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 t
Link to site: http://www.damodaran.com
Historical monthly ERP http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign ratings)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by avera
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go in
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet.
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.
Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk pre
Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3550293
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=34278
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
mium and add an additional country risk premium, based upon the risk of the country in question.
al country or region.
mium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadshe
, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the cou
Look under sovereign ratings)
class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
vereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
et, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
ry that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium e
umber to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to
p 3 to get a total equity risk premium.
ums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
?abstract_id=3550293
/papers.cfm?abstract_id=3427863
atch?v=aIRPvY2SQ94
atch?v=D3IGn6tH03c
oad the excel spreadsheet containing the implied premium
e CDS spread for the country (if one exists)
e start of every year.
n to the BAML Emerging Public Bond index standard deviation
al equity risk premium equal to the US.

ut you can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Laos If you cannot find a country on this list, it is because that country do
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating Caa2 Local currency
S&P sovereign rating NA Local currency
CDS spread NA
Excess CDS spread (over US CDS) NA
Country Default Spread (based on 7.96%

Country Risk Premium (Rating) 8.72%
Equity Risk Premium (Rating) 13.44%
Country Risk Premium (CDS) NA

Equity Risk Premium (CDS) NA
To look up the equity risk premium for a region, use this worksheet
Region Australia & New Zealand
Country Risk Premium (simple av 1.45%

Total Equity Risk Premium (simpl 6.17%
Country Risk Premium (GDP weig 0.00%

Total Equity Risk Premium (GDP 4.72%
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 Zimbabwe
PRS Score 52.25

ERP based on PRS Score 16.34%
ry on this list, it is because that country does not have a sovereign rating
d. Try the PRS worksheet in this spreadsheet for an alternate estimate.
he Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: 1-Jan-21
Enter the current risk premium for a mature equity market 4.72%
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) 1.10
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Abu Dhabi Middle East Aa2 0.44% 5.20%
Albania Eastern Europe & Russia B1 3.98% 9.08%
Andorra (Principality of) Western Europe Caa1 6.63% 11.98%
Angola Africa Caa1 6.63% 11.98%
Argentina Central and South America Ca 10.60% 16.34%
Armenia Eastern Europe & Russia Ba3 3.18% 8.21%
Aruba Caribbean Baa1 1.41% 6.27%
Australia Australia & New Zealand Aaa 0.00% 4.72%
Austria Western Europe Aa1 0.35% 5.10%
Azerbaijan Eastern Europe & Russia Ba2 2.65% 7.63%
Bahamas Caribbean Ba2 2.65% 7.63%
Bahrain Middle East B2 4.86% 10.05%
Bangladesh Asia Ba3 3.18% 8.21%
Barbados Caribbean Caa1 6.63% 11.98%
Belarus Eastern Europe & Russia B3 5.75% 11.02%
Belgium Western Europe Aa3 0.53% 5.31%
Belize Central and South America Caa3 8.83% 14.40%
Benin Africa B2 4.86% 10.05%
Bermuda Caribbean A2 0.75% 5.54%
Bolivia Central and South America B2 4.86% 10.05%
Bosnia and Herzegovina Eastern Europe & Russia B3 5.75% 11.02%
Botswana Africa A2 0.75% 5.54%
Brazil Central and South America Ba2 2.65% 7.63%
Bulgaria Eastern Europe & Russia Baa1 1.41% 6.27%
Burkina Faso Africa B2 4.86% 10.05%
Cambodia Asia B2 4.86% 10.05%
Cameroon Africa B2 4.86% 10.05%
Canada North America Aaa 0.00% 4.72%
Cape Verde Africa B2 4.86% 10.05%
Cayman Islands Caribbean Aa3 0.53% 5.31%
Chile Central and South America A1 0.62% 5.40%
China Asia A1 0.62% 5.40%
Colombia Central and South America Baa2 1.68% 6.56%
Congo (Democratic Republic of) Africa Caa1 6.63% 11.98%
Congo (Republic of) Africa Caa2 7.96% 13.44%
Cook Islands Australia & New Zealand B1 3.98% 9.08%
Costa Rica Central and South America B2 4.86% 10.05%
Côte d'Ivoire Africa Ba3 3.18% 8.21%
Croatia Eastern Europe & Russia Ba1 2.21% 7.14%
Cuba Caribbean Caa2 7.96% 13.44%
Curacao Caribbean A3 1.06% 5.88%
Cyprus Western Europe Ba2 2.65% 7.63%
Czech Republic Eastern Europe & Russia Aa3 0.53% 5.31%
Denmark Western Europe Aaa 0.00% 4.72%
Dominican Republic Caribbean Ba3 3.18% 8.21%
Ecuador Central and South America Caa3 8.83% 14.40%
Egypt Africa B2 4.86% 10.05%
El Salvador Central and South America B3 5.75% 11.02%
Estonia Eastern Europe & Russia A1 0.62% 5.40%
Ethiopia Africa B2 4.86% 10.05%
Fiji Asia Ba3 3.18% 8.21%
Finland Western Europe Aa1 0.35% 5.10%
France Western Europe Aa2 0.44% 5.20%
Gabon Africa Caa1 6.63% 11.98%
Georgia Eastern Europe & Russia Ba2 2.65% 7.63%
Germany Western Europe Aaa 0.00% 4.72%
Ghana Africa B3 5.75% 11.02%
Greece Western Europe Ba3 3.18% 8.21%
Guatemala Central and South America Ba1 2.21% 7.14%
Guernsey (States of) Western Europe Aaa 0.00% 4.72%
Honduras Central and South America B1 3.98% 9.08%
Hong Kong Asia Aa3 0.53% 5.31%
Hungary Eastern Europe & Russia Baa3 1.95% 6.85%
Iceland Western Europe A2 0.75% 5.54%
India Asia Baa3 1.95% 6.85%
Indonesia Asia Baa2 1.68% 6.56%
Iraq Middle East Caa1 6.63% 11.98%
Ireland Western Europe A2 0.75% 5.54%
Isle of Man Western Europe Aa3 0.53% 5.31%
Israel Middle East A1 0.62% 5.40%
Italy Western Europe Baa3 1.95% 6.85%
Jamaica Caribbean B2 4.86% 10.05%
Japan Asia A1 0.62% 5.40%
Jersey (States of) Western Europe Aaa 0.00% 4.72%
Jordan Middle East B1 3.98% 9.08%
Kazakhstan Eastern Europe & Russia Baa3 1.95% 6.85%
Kenya Africa B2 4.86% 10.05%
Korea Asia Aa2 0.44% 5.20%
Kuwait Middle East A1 0.62% 5.40%
Kyrgyzstan Eastern Europe & Russia B2 4.86% 10.05%
Laos Asia Caa2 7.96% 13.44%
Latvia Eastern Europe & Russia A3 1.06% 5.88%
Lebanon Middle East C 17.50% 23.90%
Liechtenstein Western Europe Aaa 0.00% 4.72%
Lithuania Eastern Europe & Russia A3 1.06% 5.88%
Luxembourg Western Europe Aaa 0.00% 4.72%
Macao Asia Aa3 0.53% 5.31%
Macedonia Eastern Europe & Russia Ba3 3.18% 8.21%
Malaysia Asia A3 1.06% 5.88%
Maldives Asia B3 5.75% 11.02%
Mali Africa Caa1 6.63% 11.98%
Malta Western Europe A2 0.75% 5.54%
Mauritius Africa Baa1 1.41% 6.27%
Mexico Central and South America Baa1 1.41% 6.27%
Moldova Eastern Europe & Russia B3 5.75% 11.02%
Mongolia Asia B3 5.75% 11.02%
Montenegro Eastern Europe & Russia B1 3.98% 9.08%
Montserrat Caribbean Baa3 1.95% 6.85%
Morocco Africa Ba1 2.21% 7.14%
Mozambique Africa Caa2 7.96% 13.44%
Namibia Africa Ba3 3.18% 8.21%
Netherlands Western Europe Aaa 0.00% 4.72%
New Zealand Australia & New Zealand Aaa 0.00% 4.72%
Nicaragua Central and South America B3 5.75% 11.02%
Niger Africa B3 5.75% 11.02%
Nigeria Africa B2 4.86% 10.05%
Norway Western Europe Aaa 0.00% 4.72%
Oman Middle East Ba3 3.18% 8.21%
Pakistan Asia B3 5.75% 11.02%
Panama Central and South America Baa1 1.41% 6.27%
Papua New Guinea Asia B2 4.86% 10.05%
Paraguay Central and South America Ba1 2.21% 7.14%
Peru Central and South America A3 1.06% 5.88%
Philippines Asia Baa2 1.68% 6.56%
Poland Eastern Europe & Russia A2 0.75% 5.54%
Portugal Western Europe Baa3 1.95% 6.85%
Qatar Middle East Aa3 0.53% 5.31%
Ras Al Khaimah (Emirate of) Middle East Aaa 0.00% 4.72%
Romania Eastern Europe & Russia Baa3 1.95% 6.85%
Russia Eastern Europe & Russia Baa3 1.95% 6.85%
Rwanda Africa B2 4.86% 10.05%
Saudi Arabia Middle East A1 0.62% 5.40%
Senegal Africa Ba3 3.18% 8.21%
Serbia Eastern Europe & Russia Ba3 3.18% 8.21%
Sharjah Middle East Baa2 1.68% 6.56%
Singapore Asia Aaa 0.00% 4.72%
Slovakia Eastern Europe & Russia A2 0.75% 5.54%
Slovenia Eastern Europe & Russia A3 1.06% 5.88%
Solomon Islands Asia B3 5.75% 11.02%
South Africa Africa Ba2 2.65% 7.63%
Spain Western Europe Baa1 1.41% 6.27%
Sri Lanka Asia Caa1 6.63% 11.98%
St. Maarten Caribbean Baa3 1.95% 6.85%
St. Vincent & the Grenadines Caribbean B3 5.75% 11.02%
Suriname Central and South America Caa3 8.83% 14.40%
Swaziland Africa B3 5.75% 11.02%
Sweden Western Europe Aaa 0.00% 4.72%
Switzerland Western Europe Aaa 0.00% 4.72%
Taiwan Asia Aa3 0.53% 5.31%
Tajikistan Eastern Europe & Russia B3 5.75% 11.02%
Tanzania Africa B2 4.86% 10.05%
Thailand Asia Baa1 1.41% 6.27%
Togo Africa B3 5.75% 11.02%
Trinidad and Tobago Caribbean Ba1 2.21% 7.14%
Tunisia Africa B2 4.86% 10.05%
Turkey Western Europe B2 4.86% 10.05%
Turks and Caicos Islands Caribbean Baa1 1.41% 6.27%
Uganda Africa B2 4.86% 10.05%
Ukraine Eastern Europe & Russia B3 5.75% 11.02%
United Arab Emirates Middle East Aa2 0.44% 5.20%
United Kingdom Western Europe Aa3 0.53% 5.31%
United States North America Aaa 0.00% 4.72%
Uruguay Central and South America Baa2 1.68% 6.56%
Uzbekistan Eastern Europe & Russia B1 3.98% 9.08%
Venezuela Central and South America C 17.50% 23.90%
Vietnam Asia Ba3 3.18% 8.21%
Zambia Africa Ca 10.60% 16.34%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 57.25 13.44% 8.72% 7.96%
Brunei 80 5.54% 0.82% 0.75%
Gambia 63.75 11.02% 6.30% 5.75%
Guinea 53.5 16.34% 11.62% 10.60%
Guinea-Bissau 62 11.98% 7.26% 6.63%
Guyana 65.75 10.05% 5.33% 4.86%
Haiti 52.75 16.34% 11.62% 10.60%
Iran 59.25 13.44% 8.72% 7.96%
Korea, D.P.R. 50.75 16.34% 11.62% 10.60%
Liberia 53.5 16.34% 11.62% 10.60%
Libya 58.25 13.44% 8.72% 7.96%
Madagascar 63.25 11.02% 6.30% 5.75%
Malawi 58.75 13.44% 8.72% 7.96%
Myanmar 63.75 11.02% 6.30% 5.75%
Sierra Leone 58.75 13.44% 8.72% 7.96%
Somalia 50.5 16.34% 11.62% 10.60%
Sudan 38.25 23.90% 19.18% 17.50%
Syria 47 23.90% 19.18% 17.50%
Yemen, Republic 50 23.90% 19.18% 17.50%
Zimbabwe 52.25 16.34% 11.62% 10.60%
Rating Default spread in basis points

A1 62
A2 75
A3 106
Aa1 35
Aa2 44
Aa3 53
Aaa 0
B1 398
B2 486
B3 575
Ba1 221
Ba2 265
Ba3 318
Baa1 141
Baa2 168
Baa3 195
C 1750
Ca 1060
Caa1 663
Caa2 796
Caa3 883
NR NA
Updated January 1, 2021
Updated January 1, 2021

Sovereign CDS, net
Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
0.48% 0.46% 5.22% 0.50% Rating
Default spread in basis points
4.36% NA NA NA A1 62
7.26% NA NA NA A2 75
7.26% 7.27% 12.69% 7.97% A3 106
11.62% NA NA NA Aa1 35
3.49% NA NA NA Aa2 44
1.55% NA NA NA Aa3 53
0.00% 0.00% 4.72% 0.00% Aaa 0
0.38% 0.00% 4.72% 0.00% B1 398
2.91% NA NA NA B2 486
2.91% NA NA NA B3 575
5.33% 2.95% 7.95% 3.23% Ba1 221
3.49% NA NA NA Ba2 265
7.26% NA NA NA Ba3 318
6.30% NA NA NA Baa1 141
0.59% 0.04% 4.76% 0.04% Baa2 168
9.68% NA NA NA Baa3 195
5.33% NA NA NA C 1750
0.82% NA NA NA Ca 1060
5.33% NA NA NA Caa1 663
6.30% NA NA NA Caa2 796
0.82% NA NA NA Caa3 883
2.91% 1.92% 6.82% 2.10% NR NA
1.55% 0.47% 5.24% 0.52%
5.33% NA NA NA
5.33% NA NA NA
5.33% 5.64% 10.90% 6.18%
0.00% 0.19% 4.93% 0.21%
5.33% NA NA NA
0.59% NA NA NA
0.68% 0.67% 5.45% 0.73%
0.68% 0.33% 5.08% 0.36%
1.84% 1.29% 6.13% 1.41%
7.26% NA NA NA
8.72% NA NA NA
4.36% NA NA NA
5.33% 5.90% 11.19% 6.47%
3.49% NA NA NA
2.42% 1.05% 5.87% 1.15%
8.72% NA NA NA
1.16% NA NA NA
2.91% 0.96% 5.77% 1.05%
0.59% 0.28% 5.03% 0.31%
0.00% 0.00% 4.72% 0.00%
3.49% NA NA NA
9.68% NA NA NA
5.33% 3.85% 8.94% 4.22%
6.30% 7.55% 12.99% 8.27%
0.68% 0.47% 5.24% 0.52%
5.33% NA NA NA
3.49% NA NA NA
0.38% 0.02% 4.74% 0.02%
0.48% 0.09% 4.82% 0.10%
7.26% NA NA NA
2.91% NA NA NA
0.00% 0.00% 4.72% 0.00%
6.30% NA NA NA
3.49% 1.38% 6.23% 1.51%
2.42% NA NA NA
0.00% NA NA NA
4.36% NA NA NA
0.59% 0.50% 5.27% 0.55%
2.13% 0.71% 5.50% 0.78%
0.82% 0.62% 5.40% 0.68%
2.13% 1.01% 5.83% 1.11%
1.84% 1.05% 5.87% 1.15%
7.26% 6.75% 12.12% 7.40%
0.82% 0.09% 4.82% 0.10%
0.59% NA NA NA
0.68% 0.54% 5.31% 0.59%
2.13% 1.20% 6.04% 1.32%
5.33% NA NA NA
0.68% 0.05% 4.77% 0.05%
0.00% NA NA NA
4.36% NA NA NA
2.13% 0.73% 5.52% 0.80%
5.33% 3.83% 8.92% 4.20%
0.48% 0.19% 4.93% 0.21%
0.68% 0.52% 5.29% 0.57%
5.33% NA NA NA
8.72% NA NA NA
1.16% 0.70% 5.49% 0.77%
19.18% NA NA NA
0.00% NA NA NA
1.16% 0.67% 5.45% 0.73%
0.00% NA NA NA
0.59% NA NA NA
3.49% NA NA NA
1.16% 0.47% 5.24% 0.52%
6.30% NA NA NA
7.26% NA NA NA
0.82% NA NA NA
1.55% NA NA NA
1.55% 1.22% 6.06% 1.34%
6.30% NA NA NA
6.30% NA NA NA
4.36% NA NA NA
2.13% NA NA NA
2.42% 1.33% 6.18% 1.46%
8.72% NA NA NA
3.49% NA NA NA
0.00% 0.00% 4.72% 0.00%
0.00% 0.02% 4.74% 0.02%
6.30% NA NA NA
6.30% NA NA NA
5.33% 3.36% 8.40% 3.68%
0.00% 0.00% 4.72% 0.00%
3.49% 3.67% 8.74% 4.02%
6.30% 4.28% 9.41% 4.69%
1.55% 0.72% 5.51% 0.79%
5.33% NA NA NA
2.42% NA NA NA
1.16% 0.81% 5.61% 0.89%
1.84% 0.44% 5.20% 0.48%
0.82% 0.68% 5.47% 0.75%
2.13% 0.42% 5.18% 0.46%
0.59% 0.51% 5.28% 0.56%
0.00% NA NA NA
2.13% 0.99% 5.80% 1.08%
2.13% 1.24% 6.08% 1.36%
5.33% 3.49% 8.54% 3.82%
0.68% 0.89% 5.70% 0.98%
3.49% 2.71% 7.69% 2.97%
3.49% 1.38% 6.23% 1.51%
1.84% NA NA NA
0.00% NA NA NA
0.82% 0.56% 5.33% 0.61%
1.16% 0.83% 5.63% 0.91%
6.30% NA NA NA
2.91% 2.70% 7.68% 2.96%
1.55% 0.49% 5.26% 0.54%
7.26% NA NA NA
2.13% NA NA NA
6.30% NA NA NA
9.68% NA NA NA
6.30% NA NA NA
0.00% 0.00% 4.72% 0.00%
0.00% 0.00% 4.72% 0.00%
0.59% NA NA NA
6.30% NA NA NA
5.33% NA NA NA
1.55% 0.39% 5.15% 0.43%
6.30% NA NA NA
2.42% NA NA NA
5.33% 4.62% 9.78% 5.06%
5.33% 3.08% 8.10% 3.38%
1.55% NA NA NA
5.33% NA NA NA
6.30% 3.95% 9.05% 4.33%
0.48% NA NA NA
0.59% 0.07% 4.80% 0.08%
0.00% 0.00% 4.72% 0.00%
1.84% 1.04% 5.86% 1.14%
4.36% NA NA NA
19.18% NA NA NA
3.49% 1.26% 6.10% 1.38%
11.62% NA NA NA
Volatility
BAML Emerging Mkt Public Bond Sp 14.07% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 15.42% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.10
Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield Index:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years Period
Interval Daily Interval
DATE VALUE Effective da
2015-12-31 5.50 Average = 4.12 In spread % 1/1/2016
2016-01-01 5.5 Std Dev = 0.57970858 In spread % 1/4/2016

