## Credit ratings

Albania | Moody's rating: B1 (2007)Standard & Poors rating: B+ (2016) |

Andorra | Fitch rating: BBB+ (2018)Standard & Poors rating: BBB (2017) |

Angola | Fitch rating: CCC (2020)Moody's rating: Caa1 (2020)Standard & Poors rating: CCC+ (2020) |

Argentina | Fitch rating: CCC (2020)Moody's rating: Ca (2020)Standard & Poors rating: CCC+ (2020) |

Armenia | Fitch rating: B+ (2020)Moody's rating: Ba3 (2019) |

Aruba | Fitch rating: BB (2020)Standard & Poors rating: BBB+ (2013) |

Australia | Fitch rating: AAA (2011)Moody's rating: Aaa (2002)Standard & Poors rating: AAA (2003) |

Austria | Fitch rating: AA+ (2015)Moody's rating: Aa1 (2016)Standard & Poors rating: AA+ (2012) |

Azerbaijan | Fitch rating: BB+ (2016)Moody's rating: Ba2 (2017)Standard & Poors rating: BB+ (2016) |

Bahamas, The | Moody's rating: Ba2 (2020)Standard & Poors rating: BB- (2020) |

Bahrain | Fitch rating: B+ (2020)Moody's rating: B2 (2018)Standard & Poors rating: B+ (2017) |

Bangladesh | Fitch rating: BB- (2014)Moody's rating: Ba3 (2012)Standard & Poors rating: BB- (2010) |

Barbados | Moody's rating: Caa1 (2019)Standard & Poors rating: B- (2019) |

Belarus | Fitch rating: B (2018)Moody's rating: B3 (2018)Standard & Poors rating: B (2017) |

Belgium | Fitch rating: AA- (2016)Moody's rating: Aa3 (2011)Standard & Poors rating: AA (2011) |

Belize | Moody's rating: Caa3 (2020)Standard & Poors rating: CCC+ (2020) |

Benin | Fitch rating: B (2019)Moody's rating: B2 (2019)Standard & Poors rating: B+ (2018) |

Bermuda | Fitch rating: N/A (2015)Moody's rating: A2 (2016)Standard & Poors rating: A+ (2015) |

Bolivia | Fitch rating: B (2020)Moody's rating: B2 (2020)Standard & Poors rating: B+ (2020) |

Bosnia and Herzegovina | Moody's rating: B3 (2012)Standard & Poors rating: B (2011) |

Botswana | Moody's rating: A2 (2020)Standard & Poors rating: BBB+ (2020) |

Brazil | Fitch rating: BB- (2018)Moody's rating: Ba2 (2016)Standard & Poors rating: BB- (2018) |

Bulgaria | Fitch rating: BBB (2017)Moody's rating: Baa1 (2020)Standard & Poors rating: BBB (2019) |

Burkina Faso | Standard & Poors rating: B (2017) |

Cambodia | Moody's rating: B2 (2007)Standard & Poors rating: N/A (2014) |

Cameroon | Fitch rating: B (2006)Moody's rating: B2 (2016)Standard & Poors rating: B- (2020) |

Canada | Fitch rating: AA+ (2020)Moody's rating: Aaa (2002)Standard & Poors rating: AAA (2002) |

Cayman Islands | Moody's rating: Aa3 (1997) |

Chile | Fitch rating: A- (2020)Moody's rating: A1 (2018)Standard & Poors rating: A+ (2017) |

China | Fitch rating: A+ (2007)Moody's rating: A1 (2017)Standard & Poors rating: A+ (2017) |

Colombia | Fitch rating: BBB- (2020)Moody's rating: Baa2 (2014)Standard & Poors rating: BBB- (2017) |

Congo, Democratic Republic of the | Moody's rating: Caa1 (2019)Standard & Poors rating: CCC+ (2017) |

Congo, Republic of the | Fitch rating: CCC (2019)Moody's rating: Caa2 (2018)Standard & Poors rating: CCC+ (2020) |

