Professional Documents
Culture Documents
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 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign ratings)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by averag
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://privpapers.ssrn.com/sol3/papers.cfm?abstract_id=3825823
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=387910
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
nd add an additional country risk premium, based upon the risk of the country in question.
ry or region.
r the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet conta
sed upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if
er sovereign ratings)
ompute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
make this choice, go into the ERP worksheet and set cell E5 to 1.00.
ve to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public B
d" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
ead, I subtracted out the US CDS spread from the CDS for other markets.
as a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium equal to
o get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to 1, if you
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
t_id=3825823
fm?abstract_id=3879109
IRPvY2SQ94
D3IGn6tH03c
he excel spreadsheet containing the implied premium
t of every year.
To look up the equity risk premium for a region, use this worksheet
Region Caribbean
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages
For countries not on the list above, try this frontier market list
Country Korea, D.P.R.
Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield Index:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Two years Period
Interval Daily Interval
CDS
Spread
Country 1/1/2022 net of US
Abu Dhabi 0.77% 0.58%
Algeria 1.10% 0.91%
Angola 5.94% 5.75%
Argentina 23.32% 23.13%
Australia 0.23% 0.04%
Austria 0.19% 0.00%
Bahrain 3.40% 3.21%
Belgium 0.21% 0.02%
Brazil 2.91% 2.72%
Bulgaria 0.81% 0.62%
Cameroon 3.56% 3.37%
Canada 0.28% 0.09%
Chile 1.25% 1.06%
China 0.74% 0.55%
Colombia 2.77% 2.58%
Costa Rica 3.92% 3.73%
Croatia 1.11% 0.92%
Cyprus 0.74% 0.55%
Czech Republic 0.47% 0.28%
Denmark 0.15% 0.00%
Dubai 1.33% 1.14%
Ecuador 7.57% 7.38%
Egypt 5.74% 5.55%
El Salvador 18.33% 18.14%
Estonia 0.85% 0.66%
Ethiopia 20.40% 20.21%
Finland 0.20% 0.01%
France 0.34% 0.15%
Germany 0.18% 0.00%
Greece 1.69% 1.50%
Guatamela 2.06% 1.87%
Hong Kong 0.41% 0.22%
Hungary 0.69% 0.50%
Iceland 0.73% 0.54%
India 1.44% 1.25%
Indonesia 1.36% 1.17%
Iraq 5.63% 5.44%
Ireland 0.27% 0.08%
Israel 0.72% 0.53%
Italy 1.41% 1.22%
Japan 0.33% 0.14%
Kazakhstan 0.99% 0.80%
Kenya 4.44% 4.25%
Korea 0.35% 0.16%
