% 26.07%
Country Risk Premium Corporate Tax Rate Region GDP Weight
6.43% 25.00% Africa 3.04%
4.45% 30.00% Africa 0.76%
1.19% 22.00% Africa 0.77%
5.44% 28.00% Africa 0.85%
5.44% 33.00% Africa 1.94%
6.43% 0.00% Africa 0.08%
7.41% 30.00% Africa 2.43%
8.90% 28.00% Africa 0.53%
3.56% 25.00% Africa 2.99%
5.44% 22.50% Africa 17.70%
8.90% 30.00% Africa 5.25%
7.41% 30.00% Africa 0.76%
6.43% 25.00% Africa 3.53%
5.44% 30.00% Africa 4.82%
7.41% 22.81% Africa 0.85%
1.88% 15.00% Africa 0.53%
2.47% 31.00% Africa 5.50%
8.90% 32.00% Africa 0.68%
3.56% 32.00% Africa 0.52%
6.43% 22.81% Africa 0.67%
5.44% 30.00% Africa 21.08%
5.44% 30.00% Africa 0.50%
3.56% 30.00% Africa 1.21%
2.97% 28.00% Africa 14.72%
6.43% 27.50% Africa 0.19%
5.44% 30.00% Africa 3.04%
6.43% 22.81% Africa 0.37%
7.41% 15.00% Africa 1.91%
5.44% 30.00% Africa 1.82%
11.87% 35.00% Africa 0.94%
5.25% 27.46% 100.00%
3.56% 32.50% Asia 1.13%
5.44% 20.00% Asia 0.09%
0.70% 25.00% Asia 51.19%
4.45% 20.00% Asia 0.02%
0.60% 16.50% Asia 1.21%
2.18% 30.00% Asia 9.12%
1.88% 35.00% Asia 3.68%
0.70% 30.62% Asia 17.61%
0.49% 25.00% Asia 5.67%
8.90% 22.81% Asia 0.07%
0.60% 22.81% Asia 0.19%
1.19% 24.00% Asia 1.17%
7.41% 22.81% Asia 0.01%
6.43% 25.00% Asia 0.05%
6.43% 29.00% Asia 0.92%
5.44% 30.00% Asia 0.08%
1.88% 30.00% Asia 1.26%
0.00% 17.00% Asia 1.18%
7.41% 30.00% Asia 0.01%
8.90% 24.00% Asia 0.28%
0.60% 20.00% Asia 2.40%
1.58% 20.00% Asia 1.74%
3.56% 20.00% Asia 0.94%
1.04% 26.53% 100.00%
0.00% 30.00% Australia & New Zealand 86.21%
0.00% 29.72% 100.00%
1.88% 25.00% Caribbean 1.25%
3.56% 0.00% Caribbean 4.40%
7.41% 5.50% Caribbean 1.71%
0.84% 0.00% Caribbean 2.93%
0.60% 0.00% Caribbean 2.32%
11.87% 27.18% Caribbean 40.31%
1.88% 22.00% Caribbean 1.21%
3.56% 27.00% Caribbean 30.82%
5.44% 25.00% Caribbean 5.40%
2.18% 27.18% Caribbean 0.10%
2.97% 27.18% Caribbean 0.47%
6.43% 27.18% Caribbean 0.32%
2.97% 30.00% Caribbean 8.42%
1.58% 0.00% Caribbean 0.36%
6.83% 24.06% 100.00%
11.87% 25.00% Central and South America 9.10%
3.79% 30.30% 100.00%
4.45% 15.00% Eastern Europe & Russia 0.39%
2.11% 18.23% 100.00%
0.49% 55.00% Middle East 10.89%
5.44% 0.00% Middle East 1.56%
7.41% 35.00% Middle East 6.79%
0.70% 23.00% Middle East 16.33%
4.45% 20.00% Middle East 1.78%
0.70% 15.00% Middle East 5.53%
20.34% 17.00% Middle East 1.36%
3.56% 15.00% Middle East 3.10%
0.60% 10.00% Middle East 5.95%
1.19% 0.00% Middle East 0.14%
0.70% 20.00% Middle East 28.45%
2.18% 0.00% Middle East 1.01%
0.49% 55.00% Middle East 17.11%
1.60% 29.70% 100.00%
0.00% 26.50% North America 7.28%
0.00% 27.00% North America 92.72%
0.00% 26.96%
1.88% 18.98% Western Europe 0.02%
0.39% 25.00% Western Europe 2.37%
0.60% 25.00% Western Europe 2.84%
2.47% 12.50% Western Europe 0.13%
0.00% 22.00% Western Europe 1.96%
0.39% 20.00% Western Europe 1.50%
0.49% 26.50% Western Europe 14.35%
0.00% 30.00% Western Europe 20.99%
3.56% 24.00% Western Europe 1.04%
0.60% 0.00% Western Europe 0.02%
0.84% 20.00% Western Europe 0.12%
0.84% 12.50% Western Europe 2.31%
2.18% 24.00% Western Europe 10.40%
0.00% 12.50% Western Europe 0.04%
0.00% 24.94% Western Europe 0.40%
0.84% 35.00% Western Europe 0.08%
0.00% 25.00% Western Europe 5.03%
0.00% 22.00% Western Europe 2.00%
1.88% 21.00% Western Europe 1.28%
1.58% 25.00% Western Europe 7.07%
0.00% 20.60% Western Europe 2.96%
0.00% 14.93% Western Europe 4.12%
5.44% 20.00% Western Europe 3.97%
0.60% 19.00% Western Europe 14.93%
0.83% 23.94% 100.00%
Total GDP Weight Weight *ERP Weight*CRP

2051.16 2.45% 0.23% 0.13%
28761.146 34.33% 1.81% 0.36%
1543.767 1.84% 0.08% 0.00%
255.831 0.31% 0.03% 0.02%
4211.818 5.03% 0.40% 0.19%
3774.839 4.51% 0.29% 0.10%
2461.217 2.94% 0.17% 0.05%
22580.008 26.95% 1.14% 0.00%
18133.377 21.65% 1.10% 0.18%
83773.163
Weight*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.17% 0.32% 0.20% 0.76%
0.03% 0.07% 0.03% 0.23%
0.01% 0.04% 0.01% 0.17%
0.04% 0.08% 0.05% 0.24%
0.09% 0.19% 0.11% 0.64%
0.00% 0.01% 0.01% 0.00%
0.16% 0.28% 0.18% 0.73%
0.04% 0.07% 0.05% 0.15%
0.09% 0.23% 0.11% 0.75%
0.83% 1.71% 0.96% 3.98%
0.40% 0.69% 0.47% 1.57%
0.05% 0.09% 0.06% 0.23%
0.20% 0.38% 0.23% 0.88%
0.23% 0.47% 0.26% 1.45%
0.05% 0.10% 0.06% 0.19%
0.01% 0.03% 0.01% 0.08%
0.12% 0.37% 0.14% 1.71%
0.05% 0.09% 0.06% 0.22%
0.02% 0.04% 0.02% 0.17%
0.04% 0.07% 0.04% 0.15%
0.99% 2.04% 1.15% 6.32%
0.02% 0.05% 0.03% 0.15%
0.04% 0.09% 0.04% 0.36%
0.38% 1.06% 0.44% 4.12%
0.01% 0.02% 0.01% 0.05%
0.14% 0.29% 0.17% 0.91%
0.02% 0.04% 0.02% 0.08%
0.12% 0.22% 0.14% 0.29%
0.09% 0.18% 0.10% 0.55%
0.10% 0.15% 0.11% 0.33%
0.03% 0.09% 0.04% 0.37%

0.00% 0.01% 0.00% 0.02%
0.31% 2.53% 0.36% 12.80%
0.00% 0.00% 0.00% 0.00%
0.01% 0.06% 0.01% 0.20%
0.17% 0.59% 0.20% 2.74%
0.06% 0.23% 0.07% 1.29%
0.11% 0.87% 0.12% 5.39%
0.02% 0.27% 0.03% 1.42%
0.01% 0.01% 0.01% 0.02%
0.00% 0.01% 0.00% 0.04%
0.01% 0.06% 0.01% 0.28%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.01%
0.05% 0.10% 0.06% 0.27%
0.00% 0.01% 0.00% 0.02%
0.02% 0.08% 0.02% 0.38%
0.00% 0.05% 0.00% 0.20%
0.00% 0.00% 0.00% 0.00%
0.02% 0.04% 0.02% 0.07%
0.01% 0.12% 0.01% 0.48%
0.02% 0.10% 0.03% 0.35%
0.03% 0.07% 0.03% 0.19%
0.00% 3.66% 0.00% 25.86%

0.00% 0.00% 0.00% 0.01%
0.00% 0.58% 0.00% 3.85%
0.02% 0.08% 0.02% 0.31%

0.13% 0.34% 0.16% 0.00%
0.11% 0.20% 0.13% 0.09%
0.02% 0.15% 0.02% 0.00%
0.01% 0.11% 0.01% 0.00%
4.12% 6.49% 4.78% 10.96%
0.02% 0.07% 0.02% 0.27%
0.94% 2.40% 1.10% 8.32%
0.25% 0.52% 0.29% 1.35%
0.00% 0.01% 0.00% 0.03%
0.01% 0.03% 0.01% 0.13%
0.02% 0.03% 0.02% 0.09%
0.22% 0.61% 0.25% 2.52%
0.00% 0.02% 0.01% 0.00%
6.83%
0.93% 1.46% 1.08% 2.27%
0.00% 0.01% 0.00% 0.01%
0.04% 0.08% 0.05% 0.22%
0.88% 2.47% 1.02% 11.66%
0.04% 0.30% 0.04% 1.62%
0.10% 0.39% 0.12% 2.00%
0.07% 0.14% 0.08% 0.44%
0.20% 0.33% 0.23% 0.59%
0.04% 0.07% 0.04% 0.18%
0.04% 0.12% 0.05% 0.46%
0.02% 0.05% 0.03% 0.14%
0.35% 1.49% 0.40% 7.67%
0.02% 0.03% 0.02% 0.09%
0.02% 0.08% 0.02% 0.31%
0.02% 0.06% 0.02% 0.08%
0.07% 0.28% 0.08% 1.41%
0.01% 0.01% 0.01% 0.03%
0.02% 0.08% 0.02% 0.32%
0.41% 0.57% 0.48% 0.79%
0.02% 0.03% 0.02% 0.06%

0.01% 0.03% 0.01% 0.06%
0.03% 0.08% 0.03% 0.23%
0.09% 0.17% 0.10% 0.29%
0.03% 0.06% 0.03% 0.05%
0.02% 0.11% 0.03% 0.18%
0.03% 0.10% 0.04% 0.27%
0.03% 0.31% 0.04% 1.23%
0.00% 0.04% 0.01% 0.16%
0.01% 0.03% 0.01% 0.06%
0.07% 0.25% 0.08% 0.37%
0.07% 0.28% 0.08% 0.90%
0.01% 0.02% 0.01% 0.02%
0.01% 0.05% 0.01% 0.18%
0.01% 0.08% 0.01% 0.22%
0.01% 0.03% 0.01% 0.03%
0.02% 0.03% 0.02% 0.04%
0.00% 0.01% 0.01% 0.01%
0.11% 0.80% 0.13% 2.99%
0.12% 0.42% 0.14% 1.05%
0.74% 2.52% 0.86% 7.86%
0.04% 0.10% 0.04% 0.21%
0.02% 0.14% 0.02% 0.58%
0.01% 0.08% 0.02% 0.27%
0.01% 0.02% 0.01% 0.05%
0.23% 0.44% 0.27% 0.74%
0.06% 0.13% 0.07% 0.11%
0.05% 0.52% 0.05% 5.99%

0.07% 0.15% 0.09% 0.00%
0.43% 0.79% 0.50% 2.38%
0.10% 0.81% 0.11% 3.76%
0.07% 0.15% 0.08% 0.36%
0.03% 0.27% 0.04% 0.83%
0.24% 0.33% 0.28% 0.23%
0.09% 0.24% 0.11% 0.47%
0.03% 0.29% 0.04% 0.59%
0.00% 0.01% 0.00% 0.00%
0.17% 1.40% 0.20% 5.69%
0.02% 0.06% 0.02% 0.00%
0.07% 0.81% 0.08% 9.41%
0.00% 0.31% 0.00% 1.93%

0.00% 3.93% 0.00% 25.03%
0.00% 0.00% 0.00% 0.00%

0.01% 0.11% 0.01% 0.59%
0.01% 0.14% 0.02% 0.71%
0.00% 0.01% 0.00% 0.02%
0.00% 0.08% 0.00% 0.43%
0.01% 0.07% 0.01% 0.30%
0.06% 0.68% 0.07% 3.80%
0.00% 0.89% 0.00% 6.30%
0.03% 0.08% 0.04% 0.25%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.02%
0.02% 0.12% 0.02% 0.29%
0.00% 0.00% 0.00% 0.00%
0.19% 0.67% 0.23% 2.50%
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% 0.21% 0.00% 1.26%
0.00% 0.08% 0.00% 0.44%
0.02% 0.08% 0.02% 0.27%
0.10% 0.41% 0.11% 1.77%
0.00% 0.13% 0.00% 0.61%
0.00% 0.17% 0.00% 0.62%
0.19% 0.38% 0.22% 0.79%
0.08% 0.72% 0.09% 2.84%
Weight*Default Spread Weight* Tax Rate