Costa Rica | Fitch rating: B (2020)Moody's rating: B2 (2020)Standard & Poors rating: B (2020) |

Cote d'Ivoire | Fitch rating: B+ (2015)Moody's rating: Ba3 (2015) |

Croatia | Fitch rating: BBB- (2019)Moody's rating: Ba1 (2020)Standard & Poors rating: BBB- (2019) |

Cuba | Moody's rating: Caa2 (2014) |

Cyprus | Fitch rating: BBB- (2018)Moody's rating: Ba2 (2018)Standard & Poors rating: BBB- (2018) |

Denmark | Fitch rating: AAA (2003)Moody's rating: Aaa (1999)Standard & Poors rating: AAA (2001) |

Dominican Republic | Fitch rating: BB- (2016)Moody's rating: Ba3 (2017)Standard & Poors rating: BB- (2015) |

Ecuador | Fitch rating: B- (2020)Moody's rating: Caa3 (2020)Standard & Poors rating: B- (2020) |

Egypt | Fitch rating: B+ (2019)Moody's rating: B2 (2019)Standard & Poors rating: B (2018) |

El Salvador | Fitch rating: B- (2017)Moody's rating: B3 (2018)Standard & Poors rating: B- (2018) |

Estonia | Fitch rating: AA- (2018)Moody's rating: A1 (2002)Standard & Poors rating: AA- (2011) |

Ethiopia | Fitch rating: B (2014)Moody's rating: B2 (2020)Standard & Poors rating: B (2014) |

European Union | Fitch rating: AAA (2010)Moody's rating: Aaa (2014)Standard & Poors rating: AA (2016) |

Fiji | Moody's rating: Ba3 (2017)Standard & Poors rating: BB- (2019) |

Finland | Fitch rating: AA+ (2016)Moody's rating: Aa1 (2016)Standard & Poors rating: AA+ (2014) |

France | Fitch rating: AA (2014)Moody's rating: Aa2 (2015)Standard & Poors rating: AA (2013) |

Gabon | Fitch rating: CCC (2020)Moody's rating: Caa1 (2018)Standard & Poors rating: N/A (2016) |

Georgia | Fitch rating: BB (2019)Moody's rating: Ba2 (2017)Standard & Poors rating: BB (2019) |

Germany | Fitch rating: AAA (1994)Moody's rating: Aaa (1986)Standard & Poors rating: AAA (1983)Credit ratings prior to 1989 refer to West Germany. |

Ghana | Fitch rating: B (2013)Moody's rating: B3 (2015)Standard & Poors rating: B- (2020) |

Greece | Fitch rating: BB (2020)Moody's rating: Ba3 (2020)Standard & Poors rating: BB- (2019) |

Grenada | Standard & Poors rating: SD (2013) |

Guatemala | Fitch rating: BB- (2020)Moody's rating: Ba1 (2010)Standard & Poors rating: BB- (2017) |

Honduras | Moody's rating: B1 (2017)Standard & Poors rating: BB- (2017) |

Hong Kong | Fitch rating: AA- (2020)Moody's rating: Aa3 (2020)Standard & Poors rating: AA+ (2017) |

Hungary | Fitch rating: BBB (2019)Moody's rating: Baa3 (2016)Standard & Poors rating: BBB (2019) |

Iceland | Fitch rating: A (2017)Moody's rating: A2 (2019)Standard & Poors rating: A (2017) |

India | Fitch rating: BBB- (2006)Moody's rating: Baa3 (2020)Standard & Poors rating: BBB- (2007) |

Indonesia | Fitch rating: BBB (2017)Moody's rating: Baa2 (2018)Standard & Poors rating: BBB (2019) |

Iraq | Fitch rating: B- (2015)Moody's rating: Caa1 (2017)Standard & Poors rating: B- (2015) |

Ireland | Fitch rating: A+ (2017)Moody's rating: A2 (2017)Standard & Poors rating: AA- (2019) |