Kuwait 0.86% 0.67%
Latvia 0.74% 0.55%
Lebanon NA NA
Lithuania 0.79% 0.60%
Malaysia 0.81% 0.62%
Mexico 1.58% 1.39%
Morocco 1.32% 1.13%
Netherlands 0.19% 0.00%
New Zealand 0.21% 0.02%
Nicaragua 4.36% 4.17%
Nigeria 5.53% 5.34%
Norway 0.19% 0.00%
Oman 3.19% 3.00%
Pakistan 3.67% 3.48%
Panama 1.26% 1.07%
Peru 1.31% 1.12%
Philippines 0.92% 0.73%
Poland 0.68% 0.49%
Portugal 0.56% 0.37%
Qatar 0.74% 0.55%
Romania 1.24% 1.05%
Russia 1.70% 1.51%
Rwanda 3.36% 3.17%
Saudi Arabia 0.88% 0.69%
Senegal 2.66% 2.47%
Serbia 1.37% 1.18%
Slovakia 0.63% 0.44%
Slovenia 0.87% 0.68%
South Africa 2.85% 2.66%
Spain 0.60% 0.41%
Sri Lanka 19.69% 19.50%
Sweden 0.19% 0.00%
Switzerland 0.11% 0.00%
Thailand 0.52% 0.33%
Tunisia 8.82% 8.63%
Turkey 5.51% 5.32%
Ukraine 6.17% 5.98%
United Kingdom 0.18% 0.00%
United States 0.19% 0.00%
Uruguay 1.46% 1.27%
Venezuela NA NA
Vietnam 1.56% 1.37%
Zambia NA NA
Date: Feb-21
Std deviation in Equities
Country (weekly) sBond sEquity/ sBond s (CDS) CDS
Algeria NA NA NA 0.17% 1.10%
Angola NA NA NA 0.68% 7.50%
Argentina 53.16% NA NA 3.70% 19.55%
Bahrain 12.76% NA NA 0.45% 3.18%
Banglades
h 13.55% NA NA NA NA
Bosnia 15.69% NA NA NA NA
Botswana 2.91% NA NA NA NA
Brazil 45.37% 26.62% 1.70 0.38% 2.15%
Bulgaria 19.80% 5.37% 3.69 0.43% 0.70%
Cameroon NA NA NA 0.34% 5.87%
Chile 35.37% 31.58% 1.12 0.31% 0.90%
China 25.06% NA NA 0.51% 0.56%
Colombia 37.17% 31.13% 1.19 0.41% 1.52%
Costa Rica 19.85% NA NA 0.39% 6.13%
Croatia 22.53% NA NA 0.35% 1.28%
Cyprus 19.12% 4.83% 3.96 0.49% 1.19%
Czech
25.16% 4.64% 5.42 0.43% 0.51%
Republic
Egypt 25.49% NA NA 0.37% 4.08%
El
NA NA NA 0.50% 7.78%
Salvador
Estonia 20.67% NA NA 0.52% 0.70%
Ghana 12.93% NA NA 0.54% 5.08%
Greece 43.44% 26.37% 1.65 0.33% 1.61%
Guatemel NA NA NA 0.27% 2.15%
a
Hungary 29.53% 31.76% 0.93 0.22% 0.94%
India 33.13% 10.74% 3.08 0.38% 1.24%
Indonesia 27.23% 13.94% 1.95 0.41% 1.28%
Iraq NA NA NA 0.47% 6.98%
Israel 26.63% 47.43% 0.56 0.32% 0.77%
Italy 33.16% 15.55% 2.13 0.35% 1.43%
Jamaica 8.81% NA NA NA NA
Jordan 9.77% NA NA NA NA
Kazakhast NA NA NA 0.32% 0.99%
an
Kenya 19.39% NA NA 0.34% 4.06%
Kuwait 28.60% NA NA 0.25% 0.75%
Laos 9.15% NA NA NA NA
Latvia 25.92% NA NA 0.11% 0.93%
Lebanon 15.14% 12.99% 1.17 NA NA
Lithuania 16.49% 16.98% 0.97 0.12% 0.90%
Macedoni 25.53% NA NA NA NA
a
Malaysia 19.59% 7.04% 2.78 0.45% 0.70%
Malta 14.30% NA NA NA NA
Mauritius 23.46% NA NA NA NA
Mexico 25.12% 17.21% 1.46 0.43% 1.45%
Mongolia 18.99% NA NA NA NA
Monteneg
ro 16.30% NA NA NA NA
Morocco 20.15% NA NA 0.36% 1.56%
Namibia 8.95% NA NA NA NA
Nigeria 18.29% 20.56% 0.89 0.40% 3.59%
Oman 11.35% NA NA 0.32% 3.90%
Pakistan 26.57% 14.04% 1.89 0.27% 4.51%
Palestine 8.35% NA NA NA NA
Panama 10.82% NA NA 0.32% 0.95%