0.11% 0.67%
0.31% 9.11%
0.00% 0.55%
0.02% 0.07%
0.16% 1.52%
0.08% 0.82%
0.04% 0.87%
0.00% 7.27%
0.15% 5.18%
Country GDP (in billions) in 2020
Moody's ratingSovereign CDSAdj. Default Spr
Abu Dhabi 268.00 Aa2 0.77% 0.42%
Albania 14.80 B1 NA 3.83%
Andorra (Principality 3.16 Baa2 NA 1.62%
Angola 62.31 B3 5.94% 5.53%
Argentina 383.07 Ca 23.32% 10.21%
Armenia 12.65 Ba3 NA 3.06%
Aruba 3.20 Baa2 NA 1.62%
Australia 1330.90 Aaa 0.23% 0.00%
Austria 428.97 Aa1 0.19% 0.34%
Azerbaijan 42.61 Ba2 NA 2.56%
Bahamas 11.25 Ba3 NA 3.06%
Bahrain 38.48 B2 3.40% 4.68%
Bangladesh 324.24 Ba3 NA 3.06%
Barbados 4.37 Caa1 NA 6.38%
Belarus 60.26 B3 NA 5.53%
Belgium 515.33 Aa3 0.21% 0.51%
Belize 1.76 Caa3 NA 8.51%
Benin 15.65 B1 NA 3.83%
Bermuda 7.48 A2 NA 0.72%
Bolivia 36.69 B2 NA 4.68%
Bosnia and Herzegovi 19.79 B3 NA 5.53%
Botswana 15.78 A3 NA 1.02%
Brazil 1444.73 Ba2 2.91% 2.56%
Bulgaria 69.11 Baa1 0.81% 1.36%
Burkina Faso 17.37 B2 NA 4.68%
Cambodia 25.29 B2 NA 4.68%
Cameroon 39.80 B2 3.56% 4.68%
Canada 1643.41 Aaa 0.28% 0.00%
Cape Verde 1.70 B3 NA 5.53%
Cayman Islands 5.94 Aa3 NA 0.51%
Chile 252.94 A1 1.25% 0.60%
China 14722.73 A1 0.74% 0.60%
Colombia 271.35 Baa2 2.77% 1.62%
Congo (Democratic Re 49.87 Caa1 NA 6.38%
Congo (Republic of) 10.89 Caa2 NA 7.66%
Cook Islands 0.38 B1 NA 3.83%
Costa Rica 61.52 B2 3.92% 4.68%
Côte d'Ivoire 61.35 Ba3 NA 3.06%
Croatia 55.97 Ba1 1.11% 2.13%
Cuba 103.13 Ca NA 10.21%
Curacao 3.10 Baa2 NA 1.62%
Cyprus 23.80 Ba1 0.74% 2.13%
Czech Republic 243.53 Aa3 0.47% 0.51%
Denmark 355.18 Aaa 0.15% 0.00%
Dominican Republic 78.85 Ba3 NA 3.06%
Ecuador 98.81 Caa3 7.57% 8.51%
Egypt 363.09 B2 5.74% 4.68%
El Salvador 24.64 Caa1 18.33% 6.38%
Estonia 31.03 A1 0.85% 0.60%
Ethiopia 107.65 Caa2 20.40% 7.66%
Fiji 4.38 B1 NA 3.83%
Finland 271.23 Aa1 0.20% 0.34%
France 2603.00 Aa2 0.34% 0.42%
Gabon 15.59 Caa1 NA 6.38%
Georgia 15.89 Ba2 NA 2.56%
Germany 3806.06 Aaa 0.18% 0.00%
Ghana 72.35 B3 NA 5.53%
Greece 189.41 Ba3 1.69% 3.06%
Guatemala 77.61 Ba1 NA 2.13%
Guernsey (States of) 3.18 Aa3 NA 0.51%
Honduras 23.83 B1 NA 3.83%
Hong Kong 346.60 Aa3 0.41% 0.51%
Hungary 155.01 Baa2 0.69% 1.62%
Iceland 21.72 A2 0.73% 0.72%
India 2622.98 Baa3 1.44% 1.87%
Indonesia 1058.42 Baa2 1.36% 1.62%
Iraq 167.22 Caa1 5.63% 6.38%
Ireland 418.62 A2 0.27% 0.72%
Isle of Man 7.49 Aa3 NA 0.51%
Israel 401.95 A1 0.72% 0.60%
Italy 1886.45 Baa3 1.41% 1.87%
Jamaica 13.81 B2 NA 4.68%
Japan 5064.87 A1 0.33% 0.60%
Jersey (States of) 4.89 Aaa NA 0.00%
Jordan 43.70 B1 NA 3.83%
Kazakhstan 169.84 Baa2 0.99% 1.62%
Kenya 98.84 B2 4.44% 4.68%
Korea 1630.53 Aa2 0.35% 0.42%
Kuwait 136.20 A1 0.86% 0.60%
Kyrgyzstan 7.74 B2 NA 4.68%
Laos 19.14 Caa2 NA 7.66%
Latvia 33.51 A3 0.74% 1.02%
Lebanon 33.38 C NA 17.50%
Liechtenstein 6.84 Aaa NA 0.00%
Lithuania 55.89 A2 0.79% 0.72%
Luxembourg 73.26 Aaa NA 0.00%
Macao 55.15 Aa3 NA 0.51%
Macedonia 12.27 Ba3 NA 3.06%
Malaysia 336.66 A3 0.81% 1.02%
Maldives 4.03 Caa1 NA 6.38%
Mali 17.39 Caa1 NA 6.38%
Malta 14.65 A2 NA 0.72%
Mauritius 10.91 Baa2 NA 1.62%
Mexico 1076.16 Baa1 1.58% 1.36%
Moldova 11.91 B3 NA 5.53%
Mongolia 13.14 B3 NA 5.53%
Montenegro 4.78 B1 NA 3.83%
Montserrat 0.25 Baa3 NA 1.87%
Morocco 112.87 Ba1 1.32% 2.13%
Mozambique 14.02 Caa2 NA 7.66%
Namibia 10.70 Ba3 NA 3.06%
Netherlands 912.24 Aaa 0.19% 0.00%
New Zealand 212.48 Aaa 0.21% 0.00%
Nicaragua 12.62 B3 4.36% 5.53%
Niger 13.68 B3 NA 5.53%
Nigeria 432.29 B2 5.53% 4.68%
Norway 362.01 Aaa 0.19% 0.00%
Oman 76.33 Ba3 3.19% 3.06%
Pakistan 263.69 B3 3.67% 5.53%
Panama 52.94 Baa2 1.26% 1.62%
Papua New Guinea 23.59 B2 NA 4.68%
Paraguay 35.30 Ba1 NA 2.13%
Peru 202.01 Baa1 1.31% 1.36%
Philippines 361.49 Baa2 0.92% 1.62%
Poland 594.17 A2 0.68% 0.72%
Portugal 231.26 Baa2 0.56% 1.62%
Qatar 146.37 Aa3 0.74% 0.51%
Ras Al Khaimah (Emir 3.52 A3 NA 1.02%
Romania 248.72 Baa3 1.24% 1.87%
Russia 1483.50 Baa3 1.70% 1.87%
Rwanda 10.33 B2 3.36% 4.68%
Saudi Arabia 700.12 A1 0.88% 0.60%
Senegal 24.91 Ba3 2.66% 3.06%
Serbia 52.96 Ba2 1.37% 2.56%
Sharjah 24.80 Baa3 NA 1.87%
Singapore 340.00 Aaa NA 0.00%
Slovakia 104.57 A2 0.63% 0.72%
Slovenia 52.88 A3 0.87% 1.02%
Solomon Islands 1.55 Caa1 NA 6.38%
South Africa 301.92 Ba2 2.85% 2.56%
Spain 1281.20 Baa1 0.60% 1.36%
Sri Lanka 80.71 Caa2 19.69% 7.66%
St. Maarten 1.19 Ba2 NA 2.56%
St. Vincent & the Gre 0.81 B3 NA 5.53%
Suriname 3.81 Caa3 NA 8.51%
Swaziland 3.96 B3 NA 5.53%
Sweden 537.61 Aaa 0.19% 0.00%
Switzerland 747.97 Aaa 0.11% 0.00%
Taiwan 689.00 Aa3 NA 0.51%
Tajikistan 8.19 B3 NA 5.53%
Tanzania 62.41 B2 NA 4.68%
Thailand 501.80 Baa1 0.52% 1.36%
Togo 7.58 B3 NA 5.53%
Trinidad and Tobago 21.53 Ba2 NA 2.56%
Tunisia 39.24 Caa1 8.82% 6.38%
Turkey 720.10 B2 5.51% 4.68%
Turks and Caicos Isla 0.93 Baa1 NA 1.36%
Uganda 37.37 B2 NA 4.68%
Ukraine 155.58 B3 6.17% 5.53%
United Arab Emirates 421.14 Aa2 NA 0.42%
United Kingdom 2707.74 Aa3 0.18% 0.51%
United States 20936.60 Aaa 0.19% 0.00%
Uruguay 53.63 Baa2 1.46% 1.62%
Uzbekistan 57.71 B1 NA 3.83%
Venezuela 98.40 C NA 17.50%
Vietnam 271.16 Ba3 1.56% 3.06%
Zambia 19.32 Ca NA 10.21%
Equity Risk Pre
Country Risk Premium
Corporate Tax RateRegion
4.73% 0.49% 55.00% Middle East
8.69% 4.45% 15.00% Eastern Europe & Russia
6.12% 1.88% 18.98% Western Europe
10.67% 6.43% 25.00% Africa
16.11% 11.87% 25.00% Central and South America
6.12% 1.88% 25.00% Caribbean
4.24% 0.00% 30.00% Australia & New Zealand
4.63% 0.39% 25.00% Western Europe
7.80% 3.56% 0.00% Caribbean
9.68% 5.44% 0.00% Middle East
7.80% 3.56% 32.50% Asia
11.65% 7.41% 5.50% Caribbean
4.84% 0.60% 25.00% Western Europe
8.69% 4.45% 30.00% Africa
5.08% 0.84% 0.00% Caribbean
5.43% 1.19% 22.00% Africa
9.68% 5.44% 28.00% Africa
9.68% 5.44% 20.00% Asia
9.68% 5.44% 33.00% Africa
4.24% 0.00% 26.50% North America
10.67% 6.43% 0.00% Africa
4.84% 0.60% 0.00% Caribbean
4.94% 0.70% 25.00% Asia
11.65% 7.41% 30.00% Africa
13.14% 8.90% 28.00% Africa
7.80% 3.56% 25.00% Africa
16.11% 11.87% 27.18% Caribbean
6.12% 1.88% 22.00% Caribbean
6.71% 2.47% 12.50% Western Europe
4.24% 0.00% 22.00% Western Europe
7.80% 3.56% 27.00% Caribbean
9.68% 5.44% 22.50% Africa
13.14% 8.90% 30.00% Africa
8.69% 4.45% 20.00% Asia
4.63% 0.39% 20.00% Western Europe
4.73% 0.49% 26.50% Western Europe
11.65% 7.41% 30.00% Africa
4.24% 0.00% 30.00% Western Europe
10.67% 6.43% 25.00% Africa
7.80% 3.56% 24.00% Western Europe
4.84% 0.60% 0.00% Western Europe
4.84% 0.60% 16.50% Asia
5.08% 0.84% 20.00% Western Europe
6.42% 2.18% 30.00% Asia
6.12% 1.88% 35.00% Asia
11.65% 7.41% 35.00% Middle East
5.08% 0.84% 12.50% Western Europe
4.94% 0.70% 23.00% Middle East
6.42% 2.18% 24.00% Western Europe
9.68% 5.44% 25.00% Caribbean
4.94% 0.70% 30.62% Asia
8.69% 4.45% 20.00% Middle East
9.68% 5.44% 30.00% Africa
4.73% 0.49% 25.00% Asia
4.94% 0.70% 15.00% Middle East
13.14% 8.90% 22.81% Asia
24.58% 20.34% 17.00% Middle East
4.24% 0.00% 12.50% Western Europe
4.24% 0.00% 24.94% Western Europe
4.84% 0.60% 22.81% Asia
5.43% 1.19% 24.00% Asia
11.65% 7.41% 22.81% Asia
11.65% 7.41% 22.81% Africa
5.08% 0.84% 35.00% Western Europe
6.12% 1.88% 15.00% Africa
10.67% 6.43% 25.00% Asia
6.42% 2.18% 27.18% Caribbean
6.71% 2.47% 31.00% Africa
13.14% 8.90% 32.00% Africa
7.80% 3.56% 32.00% Africa
4.24% 0.00% 25.00% Western Europe
10.67% 6.43% 22.81% Africa
9.68% 5.44% 30.00% Africa
4.24% 0.00% 22.00% Western Europe
7.80% 3.56% 15.00% Middle East
10.67% 6.43% 29.00% Asia
9.68% 5.44% 30.00% Asia
6.12% 1.88% 30.00% Asia
6.12% 1.88% 21.00% Western Europe
4.84% 0.60% 10.00% Middle East
5.43% 1.19% 0.00% Middle East
9.68% 5.44% 30.00% Africa
4.94% 0.70% 20.00% Middle East
7.80% 3.56% 30.00% Africa
6.42% 2.18% 0.00% Middle East
4.24% 0.00% 17.00% Asia
11.65% 7.41% 30.00% Asia
7.21% 2.97% 28.00% Africa
5.82% 1.58% 25.00% Western Europe
13.14% 8.90% 24.00% Asia
7.21% 2.97% 27.18% Caribbean
10.67% 6.43% 27.18% Caribbean
10.67% 6.43% 27.50% Africa
4.24% 0.00% 20.60% Western Europe
4.24% 0.00% 14.93% Western Europe
4.84% 0.60% 20.00% Asia
9.68% 5.44% 30.00% Africa
5.82% 1.58% 20.00% Asia
10.67% 6.43% 22.81% Africa
7.21% 2.97% 30.00% Caribbean
11.65% 7.41% 15.00% Africa
9.68% 5.44% 20.00% Western Europe
5.82% 1.58% 0.00% Caribbean
9.68% 5.44% 30.00% Africa
4.73% 0.49% 55.00% Middle East
4.84% 0.60% 19.00% Western Europe
4.24% 0.00% 27.00% North America
7.80% 3.56% 20.00% Asia
16.11% 11.87% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi NA Aa2 G
Albania B+ B1
Andorra (Principality of BBB Baa2 S&P: These are the S&P sovereign local currency ratings
Angola CCC+ B3 Moody's: These are the Moody's local currency rating
Argentina CCC+ Ca In red: These are countries where S&P has a rating a
Armenia NA Ba3 Moody's equivalent rating for these countries.
Aruba BBB Baa2 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba2 A+ A1
Bahamas B+ Ba3 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- Caa3 B+ B1
Benin B+ B1 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia B+ B2 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana BBB+ A3 BBB- Baa3
Brazil BB- Ba2 BBB+ Baa1
Bulgaria BBB Baa1 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- B3 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile A A1 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BB+ Baa2
Congo (Democratic Repu CCC+ Caa1
Congo (Republic of) CCC+ Caa2
Cook Islands B+ B1
Costa Rica B B2
Côte d'Ivoire NA Ba3
Croatia BBB- Ba1
Cuba NA Ca
Curacao BBB Baa2
Cyprus BBB- Ba1
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- Caa3
Egypt B B2
El Salvador B- Caa1
Estonia AA- A1
Ethiopia CCC Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon N/A Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana B- B3
Greece BB Ba3
Guatemala BB- Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB Baa2
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA- A2
Isle of Man NA Aa3
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AA Aaa
Jordan B+ B1
Kazakhstan BBB- Baa2
Kenya B B2
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NA B2
Laos NA Caa2
Latvia A+ A3
Lebanon D C
Liechtenstein AAA Aaa
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NA Caa1
Mali NA Caa1
Malta A- A2
Mauritius NA Baa2
Mexico BBB Baa1
Moldova NA B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- Baa3
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NA Ba3
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B- B3
Niger NA B3
Nigeria B- B2
Norway AAA Aaa
Oman B+ Ba3
Pakistan B- B3
Panama BBB Baa2
Papua New Guinea B- B2
Paraguay BB Ba1
Peru #N/A Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB Baa2
Qatar AA- Aa3
Ras Al Khaimah (Emirat A- A3
Romania BBB- Baa3
Russia BBB- Baa3
Rwanda B+ B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah NA Baa3
Singapore NA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands NA Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka CCC+ Caa2
St. Maarten NA Ba2
St. Vincent & the Gren NA B3
Suriname NA Caa3
Swaziland NA B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA Aa3
Tajikistan B- B3
Tanzania NA B2
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia N/A Caa1
Turkey B+ B2
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine B B3
United Arab Emirates AA Aa2
United Kingdom AA Aa3
United States AAA Aaa
Uruguay BBB Baa2
Uzbekistan BB- B1
Venezuela NA C
Vietnam BB Ba3
Zambia NA Ca
GOVERNMENT BOND RATINGS
In local currency
are the S&P sovereign local currency ratings
ese are the Moody's local currency rating