2016-01-04 5.47 CV = ### ! Std Dev/ Average 1/5/2016
2016-01-05 5.46 1/6/2016
2016-01-06 5.45 1/7/2016
2016-01-07 5.48 1/8/2016
2016-01-08 5.49 1/11/2016
2016-01-11 5.51 1/12/2016
2016-01-12 5.55 1/13/2016
2016-01-13 5.59 1/14/2016
2016-01-14 5.65 1/15/2016
2016-01-15 5.71 1/18/2016
2016-01-18 5.72 1/19/2016
2016-01-19 5.72 1/20/2016
2016-01-20 5.77 1/21/2016
2016-01-21 5.79 1/22/2016
2016-01-22 5.70 1/25/2016
2016-01-25 5.69 1/26/2016
2016-01-26 5.66 1/27/2016
2016-01-27 5.63 1/28/2016
2016-01-28 5.56 1/29/2016
2016-01-29 5.51 2/1/2016
2016-01-31 5.55 2/2/2016
2016-02-01 5.55 2/3/2016
2016-02-02 5.59 2/4/2016
2016-02-03 5.57 2/5/2016
2016-02-04 5.51 2/8/2016
2016-02-05 5.49 2/9/2016
2016-02-08 5.49 2/10/2016
2016-02-09 5.51 2/11/2016
2016-02-10 5.53 2/12/2016
2016-02-11 5.58 2/15/2016
2016-02-12 5.61 2/16/2016
2016-02-15 5.60 2/17/2016
2016-02-16 5.57 2/18/2016
2016-02-17 5.50 2/19/2016
2016-02-18 5.48 2/22/2016
2016-02-19 5.46 2/23/2016
2016-02-22 5.44 2/24/2016
2016-02-23 5.43 2/25/2016
2016-02-24 5.44 2/26/2016
2016-02-25 5.40 2/29/2016
2016-02-26 5.39 3/1/2016
2016-02-29 5.38 3/2/2016
2016-03-01 5.36 3/3/2016
2016-03-02 5.31 3/4/2016
2016-03-03 5.28 3/7/2016
2016-03-04 5.21 3/8/2016
2016-03-07 5.25 3/9/2016
2016-03-08 5.24 3/10/2016
2016-03-09 5.24 3/11/2016
2016-03-10 5.22 3/14/2016
2016-03-11 5.19 3/15/2016
2016-03-14 5.18 3/16/2016
2016-03-15 5.22 3/17/2016
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2020-04-24 4.70 5/18/2020
2020-04-27 4.72 5/19/2020
2020-04-28 4.69 5/20/2020
2020-04-29 4.61 5/21/2020
2020-04-30 4.51 5/22/2020
2020-05-01 4.50 5/25/2020
2020-05-04 4.50 5/26/2020
2020-05-05 4.47 5/27/2020
2020-05-06 4.48 5/28/2020
2020-05-07 4.45 5/29/2020
2020-05-08 4.40 6/1/2020
2020-05-11 4.39 6/2/2020
2020-05-12 4.35 6/3/2020
2020-05-13 4.35 6/4/2020
2020-05-14 4.36 6/5/2020
2020-05-15 4.31 6/8/2020
2020-05-18 4.25 6/9/2020
2020-05-19 4.22 6/10/2020
2020-05-20 4.14 6/11/2020
2020-05-21 4.05 6/12/2020
2020-05-22 4.06 6/15/2020
2020-05-25 4.05 6/16/2020
2020-05-26 4.01 6/17/2020
2020-05-27 3.99 6/18/2020
2020-05-28 3.98 6/19/2020
2020-05-29 3.98 6/22/2020
2020-05-31 3.99 6/23/2020
2020-06-01 3.96 6/24/2020
2020-06-02 3.93 6/25/2020
2020-06-03 3.88 6/26/2020
2020-06-04 3.87 6/29/2020
2020-06-05 3.82 6/30/2020
2020-06-08 3.76 7/1/2020
2020-06-09 3.74 7/2/2020
2020-06-10 3.73 7/3/2020
2020-06-11 3.75 7/6/2020
2020-06-12 3.76 7/7/2020
2020-06-15 3.79 7/8/2020
2020-06-16 3.74 7/9/2020
2020-06-17 3.75 7/10/2020
2020-06-18 3.74 7/13/2020
2020-06-19 3.72 7/14/2020
2020-06-22 3.72 7/15/2020
2020-06-23 3.71 7/16/2020
2020-06-24 3.72 7/17/2020
2020-06-25 3.72 7/20/2020
2020-06-26 3.71 7/21/2020
2020-06-29 3.71 7/22/2020
2020-06-30 3.62 7/23/2020
2020-07-01 3.62 7/24/2020
2020-07-02 3.60 7/27/2020
2020-07-03 3.59 7/28/2020
2020-07-06 3.55 7/29/2020
2020-07-07 3.55 7/30/2020
2020-07-08 3.53 7/31/2020
2020-07-09 3.53 8/3/2020
2020-07-10 3.53 8/4/2020
2020-07-13 3.52 8/5/2020
2020-07-14 3.52 8/6/2020
2020-07-15 3.51 8/7/2020
2020-07-16 3.50 8/10/2020
2020-07-17 3.47 8/11/2020
2020-07-20 3.45 8/12/2020
2020-07-21 3.40 8/13/2020
2020-07-22 3.35 8/14/2020
2020-07-23 3.34 8/17/2020
2020-07-24 3.35 8/18/2020
2020-07-27 3.33 8/19/2020
2020-07-28 3.32 8/20/2020
2020-07-29 3.30 8/21/2020
2020-07-30 3.28 8/24/2020
2020-07-31 3.25 8/25/2020
2020-08-03 3.24 8/26/2020
2020-08-04 3.20 8/27/2020
2020-08-05 3.17 8/28/2020
2020-08-06 3.14 8/31/2020
2020-08-07 3.13 9/1/2020
2020-08-10 3.13 9/2/2020
2020-08-11 3.12 9/3/2020
2020-08-12 3.13 9/4/2020
2020-08-13 3.14 9/7/2020
2020-08-14 3.16 9/8/2020
2020-08-17 3.16 9/9/2020
2020-08-18 3.16 9/10/2020
2020-08-19 3.15 9/11/2020
2020-08-20 3.16 9/14/2020
2020-08-21 3.15 9/15/2020
2020-08-24 3.14 9/16/2020
2020-08-25 3.16 9/17/2020
2020-08-26 3.16 9/18/2020
2020-08-27 3.16 9/21/2020
2020-08-28 3.17 9/22/2020
2020-08-31 3.13 9/23/2020
2020-09-01 3.11 9/24/2020
2020-09-02 3.07 9/25/2020
2020-09-03 3.07 9/28/2020
2020-09-04 3.09 9/29/2020
2020-09-07 3.09 9/30/2020
2020-09-08 3.11 10/1/2020
2020-09-09 3.10 10/2/2020
2020-09-10 3.09 10/5/2020
2020-09-11 3.10 10/6/2020
2020-09-14 3.09 10/7/2020
2020-09-15 3.09 10/8/2020
2020-09-16 3.11 10/9/2020
2020-09-17 3.13 10/12/2020
2020-09-18 3.13 10/13/2020
2020-09-21 3.18 10/14/2020
2020-09-22 3.19 10/15/2020
2020-09-23 3.23 10/16/2020
2020-09-24 3.25 10/19/2020
2020-09-25 3.25 10/20/2020
2020-09-28 3.25 10/21/2020
2020-09-29 3.26 10/22/2020
2020-09-30 3.19 10/23/2020
2020-10-01 3.20 10/26/2020
2020-10-02 3.20 10/27/2020
2020-10-05 3.19 10/28/2020
2020-10-06 3.17 10/29/2020
2020-10-07 3.16 10/30/2020
2020-10-08 3.14 11/2/2020
2020-10-09 3.11 11/3/2020
2020-10-12 3.11 11/4/2020
2020-10-13 3.09 11/5/2020
2020-10-14 3.09 11/6/2020
2020-10-15 3.10 11/9/2020
2020-10-16 3.09 11/10/2020
2020-10-19 3.10 11/11/2020
2020-10-20 3.11 11/12/2020
2020-10-21 3.13 11/13/2020
2020-10-22 3.14 11/16/2020
2020-10-23 3.14 11/17/2020
2020-10-26 3.13 11/18/2020
2020-10-27 3.12 11/19/2020
2020-10-28 3.13 11/20/2020
2020-10-29 3.16 11/23/2020
2020-10-30 3.19 11/24/2020
2020-10-31 3.20 11/25/2020
2020-11-02 3.20 11/26/2020
2020-11-03 3.19 11/27/2020
2020-11-04 3.12 11/30/2020
2020-11-05 3.06 12/1/2020
2020-11-06 3.07 12/2/2020
2020-11-09 3.03 12/3/2020
2020-11-10 3.05 12/4/2020
2020-11-11 3.04 12/7/2020
2020-11-12 3.03 12/8/2020
2020-11-13 3.02 12/9/2020
2020-11-16 3.01 12/10/2020
2020-11-17 3.02 12/11/2020
2020-11-18 3.01 12/14/2020
2020-11-19 3.01 12/15/2020
2020-11-20 3.00 12/16/2020
2020-11-23 2.99 12/17/2020
2020-11-24 2.99 12/18/2020
2020-11-25 2.98 12/21/2020
2020-11-26 2.98 12/22/2020
2020-11-27 2.96 12/23/2020
2020-11-30 2.92 12/24/2020
2020-12-01 2.92 12/25/2020
2020-12-02 2.92 12/28/2020
2020-12-03 2.90 12/29/2020
2020-12-04 2.89 12/30/2020
2020-12-07 2.88 12/31/2020
2020-12-08 2.87
2020-12-09 2.88
2020-12-10 2.86
2020-12-11 2.84
2020-12-14 2.82
2020-12-15 2.81
2020-12-16 2.80
2020-12-17 2.79
2020-12-18 2.79
2020-12-21 2.80
2020-12-22 2.79
2020-12-23 2.80
2020-12-24 2.80
2020-12-25 2.8
2020-12-28 2.79
2020-12-29 2.77
2020-12-30 2.77
2020-12-31 2.79
S&P Emerging BMI Index
S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Five years
Daily
S&P
Emerging
BMI (USD) Return
Daily Std
209.96 Deviation = 0.96%
Annualized
Std
203.33 -3.16% Deviation= 15.42%
203.45 0.06%
201.43 -0.99%
195.34 -3.02%
195.54 0.10%
191.16 -2.24%
191.04 -0.06%
191.86 0.43%
190.61 -0.65%
186.54 -2.14%
184.94 -0.86%
187.75 1.52%
182.42 -2.84%
181.33 -0.60%
186.42 2.81%
187.54 0.60%
185.95 -0.85%
187.21 0.68%
188.76 0.83%
194.1 2.83%
194.05 -0.03%
190.82 -1.66%
189.11 -0.90%
193.17 2.15%
192.91 -0.13%
191.32 -0.82%
190.07 -0.65%
190.27 0.11%
186.09 -2.20%
186.06 -0.02%
189.98 2.11%
191.31 0.70%
192.85 0.80%
195.34 1.29%
194.3 -0.53%
196.99 1.38%
195.39 -0.81%
193.36 -1.04%
192.69 -0.35%
194.24 0.80%
194.49 0.13%
198.33 1.97%
202.16 1.93%
204.56 1.19%
207.64 1.51%
208.73 0.52%
207.03 -0.81%
207.3 0.13%
207.35 0.02%
209.98 1.27%
210.46 0.23%
206.82 -1.73%
207.26 0.21%
213.48 3.00%
215.89 1.13%
216.79 0.42%
216.74 -0.02%
214.51 -1.03%
212.6 -0.89%
212.37 -0.11%
212.36 0.00%
212.54 0.08%
217.53 2.35%
218.34 0.37%
216.41 -0.88%
216.2 -0.10%
213 -1.48%
212.04 -0.45%
211.81 -0.11%
214.06 1.06%
216.04 0.92%
217.63 0.74%
221.53 1.79%
221.62 0.04%
221.58 -0.02%
221.01 -0.26%
223.24 1.01%
222.57 -0.30%
223.1 0.24%
221.16 -0.87%
219.54 -0.73%
220.47 0.42%
220.54 0.03%
220.91 0.17%
220.23 -0.31%
219.03 -0.54%
214.98 -1.85%
213.19 -0.83%
212.2 -0.46%
210.96 -0.58%
209.95 -0.48%
211.63 0.80%
211.86 0.11%
211.32 -0.25%
208.95 -1.12%
209.72 0.37%
210.66 0.45%
208.99 -0.79%
205.68 -1.58%
206.74 0.52%
207.18 0.21%
207.79 0.29%
209.96 1.04%
211.06 0.52%
212.58 0.72%
212.77 0.09%
212.6 -0.08%
212.49 -0.05%
212.85 0.17%
214.8 0.92%
216.91 0.98%
219.43 1.16%
220.82 0.63%
219.37 -0.66%
216.03 -1.52%
212.74 -1.52%
211.05 -0.79%
212.59 0.73%
210.36 -1.05%
212.22 0.88%
215.62 1.60%
216.57 0.44%
217.35 0.36%
219.1 0.81%
212.22 -3.14%
209.46 -1.30%
212.22 1.32%
216.38 1.96%
219.27 1.34%
220.19 0.42%
221.38 0.54%
218.54 -1.28%
216.21 -1.07%
217.66 0.67%
218.53 0.40%
222.59 1.86%
224.74 0.97%
225.06 0.14%
227.41 1.04%
227.5 0.04%
228.12 0.27%
227.57 -0.24%
228.56 0.44%
228.56 0.00%
228.24 -0.14%
228.12 -0.05%
228.2 0.04%
229.14 0.41%
229.4 0.11%
228.89 -0.22%
230.66 0.77%
229.48 -0.51%
227.86 -0.71%
229.77 0.84%
232.05 0.99%
234.5 1.06%
235.44 0.40%
235.96 0.22%
237.29 0.56%
238.1 0.34%
239.76 0.70%
239.46 -0.13%
238.31 -0.48%
239.96 0.69%
238.43 -0.64%
237.05 -0.58%
237.16 0.05%
234.93 -0.94%
235.14 0.09%
236.28 0.48%
234.94 -0.57%
235.7 0.32%
234.35 -0.57%
233.94 -0.17%
236.09 0.92%
238.02 0.82%
241.75 1.57%
242.19 0.18%
242.58 0.16%
238.36 -1.74%
234.01 -1.82%
232.77 -0.53%
232.67 -0.04%
233.88 0.52%
232.97 -0.39%
235.91 1.26%
236.04 0.06%
237.78 0.74%
241.26 1.46%
240.34 -0.38%
237.22 -1.30%
238.18 0.40%
238.74 0.24%
238.49 -0.10%
236.49 -0.84%
238.96 1.04%
240.08 0.47%
240.2 0.05%
240.29 0.04%
239.8 -0.20%
240.58 0.33%
237.9 -1.11%
237.05 -0.36%
234.2 -1.20%
235.91 0.73%
235.15 -0.32%
238.66 1.49%
239.76 0.46%
239.9 0.06%
239.8 -0.04%
241.39 0.66%
241.56 0.07%
239.82 -0.72%
238.52 -0.54%
237.98 -0.23%
238.46 0.20%
237.63 -0.35%
234.63 -1.26%
232.78 -0.79%
231.48 -0.56%
235.28 1.64%
236.97 0.72%
231.89 -2.14%
230.4 -0.64%
223.81 -2.86%
221.58 -1.00%
222.12 0.24%
223.39 0.57%
223.45 0.03%
222.88 -0.26%
223.7 0.37%
225.76 0.92%
225.09 -0.30%
224.34 -0.33%
225.39 0.47%
227.09 0.75%
225.93 -0.51%
226.96 0.46%
225.51 -0.64%
224.41 -0.49%
224.81 0.18%
226.43 0.72%
228.06 0.72%
230.37 1.01%
230.29 -0.03%
228.75 -0.67%
229.97 0.53%
228.72 -0.54%
225.15 -1.56%
224.59 -0.25%
223.14 -0.65%
223.06 -0.04%
223.36 0.13%
221.07 -1.03%
221.09 0.01%
221.09 0.00%
221.76 0.30%
223.94 0.98%
225.88 0.87%
227.2 0.58%
227.1 -0.04%
228.36 0.55%
229.35 0.43%
232.01 1.16%
231.8 -0.09%
231.25 -0.24%
233 0.76%
232.79 -0.09%
235.15 1.01%
235.01 -0.06%
233.55 -0.62%
234.81 0.54%
235.52 0.30%
234.76 -0.32%
234.4 -0.15%
236.72 0.99%
238.67 0.82%
239.48 0.34%
240.14 0.28%
240.07 -0.03%
239.29 -0.32%
238.78 -0.21%
239.76 0.41%
240.41 0.27%
241.59 0.49%
242.39 0.33%
241.88 -0.21%
242.82 0.39%
244.01 0.49%
245.32 0.54%
246.93 0.66%
246.33 -0.24%
248.43 0.85%
249.45 0.41%
247.88 -0.63%
249.14 0.51%
249.31 0.07%
250.61 0.52%
250.88 0.11%
248.65 -0.89%
248.09 -0.23%
246.83 -0.51%
247.47 0.26%
246.65 -0.33%
246.06 -0.24%
247.03 0.39%
247.14 0.04%
246.48 -0.27%
243.6 -1.17%
244.26 0.27%
246.84 1.06%
247.2 0.15%
248.18 0.40%
253.13 1.99%
253.52 0.15%
255.07 0.61%
254.72 -0.14%
253.22 -0.59%
253.65 0.17%
254.15 0.20%
252.92 -0.48%
254.12 0.47%
254.5 0.15%
254.18 -0.13%
251.6 -1.02%
253.29 0.67%
253.62 0.13%
254.92 0.51%
253.83 -0.43%
253.47 -0.14%
252.94 -0.21%
252.35 -0.23%
253.04 0.27%
253.64 0.24%
253.06 -0.23%
253.89 0.33%
252.55 -0.53%
251.38 -0.46%
252.69 0.52%
253.13 0.17%
255.3 0.86%
257.85 1.00%
257.64 -0.08%
256.94 -0.27%
256.82 -0.05%
257.31 0.19%
259.01 0.66%
258.26 -0.29%
256.4 -0.72%
255.71 -0.27%
256.45 0.29%
257.71 0.49%
259.65 0.75%
260.28 0.24%
260.95 0.26%
263.1 0.82%
264.05 0.36%
262.31 -0.66%
256.58 -2.18%
258.86 0.89%
260.16 0.50%
260.23 0.03%
260.38 0.06%
262.36 0.76%
263.09 0.28%
262.58 -0.19%
262.13 -0.17%
260.52 -0.61%
261.45 0.36%
262.81 0.52%
263.39 0.22%
262.94 -0.17%
263.4 0.17%
264.14 0.28%
263.55 -0.22%
261.63 -0.73%
261.76 0.05%
262.55 0.30%
259.94 -0.99%
260.2 0.10%
262.45 0.86%
260.97 -0.56%
261.15 0.07%
261.29 0.05%
261.84 0.21%
263.62 0.68%
262.77 -0.32%
261.96 -0.31%
262.23 0.10%
261.76 -0.18%
262.77 0.39%
261.25 -0.58%
261.86 0.23%
261.22 -0.24%
260.44 -0.30%
261.99 0.60%
263.91 0.73%
267.02 1.18%
269.3 0.85%
270.89 0.59%
271.74 0.31%
272.02 0.10%
273.86 0.68%
273.57 -0.11%
273.3 -0.10%
274.21 0.33%
273.91 -0.11%
274.43 0.19%
275.86 0.52%
275.51 -0.13%
276.23 0.26%
276.94 0.26%
277.22 0.10%
276.63 -0.21%
277.35 0.26%
279.56 0.80%
280.21 0.23%
278.4 -0.65%
274.82 -1.29%
271.97 -1.04%
274.46 0.92%
274.16 -0.11%
276.16 0.73%
276.57 0.15%
275.69 -0.32%
276.78 0.40%
278.81 0.73%
279.57 0.27%
281.25 0.60%
282.22 0.34%
282.35 0.05%
281.46 -0.32%
283.31 0.66%
283.92 0.22%
285.18 0.44%
283.84 -0.47%
284.52 0.24%
284.36 -0.06%
285.67 0.46%
285.84 0.06%
287.94 0.73%
288.56 0.22%
287.86 -0.24%
287.83 -0.01%
288.35 0.18%
290.07 0.60%
289.28 -0.27%
289.8 0.18%
288.88 -0.32%
287.35 -0.53%
282.53 -1.68%
281 -0.54%
280.57 -0.15%
279.42 -0.41%
281.86 0.87%
282.26 0.14%
286.05 1.34%
287.55 0.52%
287.94 0.14%
288 0.02%
287.21 -0.27%
289.38 0.76%
289.82 0.15%
290.86 0.36%
292.15 0.44%
293.65 0.51%
291.76 -0.64%
292.02 0.09%
289.76 -0.77%
290.23 0.16%
289.1 -0.39%
288.41 -0.24%
288.73 0.11%
287.48 -0.43%
287.54 0.02%
288.61 0.37%
288.99 0.13%
290.7 0.59%
290.44 -0.09%
289.86 -0.20%
291.35 0.51%
291.91 0.19%
292.04 0.04%
291.84 -0.07%
290.57 -0.44%
289.26 -0.45%
287.89 -0.47%
285.74 -0.75%
288.81 1.07%
291.7 1.00%
291.89 0.07%
295.54 1.25%
296.69 0.39%
295.74 -0.32%
296.29 0.19%
294.92 -0.46%
295.09 0.06%
293.57 -0.52%
289.61 -1.35%
288.08 -0.53%
289.14 0.37%
287.84 -0.45%
284.09 -1.30%
283.88 -0.07%
286.56 0.94%
289.06 0.87%
286.97 -0.72%
288.51 0.54%
289.33 0.28%
288.87 -0.16%
292.2 1.15%
292.49 0.10%
292.94 0.15%
294.49 0.53%
295.97 0.50%
295.95 -0.01%
295.59 -0.12%
296.96 0.46%
298.8 0.62%
300.34 0.52%
300.16 -0.06%
305.17 1.67%
306.92 0.57%
309.71 0.91%
311.49 0.57%
312.86 0.44%
312.63 -0.07%
311.47 -0.37%
311.67 0.06%
314 0.75%
314.42 0.13%
315.63 0.38%
317.53 0.60%
318.77 0.39%
320.28 0.47%
322.78 0.78%
325.54 0.86%
327.77 0.69%
328.18 0.13%
330.88 0.82%
328.97 -0.58%
324.38 -1.40%
326.03 0.51%
324.76 -0.39%
320.61 -1.28%
315.41 -1.62%
306.3 -2.89%
306.58 0.09%
303.69 -0.94%
299.01 -1.54%
301.33 0.78%
303.83 0.83%
308.75 1.62%
313.55 1.55%
312.73 -0.26%
312.32 -0.13%
311.25 -0.34%
315.44 1.35%
313.77 -0.53%
317.37 1.15%
318.49 0.35%
315.76 -0.86%
312.22 -1.12%
311.47 -0.24%
309.06 -0.77%
307.72 -0.43%
311.29 1.16%
309.49 -0.58%
310.54 0.34%
313.28 0.88%
316.83 1.13%
316.91 0.03%
315.51 -0.44%
314.89 -0.20%
313.88 -0.32%
311.68 -0.70%
312.77 0.35%
313.02 0.08%
309.34 -1.18%
304.42 -1.59%
306.98 0.84%
307.34 0.12%
301.98 -1.74%
303.4 0.47%
303.75 0.12%
303.35 -0.13%
303.69 0.11%
300.43 -1.07%
302.97 0.85%
302.49 -0.16%
302.18 -0.10%
305.4 1.07%
305.6 0.07%
306.08 0.16%
304.18 -0.62%
302.32 -0.61%
302.36 0.01%
304.91 0.84%
306.54 0.53%
302.93 -1.18%
300.1 -0.93%
299.71 -0.13%
296.04 -1.22%
296.43 0.13%
299.12 0.91%
300.81 0.56%
300.24 -0.19%
297.97 -0.76%
294.48 -1.17%
294.58 0.03%
295.38 0.27%
296.07 0.23%
296.71 0.22%
299.32 0.88%
301.21 0.63%
302.49 0.42%
298.13 -1.44%
299.37 0.42%
296.98 -0.80%
294.82 -0.73%
294.6 -0.07%
296.25 0.56%
293 -1.10%
293.65 0.22%
294.05 0.14%
294.26 0.07%
291.57 -0.91%
289.42 -0.74%
291.29 0.65%
293.39 0.72%
297.25 1.32%
296.11 -0.38%
297.91 0.61%
297.45 -0.15%
294.32 -1.05%
295.3 0.33%
295.76 0.16%
294.23 -0.52%
292.61 -0.55%
290 -0.89%
288.54 -0.50%
283.18 -1.86%
284.98 0.64%
281.92 -1.07%
283.43 0.54%
279.12 -1.52%
278.17 -0.34%
273.79 -1.57%
272.86 -0.34%
278.66 2.13%
276.97 -0.61%
276.34 -0.23%
275.95 -0.14%
275.42 -0.19%
276.74 0.48%
280.78 1.46%
280.99 0.07%
278.19 -1.00%
280.21 0.73%
280.97 0.27%
279.62 -0.48%
279.92 0.11%
279.49 -0.15%
277.18 -0.83%
279.6 0.87%
279.78 0.06%
283.12 1.19%
285.36 0.79%
284.99 -0.13%
285.8 0.28%
285.23 -0.20%
284.45 -0.27%
284.25 -0.07%
279.7 -1.60%
281.25 0.55%
280.52 -0.26%
282.64 0.76%