Peru 21.56% 24.77% 0.87 0.32% 1.04%
Philippine 33.62% 29.83% 1.13 0.42% 0.67%
s
Qatar 18.63% NA NA 0.45% 0.74%
Romania 24.24% 23.64% 1.03 0.43% 1.22%
Russia 25.91% 17.26% 1.50 0.56% 1.47%
Rwanda NA NA NA 0.47% 3.72%
Saudi
Arabia 17.96% 27.96% 0.64 0.47% 1.12%
Senegal NA NA NA 0.54% 2.94%
Serbia 10.74% NA NA 0.16% 1.61%
Singapore 22.75% NA NA NA NA
Slovakia 21.07% NA NA 0.22% 0.79%
Slovenia 20.75% 5.00% 4.15 0.21% 1.06%
South
29.99% 17.86% 1.68 0.26% 2.93%
Africa
Sri Lanka 26.71% NA NA 0.48% 12.19%
Taiwan 21.51% NA NA NA NA
Tanzania 10.61% NA NA NA NA
Thailand 30.12% 31.01% 0.97 0.37% 0.62%
Tunisia 10.57% NA NA 0.48% 4.85%
Turkey 26.30% 16.22% 1.62 0.52% 3.31%
UAE 28.20% NA NA NA NA
Ukraine 5.97% 13.34% 0.45 0.36% 4.18%
Uruguay NA NA NA 0.58% 1.27%
US 33.85% NA NA NA NA
Venezuela 64.98% NA NA NA NA
Vietnam 26.12% NA NA 0.32% 1.49%
Zambia NA NA NA 0.54% NA
Average 1.81
Median 1.48
Median 1.49
CV(CDS) sEquity/ sCDS
15.45% NA
9.07% NA
18.93% 2.81
14.15% 0.90
NA NA
NA NA
NA NA
17.67% 2.57
61.43% 0.32
5.79% NA
34.44% 1.03
91.07% 0.28
26.97% 1.38
6.36% 3.12
27.34% 0.82
41.18% 0.46
84.31% 0.30
9.07% 2.81
6.43% NA
74.29% 0.28
10.63% 1.22
20.50% 2.12
12.56% NA
23.40% 1.26
30.65% 1.08
32.03% 0.85
6.73% NA
41.56% 0.64
24.48% 1.35
NA NA
NA NA
32.32% NA
8.37% 2.32
33.33% 0.86
NA NA
11.83% 2.19
NA NA
13.33% 1.24
NA NA
64.29% 0.30
NA NA
NA NA
29.66% 0.85
NA NA
NA NA
23.08% 0.87
NA NA
11.14% 1.64
8.21% 1.38
5.99% 4.44
NA NA
33.68% 0.32
30.77% 0.70
62.69% 0.54
60.81% 0.31
35.25% 0.69
38.10% 0.68
12.63% NA
41.96% 0.43
18.37% NA
9.94% 1.08
NA NA
27.85% 0.76
19.81% 1.05
8.87% 3.38
3.94% 6.78
NA NA
NA NA
59.68% 0.50
9.90% 1.07
15.71% 1.67
NA NA
8.61% 0.69
45.67% NA
NA NA
NA NA
21.48% 1.22
NA NA
1.35
1.03
1.03
Country GDP (in billions) in
2020 Country GDP in billions
Abu Dhabi 268 Afghanistan 19.807
Albania 14.8 SourceWorld Bank Albania 14.8
Andorra (Principality of) 3.16 Year 2020 Algeria 145.164
Angola 62.307 American Samoa 0.638
Argentina 383.067 Andorra 3.155
Armenia 12.645 Angola 62.307
Aruba 3.202 Antigua and Barbuda 1.415
Australia 1330.901 Argentina 383.067
Austria 428.965 Armenia 12.645
Azerbaijan 42.607 Aruba 3.202
Bahamas 11.25 Australia 1330.901
Bahrain 38.475 Austria 428.965
Bangladesh 324.239 Azerbaijan 42.607
Barbados 4.366 Bahamas, The 11.25
Belarus 60.258 Bahrain 38.475
Belgium 515.332 Bangladesh 324.239
Belize 1.764 Barbados 4.366
Benin 15.652 Belarus 60.258
Bermuda 7.484 Belgium 515.332
Bolivia 36.689 Belize 1.764
Bosnia and Herzegovina 19.788 Benin 15.652
Botswana 15.782 Bermuda 7.484
Brazil 1444.733 Bhutan 2.409
Bulgaria 69.105 Bolivia 36.689
Burkina Faso 17.369 Bosnia and Herzegovina 19.788
Cambodia 25.291 Botswana 15.782