se 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 ofAfrica
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
Laos Asia
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 Africa
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
Moody's Spread CDS %
Default Spread Updated Default Country rating 7/1/202 ### Change Country
Rating (7/1/21) Spread (1/1/22)
1
A1 58 60 Abu Dhabi Aa2 0.73% 0.77% 5.48% Abu Dhabi
A2 70 72 Algeria NA 0.91% 1.10% 20.88% Algeria
A3 99 102 Angola B3 5.69% 5.94% 4.39% Angola
Aa1 33 34 Australia Aaa 0.23% 0.23% 0.00% Australia
Aa2 41 42 Austria Aa1 0.18% 0.19% 5.56% Austria
Aa3 50 51 Bahrain B2 2.67% 3.40% 27.34% Bahrain
Aaa 0 0 Belgium Aa3 0.21% 0.21% 0.00% Belgium
B1 372 383 Brazil Ba2 2.52% 2.91% 15.48% Brazil
B2 455 468 Bulgaria Baa2 0.65% 0.81% 24.62% Bulgaria
B3 537 553 Cameroon B2 3.90% 3.56% -8.72% Cameroon
Ba1 206 213 Canada Aaa 0.31% 0.28% -9.68% Canada
Ba2 248 256 Chile A1 1.04% 1.25% 20.19% Chile
Ba3 297 306 China A1 0.68% 0.74% 8.82% China
Baa1 132 136 Colombia Baa2 2.05% 2.77% 35.12% Colombia
Baa2 157 162 Costa Rica B1 4.63% 3.92% -15.33% Costa Rica
Baa3 182 187 Croatia Ba2 1.24% 1.11% -10.48% Croatia
Ca 991 1021 Cyprus Ba2 0.56% 0.74% 32.14% Cyprus
Caa1 619 638 Czech Republic A1 0.47% 0.47% 0.00% Czech Rep
Caa2 744 766 Denmark Aaa 0.15% 0.15% 0.00% Denmark
Caa3 826 851 Dubai Aa2 1.31% 1.33% 1.53% Dubai
NR NA NA Ecuador Caa3 7.35% 7.57% 2.99% Ecuador
Egypt B2 3.91% 5.74% 46.80% Egypt
El Salvador B3 4.90% 18.33% 274.08% El Salvado
Estonia A1 0.81% 0.85% 4.94% Estonia
Finland Aa1 0.17% 0.20% 17.65% Finland
France Aa2 0.38% 0.34% -10.53% France
Germany Aaa 0.20% 0.18% -10.00% Germany
Greece B1 1.18% 1.69% 43.22% Greece
Guatemala Ba1 1.57% 2.06% 31.21% Guatamel
Hong Kong Aa2 0.42% 0.41% -2.38% Hong Kon
Hungary Baa3 0.86% 0.69% -19.77% Hungary
Iceland A3 0.68% 0.73% 7.35% Iceland
India Baa2 1.28% 1.44% 12.50% India
Indonesia Baa2 1.38% 1.36% -1.45% Indonesia
Iraq Caa1 5.55% 5.63% 1.44% Iraq
Ireland A2 0.28% 0.27% -3.57% Ireland
Israel A1 0.70% 0.72% 2.86% Israel
Italy Baa3 1.19% 1.41% 18.49% Italy
Japan A1 0.33% 0.33% 0.00% Japan
Kazakhstan Baa3 0.97% 0.99% 2.06% Kazakhsta
Kenya B2 3.40% 4.44% 30.59% Kenya
Korea Aa2 0.34% 0.35% 2.94% Korea
Kuwait Aa2 0.94% 0.86% -8.51% Kuwait
Latvia A3 0.90% 0.74% -17.78% Latvia
Lithuania A3 0.86% 0.79% -8.14% Lithuania
Malaysia A3 0.79% 0.81% 2.53% Malaysia
Mexico A3 1.58% 1.58% 0.00% Mexico
Morocco Ba1 1.33% 1.32% -0.75% Morocco
Netherlands Aaa 0.16% 0.19% 18.75% Netherlan
New Zealand Aaa 0.24% 0.21% -12.50% New Zeala
Nicaragua B3 3.79% 4.36% 15.04% Nicaragua
Nigeria B2 3.84% 5.53% 44.01% Nigeria
Norway Aaa 0.19% 0.19% 0.00% Norway
Oman Ba1 2.88% 3.19% 10.76% Oman
Pakistan B3 3.77% 3.67% -2.65% Pakistan
Panama Baa1 1.13% 1.26% 11.50% Panama
Peru A3 1.36% 1.31% -3.68% Peru
Philippines Baa2 0.76% 0.92% 21.05% Philippine
Poland A2 0.75% 0.68% -9.33% Poland
Portugal Baa3 0.54% 0.56% 3.70% Portugal
Qatar Aa3 0.71% 0.74% 4.23% Qatar
Romania Baa3 1.19% 1.24% 4.20% Romania
Russia Baa3 1.35% 1.70% 25.93% Russia
Rwanda B2 2.56% 3.36% 31.25% Rwanda
Saudi Arabia A1 1.00% 0.88% -12.00% Saudi Arab
Senegal Ba3 2.50% 2.66% 6.40% Senegal
Serbia Ba3 1.41% 1.37% -2.84% Serbia
Slovakia A2 0.68% 0.63% -7.35% Slovakia
Slovenia Baa1 1.05% 0.87% -17.14% Slovenia
South Africa Baa3 2.69% 2.85% 5.95% South Afri
Spain Baa1 0.58% 0.60% 3.45% Spain
Sweden Aaa 0.18% 0.19% 5.56% Sweden
Switzerland Aaa 0.11% 0.11% 0.00% Switzerlan
Thailand Baa1 0.63% 0.52% -17.46% Thailand
Tunisia B2 6.51% 8.82% 35.48% Tunisia
Turkey B1 4.03% 5.51% 36.72% Turkey
Ukraine Caa1 4.26% 6.17% 44.84% Ukraine
United Kingdom Aa2 0.21% 0.18% -14.29% United Ki
United States Aaa 0.18% 0.19% 5.56% United Sta
Uruguay Baa2 2.34% 1.46% -37.61% Uruguay
Vietnam Ba3 1.63% 1.56% -4.29% Vietnam
Average 9.50%
Median 2.99%
###
Updated Default Spread (7/1/21)
0.77% 58
1.10% 70
5.94% 99
0.23% 33
0.19% 41
3.40% 50
0.21% 0
2.91% 372
0.81% 455
3.56% 537
0.28% 206
1.25% 248
0.74% 297
2.77% 132
3.92% 157
1.11% 182
0.74% 991
0.47% 619
0.15% 744
1.33% 826
7.57% NA
5.74%
18.33%
0.85%
0.20%
0.34%
0.18%
1.69%
2.06%
0.41%
0.69%
0.73%
1.44%
1.36%
5.63%
0.27%
0.72%
1.41%
0.33%
0.99%
4.44%
0.35%
0.86%
0.74%
0.79%
0.81%
1.58%
1.32%
2.86%
0.21%
4.36%
5.53%
0.19%
3.19%
3.67%
1.26%
1.31%
0.92%
0.68%
0.56%
0.74%
1.24%
1.70%
3.36%
0.88%
2.66%
1.37%
0.63%
0.87%
2.85%
0.60%
0.19%
0.11%
0.52%
8.82%
5.51%
6.17%
0.18%
0.19%
1.46%
1.56%
CDS Spread
Country Moody's rating (1/1/22) CDS Spread adj for US Updated: January 2020
Abu Dhabi Aa2 0.77% 0.58%
Albania B1 NA NA
Andorra (Principality of Baa2 NA NA
Angola B3 5.94% 5.75%
Argentina Ca 23.32% 23.13%
Armenia Ba3 NA NA
Aruba Baa2 NA NA
Australia Aaa 0.23% 0.04%
Austria Aa1 0.19% 0.00%
Azerbaijan Ba2 NA NA
Bahamas Ba3 NA NA
Bahrain B2 3.40% 3.21%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus B3 NA NA
Belgium Aa3 0.21% 0.02%
Belize Caa3 NA NA
Benin B1 NA NA
Bermuda A2 NA NA
Bolivia B2 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A3 NA NA
Brazil Ba2 2.91% 2.72%
Bulgaria Baa1 0.81% 0.62%
Burkina Faso B2 NA NA
Cambodia B2 NA NA
Cameroon B2 3.56% 3.37%
Canada Aaa 0.28% 0.09%
Cape Verde B3 NA NA
Cayman Islands Aa3 NA NA
Chile A1 1.25% 1.06%
China A1 0.74% 0.55%
Colombia Baa2 2.77% 2.58%
Congo (Democratic Repu Caa1 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B2 3.92% 3.73%
Côte d'Ivoire Ba3 NA NA
Croatia Ba1 1.11% 0.92%
Cuba Ca NA NA
Curacao Baa2 NA NA
Cyprus Ba1 0.74% 0.55%
Czech Republic Aa3 0.47% 0.28%
Denmark Aaa 0.15% 0.00%
Dominican Republic Ba3 NA NA
Ecuador Caa3 7.57% 7.38%
Egypt B2 5.74% 5.55%
El Salvador Caa1 18.33% 18.14%
Estonia A1 0.85% 0.66%
Ethiopia Caa2 20.40% 20.21%
Fiji B1 NA NA
Finland Aa1 0.20% 0.01%
France Aa2 0.34% 0.15%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.18% 0.00%
Ghana B3 NA NA
Greece Ba3 1.69% 1.50%
Guatemala Ba1 NA NA
Guernsey (States of) Aa3 NA NA
Honduras B1 NA NA
Hong Kong Aa3 0.41% 0.22%
Hungary Baa2 0.69% 0.50%
Iceland A2 0.73% 0.54%
India Baa3 1.44% 1.25%
Indonesia Baa2 1.36% 1.17%
Iraq Caa1 5.63% 5.44%
Ireland A2 0.27% 0.08%
Isle of Man Aa3 NA NA
Israel A1 0.72% 0.53%
Italy Baa3 1.41% 1.22%
Jamaica B2 NA NA
Japan A1 0.33% 0.14%
Jersey (States of) Aaa NA NA
Jordan B1 NA NA
Kazakhstan Baa2 0.99% 0.80%
Kenya B2 4.44% 4.25%
Korea Aa2 0.35% 0.16%
Kuwait A1 0.86% 0.67%
Kyrgyzstan B2 NA NA
Laos Caa2 NA NA
Latvia A3 0.74% 0.55%
Lebanon C NA NA
Liechtenstein Aaa NA NA
Lithuania A2 0.79% 0.60%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 0.81% 0.62%
Maldives Caa1 NA NA
Mali Caa1 NA NA
Malta A2 NA NA
Mauritius Baa2 NA NA
Mexico Baa1 1.58% 1.39%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 1.32% 1.13%
Mozambique Caa2 NA NA
Namibia Ba3 NA NA
Netherlands Aaa 0.19% 0.00%
New Zealand Aaa 0.21% 0.02%
Nicaragua B3 4.36% 4.17%
Niger B3 NA NA
Nigeria B2 5.53% 5.34%
Norway Aaa 0.19% 0.00%
Oman Ba3 3.19% 3.00%
Pakistan B3 3.67% 3.48%
Panama Baa2 1.26% 1.07%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru Baa1 1.31% 1.12%
Philippines Baa2 0.92% 0.73%
Poland A2 0.68% 0.49%
Portugal Baa2 0.56% 0.37%
Qatar Aa3 0.74% 0.55%
Ras Al Khaimah (Emirat A3 NA NA
Romania Baa3 1.24% 1.05%
Russia Baa3 1.70% 1.51%
Rwanda B2 3.36% 3.17%
Saudi Arabia A1 0.88% 0.69%
Senegal Ba3 2.66% 2.47%
Serbia Ba2 1.37% 1.18%
Sharjah Baa3 NA NA
Singapore Aaa NA NA
Slovakia A2 0.63% 0.44%
Slovenia A3 0.87% 0.68%
Solomon Islands Caa1 NA NA
South Africa Ba2 2.85% 2.66%
Spain Baa1 0.60% 0.41%
Sri Lanka Caa2 19.69% 19.50%
St. Maarten Ba2 NA NA
St. Vincent & the Gren B3 NA NA
Suriname Caa3 NA NA
Swaziland B3 NA NA
Sweden Aaa 0.19% 0.00%
Switzerland Aaa 0.11% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B2 NA NA
Thailand Baa1 0.52% 0.33%
Togo B3 NA NA
Trinidad and Tobago Ba2 NA NA
Tunisia Caa1 8.82% 8.63%
Turkey B2 5.51% 5.32%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine B3 6.17% 5.98%
United Arab Emirates Aa2 NA NA
United Kingdom Aa3 0.18% 0.00%
United States Aaa 0.19% 0.00%
Uruguay Baa2 1.46% 1.27%
Uzbekistan B1 NA NA
Venezuela C NA NA
Vietnam Ba3 1.56% 1.37%
Zambia Ca NA NA
Updated: January 2020
CDS
Spread
Country 1/1/2022 net of US
Abu Dhabi 0.77% 0.58%
Algeria 1.10% 0.91%
Angola 5.94% 5.75%
Argentina 23.32% 23.13%
Australia 0.23% 0.04%
Austria 0.19% 0.00%
Bahrain 3.40% 3.21%
Belgium 0.21% 0.02%
Brazil 2.91% 2.72%
Bulgaria 0.81% 0.62%
Cameroon 3.56% 3.37%
Canada 0.28% 0.09%
Chile 1.25% 1.06%
China 0.74% 0.55%
Colombia 2.77% 2.58%
Costa Rica 3.92% 3.73%
Croatia 1.11% 0.92%
Cyprus 0.74% 0.55%
Czech Republic 0.47% 0.28%
Denmark 0.15% 0.00%
Dubai 1.33% 1.14%
Ecuador 7.57% 7.38%
Egypt 5.74% 5.55%
El Salvador 18.33% 18.14%
Estonia 0.85% 0.66%
Ethiopia 20.40% 20.21%
Finland 0.20% 0.01%
France 0.34% 0.15%
Germany 0.18% 0.00%
Greece 1.69% 1.50%
Guatamela 2.06% 1.87%
Hong Kong 0.41% 0.22%
Hungary 0.69% 0.50%
Iceland 0.73% 0.54%
India 1.44% 1.25%
Indonesia 1.36% 1.17%
Iraq 5.63% 5.44%
Ireland 0.27% 0.08%
Israel 0.72% 0.53%
Italy 1.41% 1.22%
Japan 0.33% 0.14%
Kazakhstan 0.99% 0.80%
Kenya 4.44% 4.25%
Korea 0.35% 0.16%
Kuwait 0.86% 0.67%
Latvia 0.74% 0.55%
Lebanon NA NA
Lithuania 0.79% 0.60%
Malaysia 0.81% 0.62%
Mexico 1.58% 1.39%
Morocco 1.32% 1.13%
Netherlands 0.19% 0.00%
New Zealand 0.21% 0.02%
Nicaragua 4.36% 4.17%
Nigeria 5.53% 5.34%
Norway 0.19% 0.00%
Oman 3.19% 3.00%
Pakistan 3.67% 3.48%
Panama 1.26% 1.07%
Peru 1.31% 1.12%
Philippines 0.92% 0.73%
Poland 0.68% 0.49%
Portugal 0.56% 0.37%
Qatar 0.74% 0.55%
Romania 1.24% 1.05%
Russia 1.70% 1.51%
Rwanda 3.36% 3.17%
Saudi Arabia 0.88% 0.69%
Senegal 2.66% 2.47%
Serbia 1.37% 1.18%
Slovakia 0.63% 0.44%
Slovenia 0.87% 0.68%
South Africa 2.85% 2.66%
Spain 0.60% 0.41%
Sri Lanka 19.69% 19.50%
Sweden 0.19% 0.00%
Switzerland 0.11% 0.00%
Thailand 0.52% 0.33%
Tunisia 8.82% 8.63%
Turkey 5.51% 5.32%
Ukraine 6.17% 5.98%
United Kingdom 0.18% 0.00%
United States 0.19% 0.00%
Uruguay 1.46% 1.27%
Venezuela NA NA
Vietnam 1.56% 1.37%
Zambia NA NA
Date: Feb-21
Std deviation in Equities
Country sBond sEquity/ sBond s (CDS) CDS
(weekly)
Algeria NA NA NA 0.17% 1.10%
Angola NA NA NA 0.68% 7.50%
Argentina 53.16% NA NA 3.70% 19.55%
Bahrain 12.76% NA NA 0.45% 3.18%
Banglades 13.55% NA NA NA NA
h
Bosnia 15.69% NA NA NA NA
Botswana 2.91% NA NA NA NA
Brazil 45.37% 26.62% 1.70 0.38% 2.15%
Bulgaria 19.80% 5.37% 3.69 0.43% 0.70%
Cameroon NA NA NA 0.34% 5.87%
Chile 35.37% 31.58% 1.12 0.31% 0.90%
China 25.06% NA NA 0.51% 0.56%
Colombia 37.17% 31.13% 1.19 0.41% 1.52%
Costa Rica 19.85% NA NA 0.39% 6.13%
Croatia 22.53% NA NA 0.35% 1.28%
Cyprus 19.12% 4.83% 3.96 0.49% 1.19%
Czech
Republic 25.16% 4.64% 5.42 0.43% 0.51%
Egypt 25.49% NA NA 0.37% 4.08%