282.29 -0.12%
281.86 -0.15%
278.02 -1.36%
272.9 -1.84%
272.54 -0.13%
267.17 -1.97%
267.08 -0.03%
267.17 0.03%
270.04 1.07%
272.32 0.84%
273.72 0.51%
272.95 -0.28%
273.19 0.09%
278.09 1.79%
278.17 0.03%
277.8 -0.13%
274.1 -1.33%
273.7 -0.15%
271.41 -0.84%
269.06 -0.87%
264.64 -1.64%
263.86 -0.29%
265.2 0.51%
261.57 -1.37%
259.38 -0.84%
259.97 0.23%
263.45 1.34%
265.69 0.85%
263.02 -1.00%
263.51 0.19%
266.34 1.07%
267.5 0.44%
271.01 1.31%
268.17 -1.05%
268.01 -0.06%
269.22 0.45%
270.15 0.35%
269.33 -0.30%
269.01 -0.12%
266.46 -0.95%
266.85 0.15%
260.81 -2.26%
257.9 -1.12%
256.75 -0.45%
256.09 -0.26%
254.23 -0.73%
247.4 -2.69%
253.49 2.46%
251.9 -0.63%
255.35 1.37%
254.48 -0.34%
251.58 -1.14%
251.23 -0.14%
254 1.10%
249.04 -1.95%
247.05 -0.80%
246.57 -0.19%
244.58 -0.81%
243.42 -0.47%
243.45 0.01%
248.62 2.12%
253.36 1.91%
258.59 2.06%
257.86 -0.28%
257.55 -0.12%
259.49 0.75%
257.87 -0.62%
253.73 -1.61%
251 -1.08%
251.24 0.10%
252.22 0.39%
255.27 1.21%
256.94 0.65%
257.48 0.21%
253.56 -1.52%
254.73 0.46%
254.85 0.05%
253.18 -0.66%
254.75 0.62%
255.45 0.27%
258.45 1.17%
260.19 0.67%
259.87 -0.12%
264.88 1.93%
264.15 -0.28%
261.27 -1.09%
255.46 -2.22%
256.07 0.24%
251.09 -1.94%
251.83 0.29%
255.38 1.41%
256.96 0.62%
254.06 -1.13%
252.85 -0.48%
251.73 -0.44%
252.69 0.38%
251.11 -0.63%
249.83 -0.51%
248.75 -0.43%
247.97 -0.31%
248.35 0.15%
248.88 0.21%
251.56 1.08%
252.6 0.41%
252.74 0.06%
250.55 -0.87%
249.51 -0.42%
253.63 1.65%
256.59 1.17%
256.27 -0.12%
260.38 1.60%
261.42 0.40%
261.73 0.12%
259.89 -0.70%
262.46 0.99%
263.41 0.36%
263.2 -0.08%
265.39 0.83%
265.61 0.08%
263.61 -0.75%
263.86 0.09%
265.69 0.69%
268.05 0.89%
266.67 -0.51%
266.91 0.09%
268.29 0.52%
272.09 1.42%
272.5 0.15%
271.94 -0.21%
272.94 0.37%
272.06 -0.32%
270.48 -0.58%
269.61 -0.32%
269.19 -0.16%
270.82 0.61%
270.64 -0.07%
269.57 -0.40%
267.96 -0.60%
269.2 0.46%
269.65 0.17%
272.34 1.00%
272.91 0.21%
275.04 0.78%
277.46 0.88%
276.59 -0.31%
275.53 -0.38%
273.74 -0.65%
274.06 0.12%
274.85 0.29%
275.89 0.38%
276.21 0.12%
272.92 -1.19%
270.15 -1.01%
273.23 1.14%
275.61 0.87%
275.86 0.09%
275.32 -0.20%
277.61 0.83%
280.8 1.15%
281.22 0.15%
280.43 -0.28%
280.19 -0.09%
277.12 -1.10%
274.82 -0.83%
275.76 0.34%
274.21 -0.56%
274.86 0.24%
278 1.14%
280.93 1.05%
281.16 0.08%
282.96 0.64%
283.08 0.04%
284.28 0.42%
285.17 0.31%
286.48 0.46%
286.99 0.18%
284.81 -0.76%
285.02 0.07%
284.02 -0.35%
285.97 0.69%
286.76 0.28%
286.14 -0.22%
286.22 0.03%
285.32 -0.31%
285.35 0.01%
284.65 -0.25%
282.86 -0.63%
283.43 0.20%
283.82 0.14%
283.5 -0.11%
283.86 0.13%
283.27 -0.21%
284.84 0.55%
278.99 -2.05%
277.66 -0.48%
276.15 -0.54%
271.4 -1.72%
272.59 0.44%
268.06 -1.66%
267.71 -0.13%
268.06 0.13%
267.48 -0.22%
263.87 -1.35%
263.5 -0.14%
264.78 0.49%
264.58 -0.08%
260.69 -1.47%
261.87 0.45%
262.64 0.29%
262.7 0.02%
262.56 -0.05%
264.84 0.87%
265.76 0.35%
267.73 0.74%
267.11 -0.23%
266.9 -0.08%
266.24 -0.25%
267.62 0.52%
271.12 1.31%
273.54 0.89%
272.01 -0.56%
271.24 -0.28%
269.28 -0.72%
268.17 -0.41%
271.48 1.23%
274.57 1.14%
278.46 1.42%
278.42 -0.01%
278.24 -0.06%
276.15 -0.75%
277.05 0.33%
278.94 0.68%
278.97 0.01%
281.63 0.95%
281.95 0.11%
281.64 -0.11%
282.85 0.43%
281.57 -0.45%
278.7 -1.02%
277.64 -0.38%
279.33 0.61%
280.61 0.46%
279.48 -0.40%
281.27 0.64%
281.73 0.16%
280.62 -0.39%
279.81 -0.29%
280.6 0.28%
279.47 -0.40%
279.62 0.05%
279.79 0.06%
279.55 -0.09%
278.28 -0.45%
277.91 -0.13%
276.75 -0.42%
275.61 -0.41%
272.25 -1.22%
266.96 -1.94%
259.26 -2.88%
259.7 0.17%
259.92 0.08%
263.26 1.29%
262.2 -0.40%
260.67 -0.58%
259.14 -0.59%
257.42 -0.66%
256.93 -0.19%
258.93 0.78%
260.91 0.76%
260.98 0.03%
261.77 0.30%
259.97 -0.69%
259.38 -0.23%
256.7 -1.03%
257.5 0.31%
257.56 0.02%
259.07 0.59%
262.46 1.31%
262.46 0.00%
259.61 -1.09%
263.96 1.68%
266.69 1.03%
267.9 0.45%
268.11 0.08%
267.36 -0.28%
269.79 0.91%
271.57 0.66%
272.89 0.49%
272.42 -0.17%
270.17 -0.83%
270.78 0.23%
269.13 -0.61%
270.74 0.60%
269.63 -0.41%
268.47 -0.43%
267.12 -0.50%
267.94 0.31%
266.29 -0.62%
265.49 -0.30%
264.6 -0.34%
263.05 -0.59%
263.95 0.34%
264.87 0.35%
264.13 -0.28%
263.49 -0.24%
263.48 0.00%
264.78 0.49%
268.27 1.32%
269.52 0.47%
269.86 0.13%
270.82 0.36%
272.41 0.59%
271.68 -0.27%
272.54 0.32%
273.53 0.36%
272.89 -0.23%
274.54 0.60%
274.25 -0.11%
276.13 0.69%
276.03 -0.04%
275.8 -0.08%
275.7 -0.04%
277.63 0.70%
280.93 1.19%
282.23 0.46%
281.51 -0.26%
282.97 0.52%
280.78 -0.77%
277.89 -1.03%
278.21 0.12%
275.4 -1.01%
274.89 -0.19%
276.23 0.49%
277.09 0.31%
278.66 0.57%
277.68 -0.35%
276.3 -0.50%
277.19 0.32%
278.32 0.41%
277.04 -0.46%
278.33 0.47%
277.95 -0.14%
275.92 -0.73%
275.92 0.00%
275.33 -0.21%
275.61 0.10%
277.2 0.58%
278.57 0.49%
278.99 0.15%
278.4 -0.21%
280.7 0.83%
283.26 0.91%
286.54 1.16%
287.16 0.22%
290.24 1.07%
292.02 0.61%
291.46 -0.19%
291.4 -0.02%
292.49 0.37%
292.07 -0.14%
292.12 0.02%
292.59 0.16%
294.52 0.66%
294.86 0.12%
294.06 -0.27%
294.1 0.01%
298.23 1.40%
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%
Values
Row Labels Average of Adj. Default Spr Average of Country Risk Pre Average of Equity Risk Pre
Africa 4.96% 5.44% 10.16%
Asia 2.58% 2.82% 7.54%
Australia & New Zealand 1.33% 1.45% 6.17%
Caribbean 3.02% 3.31% 8.03%
Central and South America 4.42% 4.84% 9.56%
Eastern Europe & Russia 2.79% 3.06% 7.78%
Middle East 3.16% 3.47% 8.19%
North America 0.00% 0.00% 4.72%
Western Europe 1.06% 1.16% 5.88%
Grand Total 3.04% 3.33% 8.05%
Average of Corporate Tax Rate
27.88%
23.28%
28.81%
16.98%
27.60%
15.65%
18.85%
26.75%
19.22%
21.80%
Country GDP (in billions) in 2019Moody's rating Adj. Default Sprea Equity Risk Premi
Angola 94.60 Caa1 6.63% 11.98%
Benin 14.40 B2 4.86% 10.05%
Botswana 18.30 A2 0.75% 5.54%
Burkina Faso 15.70 B2 4.86% 10.05%
Cameroon 38.80 B2 4.86% 10.05%
Cape Verde 2.00 B2 4.86% 10.05%
Congo (Democratic Rep 47.30 Caa1 6.63% 11.98%
Congo (Republic of) 10.80 Caa2 7.96% 13.44%
Côte d'Ivoire 58.80 Ba3 3.18% 8.21%
Egypt 303.20 B2 4.86% 10.05%
Ethiopia 96.10 B2 4.86% 10.05%
Gabon 16.70 Caa1 6.63% 11.98%
Ghana 67.00 B3 5.75% 11.02%
Kenya 95.50 B2 4.86% 10.05%
Mali 17.50 Caa1 6.63% 11.98%
Mauritius 14.20 Baa1 1.41% 6.27%
Morocco 118.70 Ba1 2.21% 7.14%
Mozambique 14.90 Caa2 7.96% 13.44%
Namibia 12.40 Ba3 3.18% 8.21%
Niger 12.90 B3 5.75% 11.02%
Nigeria 448.10 B2 4.86% 10.05%
Rwanda 10.10 B2 4.86% 10.05%
Senegal 23.60 Ba3 3.18% 8.21%
South Africa 351.40 Ba2 2.65% 7.63%
Swaziland 4.40 B3 5.75% 11.02%
Tanzania 63.20 B2 4.86% 10.05%
Togo 5.50 B3 5.75% 11.02%
Tunisia 38.80 B2 4.86% 10.05%
Uganda 34.40 B2 4.86% 10.05%
Zambia 23.10 Ca 10.60% 16.34%
Africa 2072.40 4.49% 9.64%
Bangladesh 302.60 Ba3 3.18% 8.21%
Cambodia 27.10 B2 4.86% 10.05%
China 14342.90 A1 0.62% 5.40%
Fiji 5.50 Ba3 3.18% 8.21%
Hong Kong 366.00 Aa3 0.53% 5.31%
India 2875.10 Baa3 1.95% 6.85%
Indonesia 1119.20 Baa2 1.68% 6.56%
Japan 5081.80 A1 0.62% 5.40%
Korea 1642.40 Aa2 0.44% 5.20%
Laos 18.20 Caa2 7.96% 13.44%
Macao 53.90 Aa3 0.53% 5.31%
Malaysia 364.70 A3 1.06% 5.88%
Maldives 5.70 B3 5.75% 11.02%
Mongolia 13.90 B3 5.75% 11.02%
Pakistan 278.20 B3 5.75% 11.02%
Papua New Guinea 25.00 B2 4.86% 10.05%
Philippines 376.80 Baa2 1.68% 6.56%
Singapore 372.10 Aaa 0.00% 4.72%
Solomon Islands 1.40 B3 5.75% 11.02%
Sri Lanka 84.00 Caa1 6.63% 11.98%
Taiwan 985.00 Aa3 0.53% 5.31%
Thailand 543.60 Baa1 1.41% 6.27%
Vietnam 261.90 Ba3 3.18% 8.21%
Asia 29147 0.94% 5.75%
Australia 1392.70 Aaa 0.00% 4.72%
Cook Islands 1.20 B1 3.98% 9.08%
New Zealand 206.90 Aaa 0.00% 4.72%
Australia & New Zeal 1600.8 0.00% 4.72%
Aruba 3.10 Baa1 1.41% 6.27%
Bahamas 12.80 Ba2 2.65% 7.63%
Barbados 5.20 Caa1 6.63% 11.98%
Bermuda 5.70 A2 0.75% 5.54%
Cayman Islands 5.50 Aa3 0.53% 5.31%
Cuba 100.00 Caa2 7.96% 13.44%
Curacao 3.10 A3 1.06% 5.88%
Dominican Republic 88.90 Ba3 3.18% 8.21%
Jamaica 16.50 B2 4.86% 10.05%
Montserrat 1.50 Baa3 1.95% 6.85%
St. Maarten 1.50 Baa3 1.95% 6.85%
St. Vincent & the Gren 0.80 B3 5.75% 11.02%
Trinidad and Tobago 24.10 Ba1 2.21% 7.14%
Turks and Caicos Islan 1.00 Baa1 1.41% 6.27%
Caribbean 269.7 4.85% 10.03%
Argentina 449.70 Ca 10.60% 16.34%
Belize 1.90 Caa3 8.83% 14.40%
Bolivia 40.90 B2 4.86% 10.05%
Brazil 1839.80 Ba2 2.65% 7.63%
Chile 282.30 A1 0.62% 5.40%
Colombia 323.80 Baa2 1.68% 6.56%
Costa Rica 61.80 B2 4.86% 10.05%
Ecuador 107.40 Caa3 8.83% 14.40%
El Salvador 27.00 B3 5.75% 11.02%
Guatemala 76.70 Ba1 2.21% 7.14%
Honduras 25.10 B1 3.98% 9.08%
Mexico 1258.30 Baa1 1.41% 6.27%
Nicaragua 12.50 B3 5.75% 11.02%
Panama 66.80 Baa1 1.41% 6.27%
Paraguay 38.10 Ba1 2.21% 7.14%
Peru 226.80 A3 1.06% 5.88%
Suriname 4.00 Caa3 8.83% 14.40%
Uruguay 56.00 B1 3.98% 9.08%
Venezuela 220.00 C 17.50% 23.90%
Central and South Ame 5118.9 3.64% 8.71%
Albania 15.30 B1 3.98% 9.08%
Armenia 13.70 Ba3 3.18% 8.21%
Azerbaijan 48.00 Ba2 2.65% 7.63%
Belarus 63.10 B3 5.75% 11.02%
Bosnia and Herzegovi 20.00 B3 5.75% 11.02%
Bulgaria 67.90 Baa1 1.41% 6.27%
Croatia 60.40 Ba1 2.21% 7.14%
Czech Republic 246.50 Aa3 0.53% 5.31%
Estonia 31.40 A1 0.62% 5.40%
Georgia 17.70 Ba2 2.65% 7.63%
Hungary 161.00 Baa3 1.95% 6.85%
Kazakhstan 180.20 Baa3 1.95% 6.85%
Kyrgyzstan 8.50 B2 4.86% 10.05%
Latvia 34.10 A3 1.06% 5.88%
Lithuania 54.20 A3 1.06% 5.88%
Macedonia 12.70 Ba3 3.18% 8.21%
Moldova 12.00 B3 5.75% 11.02%
Montenegro 5.50 B1 3.98% 9.08%
Poland 592.20 A2 0.75% 5.54%
Romania 250.10 Baa3 1.95% 6.85%
Russia 1699.90 Baa3 1.95% 6.85%
Serbia 51.40 Ba3 3.18% 8.21%
Slovakia 105.40 A2 0.75% 5.54%
Slovenia 53.70 A3 1.06% 5.88%
Tajikistan 8.10 B3 5.75% 11.02%
Ukraine 153.80 B3 5.75% 11.02%
Uzbekistan 57.90 Baa2 1.68% 6.56%
Eastern Europe & Russ 4024.70 1.90% 6.80%
Abu Dhabi 915.00 Aa2 0.44% 5.20%
Bahrain 38.60 B2 4.86% 10.05%
Iraq 234.10 Caa1 6.63% 11.98%
Israel 395.10 A1 0.62% 5.40%
Jordan 43.70 B1 3.98% 9.08%
Kuwait 134.80 A1 0.62% 5.40%
Lebanon 53.40 C 17.50% 23.90%
Oman 77.00 Ba3 3.18% 8.21%
Qatar 183.50 Aa3 0.53% 5.31%
Ras Al Khaimah (Emira 5.20 Aaa 0.00% 4.72%
Saudi Arabia 793.00 A1 0.62% 5.40%
Sharjah 5.00 Baa2 1.68% 6.56%
United Arab Emirates 421.10 Aa2 0.44% 5.20%
Middle East 3299.5 1.40% 6.25%
Canada 1736.40 Aaa 0.00% 4.72%
United States 21374.40 Aaa 0.00% 4.72%
North America 23110.8 0.00% 4.72%
Andorra (Principality o 3.20 Caa1 6.63% 11.98%
Austria 446.30 Aa1 0.35% 5.10%
Belgium 529.60 Aa3 0.53% 5.31%
Cyprus 24.60 Ba2 2.65% 7.63%
Denmark 348.10 Aaa 0.00% 4.72%
Finland 268.80 Aa1 0.35% 5.10%
France 2715.50 Aa2 0.44% 5.20%
Germany 3845.60 Aaa 0.00% 4.72%
Greece 209.90 Ba3 3.18% 8.21%
Guernsey (States of) 2.50 Aaa 0.00% 4.72%
Iceland 24.20 A2 0.75% 5.54%
Ireland 388.70 A2 0.75% 5.54%
Isle of Man 6.80 Aa3 0.53% 5.31%
Italy 2001.20 Baa3 1.95% 6.85%
Jersey (States of) 1.00 Aaa 0.00% 4.72%
Liechtenstein 6.60 Aaa 0.00% 4.72%
Luxembourg 71.10 Aaa 0.00% 4.72%
Malta 14.80 A2 0.75% 5.54%
Netherlands 909.10 Aaa 0.00% 4.72%
Norway 403.30 Aaa 0.00% 4.72%
Portugal 237.70 Baa3 1.95% 6.85%
Spain 1394.10 Baa1 1.41% 6.27%
Sweden 530.80 Aaa 0.00% 4.72%
Switzerland 703.10 Aaa 0.00% 4.72%
Turkey 754.40 B2 4.86% 10.05%
United Kingdom 2827.10 Aa3 0.53% 5.31%
Western Europe 18668.1 0.77% 5.56%
Region Weighted Average: ERP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 9.64% 4.92% 4.49% 28.22%
Asia 5.75% 1.03% 0.94% 25.70%
Australia & New Zealand 4.72% 0.00% 0.00% 29.74%
Caribbean 10.03% 5.31% 4.85% 24.25%
Central and South America 8.71% 3.99% 3.64% 31.04%
Eastern Europe & Russia 6.80% 2.08% 1.90% 18.31%
Middle East 6.25% 1.53% 1.40% 32.96%
North America 4.72% 0.00% 0.00% 26.96%
Western Europe 5.56% 0.84% 0.77% 24.41%
Global 5.76% 1.04% 0.95% 26.13%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 7.40% 2.45% 31.35%
Australia, NZ & Canada 4.72% 0.00% 28.05%
Latin America & Caribbean 8.78% 3.69% 27.15%
Japan 5.40% 0.62% 30.62%
US 4.72% 0.00% 25.00%
Europe 5.56% 0.77% 24.41%
Emerging Markets 6.57% 1.68% 26.30%
Small Asia (No India, China 6.26% 1.40% 20.00%
India 6.85% 1.95% 30.00%
China 5.40% 0.62% 25.00%
Global 5.76% 0.95% 26.13%
Country Risk Premium Corporate Tax Rate Region GDP Weight
7.26% 30.00% Africa 4.56%
5.33% 30.00% Africa 0.69%
0.82% 22.00% Africa 0.88%
5.33% 28.00% Africa 0.76%
5.33% 33.00% Africa 1.87%
5.33% 0.00% Africa 0.10%
7.26% 35.00% Africa 2.28%
8.72% 30.00% Africa 0.52%
3.49% 25.00% Africa 2.84%
5.33% 22.50% Africa 14.63%
5.33% 30.00% Africa 4.64%
7.26% 30.00% Africa 0.81%
6.30% 25.00% Africa 3.23%
5.33% 30.00% Africa 4.61%
7.26% 28.25% Africa 0.84%
1.55% 15.00% Asia 0.69%
2.42% 31.00% Africa 5.73%
8.72% 32.00% Africa 0.72%
3.49% 32.00% Africa 0.60%
6.30% 28.25% Africa 0.62%
5.33% 30.00% Africa 21.62%
5.33% 30.00% Africa 0.49%
3.49% 30.00% Africa 1.14%
2.91% 28.00% Africa 16.96%
6.30% 27.50% Africa 0.21%
5.33% 30.00% Africa 3.05%
6.30% 28.25% Africa 0.27%
5.33% 25.00% Africa 1.87%
5.33% 30.00% Africa 1.66%
11.62% 35.00% Africa 1.11%
4.92% 28.22% 100.00%
3.49% 25.00% Asia 1.04%
5.33% 20.00% Asia 0.09%
0.68% 25.00% Asia 49.21%
3.49% 20.00% Asia 0.02%
0.59% 16.50% Asia 1.26%
2.13% 30.00% Asia 9.86%
1.84% 15.00% Asia 3.84%
0.68% 30.62% Asia 17.44%
0.48% 25.00% Asia 5.63%
8.72% 21.13% Asia 0.06%
0.59% 12.00% Asia 0.18%
1.16% 24.00% Asia 1.25%
6.30% 21.13% Asia 0.02%
6.30% 25.00% Asia 0.05%
6.30% 35.00% Asia 0.95%
5.33% 30.00% Asia 0.09%
1.84% 30.00% Asia 1.29%
0.00% 17.00% Asia 1.28%
6.30% 30.00% Asia 0.00%
7.26% 28.00% Asia 0.29%
0.59% 20.00% Asia 3.38%
1.55% 20.00% Asia 1.87%
3.49% 20.00% Asia 0.90%
1.03% 25.70% 100.00%
0.00% 30.00% Australia & New Zealand 87.00%
0.00% 29.74% 100.00%
1.55% 25.00% Caribbean 1.15%
2.91% 0.00% Caribbean 4.75%
7.26% 5.50% Caribbean 1.93%
0.82% 0.00% Caribbean 2.11%
0.59% 0.00% Caribbean 2.04%
8.72% 27.36% Caribbean 37.08%
1.16% 22.00% Caribbean 1.15%
3.49% 27.00% Caribbean 32.96%
5.33% 25.00% Caribbean 6.12%
2.13% 21.13% Caribbean 0.56%
2.13% 27.36% Caribbean 0.56%
6.30% 27.36% Caribbean 0.30%
2.42% 30.00% Caribbean 8.94%
1.55% 0.00% Caribbean 0.37%
5.31% 24.25% 100.00%
11.62% 30.00% Central and South America 8.79%
3.99% 31.04% 100.00%
4.36% 15.00% Eastern Europe & Russia 0.38%
2.08% 18.31% 100.00%
0.48% 55.00% Middle East 27.73%
5.33% 0.00% Middle East 1.17%
7.26% 15.00% Middle East 7.10%
0.68% 23.00% Middle East 11.97%
4.36% 20.00% Middle East 1.32%
0.68% 15.00% Middle East 4.09%
19.18% 17.00% Middle East 1.62%
3.49% 15.00% Middle East 2.33%
0.59% 10.00% Middle East 5.56%
0.00% 0.00% Middle East 0.16%
0.68% 20.00% Middle East 24.03%
1.84% 0.00% Middle East 0.15%
0.48% 55.00% Middle East 12.76%
1.53% 32.96% 100.00%
0.00% 26.50% North America 7.51%
0.00% 27.00% North America 92.49%
0.00% 26.96%
7.26% 10.00% Western Europe 0.02%
0.38% 25.00% Western Europe 2.39%
0.59% 29.00% Western Europe 2.84%
2.91% 12.50% Western Europe 0.13%
0.00% 22.00% Western Europe 1.86%
0.38% 20.00% Western Europe 1.44%
0.48% 28.00% Western Europe 14.55%
0.00% 30.00% Western Europe 20.60%
3.49% 24.00% Western Europe 1.12%
0.00% 0.00% Western Europe 0.01%
0.82% 20.00% Western Europe 0.13%
0.82% 12.50% Western Europe 2.08%
2.13% 24.00% Western Europe 10.72%
0.00% 12.50% Western Europe 0.04%
0.00% 24.94% Western Europe 0.38%
0.82% 35.00% Western Europe 0.08%
0.00% 25.00% Western Europe 4.87%
0.00% 22.00% Western Europe 2.16%
2.13% 21.00% Western Europe 1.27%
1.55% 25.00% Western Europe 7.47%
0.00% 21.40% Western Europe 2.84%
0.00% 14.84% Western Europe 3.77%
5.33% 22.00% Western Europe 4.04%
0.59% 19.00% Western Europe 15.14%
0.84% 24.41% 100.00%
Total GDP Weight Weight *ERP Weight*CRP