Cameroon 39.802 Brazil 1444.733
Canada 1643.408 Brunei Darussalam 12.016
Cape Verde 1.7 Bulgaria 69.105
Cayman Islands 5.936 Burkina Faso 17.369
Chile 252.94 Burundi 3.258
China 14722.731 Cabo Verde 1.704
Colombia 271.347 Cambodia 25.291
Congo (Democratic Repub 49.87 Cameroon 39.802
Congo (Republic of) 10.89 Canada 1643.408
Cook Islands 0.384 Cayman Islands 5.936
Costa Rica 61.521 Central African Republic 2.303
Côte d'Ivoire 61.349 Chad 10.093
Croatia 55.967 Chile 252.94
Cuba 103.131 China 14722.731
Curacao 3.1 Colombia 271.347
Cyprus 23.804 Comoros 1.22
Czech Republic 243.53 Congo, Dem. Rep. 49.869
Denmark 355.184 Congo, Rep. 10.885
Dominican Republic 78.845 Costa Rica 61.521
Ecuador 98.808 Côte d'Ivoire 61.349
Egypt 363.09 Croatia 55.967
El Salvador 24.639 Cuba 103.131
Estonia 31.03 Curaçao 3.102
Ethiopia 107.645 Cyprus 23.804
Fiji 4.376 Czech Republic 243.53
Finland 271.234 Denmark 355.184
France 2603.004 Djibouti 3.384
Gabon 15.593 Dominica 0.47
Georgia 15.892 Dominican Republic 78.845
Germany 3806.06 Ecuador 98.808
Ghana 72.354 Egypt, Arab Rep. 363.069
Greece 189.41 El Salvador 24.639
Guatemala 77.605 Equatorial Guinea 10.022
Guernsey (States of) 3.18 Estonia 31.03
Honduras 23.828 Eswatini 3.962
Hong Kong 346.6 Ethiopia 107.645
Hungary 155.013 Faroe Islands 3.126
Iceland 21.715 Fiji 4.376
India 2622.984 Finland 271.234
Indonesia 1058.424 France 2603.004
Iraq 167.224 Gabon 15.593
Ireland 418.622 Gambia, The 1.902
Isle of Man 7.492 Georgia 15.892
Israel 401.954 Germany 3806.06
Italy 1886.445 Ghana 72.354
Jamaica 13.812 Greece 189.41
Japan 5064.873 Greenland 3.052
Jersey (States of) 4.89 Grenada 1.089
Jordan 43.698 Guam 6.311
Kazakhstan 169.835 Guatemala 77.605
Kenya 98.843 Guinea 15.681
Korea 1630.53 Guinea-Bissau 1.432
Kuwait 136.197 Guyana 5.471
Kyrgyzstan 7.74 Haiti 13.418
Laos 19.14 Honduras 23.828
Latvia 33.505 Hong Kong SAR, China 346.586
Lebanon 33.383 Hungary 155.013
Liechtenstein 6.839 Iceland 21.715
Lithuania 55.887 India 2622.984
Luxembourg 73.264 Indonesia 1058.424
Macao 55.15 Iran, Islamic Rep. 191.718
Macedonia 12.27 Iraq 167.224
Malaysia 336.664 Ireland 418.622
Maldives 4.03 Isle of Man 7.492
Mali 17.394 Israel 401.954
Malta 14.647 Italy 1886.445
Mauritius 10.914 Jamaica 13.812
Mexico 1076.163 Japan 5064.873
Moldova 11.914 Jordan 43.698
Mongolia 13.137 Kazakhstan 169.835
Montenegro 4.779 Kenya 98.843
Montserrat 0.25 Kiribati 0.2
Morocco 112.871 Korea, Rep. 1630.525
Mozambique 14.021 Kosovo 7.611
Namibia 10.7 Kuwait 136.197
Netherlands 912.242 Kyrgyz Republic 7.736
New Zealand 212.482 Lao PDR 19.136
Nicaragua 12.621 Latvia 33.505
Niger 13.678 Lebanon 33.383
Nigeria 432.294 Lesotho 1.845
Norway 362.009 Liberia 2.95