El
NA NA NA 0.50% 7.78%
Salvador
Estonia 20.67% NA NA 0.52% 0.70%
Ghana 12.93% NA NA 0.54% 5.08%
Greece 43.44% 26.37% 1.65 0.33% 1.61%
Guatemel
NA NA NA 0.27% 2.15%
a
Hungary 29.53% 31.76% 0.93 0.22% 0.94%
India 33.13% 10.74% 3.08 0.38% 1.24%
Indonesia 27.23% 13.94% 1.95 0.41% 1.28%
Iraq NA NA NA 0.47% 6.98%
Israel 26.63% 47.43% 0.56 0.32% 0.77%
Italy 33.16% 15.55% 2.13 0.35% 1.43%
Jamaica 8.81% NA NA NA NA
Jordan 9.77% NA NA NA NA
Kazakhast
NA NA NA 0.32% 0.99%
an
Kenya 19.39% NA NA 0.34% 4.06%
Kuwait 28.60% NA NA 0.25% 0.75%
Laos 9.15% NA NA NA NA
Latvia 25.92% NA NA 0.11% 0.93%
Lebanon 15.14% 12.99% 1.17 NA NA
Lithuania 16.49% 16.98% 0.97 0.12% 0.90%
Macedoni 25.53% NA NA NA NA
a
Malaysia 19.59% 7.04% 2.78 0.45% 0.70%
Malta 14.30% NA NA NA NA
Mauritius 23.46% NA NA NA NA
Mexico 25.12% 17.21% 1.46 0.43% 1.45%
Mongolia 18.99% NA NA NA NA
Monteneg 16.30% NA NA NA NA
ro
Morocco 20.15% NA NA 0.36% 1.56%
Namibia 8.95% NA NA NA NA
Nigeria 18.29% 20.56% 0.89 0.40% 3.59%
Oman 11.35% NA NA 0.32% 3.90%
Pakistan 26.57% 14.04% 1.89 0.27% 4.51%
Palestine 8.35% NA NA NA NA
Panama 10.82% NA NA 0.32% 0.95%
Peru 21.56% 24.77% 0.87 0.32% 1.04%
Philippine 33.62% 29.83% 1.13 0.42% 0.67%
s
Qatar 18.63% NA NA 0.45% 0.74%
Romania 24.24% 23.64% 1.03 0.43% 1.22%
Russia 25.91% 17.26% 1.50 0.56% 1.47%
Rwanda NA NA NA 0.47% 3.72%
Saudi 17.96% 27.96% 0.64 0.47% 1.12%
Arabia
Senegal NA NA NA 0.54% 2.94%
Serbia 10.74% NA NA 0.16% 1.61%
Singapore 22.75% NA NA NA NA
Slovakia 21.07% NA NA 0.22% 0.79%
Slovenia 20.75% 5.00% 4.15 0.21% 1.06%
South 29.99% 17.86% 1.68 0.26% 2.93%
Africa
Sri Lanka 26.71% NA NA 0.48% 12.19%
Taiwan 21.51% NA NA NA NA
Tanzania 10.61% NA NA NA NA
Thailand 30.12% 31.01% 0.97 0.37% 0.62%
Tunisia 10.57% NA NA 0.48% 4.85%
Turkey 26.30% 16.22% 1.62 0.52% 3.31%
UAE 28.20% NA NA NA NA
Ukraine 5.97% 13.34% 0.45 0.36% 4.18%
Uruguay NA NA NA 0.58% 1.27%
US 33.85% NA NA NA NA
Venezuela 64.98% NA NA NA NA
Vietnam 26.12% NA NA 0.32% 1.49%
Zambia NA NA NA 0.54% NA
Average 1.81
Median 1.48
Median 1.49
CV(CDS) sEquity/ sCDS
15.45% NA
9.07% NA
18.93% 2.81
14.15% 0.90
NA NA
NA NA
NA NA
17.67% 2.57
61.43% 0.32
5.79% NA
34.44% 1.03
91.07% 0.28
26.97% 1.38
6.36% 3.12
27.34% 0.82
41.18% 0.46
84.31% 0.30
9.07% 2.81
6.43% NA
74.29% 0.28
10.63% 1.22
20.50% 2.12
12.56% NA
23.40% 1.26
30.65% 1.08
32.03% 0.85
6.73% NA
41.56% 0.64
24.48% 1.35
NA NA
NA NA
32.32% NA
8.37% 2.32
33.33% 0.86
NA NA
11.83% 2.19
NA NA
13.33% 1.24
NA NA
64.29% 0.30
NA NA
NA NA
29.66% 0.85
NA NA
NA NA
23.08% 0.87
NA NA
11.14% 1.64
8.21% 1.38
5.99% 4.44
NA NA
33.68% 0.32
30.77% 0.70
62.69% 0.54
60.81% 0.31
35.25% 0.69
38.10% 0.68
12.63% NA
41.96% 0.43
18.37% NA
9.94% 1.08
NA NA
27.85% 0.76
19.81% 1.05
8.87% 3.38
3.94% 6.78
NA NA
NA NA
59.68% 0.50
9.90% 1.07
15.71% 1.67
NA NA
8.61% 0.69
45.67% NA
NA NA
NA NA
21.48% 1.22
NA NA
1.35
1.03
1.03
GDP (in billions) in
Country 2020 Country GDP in billions
Abu Dhabi 268 Afghanistan 19.807
Albania 14.8 SourceWorld Bank Albania 14.8
Andorra (Principality of) 3.16 Year 2020 Algeria 145.164
Angola 62.307 American Samoa 0.638
Argentina 383.067 Andorra 3.155
Armenia 12.645 Angola 62.307
Aruba 3.202 Antigua and Barbuda 1.415
Australia 1330.901 Argentina 383.067
Austria 428.965 Armenia 12.645
Azerbaijan 42.607 Aruba 3.202
Bahamas 11.25 Australia 1330.901
Bahrain 38.475 Austria 428.965
Bangladesh 324.239 Azerbaijan 42.607
Barbados 4.366 Bahamas, The 11.25
Belarus 60.258 Bahrain 38.475
Belgium 515.332 Bangladesh 324.239
Belize 1.764 Barbados 4.366
Benin 15.652 Belarus 60.258
Bermuda 7.484 Belgium 515.332
Bolivia 36.689 Belize 1.764
Bosnia and Herzegovina 19.788 Benin 15.652
Botswana 15.782 Bermuda 7.484
Brazil 1444.733 Bhutan 2.409
Bulgaria 69.105 Bolivia 36.689
Burkina Faso 17.369 Bosnia and Herzegovina 19.788
Cambodia 25.291 Botswana 15.782
Cameroon 39.802 Brazil 1444.733
Canada 1643.408 Brunei Darussalam 12.016
Cape Verde 1.7 Bulgaria 69.105
Cayman Islands 5.936 Burkina Faso 17.369
Chile 252.94 Burundi 3.258
China 14722.731 Cabo Verde 1.704
Colombia 271.347 Cambodia 25.291
Congo (Democratic Repub 49.87 Cameroon 39.802
Congo (Republic of) 10.89 Canada 1643.408
Cook Islands 0.384 Cayman Islands 5.936
Costa Rica 61.521 Central African Republic 2.303
Côte d'Ivoire 61.349 Chad 10.093
Croatia 55.967 Chile 252.94
Cuba 103.131 China 14722.731
Curacao 3.1 Colombia 271.347
Cyprus 23.804 Comoros 1.22
Czech Republic 243.53 Congo, Dem. Rep. 49.869
Denmark 355.184 Congo, Rep. 10.885
Dominican Republic 78.845 Costa Rica 61.521
Ecuador 98.808 Côte d'Ivoire 61.349
Egypt 363.09 Croatia 55.967
El Salvador 24.639 Cuba 103.131
Estonia 31.03 Curaçao 3.102
Ethiopia 107.645 Cyprus 23.804
Fiji 4.376 Czech Republic 243.53
Finland 271.234 Denmark 355.184
France 2603.004 Djibouti 3.384
Gabon 15.593 Dominica 0.47
Georgia 15.892 Dominican Republic 78.845
Germany 3806.06 Ecuador 98.808
Ghana 72.354 Egypt, Arab Rep. 363.069
Greece 189.41 El Salvador 24.639
Guatemala 77.605 Equatorial Guinea 10.022
Guernsey (States of) 3.18 Estonia 31.03
Honduras 23.828 Eswatini 3.962
Hong Kong 346.6 Ethiopia 107.645
Hungary 155.013 Faroe Islands 3.126
Iceland 21.715 Fiji 4.376
India 2622.984 Finland 271.234
Indonesia 1058.424 France 2603.004
Iraq 167.224 Gabon 15.593
Ireland 418.622 Gambia, The 1.902
Isle of Man 7.492 Georgia 15.892
Israel 401.954 Germany 3806.06
Italy 1886.445 Ghana 72.354
Jamaica 13.812 Greece 189.41
Japan 5064.873 Greenland 3.052
Jersey (States of) 4.89 Grenada 1.089
Jordan 43.698 Guam 6.311
Kazakhstan 169.835 Guatemala 77.605
Kenya 98.843 Guinea 15.681
Korea 1630.53 Guinea-Bissau 1.432
Kuwait 136.197 Guyana 5.471
Kyrgyzstan 7.74 Haiti 13.418
Laos 19.14 Honduras 23.828
Latvia 33.505 Hong Kong SAR, China 346.586
Lebanon 33.383 Hungary 155.013
Liechtenstein 6.839 Iceland 21.715
Lithuania 55.887 India 2622.984
Luxembourg 73.264 Indonesia 1058.424
Macao 55.15 Iran, Islamic Rep. 191.718
Macedonia 12.27 Iraq 167.224
Malaysia 336.664 Ireland 418.622
Maldives 4.03 Isle of Man 7.492
Mali 17.394 Israel 401.954
Malta 14.647 Italy 1886.445
Mauritius 10.914 Jamaica 13.812
Mexico 1076.163 Japan 5064.873
Moldova 11.914 Jordan 43.698
Mongolia 13.137 Kazakhstan 169.835
Montenegro 4.779 Kenya 98.843
Montserrat 0.25 Kiribati 0.2
Morocco 112.871 Korea, Rep. 1630.525
Mozambique 14.021 Kosovo 7.611
Namibia 10.7 Kuwait 136.197
Netherlands 912.242 Kyrgyz Republic 7.736
New Zealand 212.482 Lao PDR 19.136
Nicaragua 12.621 Latvia 33.505
Niger 13.678 Lebanon 33.383
Nigeria 432.294 Lesotho 1.845
Norway 362.009 Liberia 2.95
Oman 76.332 Libya 25.418
Pakistan 263.687 Liechtenstein 6.839
Panama 52.938 Lithuania 55.887
Papua New Guinea 23.592 Luxembourg 73.264
Paraguay 35.304 Macao SAR, China 55.154
Peru 202.014 Madagascar 13.721
Philippines 361.489 Malawi 11.962
Poland 594.165 Malaysia 336.664
Portugal 231.256 Maldives 4.03
Qatar 146.374 Mali 17.394
Ras Al Khaimah (Emirate 3.52 Malta 14.647
Romania 248.716 Marshall Islands 0.239
Russia 1483.5 Mauritania 7.779
Rwanda 10.334 Mauritius 10.914
Saudi Arabia 700.118 Mexico 1076.163
Senegal 24.911 Micronesia, Fed. Sts. 0.408
Serbia 52.96 Moldova 11.914
Sharjah 24.8 Monaco 7.424
Singapore 339.998 Mongolia 13.137
Slovakia 104.57 Montenegro 4.779
Slovenia 52.88 Morocco 112.871
Solomon Islands 1.551 Mozambique 14.021
South Africa 301.924 Myanmar 76.186
Spain 1281.199 Namibia 10.7
Sri Lanka 80.707 Nauru 0.118
St. Maarten 1.19 Nepal 33.657
St. Vincent & the Grenad 0.81 Netherlands 912.242
Suriname 3.808 New Zealand 212.482
Swaziland 3.96 Nicaragua 12.621
Sweden 537.61 Niger 13.678
Switzerland 747.969 Nigeria 432.294
Taiwan 689 North Macedonia 12.267
Tajikistan 8.194 Northern Mariana Islands 1.182
Tanzania 62.41 Norway 362.009
Thailand 501.795 Oman 76.332
Togo 7.575 Pakistan 263.687
Trinidad and Tobago 21.53 Palau 0.268
Tunisia 39.236 Panama 52.938
Turkey 720.101 Papua New Guinea 23.592
Turks and Caicos Islands 0.925 Paraguay 35.304
Uganda 37.372 Peru 202.014
Ukraine 155.582 Philippines 361.489
United Arab Emirates 421.142 Poland 594.165
United Kingdom 2707.744 Portugal 231.256
United States of America 20936.6 Puerto Rico 103.138
Uruguay 53.629 Qatar 146.374
Uzbekistan 57.707 Romania 248.716
Venezuela 98.4 Russian Federation 1483.498
Vietnam 271.158 Rwanda 10.334
Zambia 19.32 Samoa 0.807
San Marino 1.616
São Tomé and Principe 0.473
Saudi Arabia 700.118
Senegal 24.911
Serbia 52.96
Seychelles 1.125
Sierra Leone 3.865
Singapore 339.998
Sint Maarten (Dutch part) 1.185
Slovak Republic 104.574
Slovenia 52.88
Solomon Islands 1.551
Somalia 4.918
South Africa 301.924
Spain 1281.199
Sri Lanka 80.707
St. Kitts and Nevis 0.927
St. Lucia 1.703
St. Vincent and the Grenadin 0.81
Sudan 26.111
Suriname 3.808
Sweden 537.61
Switzerland 747.969
Tajikistan 8.194
Tanzania 62.41
Thailand 501.795
Timor-Leste 1.821
Togo 7.575
Tonga 0.512
Trinidad and Tobago 21.53
Tunisia 39.236
Turkey 720.101
Turkmenistan 45.231
Turks and Caicos Islands 0.925
Tuvalu 0.049
Uganda 37.372
Ukraine 155.582
United Arab Emirates 421.142
United Kingdom 2707.744
United States 20936.6
Uruguay 53.629
Uzbekistan 57.707
Vanuatu 0.855
Vietnam 271.158
Virgin Islands (U.S.) 3.984
West Bank and Gaza 15.561
Yemen, Rep. 23.486
Zambia 19.32
Zimbabwe 16.769
Vanuatu $ 0.90
Venezuela, RB ..
Vietnam $ 261.90
Virgin Islands (U.S.) $ 3.90
West Bank and Gaza $ 14.60
Yemen, Rep. $ 27.60
Zambia $ 23.10
Zimbabwe $ 21.40
GDP in billions
Country S&P Rating
Moody's Rating Country Moody's
Abu Dhabi NA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB NA Andorra NA
Angola CCC+ B3 Angola B3
Argentina CCC+ Ca Argentina Ca
Armenia NA Ba3 Armenia Ba3
Aruba BBB NA Aruba NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba2 Azerbaijan Ba2
Bahamas B+ Ba3 Bahamas Ba3
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- Caa3 Belize Caa3
Benin B+ B1 Benin B1
Bermuda A+ A2 Bermuda A2
Bolivia B+ B2 Bolivia B2
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana BBB+ A3 Botswana A3
Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB Baa1 Bulgaria Baa1
Burkina Faso B NA Burkina Faso NA
Cambodia NA B2 Cambodia B2
Cameroon B- B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B- NA Cape Verde NA
Cayman Islands NA Aa3 Cayman Islands Aa3
Chile A A1 Chile A1
China A+ A1 China A1
Colombia BB+ Baa2 Colombia Baa2
Congo (Democratic Republ CCC+ Caa1 Congo (Democratic Republi Caa1
Congo (Republic of) CCC+ Caa2 Congo (Republic of) Caa2
Cook Islands B+ B1 Cook Islands B1
Costa Rica B B2 Costa Rica B2
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BBB- Ba1 Croatia Ba1
Cuba NA Ca Cuba Ca
Curacao BBB NA Curacao NA
Cyprus BBB- Ba1 Cyprus Ba1
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador B- Caa3 Ecuador Caa3
Egypt B B2 Egypt B2
El Salvador B- Caa1 El Salvador Caa1
Estonia AA- A1 Estonia A1
Ethiopia CCC Caa2 Ethiopia Caa2
Fiji B+ B1 Fiji B1
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon N/A Caa1 Gabon Caa1
Georgia BB Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana B- B3 Ghana B3
Greece BB Ba3 Greece Ba3
Guatemala BB- Ba1 Guatemala Ba1
Guernsey (States of) AA- NA Guernsey (Channel Islands) NA
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa3 Hong Kong Aa3
Hungary BBB Baa2 Hungary Baa2
Iceland A A2 Iceland A2
India BBB- Baa3 India Baa3
Indonesia BBB Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland AA- A2 Ireland A2
Isle of Man NA Aa3 Isle of Man Aa3
Israel AA- A1 Israel A1
Italy BBB Baa3 Italy Baa3
Jamaica B+ B2 Jamaica B2
Japan A+ A1 Japan A1
Jersey (States of) AA Aaa Jersey (Channel Islands) Aaa
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa2 Kazakhstan Baa2
Kenya B B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait A+ A1 Kuwait A1
Kyrgyzstan NA B2 Kyrgyz Republic B2
Laos NA Caa2 Laos Caa2