2072.4 2.37% 0.23% 0.12%
29147 33.38% 1.92% 0.34%
1600.8 1.83% 0.09% 0.00%
269.7 0.31% 0.03% 0.02%
5118.9 5.86% 0.51% 0.23%
4024.7 4.61% 0.31% 0.10%
3299.5 3.78% 0.24% 0.06%
23110.8 26.47% 1.25% 0.00%
18668.1 21.38% 1.19% 0.18%
87311.9
Weight*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.30% 0.55% 0.33% 1.37%
0.03% 0.07% 0.04% 0.21%
0.01% 0.05% 0.01% 0.19%
0.04% 0.08% 0.04% 0.21%
0.09% 0.19% 0.10% 0.62%
0.00% 0.01% 0.01% 0.00%
0.15% 0.27% 0.17% 0.80%
0.04% 0.07% 0.05% 0.16%
0.09% 0.23% 0.10% 0.71%
0.71% 1.47% 0.78% 3.29%
0.23% 0.47% 0.25% 1.39%
0.05% 0.10% 0.06% 0.24%
0.19% 0.36% 0.20% 0.81%
0.22% 0.46% 0.25% 1.38%
0.06% 0.10% 0.06% 0.24%
0.01% 0.04% 0.01% 0.10%
0.13% 0.41% 0.14% 1.78%
0.06% 0.10% 0.06% 0.23%
0.02% 0.05% 0.02% 0.19%
0.04% 0.07% 0.04% 0.18%
1.05% 2.17% 1.15% 6.49%
0.02% 0.05% 0.03% 0.15%
0.04% 0.09% 0.04% 0.34%
0.45% 1.29% 0.49% 4.75%
0.01% 0.02% 0.01% 0.06%
0.15% 0.31% 0.16% 0.91%
0.02% 0.03% 0.02% 0.07%
0.09% 0.19% 0.10% 0.47%
0.08% 0.17% 0.09% 0.50%
0.12% 0.18% 0.13% 0.39%
0.03% 0.09% 0.04% 0.26%