Oman 76.332 Libya 25.418
Pakistan 263.687 Liechtenstein 6.839
Panama 52.938 Lithuania 55.887
Papua New Guinea 23.592 Luxembourg 73.264
Paraguay 35.304 Macao SAR, China 55.154
Peru 202.014 Madagascar 13.721
Philippines 361.489 Malawi 11.962
Poland 594.165 Malaysia 336.664
Portugal 231.256 Maldives 4.03
Qatar 146.374 Mali 17.394
Ras Al Khaimah (Emirate 3.52 Malta 14.647
Romania 248.716 Marshall Islands 0.239
Russia 1483.5 Mauritania 7.779
Rwanda 10.334 Mauritius 10.914
Saudi Arabia 700.118 Mexico 1076.163
Senegal 24.911 Micronesia, Fed. Sts. 0.408
Serbia 52.96 Moldova 11.914
Sharjah 24.8 Monaco 7.424
Singapore 339.998 Mongolia 13.137
Slovakia 104.57 Montenegro 4.779
Slovenia 52.88 Morocco 112.871
Solomon Islands 1.551 Mozambique 14.021
South Africa 301.924 Myanmar 76.186
Spain 1281.199 Namibia 10.7
Sri Lanka 80.707 Nauru 0.118
St. Maarten 1.19 Nepal 33.657
St. Vincent & the Grenad 0.81 Netherlands 912.242
Suriname 3.808 New Zealand 212.482
Swaziland 3.96 Nicaragua 12.621
Sweden 537.61 Niger 13.678
Switzerland 747.969 Nigeria 432.294
Taiwan 689 North Macedonia 12.267
Tajikistan 8.194 Northern Mariana Islands 1.182
Tanzania 62.41 Norway 362.009
Thailand 501.795 Oman 76.332
Togo 7.575 Pakistan 263.687
Trinidad and Tobago 21.53 Palau 0.268
Tunisia 39.236 Panama 52.938
Turkey 720.101 Papua New Guinea 23.592
Turks and Caicos Islands 0.925 Paraguay 35.304
Uganda 37.372 Peru 202.014
Ukraine 155.582 Philippines 361.489
United Arab Emirates 421.142 Poland 594.165
United Kingdom 2707.744 Portugal 231.256
United States of America 20936.6 Puerto Rico 103.138
Uruguay 53.629 Qatar 146.374
Uzbekistan 57.707 Romania 248.716
Venezuela 98.4 Russian Federation 1483.498
Vietnam 271.158 Rwanda 10.334
Zambia 19.32 Samoa 0.807
San Marino 1.616
São Tomé and Principe 0.473
Saudi Arabia 700.118
Senegal 24.911
Serbia 52.96
Seychelles 1.125
Sierra Leone 3.865
Singapore 339.998
Sint Maarten (Dutch part) 1.185
Slovak Republic 104.574
Slovenia 52.88
Solomon Islands 1.551
Somalia 4.918
South Africa 301.924
Spain 1281.199
Sri Lanka 80.707
St. Kitts and Nevis 0.927
St. Lucia 1.703
St. Vincent and the Grenadin 0.81
Sudan 26.111
Suriname 3.808
Sweden 537.61
Switzerland 747.969
Tajikistan 8.194
Tanzania 62.41
Thailand 501.795
Timor-Leste 1.821
Togo 7.575
Tonga 0.512
Trinidad and Tobago 21.53
Tunisia 39.236
Turkey 720.101
Turkmenistan 45.231
Turks and Caicos Islands 0.925
Tuvalu 0.049
Uganda 37.372
Ukraine 155.582
United Arab Emirates 421.142
United Kingdom 2707.744
United States 20936.6
Uruguay 53.629
Uzbekistan 57.707
Vanuatu 0.855
Vietnam 271.158
Virgin Islands (U.S.) 3.984
West Bank and Gaza 15.561
Yemen, Rep. 23.486
Zambia 19.32
Zimbabwe 16.769
Vanuatu $ 0.90
Venezuela, RB ..