Latvia A+ A3 Latvia A3
Lebanon D C Lebanon C
Liechtenstein AAA Aaa Liechtenstein Aaa
Lithuania A+ A2 Lithuania A2
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA Macedonia NA
Malaysia A- A3 Malaysia A3
Maldives NA Caa1 Maldives Caa1
Mali NA Caa1 Mali Caa1
Malta A- A2 Malta A2
Mauritius NA Baa2 Mauritius Baa2
Mexico BBB Baa1 Mexico Baa1
Moldova NA B3 Moldova B3
Mongolia B B3 Mongolia B3
Montenegro B B1 Montenegro B1
Montserrat BBB- NA Montserrat NA
Morocco BB+ Ba1 Morocco Ba1
Mozambique CCC+ Caa2 Mozambique Caa2
Namibia NA Ba3 Namibia Ba3
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA+ Aaa New Zealand Aaa
Nicaragua B- B3 Nicaragua B3
Niger NA B3 Niger B3
Nigeria B- B2 Nigeria B2
Norway AAA Aaa Norway Aaa
Oman B+ Ba3 Oman Ba3
Pakistan B- B3 Pakistan B3
Panama BBB Baa2 Panama Baa2
Papua New Guinea B- B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru #N/A Baa1 Peru Baa1
Philippines BBB+ Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB Baa2 Portugal Baa2
Qatar AA- Aa3 Qatar Aa3
Ras Al Khaimah (Emirate A- NA Ras Al Khaimah (Emirate o 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+ Ba2 Serbia Ba2
Sharjah NA Baa3 Sharjah Baa3
Singapore NA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia AA- A3 Slovenia A3
Solomon Islands NA Caa1 Solomon Islands Caa1
South Africa BB- Ba2 South Africa Ba2
Spain A Baa1 Spain Baa1
Sri Lanka CCC+ Caa2 Sri Lanka Caa2
St. Maarten NA Ba2 Sint Maarten Ba2
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname NA Caa3 Suriname Caa3
Swaziland NA B3 eSwatini B3
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA Aa3 Taiwan Aa3
Tajikistan B- B3 Tajikistan B3
Tanzania NA B2 Tanzania B2
Thailand BBB+ Baa1 Thailand Baa1
Togo B B3 Togo B3
Trinidad and Tobago BBB- Ba2 Trinidad and Tobago Ba2
Tunisia N/A Caa1 Tunisia Caa1
Turkey B+ B2 Turkey B2
Turks and Caicos Islands BBB+ NA Turks and Caicos Islands NA
Uganda B B2 Uganda B2
Ukraine B B3 Ukraine B3
United Arab Emirates AA Aa2 United Arab Emirates Aa2
United Kingdom AA Aa3 United Kingdom Aa3
United States AAA Aaa United States of America Aaa
Uruguay BBB Baa2 Uruguay Baa2
Uzbekistan BB- B1 Uzbekistan B1
Venezuela NA C Venezuela C
Vietnam BB Ba3 Vietnam Ba3
Zambia NA Ca Zambia Ca
S&P FC
NA Abu Dhabi Aa2
B+ Albania B1
BBB Angola B3
CCC+ Argentina Ca
CCC+ Armenia Ba3
NA Australia Aaa
BBB Austria Aa1
AAA Azerbaijan Ba2
AA+ Bahamas Ba3
BB+ Bahamas-O NA
B+ Bahrain B2
B+ Bahrain-Off NA
BB- Banglades Ba3
B- Barbados Caa1
B Belarus B3
AA Belgium Aa3
B- Belize Caa3
B+ Benin B1
A+ Bermuda A2
B+ Bolivia B2
B Bosnia and B3
BBB+ Botswana A3
BB- Brazil Ba2
BBB Bulgaria Baa1
B Cambodia B2
NA Cameroon B2
B- Canada Aaa
AAA Cayman Isl Aa3
B- Cayman Isl NA
NA Chile A1
A China A1
A+ Colombia Baa2
BB+ Costa Rica B2
CCC+ Cote d'Ivoi Ba3
CCC+ Croatia Ba1
B+ Cuba Ca
B Cyprus Ba1
NA Czech Repu Aa3
BBB- Democratic Caa1
NA Denmark Aaa
BBB Dominican Ba3
BBB- Ecuador Caa3
AA- Egypt B2
AAA El Salvador Caa1
BB- Estonia A1
B- eSwatini B3
B Ethiopia Caa2
B- Fiji B1
AA- Finland Aa1
CCC France Aa2
B+ Gabon Caa1
AA+ Georgia Ba2
AA Germany Aaa
N/A Ghana B3
BB Greece Ba3
AAA Guatemala Ba1
B- Guernsey ( -
BB Honduras B1
BB- Hong Kong Aa3
AA- Hungary Baa2
BB- Iceland A2
AA+ India Baa3
BBB Indonesia Baa2
A Iraq Caa1
BBB- Ireland A2
BBB Isle of Man Aa3
B- Israel A1
AA- Italy Baa3
NA Jamaica B2
AA- Japan A1
BBB Jersey (Cha Aaa
B+ Jordan B1
A+ Kazakhsta Baa2
AA Kenya B2
B+ Korea Aa2
BBB- Kuwait A1
B Kyrgyz Rep B2
AA Laos Caa2
A+ Latvia A3
NA Lebanon C
NA Liechtenste Aaa
A+ Lithuania A2
D Luxembour Aaa
AAA Macao SAR Aa3
A+ Malaysia A3
AAA Maldives Caa1
NA Mali Caa1
BB- Malta A2
A- Mauritius Baa2
NA Mexico Baa1
NA Moldova B3
A- Mongolia B3
NA Montenegr B1
BBB Morocco Ba1
NA Mozambiqu Caa2
B Namibia Ba3
B Netherland Aaa
BBB- New Zeala Aaa
BB+ Nicaragua B3
CCC+ Niger B3
NA Nigeria B2
AAA Norway Aaa
AA+ Oman Ba3
B- Pakistan B3
NA Panama Baa2
B- Panama-Of NA
AAA Papua New B2
B+ Paraguay Ba1
B- Peru Baa1
BBB Philippines Baa2
B- Poland A2
BB Portugal Baa2
#N/A Qatar Aa3
BBB+ Republic o Caa2
A- Romania Baa3
BBB Russia Baa3
AA- Rwanda B2
A- Saudi Arab A1
BBB- Senegal Ba3
BBB- Serbia Ba2
B+ Sharjah Baa3
A- Singapore Aaa
B+ Slovakia A2
BB+ Slovenia A3
NA Solomon Is Caa1
NA South Afric Ba2
A+ Spain Baa1
AA- Sri Lanka Caa2
NA Sint Maart Ba2
BB- St. Vincent B3
A Suriname Caa3
CCC+ Sweden Aaa
NA Switzerlan Aaa
NA Taiwan, Ch Aa3
NA Tajikistan B3
NA Tanzania B2
AAA Thailand Baa1
AAA Togo B3
AA Trinidad a Ba2
B- Tunisia Caa1
NA Turkey B2
BBB+ Uganda B2
B Ukraine B3
BBB- United Ara Aa2
N/A United Kin Aa3
B+ United Stat Aaa
BBB+ Uzbekistan B1
B Uruguay Baa2
B Venezuela C
AA Vietnam Ba3
AA Zambia Ca
AAA
BBB
BB-
NA
BB
NA
LC S&P
Aa2 Albania B+
B1 Andorra BBB
B3 Angola CCC+
Ca Argentina CCC+
Ba3 Armenia B+
Aaa Aruba BBB
Aa1 Australia AAA
Ba2 Austria AA+
Ba3 Azerbaijan BB+
NA Bahamas B+
B2 Bahrain B+
NA Bangladesh BB-
Ba3 Barbados B-
Caa1 Belarus B
B3 Belgium AA
Aa3 Belize B-
Caa3 Benin B+
B1 Bermuda A+
A2 Bolivia B+
B2 B
Bosnia and Herzegovina
B3 Botswana BBB+
A3 Brazil BB-
Ba2 Bulgaria BBB
Baa1 Burkina Faso B
B2 Cambodia NA
B2 Cameroon B-
Aaa Canada AAA
Aa3 Cape Verde B-
NA Cayman Islands NA
A1 Chile A
A1 China A+
Baa2 Colombia BB+
B2 Congo CCC+
Ba3 Costa Rica B
Ba1 Croatia BBB-
Ca Cuba NA
Ba1 Cyprus BBB-
Aa3 Czech Republic AA-
Caa1 Denmark AAA
Aaa Dominican Republic BB-
Ba3 Ecuador B-
Caa3 Egypt B
B2 El Salvador B-
Caa1 Estonia AA-
A1 #N/A Ethiopia CCC
B3 European Union AA
Caa2 Fiji B+
B1 Finland AA+
Aa1 France AA
Aa2 Gabon N/A
Caa1 Georgia BB
Ba2 Germany AAA
Aaa Ghana B-
B3 Greece BB
Ba3 Grenada SD
Ba1 Guatemala BB-
- Honduras BB-
B1 Hong Kong AA+
Aa3 Hungary BBB
Baa2 Iceland A
A2 India BBB-
Baa3 Indonesia BBB
Baa2 Iraq B-
Caa1 Ireland AA-
A2 Isle of Man N/A
Aa3 Israel AA-
A1 Italy BBB
Baa3 Ivory Coast BB-
B2 Jamaica B+
A1 Japan A+
Aaa Jordan B+
B1 Kazakhstan BBB-
Baa2 Kenya B
B2 Kuwait A+
Aa2 Kyrgyzstan NA
A1 Laos NA
B2 Latvia A+
Caa2 Lebanon D
A3 Lesotho NA
C Liechtenstein AAA
Aaa Lithuania A+
A2 Luxembourg AAA
Aaa Macau NA
Aa3 Macedonia BB-
A3 Malaysia A-
Caa1 Maldives NA
Caa1 Mali NA
A2 Malta A-
Baa2 Mauritius NA
Baa1 Mexico BBB
B3 Moldova NA
B3 Mongolia B
- Montenegro B
Ba1 Montserrat BBB-
Caa2 Morocco BB+
Ba3 Mozambique CCC+
Aaa Namibia NA
Aaa Netherlands AAA
B3 New Zealand AA+
B3 Nicaragua B-
B2 Niger NA
Aaa Nigeria B-
Ba3 Norway AAA
B3 Oman B+
Baa2 Pakistan B-
NA Panama BBB
B2 Papua New Guinea B-
Ba1 Paraguay BB
Baa1 Peru BBB+
Baa2 Philippines BBB+
A2 Poland A-
Baa2 Portugal BBB
Aa3 Puerto Rico D
Caa2 Qatar AA-
Baa3 Republic of the CongoCCC+
Baa3 Romania BBB-
B2 Russia BBB-
A1 Rwanda B+
Ba3 San Marino NA
Ba2 Saudi Arabia A-
Baa3 Senegal B+
Aaa Serbia BB+
A2 Seychelles NA
A3 Singapore AAA
Caa1 Slovakia A+
Ba2 Slovenia AA-
Baa1 Solomon Islands NA
Caa2 South Africa BB-
Ba2 South Korea AA
B3 Spain A
Caa3 Sri Lanka CCC+
Aaa NA
St Vincent and the Grenadines
Aaa Suriname NA
Aa3 Swaziland NA
B3 Sweden AAA
B2 Switzerland AAA
Baa1 Taiwan AA
B3 Tajikistan B-
Ba2 Tanzania NA
Caa1 Thailand BBB+
B2 Togo B
B2 Trinidad and Tobago BBB-
B3 Tunisia N/A
Aa2 Turkey B+
Aa3 Turkmenistan NA
Aaa Uganda B
B1 Ukraine B
Baa2 United Arab Emirates AA
C United Kingdom AA
Ba3 United States AA+
Ca Uruguay BBB
Uzbekistan BB-
Venezuela NA
Vietnam BB
Zambia NA
Country Country Tax Rate Looked up for 2020
Abu Dhabi Abu Dhabi 55.00% 0.55
Albania Albania 15.00% 0.15
Andorra (Principality of) Andorra (Principality of) 18.98% 0.1898
Angola Angola 25.00% 0.25
Argentina Argentina 25.00% 0.25
Armenia Armenia 18.00% 0.18
Aruba Aruba 25.00% 0.25
Australia Australia 30.00% 0.3
Austria Austria 25.00% 0.25
Azerbaijan Azerbaijan 20.00% 0.2
Bahamas Bahamas 0.00% 0
Bahrain Bahrain 0.00% 0
Bangladesh Bangladesh 32.50% 0.325
Barbados Barbados 5.50% 0.055
Belarus Belarus 18.00% 0.18
Belgium Belgium 25.00% 0.25
Belize Belize 27.18% 0.2718
Benin Benin 30.00% 0.3
Bermuda Bermuda 0.00% 0
Bolivia Bolivia 25.00% 0.25
Bosnia and Herzegovina Bosnia and Herzegovina 10.00% 0.1
Botswana Botswana 22.00% 0.22
Brazil Brazil 34.00% 0.34
Bulgaria Bulgaria 10.00% 0.1
Burkina Faso Burkina Faso 28.00% 0.28
Cambodia Cambodia 20.00% 0.2
Cameroon Cameroon 33.00% 0.33
Canada Canada 26.50% 0.265
Cape Verde Cape Verde 0.00% 0
Cayman Islands Cayman Islands 0.00% 0
Chile Chile 27.00% 0.27
China China 25.00% 0.25
Colombia Colombia 31.00% 0.31
Congo (Democratic Republ Congo (Democratic Republic of 30.00% 0.30
Congo (Republic of) Congo (Republic of) 28.00% 0.28
Cook Islands Cook Islands 28.43% 0.2843
Costa Rica Costa Rica 30.00% 0.3
Côte d'Ivoire Côte d'Ivoire 25.00% 0.25
Croatia Croatia 18.00% 0.18
Cuba Cuba 27.18% 0.2718
Curacao Curacao 22.00% 0.22
Cyprus Cyprus 12.50% 0.125
Czech Republic Czech Republic 19.00% 0.19
Denmark Denmark 22.00% 0.22
Dominican Republic Dominican Republic 27.00% 0.27
Ecuador Ecuador 25.00% 0.25
Egypt Egypt 22.50% 0.225
El Salvador El Salvador 30.00% 0.3
Estonia Estonia 20.00% 0.2
Ethiopia Ethiopia 30.00% 0.3
Fiji Fiji 20.00% 0.2
Finland Finland 20.00% 0.2
France France 26.50% 0.265
Gabon Gabon 30.00% 0.3
Georgia Georgia 15.00% 0.15
Germany Germany 30.00% 0.3
Ghana Ghana 25.00% 0.25
Greece Greece 24.00% 0.24
Guatemala Guatemala 25.00% 0.25
Guernsey (States of) Guernsey (States of) 0.00% 0
Honduras Honduras 25.00% 0.25
Hong Kong Hong Kong 16.50% 0.165
Hungary Hungary 9.00% 0.09
Iceland Iceland 20.00% 0.2
India India 30.00% 0.3
Indonesia Iraq 35.00% 0.35
Iraq Iraq 35.00% 0.35
Ireland Ireland 12.50% 0.125
Isle of Man Isle of Man 0.00% 0
Israel Israel 23.00% 0.23
Italy Italy 24.00% 0.24
Jamaica Jamaica 25.00% 0.25
Japan Japan 30.62% 0.3062
Jersey (States of) Jersey (States of) 0.00% 0
Jordan Jordan 20.00% 0.2
Kazakhstan Kazakhstan 20.00% 0.2
Kenya Kenya 30.00% 0.3
Korea Korea 25.00% 0.25
Kuwait Kuwait 15.00% 0.15
Kyrgyzstan Kyrgyzstan 10.00% 0.1
Laos Laos 22.81% 0.2281
Latvia Latvia 20.00% 0.2
Lebanon Lebanon 17.00% 0.17
Liechtenstein Liechtenstein 12.50% 0.125
Lithuania Lithuania 15.00% 0.15
Luxembourg Luxembourg 24.94% 0.2494
Macao Macao 22.81% 0.2281
Macedonia Macedonia 10.00% 0.1
Malaysia Malaysia 24.00% 0.24
Maldives Maldives 22.81% 0.2281
Mali Mali 22.81% 0.2281
Malta Malta 35.00% 0.35
Mauritius Mauritius 15.00% 0.15
Mexico Mexico 30.00% 0.3
Moldova Moldova 12.00% 0.12
Mongolia Mongolia 25.00% 0.25
Montenegro Montenegro 9.00% 0.09
Montserrat Montserrat 27.18% 0.2718
Morocco Morocco 31.00% 0.31
Mozambique Mozambique 32.00% 0.32
Namibia Namibia 32.00% 0.32
Netherlands Netherlands 25.00% 0.25
New Zealand New Zealand 28.00% 0.28
Nicaragua Nicaragua 30.00% 0.3
Niger Niger 22.81% 0.2281
Nigeria Nigeria 30.00% 0.3
Norway Norway 22.00% 0.22
Oman Oman 15.00% 0.15
Pakistan Pakistan 29.00% 0.29
Panama Panama 25.00% 0.25
Papua New Guinea Papua New Guinea 30.00% 0.3
Paraguay Paraguay 10.00% 0.1
Peru Peru 29.50% 0.295
Philippines Philippines 30.00% 0.3
Poland Poland 19.00% 0.19
Portugal Portugal 21.00% 0.21
Qatar Qatar 10.00% 0.1
Ras Al Khaimah (Emirate Ras Al Khaimah (Emirate of) 0.00% 0
Romania Romania 16.00% 0.16
Russia Russia 20.00% 0.2
Rwanda Rwanda 30.00% 0.3
Saudi Arabia Saudi Arabia 20.00% 0.2
Senegal Senegal 30.00% 0.3
Serbia Serbia 15.00% 0.15
Sharjah Sharjah 0.00% 0
Singapore Singapore 17.00% 0.17
Slovakia Slovakia 21.00% 0.21
Slovenia Slovenia 19.00% 0.19
Solomon Islands Solomon Islands 30.00% 0.3
South Africa South Africa 28.00% 0.28