0.00% 0.01% 0.00% 0.02%
0.31% 2.66% 0.34% 12.30%
0.00% 0.00% 0.00% 0.00%
0.01% 0.07% 0.01% 0.21%
0.19% 0.68% 0.21% 2.96%
0.06% 0.25% 0.07% 0.58%
0.11% 0.94% 0.12% 5.34%
0.02% 0.29% 0.03% 1.41%
0.00% 0.01% 0.01% 0.01%
0.00% 0.01% 0.00% 0.02%
0.01% 0.07% 0.01% 0.30%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.01%
0.05% 0.11% 0.06% 0.33%
0.00% 0.01% 0.00% 0.03%
0.02% 0.08% 0.02% 0.39%
0.00% 0.06% 0.00% 0.22%
0.00% 0.00% 0.00% 0.00%
0.02% 0.03% 0.02% 0.08%
0.02% 0.18% 0.02% 0.68%
0.03% 0.12% 0.03% 0.37%
0.03% 0.07% 0.03% 0.18%
0.00% 4.11% 0.00% 26.10%

0.00% 0.01% 0.00% 0.02%
0.00% 0.61% 0.00% 3.62%
0.02% 0.07% 0.02% 0.29%

0.13% 0.36% 0.14% 0.00%
0.13% 0.23% 0.14% 0.11%
0.02% 0.12% 0.02% 0.00%
0.01% 0.11% 0.01% 0.00%
2.95% 4.98% 3.23% 10.14%
0.01% 0.07% 0.01% 0.25%
1.05% 2.70% 1.15% 8.90%
0.30% 0.61% 0.33% 1.53%
0.01% 0.04% 0.01% 0.12%
0.01% 0.04% 0.01% 0.15%
0.02% 0.03% 0.02% 0.08%
0.20% 0.64% 0.22% 2.68%
0.01% 0.02% 0.01% 0.00%
5.31%
0.93% 1.44% 1.02% 2.64%
0.00% 0.01% 0.00% 0.01%
0.04% 0.08% 0.04% 0.20%
0.95% 2.74% 1.05% 12.22%
0.03% 0.30% 0.04% 1.49%
0.11% 0.42% 0.12% 2.02%
0.06% 0.12% 0.06% 0.36%
0.19% 0.30% 0.20% 0.52%
0.03% 0.06% 0.03% 0.16%
0.03% 0.11% 0.04% 0.37%
0.02% 0.04% 0.02% 0.12%
0.35% 1.54% 0.38% 7.37%
0.01% 0.03% 0.02% 0.07%
0.02% 0.08% 0.02% 0.33%
0.02% 0.05% 0.02% 0.07%
0.05% 0.26% 0.05% 1.31%
0.01% 0.01% 0.01% 0.03%
0.04% 0.10% 0.05% 0.27%
0.75% 1.03% 0.82% 1.46%
0.02% 0.03% 0.02% 0.06%

0.01% 0.03% 0.01% 0.06%
0.03% 0.09% 0.03% 0.24%
0.09% 0.17% 0.10% 0.28%
0.03% 0.05% 0.03% 0.05%
0.02% 0.11% 0.03% 0.17%
0.03% 0.11% 0.04% 0.27%
0.03% 0.32% 0.04% 1.16%
0.00% 0.04% 0.01% 0.16%
0.01% 0.03% 0.01% 0.07%
0.08% 0.27% 0.09% 0.36%
0.09% 0.31% 0.10% 0.90%
0.01% 0.02% 0.01% 0.02%
0.01% 0.05% 0.01% 0.17%
0.01% 0.08% 0.02% 0.20%
0.01% 0.03% 0.01% 0.03%
0.02% 0.03% 0.02% 0.04%
0.01% 0.01% 0.01% 0.01%
0.11% 0.82% 0.12% 2.80%
0.12% 0.43% 0.13% 0.99%
0.82% 2.89% 0.90% 8.45%
0.04% 0.10% 0.04% 0.19%
0.02% 0.15% 0.02% 0.55%
0.01% 0.08% 0.02% 0.25%
0.01% 0.02% 0.01% 0.04%
0.22% 0.42% 0.24% 0.69%
0.02% 0.09% 0.03% 0.11%
0.12% 1.44% 0.13% 15.25%

0.06% 0.12% 0.06% 0.00%
0.47% 0.85% 0.52% 1.06%
0.07% 0.65% 0.08% 2.75%
0.05% 0.12% 0.06% 0.26%
0.03% 0.22% 0.03% 0.61%
0.28% 0.39% 0.31% 0.28%
0.07% 0.19% 0.08% 0.35%
0.03% 0.30% 0.03% 0.56%
0.00% 0.01% 0.00% 0.00%
0.15% 1.30% 0.16% 4.81%
0.00% 0.01% 0.00% 0.00%
0.06% 0.66% 0.06% 7.02%
0.00% 0.35% 0.00% 1.99%

0.00% 4.37% 0.00% 24.97%
0.00% 0.00% 0.00% 0.00%

0.01% 0.12% 0.01% 0.60%
0.02% 0.15% 0.02% 0.82%
0.00% 0.01% 0.00% 0.02%
0.00% 0.09% 0.00% 0.41%
0.01% 0.07% 0.01% 0.29%
0.06% 0.76% 0.07% 4.07%
0.00% 0.97% 0.00% 6.18%
0.04% 0.09% 0.04% 0.27%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.03%
0.02% 0.12% 0.02% 0.26%
0.00% 0.00% 0.00% 0.00%
0.21% 0.73% 0.23% 2.57%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.02% 0.00% 0.09%
0.00% 0.00% 0.00% 0.03%
0.00% 0.23% 0.00% 1.22%
0.00% 0.10% 0.00% 0.48%
0.02% 0.09% 0.03% 0.27%
0.11% 0.47% 0.12% 1.87%
0.00% 0.13% 0.00% 0.61%
0.00% 0.18% 0.00% 0.56%
0.20% 0.41% 0.22% 0.89%
0.08% 0.80% 0.09% 2.88%
Weight*Default Spread Weight* Tax Rate