Vietnam $ 261.90
Virgin Islands (U.S.) $ 3.90
West Bank and Gaza $ 14.60
Yemen, Rep. $ 27.60
Zambia $ 23.10
Zimbabwe $ 21.40
GDP in billions
Country S&P Rating
Moody's Rating Country Moody's
Abu Dhabi NA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB NA Andorra NA
Angola CCC+ B3 Angola B3
Argentina CCC+ Ca Argentina Ca
Armenia NA Ba3 Armenia Ba3
Aruba BBB NA Aruba NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba2 Azerbaijan Ba2
Bahamas B+ Ba3 Bahamas Ba3
Bahrain B+ B2 Bahrain B2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados B- Caa1 Barbados Caa1
Belarus B B3 Belarus B3
Belgium AA Aa3 Belgium Aa3
Belize B- Caa3 Belize Caa3
Benin B+ B1 Benin B1
Bermuda A+ A2 Bermuda A2
Bolivia B+ B2 Bolivia B2
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana BBB+ A3 Botswana A3
Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB Baa1 Bulgaria Baa1
Burkina Faso B NA Burkina Faso NA
Cambodia NA B2 Cambodia B2
Cameroon B- B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B- NA Cape Verde NA
Cayman Islands NA Aa3 Cayman Islands Aa3
Chile A A1 Chile A1
China A+ A1 China A1
Colombia BB+ Baa2 Colombia Baa2
Congo (Democratic Republ CCC+ Caa1 Congo (Democratic Republi Caa1
Congo (Republic of) CCC+ Caa2 Congo (Republic of) Caa2
Cook Islands B+ B1 Cook Islands B1
Costa Rica B B2 Costa Rica B2
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BBB- Ba1 Croatia Ba1
Cuba NA Ca Cuba Ca
Curacao BBB NA Curacao NA
Cyprus BBB- Ba1 Cyprus Ba1
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador B- Caa3 Ecuador Caa3
Egypt B B2 Egypt B2
El Salvador B- Caa1 El Salvador Caa1
Estonia AA- A1 Estonia A1
Ethiopia CCC Caa2 Ethiopia Caa2
Fiji B+ B1 Fiji B1
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon N/A Caa1 Gabon Caa1
Georgia BB Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana B- B3 Ghana B3
Greece BB Ba3 Greece Ba3
Guatemala BB- Ba1 Guatemala Ba1
Guernsey (States of) AA- NA Guernsey (Channel Islands) NA
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa3 Hong Kong Aa3
Hungary BBB Baa2 Hungary Baa2
Iceland A A2 Iceland A2
India BBB- Baa3 India Baa3
Indonesia BBB Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland AA- A2 Ireland A2
Isle of Man NA Aa3 Isle of Man Aa3
Israel AA- A1 Israel A1
Italy BBB Baa3 Italy Baa3
Jamaica B+ B2 Jamaica B2
Japan A+ A1 Japan A1
Jersey (States of) AA Aaa Jersey (Channel Islands) Aaa
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa2 Kazakhstan Baa2
Kenya B B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait A+ A1 Kuwait A1