Spain Spain 25.00% 0.25
Sri Lanka Sri Lanka 24.00% 0.24
St. Maarten St. Maarten 27.18% 0.2718
St. Vincent & the GrenadSt. Vincent & the Grenadines 27.18% 0.2718
Suriname Suriname 36.00% 0.36
Swaziland Swaziland 27.50% 0.275
Sweden Sweden 20.60% 0.206
Switzerland Switzerland 14.93% 0.1493
Taiwan Taiwan 20.00% 0.2
Tajikistan Tajikistan 22.81% 0.2281
Tanzania Tanzania 30.00% 0.3
Thailand Thailand 20.00% 0.2
Togo Togo 22.81% 0.2281
Trinidad and Tobago Trinidad and Tobago 30.00% 0.3
Tunisia Tunisia 15.00% 0.15
Turkey Turkey 20.00% 0.2
Turks and Caicos Islands Turks and Caicos Islands 0.00% 0
Uganda Uganda 30.00% 0.3
Ukraine Ukraine 18.00% 0.18
United Arab Emirates United Arab Emirates 55.00% 0.55
United Kingdom United Kingdom 19.00% 0.19
United States United States 27.00% 0.27
Uruguay Uruguay 25.00% 0.25
Uzbekistan Uzbekistan 7.50% 0.075
Venezuela Venezuela 34.00% 0.34
Vietnam Vietnam 20.00% 0.2
Zambia Zambia 35.00% 0.35
Country 2021 Region Average Tax Rate
Afghanistan 20.00% Europe average 18.98%
Albania 15.00% Global average 23.64%
Algeria 26.00% Latin America average 27.18%
Andorra 10.00% North America average 26.75%
Angola 25.00% Oceania average 28.43%
Anguilla 0.00% OECD average 22.81%
Antigua and Barbuda 25.00% South America average 27.18%
Argentina 25.00%
Armenia 18.00%
Aruba 25.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 32.50%
Barbados 5.50%
Belarus 18.00%
Belgium 25.00%
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 31.00%
Congo 28.00%
Congo (Democratic Republ 30.00%
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%
Dominican Republic 27.00%
Ecuador 25.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 26.50%
Gabon 30.00%
Gambia 27.00%
Georgia 15.00%
Germany 30.00%
Ghana 25.00%
Gibraltar 10.00%
Greece 24.00%
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 22.00%
Iraq 35.00%
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 24.94%
Macau 12.00%
Macedonia 10.00%
Madagascar 20.00%
Malawi 30.00%
Malaysia 24.00%
Malta 35.00%
Mauritania 25.00%
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 29.00%
Palestinian Territory 15.00%
Panama 25.00%
Papua New Guinea 30.00%
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 24.00%
St Maarten 35.00%
Sudan 35.00%
Suriname 36.00%
Swaziland 27.50%
Sweden 20.60%
Switzerland 14.93%
Syria 28.00%
Taiwan 20.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 30.00%
Tunisia 15.00%
Turkey 20.00%
Turkmenistan 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
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 24.00%
Country PRS Score Total Equity Risk P Rating-based Defaul Final ERP
Abu Dhabi #N/A 4.73% 0.42% 4.73%
Albania 69.25 8.69% 3.83% 8.69%
Andorra (Principality of) #N/A 6.12% 1.62% 6.12%
Angola 62.75 10.67% 5.53% 10.67%
Argentina 67.00 16.11% 10.21% 16.11%
Armenia 64.75 7.80% 3.06% 7.80%
Aruba #N/A 6.12% 1.62% 6.12%
Australia 80.00 4.24% 0.00% 4.24%
Austria 78.00 4.63% 0.34% 4.63%
Azerbaijan 72.00 7.21% 2.56% 7.21%
Bahamas 72.00 7.80% 3.06% 7.80%
Bahrain 68.25 9.68% 4.68% 9.68%
Bangladesh 66.75 7.80% 3.06% 7.80%
Barbados #N/A 11.65% 6.38% 11.65%
Belarus 65.00 10.67% 5.53% 10.67%
Belgium 77.50 4.84% 0.51% 4.84%
Belize #N/A 14.13% 8.51% 14.13%
Benin #N/A 8.69% 3.83% 8.69%
Bermuda #N/A 5.08% 0.72% 5.08%
Bolivia 66.50 9.68% 4.68% 9.68%
Bosnia and Herzegovina #N/A 10.67% 5.53% 10.67%
Botswana 76.50 5.43% 1.02% 5.43%
Brazil 69.50 7.21% 2.56% 7.21%
Bulgaria 74.75 5.82% 1.36% 5.82%
Burkina Faso 61.25 9.68% 4.68% 9.68%
Cambodia #N/A 9.68% 4.68% 9.68%
Cameroon 61.25 9.68% 4.68% 9.68%
Canada 81.25 4.24% 0.00% 4.24%
Cape Verde #N/A 10.67% 5.53% 10.67%
Cayman Islands #N/A 4.84% 0.51% 4.84%
Chile 73.75 4.94% 0.60% 4.94%
China #N/A 4.94% 0.60% 4.94%
Colombia 64.50 6.12% 1.62% 6.12%
Congo (Democratic Republ #N/A 11.65% 6.38% 11.65%
Congo (Republic of) #N/A 13.14% 7.66% 13.14%
Cook Islands #N/A 8.69% 3.83% 8.69%
Costa Rica 73.00 9.68% 4.68% 9.68%
Côte d'Ivoire #N/A 7.80% 3.06% 7.80%
Croatia 75.50 6.71% 2.13% 6.71%
Cuba 55.25 16.11% 10.21% 16.11%
Curacao #N/A 6.12% 1.62% 6.12%
Cyprus 71.25 6.71% 2.13% 6.71%
Czech Republic 77.75 4.84% 0.51% 4.84%
Denmark 85.50 4.24% 0.00% 4.24%
Dominican Republic 73.00 7.80% 3.06% 7.80%
Ecuador 68.50 14.13% 8.51% 14.13%
Egypt 64.50 9.68% 4.68% 9.68%
El Salvador 68.25 11.65% 6.38% 11.65%
Estonia 73.25 4.94% 0.60% 4.94%
Ethiopia 56.75 13.14% 7.66% 13.14%
Fiji #N/A 8.69% 3.83% 8.69%
Finland 81.75 4.63% 0.34% 4.63%
France 74.00 4.73% 0.42% 4.73%
Gabon 65.25 11.65% 6.38% 11.65%
Georgia #N/A 7.21% 2.56% 7.21%
Germany 82.50 4.24% 0.00% 4.24%
Ghana 67.00 10.67% 5.53% 10.67%
Greece 69.25 7.80% 3.06% 7.80%
Guatemala 71.50 6.71% 2.13% 6.71%
Guernsey (States of) #N/A 4.84% 0.51% 4.84%
Honduras 68.00 8.69% 3.83% 8.69%
Hong Kong 76.75 4.84% 0.51% 4.84%
Hungary 74.00 6.12% 1.62% 6.12%
Iceland 81.00 5.08% 0.72% 5.08%
India 72.50 6.42% 1.87% 6.42%
Indonesia 69.25 6.12% 1.62% 6.12%
Iraq 65.25 11.65% 6.38% 11.65%
Ireland 82.25 5.08% 0.72% 5.08%
Isle of Man #N/A 4.84% 0.51% 4.84%
Israel 75.75 4.94% 0.60% 4.94%
Italy 76.50 6.42% 1.87% 6.42%
Jamaica 73.75 9.68% 4.68% 9.68%
Japan 80.25 4.94% 0.60% 4.94%
Jersey (States of) #N/A 4.24% 0.00% 4.24%
Jordan 64.75 8.69% 3.83% 8.69%
Kazakhstan 72.75 6.12% 1.62% 6.12%
Kenya 63.00 9.68% 4.68% 9.68%
Korea #N/A 4.73% 0.42% 4.73%
Kuwait 72.75 4.94% 0.60% 4.94%
Kyrgyzstan #N/A 9.68% 4.68% 9.68%
Latvia 73.50 5.43% 1.02% 5.43%
Lebanon 51.50 24.58% 17.50% 24.58%
Liechtenstein #N/A 4.24% 0.00% 4.24%
Lithuania 74.50 5.08% 0.72% 5.08%
Luxembourg 86.25 4.24% 0.00% 4.24%
Macao #N/A 4.84% 0.51% 4.84%
Macedonia #N/A 7.80% 3.06% 7.80%
Malaysia 74.00 5.43% 1.02% 5.43%
Maldives #N/A 11.65% 6.38% 11.65%
Mali 59.25 11.65% 6.38% 11.65%
Malta 76.25 5.08% 0.72% 5.08%
Mauritius #N/A 6.12% 1.62% 6.12%
Mexico 70.00 5.82% 1.36% 5.82%
Moldova 68.25 10.67% 5.53% 10.67%
Mongolia 66.25 10.67% 5.53% 10.67%
Montenegro #N/A 8.69% 3.83% 8.69%
Montserrat #N/A 6.42% 1.87% 6.42%
Morocco 68.25 6.71% 2.13% 6.71%
Mozambique 50.50 13.14% 7.66% 13.14%
Namibia 72.00 7.80% 3.06% 7.80%
Netherlands 80.25 4.24% 0.00% 4.24%
New Zealand 79.50 4.24% 0.00% 4.24%
Nicaragua 66.75 10.67% 5.53% 10.67%
Niger 58.00 10.67% 5.53% 10.67%
Nigeria 60.50 9.68% 4.68% 9.68%
Norway 88.00 4.24% 0.00% 4.24%
Oman 71.75 7.80% 3.06% 7.80%
Pakistan 57.25 10.67% 5.53% 10.67%
Panama 74.00 6.12% 1.62% 6.12%
Papua New Guinea 67.50 9.68% 4.68% 9.68%
Paraguay 68.75 6.71% 2.13% 6.71%
Peru 70.75 5.82% 1.36% 5.82%
Philippines 69.75 6.12% 1.62% 6.12%
Poland 74.50 5.08% 0.72% 5.08%
Portugal 77.25 6.12% 1.62% 6.12%
Qatar 78.00 4.84% 0.51% 4.84%
Ras Al Khaimah (Emirate #N/A 5.43% 1.02% 5.43%
Romania 70.50 6.42% 1.87% 6.42%
Russia 73.50 6.42% 1.87% 6.42%
Rwanda #N/A 9.68% 4.68% 9.68%
Saudi Arabia 79.25 4.94% 0.60% 4.94%
Senegal 61.75 7.80% 3.06% 7.80%
Serbia #N/A 7.21% 2.56% 7.21%
Sharjah #N/A 6.42% 1.87% 6.42%
Singapore 85.50 4.24% 0.00% 4.24%
Slovakia 73.25 5.08% 0.72% 5.08%
Slovenia 72.00 5.43% 1.02% 5.43%
Solomon Islands #N/A 11.65% 6.38% 11.65%
South Africa 69.50 7.21% 2.56% 7.21%
Spain 73.00 5.82% 1.36% 5.82%
Sri Lanka 61.00 13.14% 7.66% 13.14%
St. Maarten #N/A 7.21% 2.56% 7.21%
St. Vincent & the Grenad #N/A 10.67% 5.53% 10.67%
Suriname 55.00 14.13% 8.51% 14.13%
Swaziland #N/A 10.67% 5.53% 10.67%
Sweden 83.50 4.24% 0.00% 4.24%
Switzerland 86.75 4.24% 0.00% 4.24%
Taiwan 86.00 4.84% 0.51% 4.84%
Tajikistan #N/A 10.67% 5.53% 10.67%
Tanzania 64.75 9.68% 4.68% 9.68%
Thailand 65.50 5.82% 1.36% 5.82%
Togo 63.75 10.67% 5.53% 10.67%
Trinidad and Tobago #N/A 7.21% 2.56% 7.21%
Tunisia 62.50 11.65% 6.38% 11.65%
Turkey 58.25 9.68% 4.68% 9.68%
Turks and Caicos Islands #N/A 5.82% 1.36% 5.82%
Uganda 59.50 9.68% 4.68% 9.68%
Ukraine 66.50 10.67% 5.53% 10.67%
United Arab Emirates 78.50 4.73% 0.42% 4.73%
United Kingdom 76.00 4.84% 0.51% 4.84%
United States 72.25 4.24% 0.00% 4.24%
Uruguay 74.50 6.12% 1.62% 6.12%
Uzbekistan 75.50 8.69% 3.83% 8.69%
Venezuela 41.75 24.58% 17.50% 24.58%
Vietnam 71.00 7.80% 3.06% 7.80%
Zambia 63.00 16.11% 10.21% 16.11%
Algeria 62.25 5.53% 10.67%
Brunei 79.00 0.72% 5.08%
Gambia 65.75 4.68% 9.68%
Guinea 57.50 7.66% 13.14%
Guinea-Bissau 62.75 5.53% 10.67%
Guyana 66.25 3.83% 8.69%
Haiti 56.25 8.51% 14.13%
Iran 63.75 5.53% 10.67%
Korea, D.P.R. 51.50 10.21% 16.11%
Liberia 59.00 7.66% 13.14%
Libya 66.25 3.83% 8.69%
Madagascar 63.50 5.53% 10.67%
Malawi 59.75 7.66% 13.14%
Myanmar 53.00 10.21% 16.11%
Sierra Leone 57.00 8.51% 14.13%
Somalia 51.50 10.21% 16.11%
Sudan 36.25 17.50% 24.58%
Syria 45.50 17.50% 24.58%
Yemen, Republic 52.75 10.21% 16.11%
Zimbabwe 61.00 6.38% 11.65%
Tax Rate CRP PRS Score
55.00% 0.49% More than Less than ERP CRP
15.00% 4.45% 0 50.000 24.58% 17.50%
18.98% 1.88% 50.001 55.000 16.11% 10.21%
25.00% 6.43% 55.001 57.000 14.13% 8.51%
25.00% 11.87% 57.001 60.000 13.14% 7.66%
18.00% 3.56% 60.001 62.000 11.65% 6.38%
25.00% 1.88% 62.001 64.000 10.67% 5.53%
30.00% 0.00% 64.001 66.000 9.68% 4.68%
25.00% 0.39% 66.001 68.000 8.69% 3.83%
20.00% 2.97% 68.001 69.000 7.80% 3.06%
0.00% 3.56% 69.001 72.000 7.21% 2.56%
0.00% 5.44% 72.001 74.000 6.12% 1.62%
32.50% 3.56% 74.001 76.000 5.82% 1.36%
5.50% 7.41% 76.001 80.000 5.08% 0.72%
18.00% 6.43% 80.001 82.500 4.84% 0.51%
25.00% 0.60% 82.501 85.000 4.63% 0.34%
27.18% 9.89% 85.001 90.000 4.24% 0.00%
30.00% 4.45%
0.00% 0.84% Rating Updated Default Spread (1/1/22)
25.00% 5.44% Aaa 0.00%
10.00% 6.43% Aa1 0.34%
22.00% 1.19% Aa2 0.42%
34.00% 2.97% Aa3 0.51%
10.00% 1.58% A1 0.60%
28.00% 5.44% A2 0.72%
20.00% 5.44% A3 1.02%
33.00% 5.44% Baa1 1.36%
26.50% 0.00% Baa2 1.62%
0.00% 6.43% Baa3 1.87%
0.00% 0.60% Ba1 2.13%
27.00% 0.70% Ba2 2.56%
25.00% 0.70% Ba3 3.06%
31.00% 1.88% B1 3.83%
30.00% 7.41% B2 4.68%
28.00% 8.90% B3 5.53%
28.43% 4.45% Caa1 6.38%
30.00% 5.44% Caa2 7.66%
25.00% 3.56% Caa3 8.51%
18.00% 2.47% Ca 10.21%
27.18% 11.87% C 17.50%
22.00% 1.88%
12.50% 2.47%
19.00% 0.60%
22.00% 0.00%
27.00% 3.56%
25.00% 9.89%
22.50% 5.44%
30.00% 7.41%
20.00% 0.70%
30.00% 8.90%
20.00% 4.45%
20.00% 0.39%
26.50% 0.49%
30.00% 7.41%
15.00% 2.97%
30.00% 0.00%
25.00% 6.43%
24.00% 3.56%
25.00% 2.47%
0.00% 0.60%
25.00% 4.45%
16.50% 0.60%
9.00% 1.88%
20.00% 0.84%
30.00% 2.18%
35.00% 1.88%
35.00% 7.41%
12.50% 0.84%
0.00% 0.60%
23.00% 0.70%
24.00% 2.18%
25.00% 5.44%
30.62% 0.70%
0.00% 0.00%
20.00% 4.45%
20.00% 1.88%
30.00% 5.44%
25.00% 0.49%
15.00% 0.70%
10.00% 5.44%
20.00% 1.19%
17.00% 20.34%
12.50% 0.00%
15.00% 0.84%
24.94% 0.00%
22.81% 0.60%
10.00% 3.56%
24.00% 1.19%
22.81% 7.41%
22.81% 7.41%
35.00% 0.84%
15.00% 1.88%
30.00% 1.58%
12.00% 6.43%
25.00% 6.43%
9.00% 4.45%
27.18% 2.18%
31.00% 2.47%
32.00% 8.90%
32.00% 3.56%
25.00% 0.00%
28.00% 0.00%
30.00% 6.43%
22.81% 6.43%
30.00% 5.44%
22.00% 0.00%
15.00% 3.56%
29.00% 6.43%
25.00% 1.88%
30.00% 5.44%
10.00% 2.47%
29.50% 1.58%
30.00% 1.88%
19.00% 0.84%
21.00% 1.88%
10.00% 0.60%
0.00% 1.19%
16.00% 2.18%
20.00% 2.18%
30.00% 5.44%
20.00% 0.70%
30.00% 3.56%
15.00% 2.97%
0.00% 2.18%
17.00% 0.00%
21.00% 0.84%
19.00% 1.19%
30.00% 7.41%
28.00% 2.97%
25.00% 1.58%
24.00% 8.90%
27.18% 2.97%
27.18% 6.43%
36.00% 9.89%
27.50% 6.43%
20.60% 0.00%
14.93% 0.00%
20.00% 0.60%
22.81% 6.43%
30.00% 5.44%
20.00% 1.58%
22.81% 6.43%
30.00% 2.97%
15.00% 7.41%
20.00% 5.44%
0.00% 1.58%
30.00% 5.44%
18.00% 6.43%
55.00% 0.49%
19.00% 0.60%
27.00% 0.00%
25.00% 1.88%
7.50% 4.45%
34.00% 20.34%
20.00% 3.56%
35.00% 11.87%
Row Labels Average of Corporate Tax Rate