0.11% 0.67%
0.31% 8.58%
0.00% 0.55%
0.01% 0.07%
0.21% 1.82%
0.09% 0.84%
0.05% 1.25%
0.00% 7.14%
0.16% 5.22%
Country GDP (in billions) in 2019
Moody's ratingSovereign CDS Adj. Default Sp
Abu Dhabi 915.00 Aa2 0.69% 0.44%
Albania 15.30 B1 NA 3.98%
Andorra (Principality 3.20 Caa1 NA 6.63%
Angola 94.60 Caa1 7.50% 6.63%
Argentina 449.70 Ca NA 10.60%
Armenia 13.70 Ba3 NA 3.18%
Aruba 3.10 Baa1 NA 1.41%
Australia 1392.70 Aaa 0.23% 0.00%
Austria 446.30 Aa1 0.18% 0.35%
Azerbaijan 48.00 Ba2 NA 2.65%
Bahamas 12.80 Ba2 NA 2.65%
Bahrain 38.60 B2 3.18% 4.86%
Bangladesh 302.60 Ba3 NA 3.18%
Barbados 5.20 Caa1 NA 6.63%
Belarus 63.10 B3 NA 5.75%
Belgium 529.60 Aa3 0.27% 0.53%
Belize 1.90 Caa3 NA 8.83%
Benin 14.40 B2 NA 4.86%
Bermuda 5.70 A2 NA 0.75%
Bolivia 40.90 B2 NA 4.86%
Bosnia and Herzegov 20.00 B3 NA 5.75%
Botswana 18.30 A2 NA 0.75%
Brazil 1839.80 Ba2 2.15% 2.65%
Bulgaria 67.90 Baa1 0.70% 1.41%
Burkina Faso 15.70 B2 NA 4.86%
Cambodia 27.10 B2 NA 4.86%
Cameroon 38.80 B2 5.87% 4.86%
Canada 1736.40 Aaa 0.42% 0.00%
Cape Verde 2.00 B2 NA 4.86%
Cayman Islands 5.50 Aa3 NA 0.53%
Chile 282.30 A1 0.90% 0.62%
China 14342.90 A1 0.56% 0.62%
Colombia 323.80 Baa2 1.52% 1.68%
Congo (Democratic Re 47.30 Caa1 NA 6.63%
Congo (Republic of) 10.80 Caa2 NA 7.96%
Cook Islands 1.20 B1 NA 3.98%
Costa Rica 61.80 B2 6.13% 4.86%
Côte d'Ivoire 58.80 Ba3 NA 3.18%
Croatia 60.40 Ba1 1.28% 2.21%
Cuba 100.00 Caa2 NA 7.96%
Curacao 3.10 A3 NA 1.06%
Cyprus 24.60 Ba2 1.19% 2.65%
Czech Republic 246.50 Aa3 0.51% 0.53%
Denmark 348.10 Aaa 0.16% 0.00%
Dominican Republic 88.90 Ba3 NA 3.18%
Ecuador 107.40 Caa3 NA 8.83%
Egypt 303.20 B2 4.08% 4.86%
El Salvador 27.00 B3 7.78% 5.75%
Estonia 31.40 A1 0.70% 0.62%
Ethiopia 96.10 B2 NA 4.86%
Fiji 5.50 Ba3 NA 3.18%
Finland 268.80 Aa1 0.25% 0.35%
France 2715.50 Aa2 0.32% 0.44%
Gabon 16.70 Caa1 NA 6.63%
Georgia 17.70 Ba2 NA 2.65%
Germany 3845.60 Aaa 0.23% 0.00%
Ghana 67.00 B3 NA 5.75%
Greece 209.90 Ba3 1.61% 3.18%
Guatemala 76.70 Ba1 NA 2.21%
Guernsey (States of) 2.50 Aaa NA 0.00%
Honduras 25.10 B1 NA 3.98%
Hong Kong 366.00 Aa3 0.73% 0.53%
Hungary 161.00 Baa3 0.94% 1.95%
Iceland 24.20 A2 0.85% 0.75%
India 2875.10 Baa3 1.24% 1.95%
Indonesia 1119.20 Baa2 1.28% 1.68%
Iraq 234.10 Caa1 6.98% 6.63%
Ireland 388.70 A2 0.32% 0.75%
Isle of Man 6.80 Aa3 NA 0.53%
Israel 395.10 A1 0.77% 0.62%
Italy 2001.20 Baa3 1.43% 1.95%
Jamaica 16.50 B2 NA 4.86%
Japan 5081.80 A1 0.28% 0.62%
Jersey (States of) 1.00 Aaa NA 0.00%
Jordan 43.70 B1 NA 3.98%
Kazakhstan 180.20 Baa3 0.96% 1.95%
Kenya 95.50 B2 4.06% 4.86%
Korea 1642.40 Aa2 0.42% 0.44%
Kuwait 134.80 A1 0.75% 0.62%
Kyrgyzstan 8.50 B2 NA 4.86%
Laos 18.20 Caa2 NA 7.96%
Latvia 34.10 A3 0.93% 1.06%
Lebanon 53.40 C NA 17.50%
Liechtenstein 6.60 Aaa NA 0.00%
Lithuania 54.20 A3 0.90% 1.06%
Luxembourg 71.10 Aaa NA 0.00%
Macao 53.90 Aa3 NA 0.53%
Macedonia 12.70 Ba3 NA 3.18%
Malaysia 364.70 A3 0.70% 1.06%
Maldives 5.70 B3 NA 5.75%
Mali 17.50 Caa1 NA 6.63%
Malta 14.80 A2 NA 0.75%
Mauritius 14.20 Baa1 NA 1.41%
Mexico 1258.30 Baa1 1.45% 1.41%
Moldova 12.00 B3 NA 5.75%
Mongolia 13.90 B3 NA 5.75%
Montenegro 5.50 B1 NA 3.98%
Montserrat 1.50 Baa3 NA 1.95%
Morocco 118.70 Ba1 1.56% 2.21%
Mozambique 14.90 Caa2 NA 7.96%
Namibia 12.40 Ba3 NA 3.18%
Netherlands 909.10 Aaa 0.20% 0.00%
New Zealand 206.90 Aaa 0.25% 0.00%
Nicaragua 12.50 B3 NA 5.75%
Niger 12.90 B3 NA 5.75%
Nigeria 448.10 B2 3.59% 4.86%
Norway 403.30 Aaa 0.23% 0.00%
Oman 77.00 Ba3 3.90% 3.18%
Pakistan 278.20 B3 4.51% 5.75%
Panama 66.80 Baa1 0.95% 1.41%
Papua New Guinea 25.00 B2 NA 4.86%
Paraguay 38.10 Ba1 NA 2.21%
Peru 226.80 A3 1.04% 1.06%
Philippines 376.80 Baa2 0.67% 1.68%
Poland 592.20 A2 0.91% 0.75%
Portugal 237.70 Baa3 0.65% 1.95%
Qatar 183.50 Aa3 0.74% 0.53%
Ras Al Khaimah (Emir 5.20 Aaa NA 0.00%
Romania 250.10 Baa3 1.22% 1.95%
Russia 1699.90 Baa3 1.47% 1.95%
Rwanda 10.10 B2 3.72% 4.86%
Saudi Arabia 793.00 A1 1.12% 0.62%
Senegal 23.60 Ba3 2.94% 3.18%
Serbia 51.40 Ba3 1.61% 3.18%
Sharjah 5.00 Baa2 NA 1.68%
Singapore 372.10 Aaa NA 0.00%
Slovakia 105.40 A2 0.79% 0.75%
Slovenia 53.70 A3 1.06% 1.06%
Solomon Islands 1.40 B3 NA 5.75%
South Africa 351.40 Ba2 2.93% 2.65%
Spain 1394.10 Baa1 0.72% 1.41%
Sri Lanka 84.00 Caa1 NA 6.63%
St. Maarten 1.50 Baa3 NA 1.95%
St. Vincent & the Gr 0.80 B3 NA 5.75%
Suriname 4.00 Caa3 NA 8.83%
Swaziland 4.40 B3 NA 5.75%
Sweden 530.80 Aaa 0.20% 0.00%
Switzerland 703.10 Aaa 0.15% 0.00%
Taiwan 985.00 Aa3 NA 0.53%
Tajikistan 8.10 B3 NA 5.75%
Tanzania 63.20 B2 NA 4.86%
Thailand 543.60 Baa1 0.62% 1.41%
Togo 5.50 B3 NA 5.75%
Trinidad and Tobago 24.10 Ba1 NA 2.21%
Tunisia 38.80 B2 4.85% 4.86%
Turkey 754.40 B2 3.31% 4.86%
Turks and Caicos Isla 1.00 Baa1 NA 1.41%
Uganda 34.40 B2 NA 4.86%
Ukraine 153.80 B3 4.18% 5.75%
United Arab Emirates 421.10 Aa2 NA 0.44%
United Kingdom 2827.10 Aa3 0.30% 0.53%
United States 21374.40 Aaa 0.23% 0.00%
Uruguay 56.00 Baa2 1.27% 1.68%
Uzbekistan 57.90 B1 NA 3.98%
Venezuela 220.00 C NA 17.50%
Vietnam 261.90 Ba3 1.49% 3.18%
Zambia 23.10 Ca NA 10.60%
Equity Risk PrCountry Risk Premium
Corporate Tax RateRegion
5.20% 0.48% 55.00% Middle East
9.08% 4.36% 15.00% Eastern Europe & Russia
11.98% 7.26% 10.00% Western Europe
11.98% 7.26% 30.00% Africa
16.34% 11.62% 30.00% Central and South America
6.27% 1.55% 25.00% Caribbean
4.72% 0.00% 30.00% Australia & New Zealand
5.10% 0.38% 25.00% Western Europe
7.63% 2.91% 0.00% Caribbean
10.05% 5.33% 0.00% Middle East
8.21% 3.49% 25.00% Asia
11.98% 7.26% 5.50% Caribbean
5.31% 0.59% 29.00% Western Europe
10.05% 5.33% 30.00% Africa
5.54% 0.82% 0.00% Caribbean
5.54% 0.82% 22.00% Africa
10.05% 5.33% 28.00% Africa
10.05% 5.33% 20.00% Asia
10.05% 5.33% 33.00% Africa
4.72% 0.00% 26.50% North America
10.05% 5.33% 0.00% Africa
5.31% 0.59% 0.00% Caribbean
5.40% 0.68% 25.00% Asia
11.98% 7.26% 35.00% Africa
13.44% 8.72% 30.00% Africa
8.21% 3.49% 25.00% Africa
13.44% 8.72% 27.36% Caribbean
5.88% 1.16% 22.00% Caribbean
7.63% 2.91% 12.50% Western Europe
4.72% 0.00% 22.00% Western Europe
8.21% 3.49% 27.00% Caribbean
10.05% 5.33% 22.50% Africa
10.05% 5.33% 30.00% Africa
8.21% 3.49% 20.00% Asia
5.10% 0.38% 20.00% Western Europe
5.20% 0.48% 28.00% Western Europe
11.98% 7.26% 30.00% Africa
4.72% 0.00% 30.00% Western Europe
11.02% 6.30% 25.00% Africa
8.21% 3.49% 24.00% Western Europe
4.72% 0.00% 0.00% Western Europe
5.31% 0.59% 16.50% Asia
5.54% 0.82% 20.00% Western Europe
6.85% 2.13% 30.00% Asia
6.56% 1.84% 15.00% Asia
11.98% 7.26% 15.00% Middle East
5.54% 0.82% 12.50% Western Europe
5.40% 0.68% 23.00% Middle East
6.85% 2.13% 24.00% Western Europe
10.05% 5.33% 25.00% Caribbean
5.40% 0.68% 30.62% Asia
9.08% 4.36% 20.00% Middle East
10.05% 5.33% 30.00% Africa
5.20% 0.48% 25.00% Asia
5.40% 0.68% 15.00% Middle East
13.44% 8.72% 21.13% Asia
23.90% 19.18% 17.00% Middle East
4.72% 0.00% 12.50% Western Europe
4.72% 0.00% 24.94% Western Europe
5.31% 0.59% 12.00% Asia
5.88% 1.16% 24.00% Asia
11.02% 6.30% 21.13% Asia
11.98% 7.26% 28.25% Africa
5.54% 0.82% 35.00% Western Europe
6.27% 1.55% 15.00% Africa
11.02% 6.30% 25.00% Asia
6.85% 2.13% 21.13% Caribbean
7.14% 2.42% 31.00% Africa
13.44% 8.72% 32.00% Africa
8.21% 3.49% 32.00% Africa
4.72% 0.00% 25.00% Western Europe
11.02% 6.30% 28.25% Africa
10.05% 5.33% 30.00% Africa
4.72% 0.00% 22.00% Western Europe
8.21% 3.49% 15.00% Middle East
11.02% 6.30% 35.00% Asia
10.05% 5.33% 30.00% Asia
6.56% 1.84% 30.00% Asia
6.85% 2.13% 21.00% Western Europe
5.31% 0.59% 10.00% Middle East
4.72% 0.00% 0.00% Middle East
10.05% 5.33% 30.00% Africa
5.40% 0.68% 20.00% Middle East
8.21% 3.49% 30.00% Africa
6.56% 1.84% 0.00% Middle East
4.72% 0.00% 17.00% Asia
11.02% 6.30% 30.00% Asia
7.63% 2.91% 28.00% Africa
6.27% 1.55% 25.00% Western Europe
11.98% 7.26% 28.00% Asia
6.85% 2.13% 27.36% Caribbean
11.02% 6.30% 27.36% Caribbean
11.02% 6.30% 27.50% Africa
4.72% 0.00% 21.40% Western Europe
4.72% 0.00% 14.84% Western Europe
5.31% 0.59% 20.00% Asia
10.05% 5.33% 30.00% Africa
6.27% 1.55% 20.00% Asia
11.02% 6.30% 28.25% Africa
7.14% 2.42% 30.00% Caribbean
10.05% 5.33% 25.00% Africa
10.05% 5.33% 22.00% Western Europe
6.27% 1.55% 0.00% Caribbean
10.05% 5.33% 30.00% Africa
5.20% 0.48% 55.00% Middle East
5.31% 0.59% 19.00% Western Europe
4.72% 0.00% 27.00% North America
8.21% 3.49% 20.00% Asia
16.34% 11.62% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi NA Aa2
Albania B+ B1
Andorra (Principality of CCC+ Caa1 S&P: These are the S&P sovereign local currency ratings
Angola CCC+ Caa1 Moody's: These are the Moody's local currency rating
Argentina CCC+ Ca In red: These are countries where S&P has a rating
Armenia NA Ba3 Moody's equivalent rating for these countries.
Aruba BBB+ Baa1 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba2 A+ A1
Bahamas BB- Ba2 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 CCC+ Caa3 B+ B1
Benin B+ B2 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia B+ B2 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana BBB+ A2 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 B2 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile A+ A1 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BBB- Baa2
Congo (Democratic Rep NA Caa1
Congo (Republic of) NA Caa2
Cook Islands B+ B1
Costa Rica B B2
Côte d'Ivoire NA Ba3
Croatia BBB- Ba1
Cuba NA Caa2
Curacao A- A3
Cyprus BBB- Ba2
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- Caa3
Egypt B B2
El Salvador B- B3
Estonia AA- A1
Ethiopia B B2
Fiji BB- Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NR Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana B- B3
Greece BB- Ba3
Guatemala BB- Ba1
Guernsey (States of) NA Aaa
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB Baa3
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA- A2
Isle of Man NR Aa3
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) NA Aaa
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea NA Aa2
Kuwait AA- A1
Kyrgyzstan NA B2
Laos NA Caa2
Latvia A+ A3
Lebanon SD C
Liechtenstein AAA Aaa
Lithuania A+ A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NA B3
Mali NR Caa1
Malta A- A2
Mauritius NA Baa1
Mexico BBB Baa1
Moldova NA B3
Mongolia B B3
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CCC+ Caa2
Namibia NA Ba3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua NA B3
Niger NA B3
Nigeria B- B2
Norway AAA Aaa
Oman B+ Ba3
Pakistan B- B3
Panama BBB Baa1
Papua New Guinea B- B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirat NA Aaa
Romania BBB- Baa3
Russia BBB- Baa3
Rwanda B+ B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB+ Ba3
Sharjah NA Baa2
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands NA B3
South Africa BB- Ba2
Spain A Baa1
Sri Lanka CCC+ Caa1
St. Maarten NA Baa3
St. Vincent & the Gren NA B3
Suriname SD Caa3
Swaziland NA B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan NA B3
Tanzania NA B2
Thailand BBB+ Baa1
Togo NA B3
Trinidad and Tobago NA Ba1
Tunisia NA B2
Turkey B+ B2
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine B B3
United Arab Emirates NA Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB Baa2
Uzbekistan NA B1
Venezuela SD C
Vietnam BB Ba3
Zambia SD Ca
GOVERNMENT BOND RATINGS
In local currency
re the S&P sovereign local currency ratings

se are the Moody's local currency rating
e are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
uivalent rating for these countries.
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic oAfrica
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of CongoAfrica
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
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 CDS
Moody's Spread CDS %
Default Spread Updated Default Country rating Spread 1/1/202 Change
Rating (1/1/20) Spread (1/1/21) 1/1/20
1
A1 59 62 Abu Dhabi Aa2 0.69% 0.69% 0.00%
A2 71 75 Algeria NA 0.91% 1.10% 20.88%
A3 100 106 Angola B3 4.77% 7.50% 57.23%
Aa1 33 35 Australia Aaa 0.30% 0.23% -23.33%
Aa2 41 44 Austria Aa1 0.21% 0.18% -14.29%
Aa3 51 53 Bahrain B2 2.24% 3.18% 41.96%
Aaa 0 0 Belgium Aa3 0.30% 0.27% -10.00%
B1 376 398 Brazil Ba2 1.74% 2.15% 23.56%
B2 460 486 Bulgaria Baa2 0.89% 0.70% -21.35%
B3 544 575 Cameroon B2 5.60% 5.87% 4.82%
Ba1 209 221 Canada Aaa 0.34% 0.42% 23.53%
Ba2 251 265 Chile A1 0.79% 0.90% 13.92%
Ba3 301 318 China A1 0.72% 0.56% -22.22%
Baa1 134 141 Colombia Baa2 1.37% 1.52% 10.95%
Baa2 159 168 Costa Rica B1 3.71% 6.13% 65.23%
Baa3 184 195 Croatia Ba2 1.20% 1.28% 6.67%
Ca 1003 1060 Cyprus Ba2 1.10% 1.19% 8.18%
Caa1 627 663 Czech Republic A1 0.59% 0.51% -13.56%
Caa2 753 796 Denmark Aaa 0.18% 0.16% -11.11%
Caa3 836 883 Dubai Aa2 1.31% 1.46% 11.45%
NR NA NA Egypt B2 3.59% 4.08% 13.65%
El Salvador B3 4.22% 7.78% 84.36%
Estonia A1 0.72% 0.70% -2.78%
Finland Aa1 0.21% 0.25% 19.05%
France Aa2 0.33% 0.32% -3.03%
Germany Aaa 0.18% 0.23% 27.78%
Greece B1 1.96% 1.61% -17.86%
Guatemala Ba1 1.99% 2.15% 8.04%
Hong Kong Aa2 0.55% 0.73% 32.73%
Hungary Baa3 1.13% 0.94% -16.81%
Iceland A3 0.93% 0.85% -8.60%
India Baa2 1.28% 1.24% -3.13%
Indonesia Baa2 1.35% 1.28% -5.19%
Iraq Caa1 5.13% 6.98% 36.06%
Ireland A2 0.34% 0.32% -5.88%
Israel A1 0.75% 0.77% 2.67%
Italy Baa3 1.68% 1.43% -14.88%
Japan A1 0.39% 0.28% -28.21%
Kazakhstan Baa3 1.04% 0.96% -7.69%
Kenya B2 4.17% 4.06% -2.64%
Korea Aa2 0.48% 0.42% -12.50%
Kuwait Aa2 0.74% 0.75% 1.35%
Latvia A3 0.98% 0.93% -5.10%
Lithuania A3 0.87% 0.90% 3.45%
Malaysia A3 0.79% 0.70% -11.39%
Mexico A3 1.40% 1.45% 3.57%
Morocco Ba1 1.26% 1.56% 23.81%
Netherlands Aaa 0.22% 0.20% -9.09%
New Zealand Aaa 0.33% 0.25% -24.24%
Nigeria B2 4.10% 3.59% -12.44%
Norway Aaa 0.22% 0.23% 4.55%
Oman Ba1 2.92% 3.90% 33.56%
Pakistan B3 4.66% 4.51% -3.22%
Panama Baa1 0.85% 0.95% 11.76%
Peru A3 0.89% 1.04% 16.85%
Philippines Baa2 0.76% 0.67% -11.84%
Poland A2 0.90% 0.91% 1.11%
Portugal Baa3 0.68% 0.65% -4.41%
Qatar Aa3 0.72% 0.74% 2.78%
Romania Baa3 1.20% 1.22% 1.67%
Russia Baa3 1.06% 1.47% 38.68%
Rwanda B2 3.16% 3.72% 17.72%
Saudi Arabia A1 1.03% 1.12% 8.74%
Senegal Ba3 2.78% 2.94% 5.76%
Serbia Ba3 1.28% 1.61% 25.78%
Slovakia A2 0.65% 0.79% 21.54%
Slovenia Baa1 1.13% 1.06% -6.19%
South Africa Baa3 2.48% 2.93% 18.15%
Spain Baa1 0.73% 0.72% -1.37%
Sweden Aaa 0.19% 0.20% 5.26%
Switzerland Aaa 0.16% 0.15% -6.25%
Thailand Baa1 0.48% 0.62% 29.17%
Tunisia B2 4.06% 4.85% 19.46%
Turkey B1 3.47% 3.31% -4.61%
Ukraine Caa1 5.25% 4.18% -20.38%
United Kingdom Aa2 0.34% 0.30% -11.76%
United States Aaa 0.18% 0.23% 27.78%
Uruguay Baa2 1.29% 1.27% -1.55%
Vietnam Ba3 1.59% 1.49% -6.29%
Average 5.70%
Median 1.67%
CDS Spread
Country Moody's rating (1/1/21) CDS Spread adj for US Updated: January 2020
Abu Dhabi Aa2 0.69% 0.46%
Albania B1 NA NA
Andorra (Principality of Caa1 NA NA
Angola Caa1 7.50% 7.27%
Argentina Ca NA NA
Armenia Ba3 NA NA
Aruba Baa1 NA NA
Australia Aaa 0.23% 0.00%
Austria Aa1 0.18% 0.00%
Azerbaijan Ba2 NA NA
Bahamas Ba2 NA NA
Bahrain B2 3.18% 2.95%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus B3 NA NA
Belgium Aa3 0.27% 0.04%
Belize Caa3 NA NA
Benin B2 NA NA
Bermuda A2 NA NA
Bolivia B2 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A2 NA NA
Brazil Ba2 2.15% 1.92%
Bulgaria Baa1 0.70% 0.47%
Burkina Faso B2 NA NA
Cambodia B2 NA NA
Cameroon B2 5.87% 5.64%
Canada Aaa 0.42% 0.19%
Cape Verde B2 NA NA
Cayman Islands Aa3 NA NA
Chile A1 0.90% 0.67%
China A1 0.56% 0.33%
Colombia Baa2 1.52% 1.29%
Congo (Democratic Rep Caa1 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B2 6.13% 5.90%
Côte d'Ivoire Ba3 NA NA
Croatia Ba1 1.28% 1.05%
Cuba Caa2 NA NA
Curacao A3 NA NA
Cyprus Ba2 1.19% 0.96%
Czech Republic Aa3 0.51% 0.28%
Denmark Aaa 0.16% 0.00%
Dominican Republic Ba3 NA NA
Ecuador Caa3 NA NA
Egypt B2 4.08% 3.85%
El Salvador B3 7.78% 7.55%
Estonia A1 0.70% 0.47%
Ethiopia B2 NA NA
Fiji Ba3 NA NA
Finland Aa1 0.25% 0.02%
France Aa2 0.32% 0.09%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.23% 0.00%
Ghana B3 NA NA
Greece Ba3 1.61% 1.38%
Guatemala Ba1 NA NA
Guernsey (States of) Aaa NA NA
Honduras B1 NA NA
Hong Kong Aa3 0.73% 0.50%
Hungary Baa3 0.94% 0.71%
Iceland A2 0.85% 0.62%
India Baa3 1.24% 1.01%
Indonesia Baa2 1.28% 1.05%
Iraq Caa1 6.98% 6.75%
Ireland A2 0.32% 0.09%
Isle of Man Aa3 NA NA
Israel A1 0.77% 0.54%
Italy Baa3 1.43% 1.20%
Jamaica B2 NA NA
Japan A1 0.28% 0.05%
Jersey (States of) Aaa NA NA
Jordan B1 NA NA
Kazakhstan Baa3 0.96% 0.73%
Kenya B2 4.06% 3.83%
Korea Aa2 0.42% 0.19%
Kuwait A1 0.75% 0.52%
Kyrgyzstan B2 NA NA
Laos Caa2 NA NA
Latvia A3 0.93% 0.70%
Lebanon C NA NA
Liechtenstein Aaa NA NA
Lithuania A3 0.90% 0.67%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 0.70% 0.47%
Maldives B3 NA NA
Mali Caa1 NA NA
Malta A2 NA NA
Mauritius Baa1 NA NA
Mexico Baa1 1.45% 1.22%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 1.56% 1.33%
Mozambique Caa2 NA NA
Namibia Ba3 NA NA
Netherlands Aaa 0.20% 0.00%
New Zealand Aaa 0.25% 0.02%
Nicaragua B3 NA NA
Niger B3 NA NA
Nigeria B2 3.59% 3.36%
Norway Aaa 0.23% 0.00%
Oman Ba3 3.90% 3.67%
Pakistan B3 4.51% 4.28%
Panama Baa1 0.95% 0.72%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru A3 1.04% 0.81%
Philippines Baa2 0.67% 0.44%
Poland A2 0.91% 0.68%
Portugal Baa3 0.65% 0.42%
Qatar Aa3 0.74% 0.51%
Ras Al Khaimah (Emirat Aaa NA NA
Romania Baa3 1.22% 0.99%
Russia Baa3 1.47% 1.24%
Rwanda B2 3.72% 3.49%
Saudi Arabia A1 1.12% 0.89%
Senegal Ba3 2.94% 2.71%
Serbia Ba3 1.61% 1.38%
Sharjah Baa2 NA NA
Singapore Aaa NA NA
Slovakia A2 0.79% 0.56%
Slovenia A3 1.06% 0.83%
Solomon Islands B3 NA NA
South Africa Ba2 2.93% 2.70%
Spain Baa1 0.72% 0.49%
Sri Lanka Caa1 NA NA
St. Maarten Baa3 NA NA
St. Vincent & the Gren B3 NA NA
Suriname Caa3 NA NA
Swaziland B3 NA NA
Sweden Aaa 0.20% 0.00%
Switzerland Aaa 0.15% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B2 NA NA
Thailand Baa1 0.62% 0.39%
Togo B3 NA NA
Trinidad and Tobago Ba1 NA NA
Tunisia B2 4.85% 4.62%
Turkey B2 3.31% 3.08%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine B3 4.18% 3.95%
United Arab Emirates Aa2 NA NA
United Kingdom Aa3 0.30% 0.07%
United States Aaa 0.23% 0.00%
Uruguay Baa2 1.27% 1.04%
Uzbekistan B1 NA NA
Venezuela C NA NA
Vietnam Ba3 1.49% 1.26%
Zambia Ca NA NA
Updated: January 2020
CDS
Spread
net of
Country 1/1/2021 US ###
Abu Dhabi 0.69% 0.46% 1.60%
Algeria 1.10% 0.87% 1.53%
Angola 7.50% 7.27% 21.27%
Argentina NA #VALUE! NA
Australia 0.23% 0.00% 0.60%
Austria 0.18% 0.00% 0.36%
Bahrain 3.18% 2.95% 4.90%
Belgium 0.27% 0.04% 0.60%
Brazil 2.15% 1.92% 3.47%
Bulgaria 0.70% 0.47% 0.91%
Cameroon 5.87% 5.64% 5.28%
Canada 0.42% 0.19% 0.49%
Chile 0.90% 0.67% 1.75%
China 0.56% 0.33% 1.01%
Colombia 1.52% 1.29% 2.94%
Costa Rica 6.13% 5.90% 5.58%
Croatia 1.28% 1.05% 1.20%
Cyprus 1.19% 0.96% 1.39%
Czech Republic 0.51% 0.28% 0.73%
Denmark 0.16% 0.00% 0.31%
Dubai 1.46% 1.23% 3.38%
Ecuador 10.36% 10.13% 6.83%
Egypt 4.08% 3.85% 7.81%
El Salvador 7.78% 7.55% 0.85%
Estonia 0.70% 0.47% 0.36%
Finland 0.25% 0.02% 0.61%
France 0.32% 0.09% 0.36%
Germany 0.23% 0.00% 2.32%
Greece 1.61% 1.38% 4.27%
Guatamela 2.15% 1.92% 0.66%
Hong Kong 0.73% 0.50% 1.19%
Hungary 0.94% 0.71% 0.99%
Iceland 0.85% 0.62% 3.01%
India 1.24% 1.01% 3.10%
Indonesia 1.28% 1.05% 9.97%
Iraq 6.98% 6.75% 0.68%
Ireland 0.32% 0.09% 1.10%
Israel 0.77% 0.54% 2.30%
Italy 1.43% 1.20% 0.79%
Japan 0.28% 0.05% 1.77%
Kazakhstan 0.96% 0.73% 7.29%
Kenya 4.06% 3.83% 0.69%
Korea 0.42% 0.19% 1.77%
Kuwait 0.75% 0.52% 1.03%
Latvia 0.93% 0.70% NA
Lebanon NA NA 0.94%
Lithuania 0.90% 0.67% 1.77%
Malaysia 0.70% 0.47% 3.00%
Mexico 1.45% 1.22% 2.81%
Morocco 1.56% 1.33% 0.34%
Netherlands 0.20% 0.00% 0.66%
New Zealand 0.25% 0.02% 9.98%
Nicaragua 4.52% 4.29% 0.33%
Nigeria 3.59% 3.36% 7.09%
Norway 0.23% 0.00% 6.93%
Oman 3.90% 3.67% 1.83%
Pakistan 4.51% 4.28% 1.71%
Panama 0.95% 0.72% 1.81%
Peru 1.04% 0.81% 0.95%
Philippines 0.67% 0.44% 1.31%
Poland 0.91% 0.68% 1.83%
Portugal 0.65% 0.42% 1.71%
Qatar 0.74% 0.51% 2.75%
Romania 1.22% 0.99% 8.13%
Russia 1.47% 1.24% 2.32%
Rwanda 3.72% 3.49% 5.67%
Saudi Arabia 1.12% 0.89% 1.39%
Senegal 2.94% 2.71% 0.83%
Serbia 1.61% 1.38% 1.34%
Slovakia 0.79% 0.56% 4.73%
Slovenia 1.06% 0.83% 1.43%
South Africa 2.93% 2.70% 0.32%
Spain 0.72% 0.49% 0.23%
Sweden 0.20% 0.00% 1.21%
Switzerland 0.15% 0.00% 5.83%
Thailand 0.62% 0.39% 5.40%
Tunisia 4.85% 4.62% 8.49%
Turkey 3.31% 3.08% 0.58%
Ukraine 4.18% 3.95% 0.40%
United Kingdom 0.30% 0.07% 2.22%
United States 0.23% 0.00% NA
Uruguay 1.27% 1.04% 3.28%
Venezuela NA NA 15.65%
Vietnam 1.49% 1.26%
Zambia NA NA
Date: Feb-20
Country Std deviation in Equities