26.00% 6.43% Africa 29.15%
18.50% 0.84% Asia 23.10%
31.00% 5.44% Australia & New Zeala 19.33%
29.15% 8.90% Caribbean 18.64%
29.15% 6.43% Central and South Ame 27.93%
18.64% 4.45% Eastern Europe & Russ 16.69%
18.64% 9.89% Middle East 20.23%
20.23% 6.43% North America 25.75%
23.10% 11.87% Western Europe 20.02%
29.15% 8.90%
20.00% 4.45%
20.00% 6.43%
30.00% 8.90%
25.00% 11.87%
30.00% 9.89%
29.15% 11.87%
35.00% 20.34%
28.00% 20.34%
20.00% 11.87%
25.00% 7.41%
Composite
Risk
Rating
Below Ca Country 1/22
Ca Albania 69.3
Caa3 Algeria 62.3
Caa2 Angola 62.8
Caa1 Argentina 67.0
B3 Armenia 64.8
B2 Australia 80.0
B1 Austria 78.0
Ba3 Azerbaijan 72.0
Ba2 Bahamas 72.0
Baa2 Bahrain 68.3
Baa1 Bangladesh 66.8
A2 Belarus 65.0
Aa3 Belgium 77.5
Aa1 Bolivia 66.5
Aaa Botswana 76.5
Brazil 69.5
Brunei 79.0
Bulgaria 74.8
Burkina Fas 61.3
Cameroon 61.3
Canada 81.3
Chile 73.8
China, Peopl 71.8
Colombia 64.5
Congo, Dem. 57.5
Congo, Repu 66.5
Costa Rica 73.0
Cote d'Ivoir 60.5
Croatia 75.5
Cuba 55.3
Cyprus 71.3
Czech Repub 77.8
Denmark 85.5
Dominican R 73.0
Ecuador 68.5
Egypt 64.5
El Salvador 68.3
Estonia 73.3
Ethiopia 56.8
Finland 81.8
France 74.0
Gabon 65.3
Gambia 65.8
Germany 82.5
Ghana 67.0
Greece 69.3
Guatemala 71.5
Guinea 57.5
Guinea-Biss 62.8
Guyana 66.3
Haiti 56.3
Honduras 68.0
Hong Kong 76.8
Hungary 74.0
Iceland 81.0
India 72.5
Indonesia 69.3
Iran 63.8
Iraq 65.3
Ireland 82.3
Israel 75.8
Italy 76.5
Jamaica 73.8
Japan 80.3
Jordan 64.8
Kazakhstan 72.8
Kenya 63.0
Korea, D.P. 51.5
Korea, Repu 80.8
Kuwait 72.8
Latvia 73.5
Lebanon 51.5
Liberia 59.0
Libya 66.3
Lithuania 74.5
Luxembourg 86.3
Madagascar 63.5
Malawi 59.8
Malaysia 74.0
Mali 59.3
Malta 76.3
Mexico 70.0
Moldova 68.3
Mongolia 66.3
Morocco 68.3
Mozambiqu 50.5
Myanmar 53.0
Namibia 72.0
Netherlands 80.3
New Zealan 79.5
Nicaragua 66.8
Niger 58.0
Nigeria 60.5
Norway 88.0
Oman 71.8
Pakistan 57.3
Panama 74.0
Papua New 67.5
Paraguay 68.8
Peru 70.8
Philippines 69.8
Poland 74.5
Portugal 77.3
Qatar 78.0
Romania 70.5
Russia 73.5
Saudi Arabi 79.3
Senegal 61.8
Serbia 69.5
Sierra Leon 57.0
Singapore 85.5
Slovakia 73.3
Slovenia 72.0
Somalia 51.5
South Afric 69.5
Spain 73.0
Sri Lanka 61.0
Sudan 36.3
Suriname 55.0
Sweden 83.5
Switzerland 86.8
Syria 45.5
Taiwan 86.0
Tanzania 64.8
Thailand 65.5
Togo 63.8
Trinidad & 76.5
Tunisia 62.5
Turkey 58.3
Uganda 59.5
Ukraine 66.5
United Arab 78.5
United Kin 76.0
United State 72.3
Uruguay 74.5
Uzbekistan 75.5
Venezuela 41.8
Vietnam 71.0
Yemen, Repu 52.8
Zambia 63.0
Zimbabwe 61.0
Corporate Tax Rate

Updating Sequence
1. Relative Risk Worksheet
2. Sovereign Ratings
3. CDS Worksheet
4. Default Spreads
5. PRS Worksheet
6. Country GDP
7. Country tax rates
8. Regional Weighted averages

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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

t a total equity risk premium.

spread for the country (if one exists)

he BAML Emerging Public Bond index standard deviation

uity risk premium equal to the US.

Country Default Spread (based on 2.56%

Country Risk Premium (CDS) NA

Country Risk Premium (simple av 3.80%

Country Risk Premium (GDP weig 6.83%

PRS Score 51.50

nal Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Rating Default spread in basis points

Updated January 1, 2022

DATE VALUE Effective dat

2020-01-01 3.66 Average = 3.25 In spread % 1/1/2020

2020-01-02 3.66 Std Dev = 0.53517206 In spread % 1/2/2020

Region Weighted Average: ERP Weighted Average: CRP

For updating industry average spreadsheets

Total GDP Weight Weight *ERP Weight*CRP

0.03% 0.09% 0.04% 0.37%

0.00% 3.66% 0.00% 25.86%

0.02% 0.08% 0.02% 0.31%

0.02% 0.03% 0.02% 0.06%

0.05% 0.52% 0.05% 5.99%

0.00% 0.31% 0.00% 1.93%

0.00% 0.00% 0.00% 0.00%

Weight*Default Spread Weight* Tax Rate

ese are the Moody's local currency rating

Egypt 25.49% NA NA 0.37% 4.08%

Kyrgyzstan NA B2 Kyrgyz Republic B2

Laos NA Caa2 Laos Caa2

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