(weekly) sBond sEquity/ sBond s (CDS)
Algeria NA NA NA 0.32%
Angola NA NA NA 0.32%
Argentina 65.92% 47.70% 1.38 1.16%
Bahrain 7.99% NA NA 0.28%
Bangladesh 14.34% 9.23% 1.55 NA
Bosnia 14.56% NA NA NA
Botswana 3.37% NA NA NA
Brazil 19.83% 14.28% 1.39 0.41%
Bulgaria 9.32% 7.05% 1.32 0.32%
Cameroon NA NA NA 0.28%
Chile 18.41% 12.33% 1.49 0.30%
China 22.31% 12.33% 1.81 0.37%
Colombia 12.58% 14.15% 0.89 0.48%
Costa Rica 5.25% 6.74% 0.78 0.28%
Croatia 9.19% 7.15% 1.29 0.42%
Cyprus 13.07% 15.66% 0.83 0.50%
Czech Repu 11.37% 12.15% 0.94 0.30%
Egypt 17.34% NA NA 0.26%
El Salvador NA NA NA 0.31%
Estonia 7.25% NA NA 0.19%
Ghana 12.54% NA NA BNA
Greece 23.72% 13.71% 1.73 0.44%
Guatamela NA NA NA 0.27%
Hungary 15.73% 14.02% 1.12 0.22%
Iceland 14.69% 17.12% 0.86 0.46%
India 14.72% 8.01% 1.84 0.30%
Indonesia 12.59% 10.77% 1.17 0.40%
Ireland 16.90% 8.53% 1.98 0.73%
Iraq NA NA NA 0.33%
Israel 13.50% 10.06% 1.34 0.25%
Italy 16.96% 12.15% 1.40 0.39%
Jamaica 11.60% NA NA NA
Jordan 6.19% nA NA NA
Kazakhasta 11.93% NA NA 0.32%
Kenya 11.08% NA NA 0.34%
Korea 15.29% 18.54% 0.82 0.55%
Kuwait 18.74% NA NA 0.33%
Laos 19.67% NA NA NA
Latvia 12.85% 8.85% 1.45 0.21%
Lebanon 18.05% 15.66% 1.15 2.89%
Lithuania 7.10% NA NA 0.22%
Macedonia 11.71% NA NA NA
Malaysia 8.74% 12.22% 0.72 0.51%
Malta 8.15% NA NA
Mauritius 5.21% NA NA
Mexico 15.24% 5.94% 2.57 0.44%
Mongolia 11.37% NA NA
Montenegr 9.55% NA NA
Morocco 8.86% NA NA 0.39%
Namibia 17.87% NA NA NA
Nigeria 13.03% NA NA 0.40%
Oman 7.83% NA NA 0.41%
Pakistan 19.87% 10.18% 1.95 0.30%
Palestine 5.42% NA NA NA
Panama 2.92% NA NA 0.26%
Peru 11.14% 8.30% 1.34 0.26%
Philippines 15.95% 7.86% 2.03 0.49%
Poland 15.39% 18.25% 0.84 0.21%
Portugal 12.95% 16.55% 0.78 0.49%
Qatar 13.27% NA NA 0.33%
Romania 12.75% 9.71% 1.31 0.25%
Russia 13.33% 10.01% 1.33 0.39%
Rwanda NA NA NA 0.34%
Saudi Arab 15.73% NA NA 0.37%
Senegal NA NA NA 0.40%
Serbia 7.39% 10.11% 0.73 0.30%
Singapore 10.75% NA NA NA
Slovakia 13.13% 12.86% 1.02 0.32%
Slovenia 9.40% 14.49% 0.65 0.17%
South Afric 15.64% 9.86% 1.59 0.33%
Spain 14.34% 14.56% 0.98 0.32%
Sri Lanka 9.41% NA NA NA
Taiwan 12.49% 21.66% 0.58 NA
Tanzania 24.74% 15.48% 1.60 NA
Thailand 13.49% 17.26% 0.78 0.43%
Tunisia 5.69% NA NA 0.06%
Turkey 22.15% 15.67% 1.41 0.41%
UAE 15.37% NA NA
Ukraine 10.88% 18.80% 0.58 0.40%
Uruguay NA NA NA 0.39%
US 14.32% NA NA NA
Venezuela 75.94% 56.66% 1.34 NA
Vietnam 12.17% NA NA 0.30%
Zambia NA NA NA 0.54%
Average 1.25
Median 1.32
CDS CV(CDS) sEquity/ sCDS
1.13% 28.32% NA
5.84% 5.48% NA
37.63% 3.08% 21.38
2.53% 11.07% 0.72
NA NA NA
NA NA NA
NA NA NA
2.10% 19.52% 1.02
0.68% 47.06% 0.20
5.02% 5.58% NA
1.04% 28.85% 0.64
0.87% 42.53% 0.52
1.65% 29.09% 0.43
3.49% 8.02% 0.65
0.83% 50.60% 0.18
1.21% 41.32% 0.32
0.54% 55.56% 0.20
3.73% 6.97% 2.49
3.91% 7.93% NA
0.71% 26.76% 0.27
NA NA NA
2.51% 17.53% 1.35
2.30% 11.74% NA
0.77% 28.57% 0.55
0.85% 54.12% 0.27
1.41% 21.28% 0.69
1.66% 24.10% 0.52
0.36% 202.78% 0.08
5.06% 6.52% NA
0.82% 30.49% 0.44
2.06% 18.93% 0.90
NA NA NA
NA NA NA
1.07% 29.91% 0.40
4.65% 7.31% 1.52
0.57% 96.49% 0.16
0.90% 36.67% 0.51
NA NA NA
0.86% 24.42% 0.53
205.43% 1.41% 12.83
0.78% 28.21% 0.25
NA NA NA
0.97% 52.58% 0.17
NA NA NA
NA NA NA
1.71% 25.73% 0.59
NA NA NA
NA NA NA
1.45% 26.90% 0.33
NA NA NA
3.65% 10.96% 1.19
3.83% 10.70% 0.73
4.26% 7.04% 2.82
NA NA NA
1.09% 23.85% 0.12
1.09% 23.85% 0.47
1.03% 47.57% 0.34
0.79% 26.58% 0.58
0.83% 59.04% 0.22
0.93% 35.48% 0.37
1.24% 20.16% 0.63
1.41% 27.66% 0.48
3.64% 9.34% NA
1.23% 30.08% 0.52
3.31% 12.08% NA
1.21% 24.79% 0.30
NA NA NA
0.68% 47.06% 0.28
1.10% 15.45% 0.61
3.02% 10.93% 1.43
0.82% 39.02% 0.37
NA NA NA
NA NA NA
NA NA NA
0.65% 66.15% 0.20
4.00% 1.50% 3.79
3.99% 10.28% 2.16
NA NA NA
4.52% 8.85% 1.23
1.73% 22.54% NA
NA NA NA
NA NA NA
1.78% 16.85% 0.72
13.23% 4.08% NA
1.33
0.52
GDP (in billions) in
Country 2019
Country 2019
Afghanista
Abu Dhabi 915 n $ 19.10
Albania 15.3 SourceWorld Bank Albania $ 15.30
Andorra (Principality of) 3.2 Year 2019 Algeria $ 170.00
American
Angola 94.6 Samoa $ 0.60
Argentina 449.7 Andorra (P $ 3.20
Armenia 13.7 Angola $ 94.60
Antigua
and
Aruba 3.1 Barbuda $ 1.70
Australia 1392.7 Argentina $ 449.70
Austria 446.3 Armenia $ 13.70
Azerbaijan 48 Aruba $ 3.10
Bahamas 12.8 Australia $1,392.70
Bahrain 38.6 Austria $ 446.30
Bangladesh 302.6 Azerbaijan $ 48.00
Barbados 5.2 Bahamas $ 12.80
Belarus 63.1 Bahrain $ 38.60
Banglades
Belgium 529.6 h $ 302.60
Belize 1.9 Barbados $ 5.20
Benin 14.4 Belarus $ 63.10
Bermuda 5.7 Belgium $ 529.60
Bolivia 40.9 Belize $ 1.90
Bosnia and Herzegovina 20 Benin $ 14.40
Botswana 18.3 Bermuda $ 5.70
Brazil 1839.8 Bhutan $ 2.40
Bulgaria 67.9 Bolivia $ 40.90
Bosnia and
Herzegovin
Burkina Faso 15.7 a $ 20.00
Cambodia 27.1 Botswana $ 18.30
Cameroon 38.8 Brazil $1,839.80
Brunei
Darussala
Canada 1736.4 m $ 13.50
Cape Verde 2 Bulgaria $ 67.90
Burkina
Cayman Islands 5.5 Faso $ 15.70
Chile 282.3 Burundi $ 3.00
China 14342.9 Cape Verd $ 2.00
Colombia 323.8 Cambodia $ 27.10
Congo (Democratic Repub 47.3 Cameroon $ 38.80
Congo (Republic of) 10.8 Canada $1,736.40
Cayman
Cook Islands 1.2 Islands $ 5.50
Central
African
Costa Rica 61.8 Republic $ 2.20
Côte d'Ivoire 58.8 Chad $ 11.30
Channel
Croatia 60.4 Islands ..
Cuba 100 Chile $ 282.30
Curacao 3.1 China ###
Cyprus 24.6 Colombia $ 323.80
Czech Republic 246.5 Comoros $ 1.20
Denmark 348.1 Congo (De $ 47.30
Dominican Republic 88.9 Congo (Rep$ 10.80
Ecuador 107.4 Costa Rica $ 61.80
Egypt 303.2 Côte d'Ivo $ 58.80
El Salvador 27 Croatia $ 60.40
Estonia 31.4 Cuba $ 100.00
Ethiopia 96.1 Curacao $ 3.10
Fiji 5.5 Cyprus $ 24.60
Czech
Finland 268.8 Republic $ 246.50
France 2715.5 Denmark $ 348.10
Gabon 16.7 Djibouti $ 3.30
Georgia 17.7 Dominica $ 0.60
Dominican
Germany 3845.6 Republic $ 88.90
Ghana 67 Ecuador $ 107.40
Greece 209.9 Egypt $ 303.20
Guatemala 76.7 El Salvador $ 27.00
Equatorial
Guernsey (States of) 2.5 Guinea $ 11.00
Honduras 25.1 Eritrea ..
Hong Kong 366 Estonia $ 31.40
Hungary 161 Eswatini $ 4.40
Iceland 24.2 Ethiopia $ 96.10
Faroe
India 2875.1 Islands $ 2.80
Indonesia 1119.2 Fiji $ 5.50
Iraq 234.1 Finland $ 268.80
Ireland 388.7 France $2,715.50
French
Isle of Man 6.8 Polynesia ..
Israel 395.1 Gabon $ 16.70
Gambia,
Italy 2001.2 The $ 1.80
Jamaica 16.5 Georgia $ 17.70
Japan 5081.8 Germany $3,845.60
Jersey (States of) 1 Ghana $ 67.00
Jordan 43.7 Greece $ 209.90
Kazakhstan 180.2 Greenland $ 3.10
Kenya 95.5 Grenada $ 1.20
Korea 1642.4 Guam $ 5.90
Kuwait 134.8 Guatemala $ 76.70
Kyrgyzstan 8.5 Guinea $ 13.60
Guinea-
Laos 18.2 Bissau $ 1.30
Latvia 34.1 Guyana $ 4.30
Lebanon 53.4 Haiti $ 8.50
Liechtenstein 6.6 Honduras $ 25.10
Lithuania 54.2 Hong Kong $ 366.00
Luxembourg 71.1 Hungary $ 161.00
Macao 53.9 Iceland $ 24.20
Macedonia 12.7 India $2,875.10
Malaysia 364.7 Indonesia $1,119.20
Iran,
Islamic
Maldives 5.7 Rep. $ 445.30
Mali 17.5 Iraq $ 234.10
Malta 14.8 Ireland $ 388.70
Mauritius 14.2 Isle of Man $ 6.80
Mexico 1258.3 Israel $ 395.10
Moldova 12 Italy $2,001.20
Mongolia 13.9 Jamaica $ 16.50
Montenegro 5.5 Japan $5,081.80
Montserrat 1.5 Jordan $ 43.70
Morocco 118.7 Kazakhstan $ 180.20
Mozambique 14.9 Kenya $ 95.50
Namibia 12.4 Kiribati $ 0.20
Dem.
People’s
Netherlands 909.1 Rep. ..
New Zealand 206.9 Korea $1,642.40
Nicaragua 12.5 Kosovo $ 7.90
Niger 12.9 Kuwait $ 134.80
Nigeria 448.1 Kyrgyzstan $ 8.50
Norway 403.3 Laos $ 18.20
Oman 77 Latvia $ 34.10
Pakistan 278.2 Lebanon $ 53.40
Panama 66.8 Lesotho $ 2.50
Papua New Guinea 25 Liberia $ 3.10
Paraguay 38.1 Libya $ 52.10
Liechtenst
Peru 226.8 ein $ 6.60
Philippines 376.8 Lithuania $ 54.20
Luxembou
Poland 592.2 rg $ 71.10
Portugal 237.7 Macao $ 53.90
Madagasca
Qatar 183.5 r $ 14.10
Ras Al Khaimah (Emirate 5.2 Malawi $ 7.70
Romania 250.1 Malaysia $ 364.70
Russia 1699.9 Maldives $ 5.70
Rwanda 10.1 Mali $ 17.50
Saudi Arabia 793 Malta $ 14.80
Marshall
Senegal 23.6 Islands $ 0.20
Serbia 51.4 Mauritania $ 7.60
Sharjah 5 Mauritius $ 14.20
Singapore 372.1 Mexico $1,258.30
Micronesia
Slovakia 105.4 , Fed. Sts. $ 0.40
Slovenia 53.7 Moldova $ 12.00
Solomon Islands 1.4 Monaco $ 7.20
South Africa 351.4 Mongolia $ 13.90
Montenegr
Spain 1394.1 o $ 5.50
Sri Lanka 84 Morocco $ 118.70
Mozambiq
St. Maarten 1.5 ue $ 14.90
St. Vincent & the Grena 0.8 Myanmar $ 76.10
Suriname 4 Namibia $ 12.40
Swaziland 4.4 Nepal $ 30.60
Netherlan
Sweden 530.8 ds $ 909.10
New
Switzerland 703.1 Caledonia ..
New
Taiwan 985 Zealand $ 206.90
Tajikistan 8.1 Nicaragua $ 12.50
Tanzania 63.2 Niger $ 12.90
Thailand 543.6 Nigeria $ 448.10
North
Togo 5.5 Macedonia $ 12.70
Northern
Mariana
Trinidad and Tobago 24.1 Islands $ 1.30
Tunisia 38.8 Norway $ 403.30
Turkey 754.4 Oman $ 77.00
Turks and Caicos Islands 1 Pakistan $ 278.20
Uganda 34.4 Palau $ 0.30
Ukraine 153.8 Panama $ 66.80
Papua
New
United Arab Emirates 421.1 Guinea $ 25.00
United Kingdom 2827.1 Paraguay $ 38.10
United States of Americ 21374.4 Peru $ 226.80
Uruguay 56 Philippines $ 376.80
Uzbekistan 57.9 Poland $ 592.20
Venezuela 220 Portugal $ 237.70
Puerto
Vietnam 261.9 Rico $ 105.00
Zambia 23.1 Qatar $ 183.50
Romania $ 250.10
Russia $1,699.90
Rwanda $ 10.10
Samoa $ 0.90
San
Marino $ 1.60
Sao Tome
and
Principe $ 0.40
Saudi
Arabia $ 793.00
Senegal $ 23.60
Serbia $ 51.40
Seychelles $ 1.70
Sierra
Leone $ 3.90
Singapore $ 372.10
Maarten
(Dutch
part) ..
Slovakia $ 105.40
Slovenia $ 53.70
Solomon
Islands $ 1.40
Somalia ..
South
Africa $ 351.40
South
Sudan ..
Spain $1,394.10
Sri Lanka $ 84.00
St. Kitts
and Nevis $ 1.10
St. Lucia $ 2.10
St. Martin
(French
part) ..
St. Vincent
and the
Grenadine
s $ 0.80
Sudan $ 18.90
Suriname $ 4.00
Sweden $ 530.80
Switzerlan
d $ 703.10
Syrian
Arab
Republic ..
Tajikistan $ 8.10
Tanzania $ 63.20
Thailand $ 543.60
Timor-
Leste $ 1.70
Togo $ 5.50
Tonga $ 0.50
Trinidad
and
Tobago $ 24.10
Tunisia $ 38.80
Turkey $ 754.40
Turkmenist
an $ 40.80
Turks and
Caicos
Islands $ 1.00
Tuvalu $ -
Uganda $ 34.40
Ukraine $ 153.80
United
Arab
Emirates $ 421.10
United
Kingdom $2,827.10
United Sta ###
Uruguay $ 56.00
Uzbekistan $ 57.90
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
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) CCC+ NA Andorra NA
Angola CCC+ Caa1 Angola Caa1
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 BB- Ba2 Bahamas Ba2
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 CCC+ Caa3 Belize Caa3
Benin B+ B2 Benin B2
Bermuda A+ A2 Bermuda A2
Bolivia B+ B2 Bolivia B2
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana BBB+ A2 Botswana A2
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 BBB- Baa2 Colombia Baa2
Congo (Democratic Repub NA Caa1 Congo (Democratic Republ Caa1
Congo (Republic of) NA Caa2 Congo (Republic of) Caa2
Cook Islands B+ NA Cook Islands NA
Costa Rica B B2 Costa Rica B2
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BBB- Ba1 Croatia Ba1
Cuba NA Caa2 Cuba Caa2
Curacao A- NA Curacao NA
Cyprus BBB- Ba2 Cyprus Ba2
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador B- Caa3 Ecuador Caa3
Egypt B B2 Egypt B2
El Salvador B- B3 El Salvador B3
Estonia AA- A1 Estonia A1
Ethiopia B B2 Ethiopia B2
Fiji BB- Ba3 Fiji Ba3
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon NR 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) NA Aaa Guernsey (Channel Islands) Aaa
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa3 Hong Kong Aa3
Hungary BBB Baa3 Hungary Baa3
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 NR 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) NA Aaa Jersey (Channel Islands) Aaa
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa3 Kazakhstan Baa3
Kenya B+ B2 Kenya B2
Korea NA Aa2 Korea Aa2
Kuwait AA- A1 Kuwait A1
Kyrgyzstan NA B2 Kyrgyz Republic B2
Laos NA Caa2 Laos Caa2
Latvia A+ A3 Latvia A3
Lebanon SD C Lebanon C
Liechtenstein AAA Aaa Liechtenstein Aaa
Lithuania A+ A3 Lithuania A3
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA Macedonia NA
Malaysia A- A3 Malaysia A3
Maldives NA B3 Maldives B3
Mali NR Caa1 Mali Caa1
Malta A- A2 Malta A2
Mauritius NA Baa1 Mauritius Baa1
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 BBB- 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 NA 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 Baa1 Panama Baa1
Papua New Guinea B- B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru BBB+ A3 Peru A3
Philippines BBB+ Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB Baa3 Portugal Baa3
Qatar AA- Aa3 Qatar Aa3
Ras Al Khaimah (Emirate NA Aaa Ras Al Khaimah (Emirate o Aaa
Romania BBB- Baa3 Romania Baa3
Russia BBB- Baa3 Russia Baa3
Rwanda B+ B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1
Senegal B+ Ba3 Senegal Ba3
Serbia BB+ Ba3 Serbia Ba3
Sharjah NA Baa2 Sharjah Baa2
Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia AA- A3 Slovenia A3
Solomon Islands NA B3 Solomon Islands B3
South Africa BB- Ba2 South Africa Ba2
Spain A Baa1 Spain Baa1
Sri Lanka CCC+ Caa1 Sri Lanka Caa1
St. Maarten NA Baa3 Sint Maarten Baa3
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname SD Caa3 Suriname Caa3
Swaziland NA B3 eSwatini B3
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA- Aa3 Taiwan Aa3
Tajikistan NA B3 Tajikistan B3
Tanzania NA B2 Tanzania B2
Thailand BBB+ Baa1 Thailand Baa1
Togo NA B3 Togo B3
Trinidad and Tobago NA Ba1 Trinidad and Tobago Ba1
Tunisia NA B2 Tunisia B2
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 NA Aa2 United Arab Emirates Aa2
United Kingdom AA Aa3 United Kingdom Aa3
United States AA+ Aaa United States of America Aaa
Uruguay BBB Baa2 Uruguay Baa2
Uzbekistan NA B1 Uzbekistan B1
Venezuela SD C Venezuela C
Vietnam BB Ba3 Vietnam Ba3
Zambia SD Ca Zambia Ca
S&P Country Moody's Rating S&P Rating
NA Abu Dhabi Aa2 NA
B+ Albania B1 B+
CCC+
CCC+ Angola Caa1 CCC+
CCC+ Argentina Ca CCC+
NA Armenia Ba3 NA
BBB+
AAA Australia Aaa AAA
AA+ Austria Aa1 AA+
BB+ Azerbaijan Ba2 BB+
BB- Bahamas Ba2 BB-
B+ Bahrain B2 B+
BB- Bangladesh Ba3 BB-
B- Barbados Caa1 B-
B Belarus B3 B
AA Belgium Aa3 AA
CCC+ Belize Caa3 CCC+
B+ Benin B2 B+
A+ Bermuda A2 A+
B+ Bolivia B2 B+
B Bosnia and Herzegov B3 B Cote d'Ivoi Ba3
BBB+ Botswana A2 BBB+
BB- Brazil Ba2 BB-
BBB Bulgaria Baa1 BBB
B
NA Cambodia B2 NA
B- Cameroon B2 B-
AAA Canada Aaa AAA
B
NA Cayman Islands Aa3 NA
A+ Chile A1 A+
A+ China A1 A+
BBB- Colombia Baa2 BBB-
NA Congo (Democratic Caa1 NA
NA Congo (Republic of Caa2 NA
B+
B Costa Rica B2 B
NA Cote d'Ivoire Ba3 NA
BBB- Croatia Ba1 BBB-
NA Cuba Caa2 NA
A-
BBB- Cyprus Ba2 BBB-
AA- Czech Republic Aa3 AA-
AAA Denmark Aaa AAA
BB- Dominican Republic Ba3 BB- eSwatini
B- Ecuador Caa3 B-
B Egypt B2 B
B- El Salvador B3 B-
AA- Estonia A1 AA-
B Ethiopia B2 B
BB- Fiji Ba3 BB-
AA+ Finland Aa1 AA+
AA France Aa2 AA
NR Gabon Caa1 NR
BB Georgia Ba2 BB
AAA Germany Aaa AAA
B- Ghana B3 B-
BB- Greece Ba3 BB-
BB- Guatemala Ba1 BB-
NA Guernsey (Channel I - NA
BB- Honduras B1 BB-
AA+ Hong Kong Aa3 AA+
BBB Hungary Baa3 BBB
A Iceland A2 A
BBB- India Baa3 BBB-
BBB Indonesia Baa2 BBB
B- Iraq Caa1 B-
AA- Ireland A2 AA-
NR Isle of Man Aa3 NR
AA- Israel A1 AA-
BBB Italy Baa3 BBB
B+ Jamaica B2 B+
A+ Japan A1 A+
NA Jersey (Channel Isla - NA
B+ Jordan B1 B+
BBB- Kazakhstan Baa3 BBB-
B+ Kenya B2 B+
NA Korea Aa2 NA
AA- Kuwait A1 AA-
NA Kyrgyz Republic B2 NA
NA Laos Caa2 NA
A+ Latvia A3 A+
SD Lebanon C SD
AAA Liechtenstein Aaa AAA
A+ Lithuania A3 A+
AAA Luxembourg Aaa AAA
NA Macao Aa3 NA
BB-
A- Malaysia A3 A-
NA Maldives B3 NA
NR Mali Caa1 NR
A- Malta A2 A-
NA Mauritius Baa1 NA
BBB Mexico Baa1 BBB
NA Moldova B3 NA
B Mongolia B3 B
B+ Montenegro B1 B+
BBB-
BBB- Morocco Ba1 BBB-
CCC+ Mozambique Caa2 CCC+
NA Namibia Ba3 NA
AAA Netherlands Aaa AAA
AA New Zealand Aaa AA
NA Nicaragua B3 NA
NA Niger B3 NA
B- Nigeria B2 B-
AAA Norway Aaa AAA
B+ Oman Ba3 B+
B- Pakistan B3 B-
BBB Panama Baa1 BBB
B- Papua New Guinea B2 B-
BB Paraguay Ba1 BB
BBB+ Peru A3 BBB+
BBB+ Philippines Baa2 BBB+
A- Poland A2 A-
BBB Portugal Baa3 BBB
AA- Qatar Aa3 AA-
NA
BBB- Romania Baa3 BBB-
BBB- Russia Baa3 BBB-
B+ Rwanda B2 B+
A- Saudi Arabia A1 A-
B+ Senegal Ba3 B+
BB+ Serbia Ba3 BB+
NA Sharjah Baa2 NA
AAA Singapore Aaa AAA
A+ Slovakia A2 A+
AA- Slovenia A3 AA-
NA Solomon Islands B3 NA
BB- South Africa Ba2 BB-
A Spain Baa1 A
CCC+ Sri Lanka Caa1 CCC+
NA Sint Maarten Baa3 NA
NA St. Vincent & the Gr B3 NA
SD Suriname Caa3 SD
NA eSwatini B3 NA
AAA Sweden Aaa AAA
AAA Switzerland Aaa AAA
AA- Taiwan Aa3 AA-
NA Tajikistan B3 NA
NA Tanzania B2 NA
BBB+ Thailand Baa1 BBB+
NA Togo B3 NA
NA Trinidad and Tobago Ba1 NA
NA Tunisia B2 NA
B+ Turkey B2 B+
BBB+
B Uganda B2 B
B Ukraine B3 B
NA United Arab Emirate Aa2 NA
AA United Kingdom Aa3 AA
AA+ United States of Ame Aaa NA
BBB Uzbekistan Baa2 BBB
NA Uruguay B1 NA
SD Venezuela C SD
BB Vietnam Ba3 BB
SD Zambia Ca SD
#N/A
B3 #N/A
Country Country Tax Rate Looked up for 2020
Abu Dhabi Abu Dhabi 55.00% 55
Albania Albania 15.00% 15
Andorra (Principality of) Andorra (Principality of) 10.00% 10
Angola Angola 30.00% 30
Argentina Argentina 30.00% 30
Armenia Armenia 18.00% 18
Aruba Aruba 25.00% 25
Australia Australia 30.00% 30
Austria Austria 25.00% 25
Azerbaijan Azerbaijan 20.00% 20
Bahamas Bahamas 0.00% 0
Bahrain Bahrain 0.00% 0
Bangladesh Bangladesh 25.00% 25
Barbados Barbados 5.50% 5.5
Belarus Belarus 18.00% 18
Belgium Belgium 29.00% 29
Belize Belize 28.25% 28.25
Benin Benin 30.00% 30
Bermuda Bermuda 0.00% 0
Bolivia Bolivia 25.00% 25
Bosnia and Herzegovina Bosnia and Herzegovina 10.00% 10
Botswana Botswana 22.00% 22
Brazil Brazil 34.00% 34
Bulgaria Bulgaria 10.00% 10
Burkina Faso Burkina Faso 28.00% 28
Cambodia Cambodia 20.00% 20
Cameroon Cameroon 33.00% 33
Canada Canada 26.50% 26.5
Cape Verde Cape Verde 0.00% 0
Cayman Islands Cayman Islands 0.00% 0
Chile Chile 27.00% 27
China China 25.00% 25
Colombia Colombia 32.00% 32
Congo (Democratic RepubCongo (Democratic Republic o 35.00% 35
Congo (Republic of) Congo (Republic of) 30.00% 30
Cook Islands Cook Islands 28.43% 28.43
Costa Rica Costa Rica 30.00% 30
Côte d'Ivoire Côte d'Ivoire 25.00% 25
Croatia Croatia 18.00% 18
Cuba Cuba 27.36% 27.36
Curacao Curacao 22.00% 22
Cyprus Cyprus 12.50% 12.5
Czech Republic Czech Republic 19.00% 19
Denmark Denmark 22.00% 22
Dominican Republic Dominican Republic 27.00% 27
Ecuador Ecuador 25.00% 25
Egypt Egypt 22.50% 22.5
El Salvador El Salvador 30.00% 30
Estonia Estonia 20.00% 20
Ethiopia Ethiopia 30.00% 30
Fiji Fiji 20.00% 20
Finland Finland 20.00% 20
France France 28.00% 28
Gabon Gabon 30.00% 30
Georgia Georgia 15.00% 15
Germany Germany 30.00% 30
Ghana Ghana 25.00% 25
Greece Greece 24.00% 24
Guatemala Guatemala 25.00% 25
Guernsey (States of) Guernsey (States of) 0.00% 0
Honduras Honduras 25.00% 25
Hong Kong Hong Kong 16.50% 16.5
Hungary Hungary 9.00% 9
Iceland Iceland 20.00% 20
India India 30.00% 30
Indonesia Iraq 15.00% 15
Iraq Iraq 15.00% 15
Ireland Ireland 12.50% 12.5
Isle of Man Isle of Man 0.00% 0
Israel Israel 23.00% 23
Italy Italy 24.00% 24
Jamaica Jamaica 25.00% 25
Japan Japan 30.62% 30.62
Jersey (States of) Jersey (States of) 0.00% 0
Jordan Jordan 20.00% 20
Kazakhstan Kazakhstan 20.00% 20
Kenya Kenya 30.00% 30
Korea Korea 25.00% 25
Kuwait Kuwait 15.00% 15
Kyrgyzstan Kyrgyzstan 10.00% 10
Laos Laos 21.13% 21.13
Latvia Latvia 20.00% 20
Lebanon Lebanon 17.00% 17
Liechtenstein Liechtenstein 12.50% 12.5
Lithuania Lithuania 15.00% 15
Luxembourg Luxembourg 24.94% 24.94
Macao Macao 12.00% 12
Macedonia Macedonia 10.00% 10
Malaysia Malaysia 24.00% 24
Maldives Maldives 21.13% 21.13
Mali Mali 28.25% 28.25
Malta Malta 35.00% 35
Mauritius Mauritius 15.00% 15
Mexico Mexico 30.00% 30
Moldova Moldova 12.00% 12
Mongolia Mongolia 25.00% 25
Montenegro Montenegro 9.00% 9
Montserrat Montserrat 21.13% 21.13
Morocco Morocco 31.00% 31
Mozambique Mozambique 32.00% 32
Namibia Namibia 32.00% 32
Netherlands Netherlands 25.00% 25
New Zealand New Zealand 28.00% 28
Nicaragua Nicaragua 30.00% 30
Niger Niger 28.25% 28.25
Nigeria Nigeria 30.00% 30
Norway Norway 22.00% 22
Oman Oman 15.00% 15
Pakistan Pakistan 35.00% 35
Panama Panama 25.00% 25
Papua New Guinea Papua New Guinea 30.00% 30
Paraguay Paraguay 10.00% 10
Peru Peru 29.50% 29.5
Philippines Philippines 30.00% 30
Poland Poland 19.00% 19
Portugal Portugal 21.00% 21
Qatar Qatar 10.00% 10
Ras Al Khaimah (Emirate Ras Al Khaimah (Emirate of) 0.00% 0
Romania Romania 16.00% 16
Russia Russia 20.00% 20
Rwanda Rwanda 30.00% 30
Saudi Arabia Saudi Arabia 20.00% 20
Senegal Senegal 30.00% 30
Serbia Serbia 15.00% 15
Sharjah Sharjah 0.00% 0
Singapore Singapore 17.00% 17
Slovakia Slovakia 21.00% 21
Slovenia Slovenia 19.00% 19
Solomon Islands Solomon Islands 30.00% 30
South Africa South Africa 28.00% 28
Spain Spain 25.00% 25
Sri Lanka Sri Lanka 28.00% 28
St. Maarten St. Maarten 27.36% 27.36
St. Vincent & the GrenadSt. Vincent & the Grenadines 27.36% 27.36
Suriname Suriname 36.00% 36
Swaziland Swaziland 27.50% 27.5
Sweden Sweden 21.40% 21.4
Switzerland Switzerland 14.84% 14.84
Taiwan Taiwan 20.00% 20
Tajikistan Tajikistan 19.12% 19.12
Tanzania Tanzania 30.00% 30
Thailand Thailand 20.00% 20
Togo Togo 28.25% 28.25
Trinidad and Tobago Trinidad and Tobago 30.00% 30
Tunisia Tunisia 25.00% 25
Turkey Turkey 22.00% 22
Turks and Caicos Islands Turks and Caicos Islands 0.00% 0
Uganda Uganda 30.00% 30
Ukraine Ukraine 18.00% 18
United Arab Emirates United Arab Emirates 55.00% 55
United Kingdom United Kingdom 19.00% 19
United States United States 27.00% 27
Uruguay Uruguay 25.00% 25
Uzbekistan Uzbekistan 7.50% 7.5
Venezuela Venezuela 34.00% 34
Vietnam Vietnam 20.00% 20
Zambia Zambia 35.00% 35
LOCATION ### Africa average 28.25%
Afghanistan 20.00 Americas average 27.33%
Albania 15.00 Asia average 21.13%
Algeria 26.00 EU average 20.87%
Andorra 10.00 Europe average 19.12%
Angola 30.00 Global average 23.79%
Anguilla 0.00 Latin America avera 27.36%
Antigua and Barbuda 25.00 North America avera 26.75%
Argentina 30.00 Oceania average 28.43%
Armenia 18.00 OECD average 23.05%
Aruba 25.00 South America aver 27.36%
Australia 30.00
Austria 25.00
Azerbaijan 20.00
Bahamas 0.00
Bahrain 0.00
Bangladesh 25.00
Barbados 5.50
Belarus 18.00
Belgium 29.00
Benin 30.00
Bermuda 0.00
Bolivia 25.00
Bonaire, Saint Eustat 25.00
Bosnia and Herzegovi 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 32.00
Congo 30.00
Congo (Democratic Rep35.00
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 28.00
Gabon 30.00
Gambia 31.00
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 25.00
Iraq 15.00
Ireland 12.50
Isle of Man 0.00
Israel 23.00
Italy 24.00
Ivory Coast 25.00
Jamaica 25.00
Japan 30.62
Jersey 0.00
Jordan 20.00
Kazakhstan 20.00
Kenya 30.00
Korea, Republic of 25.00
Kuwait 15.00
Kyrgyzstan 10.00
Latvia 20.00
Lebanon 17.00
Libya 20.00
Liechtenstein 12.50
Lithuania 15.00
Luxembourg 24.94
Macau 12.00
Macedonia 10.00
Madagascar 20.00
Malawi 30.00
Malaysia 24.00
Malta 35.00
Mauritius 15.00
Mexico 30.00
Moldova 12.00
Monaco 33.00
Mongolia 25.00
Montenegro 9.00
Morocco 31.00
Mozambique 32.00
Myanmar 25.00
Namibia 32.00
Netherlands 25.00
New Zealand 28.00
Nicaragua 30.00
Nigeria 30.00
Norway 22.00
Oman 15.00
Pakistan 35.00
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 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 pa 35.00
Slovakia 21.00
Slovenia 19.00
Solomon Islands 30.00
South Africa 28.00
Spain 25.00
Sri Lanka 28.00
St Maarten 35.00
Sudan 35.00
Suriname 36.00
Swaziland 27.50
Sweden 21.40
Switzerland 14.84
Syria 28.00
Taiwan 20.00
Tanzania 30.00
Thailand 20.00
Trinidad and Tobago 30.00
Tunisia 25.00
Turkey 22.00
Turkmenistan 20.00
Turks and Caicos Isl 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 5.20% 0.44% 5.20%
Albania 62.50 9.08% 3.98% 9.08%
Andorra (Principality of) #N/A 11.98% 6.63% 11.98%
Angola 53.25 11.98% 6.63% 11.98%
Argentina 60.25 16.34% 10.60% 16.34%
Armenia 62.25 8.21% 3.18% 8.21%
Aruba #N/A 6.27% 1.41% 6.27%
Australia 75.25 4.72% 0.00% 4.72%
Austria 75.00 5.10% 0.35% 5.10%
Azerbaijan 64.75 7.63% 2.65% 7.63%
Bahamas 70.75 7.63% 2.65% 7.63%
Bahrain 62.75 10.05% 4.86% 10.05%
Bangladesh 66.75 8.21% 3.18% 8.21%
Barbados #N/A 11.98% 6.63% 11.98%
Belarus 59.25 11.02% 5.75% 11.02%
Belgium 71.50 5.31% 0.53% 5.31%
Belize #N/A 14.40% 8.83% 14.40%
Benin #N/A 10.05% 4.86% 10.05%
Bermuda #N/A 5.54% 0.75% 5.54%
Bolivia 62.50 10.05% 4.86% 10.05%
Bosnia and Herzegovina #N/A 11.02% 5.75% 11.02%
Botswana 72.25 5.54% 0.75% 5.54%
Brazil 62.50 7.63% 2.65% 7.63%
Bulgaria 71.50 6.27% 1.41% 6.27%
Burkina Faso 60.75 10.05% 4.86% 10.05%
Cambodia #N/A 10.05% 4.86% 10.05%
Cameroon 56.75 10.05% 4.86% 10.05%
Canada 77.50 4.72% 0.00% 4.72%
Cape Verde #N/A 10.05% 4.86% 10.05%
Cayman Islands #N/A 5.31% 0.53% 5.31%
Chile 66.25 5.40% 0.62% 5.40%
China #N/A 5.40% 0.62% 5.40%
Colombia 61.25 6.56% 1.68% 6.56%
Congo (Democratic Repub #N/A 11.98% 6.63% 11.98%
Congo (Republic of) #N/A 13.44% 7.96% 13.44%
Cook Islands #N/A 9.08% 3.98% 9.08%
Costa Rica 66.25 10.05% 4.86% 10.05%
Côte d'Ivoire #N/A 8.21% 3.18% 8.21%
Croatia 69.25 7.14% 2.21% 7.14%
Cuba 66.75 13.44% 7.96% 13.44%
Curacao #N/A 5.88% 1.06% 5.88%
Cyprus 69.75 7.63% 2.65% 7.63%
Czech Republic 73.00 5.31% 0.53% 5.31%
Denmark 81.00 4.72% 0.00% 4.72%
Dominican Republic 66.50 8.21% 3.18% 8.21%
Ecuador 60.25 14.40% 8.83% 14.40%
Egypt 60.75 10.05% 4.86% 10.05%
El Salvador 63.75 11.02% 5.75% 11.02%
Estonia 68.00 5.40% 0.62% 5.40%
Ethiopia 57.50 10.05% 4.86% 10.05%
Fiji #N/A 8.21% 3.18% 8.21%
Finland 77.25 5.10% 0.35% 5.10%
France 69.00 5.20% 0.44% 5.20%
Gabon 60.50 11.98% 6.63% 11.98%
Georgia #N/A 7.63% 2.65% 7.63%
Germany 78.50 4.72% 0.00% 4.72%
Ghana 66.75 11.02% 5.75% 11.02%
Greece 65.50 8.21% 3.18% 8.21%
Guatemala 68.50 7.14% 2.21% 7.14%
Guernsey (States of) #N/A 4.72% 0.00% 4.72%
Honduras 63.25 9.08% 3.98% 9.08%
Hong Kong 73.25 5.31% 0.53% 5.31%
Hungary 69.50 6.85% 1.95% 6.85%
Iceland 78.25 5.54% 0.75% 5.54%
India 67.25 6.85% 1.95% 6.85%
Indonesia 64.50 6.56% 1.68% 6.56%
Iraq 54.75 11.98% 6.63% 11.98%
Ireland 76.00 5.54% 0.75% 5.54%
Isle of Man #N/A 5.31% 0.53% 5.31%
Israel 69.50 5.40% 0.62% 5.40%
Italy 70.50 6.85% 1.95% 6.85%
Jamaica 66.00 10.05% 4.86% 10.05%
Japan 75.50 5.40% 0.62% 5.40%
Jersey (States of) #N/A 4.72% 0.00% 4.72%
Jordan 61.75 9.08% 3.98% 9.08%
Kazakhstan 67.00 6.85% 1.95% 6.85%
Kenya 62.00 10.05% 4.86% 10.05%
Korea #N/A 5.20% 0.44% 5.20%
Kuwait 66.75 5.40% 0.62% 5.40%
Kyrgyzstan #N/A 10.05% 4.86% 10.05%
Latvia 68.75 5.88% 1.06% 5.88%
Lebanon 50.50 23.90% 17.50% 23.90%
Liechtenstein #N/A 4.72% 0.00% 4.72%
Lithuania 69.75 5.88% 1.06% 5.88%
Luxembourg 82.50 4.72% 0.00% 4.72%
Macao #N/A 5.31% 0.53% 5.31%
Macedonia #N/A 8.21% 3.18% 8.21%
Malaysia 69.25 5.88% 1.06% 5.88%
Maldives #N/A 11.02% 5.75% 11.02%
Mali 60.50 11.98% 6.63% 11.98%
Malta 72.00 5.54% 0.75% 5.54%
Mauritius #N/A 6.27% 1.41% 6.27%
Mexico 64.25 6.27% 1.41% 6.27%
Moldova 63.75 11.02% 5.75% 11.02%
Mongolia 59.75 11.02% 5.75% 11.02%
Montenegro #N/A 9.08% 3.98% 9.08%
Montserrat #N/A 6.85% 1.95% 6.85%
Morocco 63.00 7.14% 2.21% 7.14%
Mozambique 49.25 13.44% 7.96% 13.44%
Namibia 68.50 8.21% 3.18% 8.21%
Netherlands 76.75 4.72% 0.00% 4.72%
New Zealand 78.25 4.72% 0.00% 4.72%
Nicaragua 61.00 11.02% 5.75% 11.02%
Niger 53.25 11.02% 5.75% 11.02%
Nigeria 56.25 10.05% 4.86% 10.05%
Norway 81.50 4.72% 0.00% 4.72%
Oman 66.00 8.21% 3.18% 8.21%
Pakistan 55.00 11.02% 5.75% 11.02%
Panama 66.25 6.27% 1.41% 6.27%
Papua New Guinea 64.50 10.05% 4.86% 10.05%
Paraguay 65.00 7.14% 2.21% 7.14%
Peru 65.75 5.88% 1.06% 5.88%
Philippines 70.50 6.56% 1.68% 6.56%
Poland 73.25 5.54% 0.75% 5.54%
Portugal 72.25 6.85% 1.95% 6.85%
Qatar 71.50 5.31% 0.53% 5.31%
Ras Al Khaimah (Emirate #N/A 4.72% 0.00% 4.72%
Romania 67.50 6.85% 1.95% 6.85%
Russia 66.25 6.85% 1.95% 6.85%
Rwanda #N/A 10.05% 4.86% 10.05%
Saudi Arabia 69.50 5.40% 0.62% 5.40%
Senegal 62.50 8.21% 3.18% 8.21%
Serbia #N/A 8.21% 3.18% 8.21%
Sharjah #N/A 6.56% 1.68% 6.56%
Singapore 79.00 4.72% 0.00% 4.72%
Slovakia 67.75 5.54% 0.75% 5.54%
Slovenia 69.00 5.88% 1.06% 5.88%
Solomon Islands #N/A 11.02% 5.75% 11.02%
South Africa 64.75 7.63% 2.65% 7.63%
Spain 67.75 6.27% 1.41% 6.27%
Sri Lanka 58.75 11.98% 6.63% 11.98%
St. Maarten #N/A 6.85% 1.95% 6.85%
St. Vincent & the Grenad #N/A 11.02% 5.75% 11.02%
Suriname 54.75 14.40% 8.83% 14.40%
Swaziland #N/A 11.02% 5.75% 11.02%
Sweden 79.50 4.72% 0.00% 4.72%
Switzerland 81.75 4.72% 0.00% 4.72%
Taiwan 84.00 5.31% 0.53% 5.31%
Tajikistan #N/A 11.02% 5.75% 11.02%
Tanzania 64.00 10.05% 4.86% 10.05%
Thailand 66.00 6.27% 1.41% 6.27%
Togo 62.00 11.02% 5.75% 11.02%
Trinidad and Tobago #N/A 7.14% 2.21% 7.14%
Tunisia 59.00 10.05% 4.86% 10.05%
Turkey 55.50 10.05% 4.86% 10.05%
Turks and Caicos Islands #N/A 6.27% 1.41% 6.27%
Uganda 61.25 10.05% 4.86% 10.05%
Ukraine 63.00 11.02% 5.75% 11.02%
United Arab Emirates 72.00 5.20% 0.44% 5.20%
United Kingdom 72.25 5.31% 0.53% 5.31%
United States 69.25 4.72% 0.00% 4.72%
Uruguay 69.50 6.56% 1.68% 6.56%
Uzbekistan #N/A 9.08% 3.98% 9.08%
Venezuela 42.00 23.90% 17.50% 23.90%
Vietnam 69.00 8.21% 3.18% 8.21%
Zambia 53.50 16.34% 10.60% 16.34%
Algeria 57.25 7.96% 13.44%
Brunei 80.00 0.75% 5.54%
Gambia 63.75 5.75% 11.02%
Guinea 53.50 10.60% 16.34%
Guinea-Bissau 62.00 6.63% 11.98%
Guyana 65.75 4.86% 10.05%
Haiti 52.75 10.60% 16.34%
Iran 59.25 7.96% 13.44%
Korea, D.P.R. 50.75 10.60% 16.34%
Liberia 53.50 10.60% 16.34%
Libya 58.25 7.96% 13.44%
Madagascar 63.25 5.75% 11.02%
Malawi 58.75 7.96% 13.44%
Myanmar 63.75 5.75% 11.02%
Sierra Leone 58.75 7.96% 13.44%
Somalia 50.50 10.60% 16.34%
Sudan 38.25 17.50% 23.90%
Syria 47.00 17.50% 23.90%
Yemen, Republic 50.00 17.50% 23.90%
Zimbabwe 52.25 10.60% 16.34%
Tax Rate CRP PRS Score
55.00% 0.48% More than Less than ERP CRP
15.00% 4.36% 0 50.000 23.90% 17.50%
10.00% 7.26% 50.001 55.000 16.34% 10.60%
30.00% 7.26% 55.001 57.000 14.40% 8.83%
30.00% 11.62% 57.001 60.000 13.44% 7.96%
18.00% 3.49% 60.001 62.000 11.98% 6.63%
25.00% 1.55% 62.001 64.000 11.02% 5.75%
30.00% 0.00% 64.001 66.000 10.05% 4.86%
25.00% 0.38% 66.001 68.000 9.08% 3.98%
20.00% 2.91% 68.001 69.000 8.21% 3.18%
0.00% 2.91% 69.001 72.000 7.63% 2.65%
0.00% 5.33% 72.001 74.000 6.56% 1.68%
25.00% 3.49% 74.001 76.000 6.27% 1.41%
5.50% 7.26% 76.001 80.000 5.54% 0.75%
18.00% 6.30% 80.001 82.500 5.31% 0.53%
29.00% 0.59% 82.501 85.000 5.10% 0.35%
28.25% 9.68% 85.001 90.000 4.72% 0.00%
30.00% 5.33%
0.00% 0.82% Rating Updated Default Spread (7/1/20)
25.00% 5.33% Aaa 0.00%
10.00% 6.30% Aa1 0.35%
22.00% 0.82% Aa2 0.44%
34.00% 2.91% Aa3 0.53%
10.00% 1.55% A1 0.62%
28.00% 5.33% A2 0.75%
20.00% 5.33% A3 1.06%
33.00% 5.33% Baa1 1.41%
26.50% 0.00% Baa2 1.68%
0.00% 5.33% Baa3 1.95%
0.00% 0.59% Ba1 2.21%
27.00% 0.68% Ba2 2.65%
25.00% 0.68% Ba3 3.18%
32.00% 1.84% B1 3.98%
35.00% 7.26% B2 4.86%
30.00% 8.72% B3 5.75%
28.43% 4.36% Caa1 6.63%
30.00% 5.33% Caa2 7.96%
25.00% 3.49% Caa3 8.83%
18.00% 2.42% Ca 10.60%
27.36% 8.72% C 17.50%
22.00% 1.16%
12.50% 2.91%
19.00% 0.59%
22.00% 0.00%
27.00% 3.49%
25.00% 9.68%
22.50% 5.33%
30.00% 6.30%
20.00% 0.68%
30.00% 5.33%
20.00% 3.49%
20.00% 0.38%
28.00% 0.48%
30.00% 7.26%
15.00% 2.91%
30.00% 0.00%
25.00% 6.30%
24.00% 3.49%
25.00% 2.42%
0.00% 0.00%
25.00% 4.36%
16.50% 0.59%
9.00% 2.13%
20.00% 0.82%
30.00% 2.13%
15.00% 1.84%
15.00% 7.26%
12.50% 0.82%
0.00% 0.59%
23.00% 0.68%
24.00% 2.13%
25.00% 5.33%
30.62% 0.68%
0.00% 0.00%
20.00% 4.36%
20.00% 2.13%
30.00% 5.33%
25.00% 0.48%
15.00% 0.68%
10.00% 5.33%
20.00% 1.16%
17.00% 19.18%
12.50% 0.00%
15.00% 1.16%
24.94% 0.00%
12.00% 0.59%
10.00% 3.49%
24.00% 1.16%
21.13% 6.30%
28.25% 7.26%
35.00% 0.82%
15.00% 1.55%
30.00% 1.55%
12.00% 6.30%
25.00% 6.30%
9.00% 4.36%
21.13% 2.13%
31.00% 2.42%
32.00% 8.72%
32.00% 3.49%
25.00% 0.00%
28.00% 0.00%
30.00% 6.30%
28.25% 6.30%
30.00% 5.33%
22.00% 0.00%
15.00% 3.49%
35.00% 6.30%
25.00% 1.55%
30.00% 5.33%
10.00% 2.42%
29.50% 1.16%
30.00% 1.84%
19.00% 0.82%
21.00% 2.13%
10.00% 0.59%
0.00% 0.00%
16.00% 2.13%
20.00% 2.13%
30.00% 5.33%
20.00% 0.68%
30.00% 3.49%
15.00% 3.49%
0.00% 1.84%
17.00% 0.00%
21.00% 0.82%
19.00% 1.16%
30.00% 6.30%
28.00% 2.91%
25.00% 1.55%
28.00% 7.26%
27.36% 2.13%
27.36% 6.30%
36.00% 9.68%
27.50% 6.30%
21.40% 0.00%
14.84% 0.00%
20.00% 0.59%
19.12% 6.30%
30.00% 5.33%
20.00% 1.55%
28.25% 6.30%
30.00% 2.42%
25.00% 5.33%
22.00% 5.33%
0.00% 1.55%
30.00% 5.33%
18.00% 6.30%
55.00% 0.48%
19.00% 0.59%
27.00% 0.00%
25.00% 1.84%
7.50% 4.36%
34.00% 19.18%
20.00% 3.49%
35.00% 11.62%
Row Labels Average of Corporate Tax Rate

26.00% 8.72% Africa 29.15%
18.50% 0.82% Asia 23.10%
31.00% 6.30% Australia & New Zeal 19.33%
29.15% 11.62% Caribbean 18.64%
29.15% 7.26% Central and South Ame 27.93%
18.64% 5.33% Eastern Europe & Russ 16.69%
18.64% 11.62% Middle East 20.23%
20.23% 8.72% North America 25.75%
23.10% 11.62% Western Europe 20.02%
29.15% 11.62%
20.00% 8.72%
20.00% 6.30%
30.00% 8.72%
25.00% 6.30%
30.00% 8.72%
29.15% 11.62%
35.00% 19.18%
28.00% 19.18%
20.00% 19.18%
25.00% 11.62%
Composite
Risk
Rating
Below Ca Country 12/20
Ca Albania 62.5
Caa3 Algeria 57.3
Caa2 Angola 53.3
Caa1 Argentina 60.3
B3 Armenia 62.3
B2 Australia 75.3
B1 Austria 75.0
Ba3 Azerbaijan 64.8
Ba2 Bahamas 70.8
Baa2 Bahrain 62.8
Baa1 Bangladesh 66.8
A2 Belarus 59.3
Aa3 Belgium 71.5
Aa1 Bolivia 62.5
Aaa Botswana 72.3
Brazil 62.5
Brunei 80.0
Bulgaria 71.5
Burkina Fas 60.8
Cameroon 56.8
Canada 77.5
Chile 66.3
China, Peopl 71.0
Colombia 61.3
Congo, Dem. 52.3
Congo, Repu 57.0
Costa Rica 66.3
Cote d'Ivoir 59.8
Croatia 69.3
Cuba 66.8
Cyprus 69.8
Czech Repub 73.0
Denmark 81.0
Dominican R 66.5
Ecuador 60.3
Egypt 60.8
El Salvador 63.8
Estonia 68.0
Ethiopia 57.5
Finland 77.3
France 69.0
Gabon 60.5
Gambia 63.8
Germany 78.5
Ghana 66.8
Greece 65.5
Guatemala 68.5
Guinea 53.5
Guinea-Biss 62.0
Guyana 65.8
Haiti 52.8
Honduras 63.3
Hong Kong 73.3
Hungary 69.5
Iceland 78.3
India 67.3
Indonesia 64.5
Iran 59.3
Iraq 54.8
Ireland 76.0
Israel 69.5
Italy 70.5
Jamaica 66.0
Japan 75.5
Jordan 61.8
Kazakhstan 67.0
Kenya 62.0
Korea, D.P. 50.8
Korea, Repu 79.0
Kuwait 66.8
Latvia 68.8
Lebanon 50.5
Liberia 53.5
Libya 58.3
Lithuania 69.8
Luxembour 82.5
Madagascar 63.3
Malawi 58.8
Malaysia 69.3
Mali 60.5
Malta 72.0
Mexico 64.3
Moldova 63.8
Mongolia 59.8
Morocco 63.0
Mozambiqu 49.3
Myanmar 63.8
Namibia 68.5
Netherlands 76.8
New Zealan 78.3
Nicaragua 61.0
Niger 53.3
Nigeria 56.3
Norway 81.5
Oman 66.0
Pakistan 55.0
Panama 66.3
Papua New 64.5
Paraguay 65.0
Peru 65.8
Philippines 70.5
Poland 73.3
Portugal 72.3
Qatar 71.5
Romania 67.5
Russia 66.3
Saudi Arabi 69.5
Senegal 62.5
Serbia 65.5
Sierra Leon 58.8
Singapore 79.0
Slovakia 67.8
Slovenia 69.0
Somalia 50.5
South Afric 64.8
Spain 67.8
Sri Lanka 58.8
Sudan 38.3
Suriname 54.8
Sweden 79.5
Switzerland 81.8
Syria 47.0
Taiwan 84.0
Tanzania 64.0
Thailand 66.0
Togo 62.0
Trinidad & 68.0
Tunisia 59.0
Turkey 55.5
Uganda 61.3
Ukraine 63.0
United Arab 72.0
United Kin 72.3
United State 69.3
Uruguay 69.5
Venezuela 42.0
Vietnam 69.0
Yemen, Rep 50.0
Zambia 53.5
Zimbabwe 52.3
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

p 3 to get a total equity risk premium.

e CDS spread for the country (if one exists)

e start of every year.

n to the BAML Emerging Public Bond index standard deviation

al equity risk premium equal to the US.

Country Default Spread (based on 7.96%

Country Risk Premium (CDS) NA

Country Risk Premium (simple av 1.45%

Country Risk Premium (GDP weig 0.00%

PRS Score 52.25

he Regional Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Rating Default spread in basis points

Updated January 1, 2021

DATE VALUE Effective da

2015-12-31 5.50 Average = 4.12 In spread % 1/1/2016

2016-01-01 5.5 Std Dev = 0.57970858 In spread % 1/4/2016

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% 0.26%

0.00% 4.11% 0.00% 26.10%

0.02% 0.07% 0.02% 0.29%

0.02% 0.03% 0.02% 0.06%

0.12% 1.44% 0.13% 15.25%

0.00% 0.35% 0.00% 1.99%

0.00% 0.00% 0.00% 0.00%

Weight*Default Spread Weight* Tax Rate

re the S&P sovereign local currency ratings

Country Std deviation in Equities

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