Israel | Fitch rating: A+ (2016)Moody's rating: A1 (2008)Standard & Poors rating: AA- (2018)Note: The year refers to the year in which the current credit rating was first obtained. |

Italy | Fitch rating: BBB- (2020)Moody's rating: Baa3 (2018)Standard & Poors rating: BBB (2017) |

Jamaica | Fitch rating: B+ (2019)Moody's rating: B2 (2019)Standard & Poors rating: B+ (2019) |

Japan | Fitch rating: A (2015)Moody's rating: A1 (2014)Standard & Poors rating: A+ (2015) |

Jordan | Fitch rating: BB- (2019)Moody's rating: B1 (2013)Standard & Poors rating: B+ (2017) |

Kazakhstan | Fitch rating: BBB (2016)Moody's rating: Baa3 (2016)Standard & Poors rating: BBB- (2016) |

Kenya | Fitch rating: B+ (2007)Moody's rating: B2 (2018)Standard & Poors rating: B+ (2010) |

Korea, South | Fitch rating: AA- (2012)Moody's rating: Aa2 (2015)Standard & Poors rating: AA (2016) |

Kuwait | Fitch rating: AA (2008)Moody's rating: A1 (2020)Standard & Poors rating: AA- (2020) |

Kyrgyzstan | Moody's rating: B2 (2015)Standard & Poors rating: NR (2016) |

Laos | Fitch rating: CCC (2020)Moody's rating: Caa2 (2020) |

Latvia | Fitch rating: A- (2014)Moody's rating: A3 (2015)Standard & Poors rating: A+ (2020) |

Lebanon | Fitch rating: RD (2020)Moody's rating: C (2020)Standard & Poors rating: D (2020) |

Lesotho | Fitch rating: B (2019) |

Liechtenstein | Standard & Poors rating: AAA (1996) |

Lithuania | Fitch rating: A (2020)Moody's rating: A3 (2015)Standard & Poors rating: A+ (2020) |

Luxembourg | Fitch rating: AAA (1994)Moody's rating: Aaa (1989)Standard & Poors rating: AAA (1994) |

Macau | Fitch rating: AA (2018)Moody's rating: Aa3 (2016) |

Malaysia | Fitch rating: BBB+ (2020)Moody's rating: A3 (2004)Standard & Poors rating: A- (2003) |

Maldives | Fitch rating: CCC (2020)Moody's rating: B3 (2020) |

Mali | Moody's rating: Caa1 (2020) |

Malta | Fitch rating: A+ (2017)Moody's rating: A2 (2019)Standard & Poors rating: A- (2016) |

Mauritius | Moody's rating: Baa1 (2012) |

Mexico | Fitch rating: BBB- (2020)Moody's rating: Baa1 (2020)Standard & Poors rating: BBB (2020) |

Moldova | Moody's rating: B3 (2010) |

Mongolia | Fitch rating: B (2018)Moody's rating: B3 (2018)Standard & Poors rating: B (2018) |

Montenegro | Moody's rating: B1 (2016)Standard & Poors rating: B+ (2014) |

Montserrat | Standard & Poors rating: BBB- (2020) |

Morocco | Fitch rating: BB+ (2020)Moody's rating: Ba1 (1999)Standard & Poors rating: BBB- (2010) |

Mozambique | Fitch rating: CCC (2019)Moody's rating: Caa2 (2019)Standard & Poors rating: CCC+ (2019) |

Namibia | Fitch rating: BB (2019)Moody's rating: Ba3 (2020) |

Netherlands | Fitch rating: AAA (1994)Moody's rating: Aaa (1986)Standard & Poors rating: AAA (2015) |

New Zealand | Fitch rating: AA (2011)Moody's rating: Aaa (2002)Standard & Poors rating: AA (2011) |

Nicaragua | Fitch rating: B- (2018)Moody's rating: B3 (2020)Standard & Poors rating: B- (2018) |

Niger | Moody's rating: B3 (2019) |

Nigeria | Fitch rating: B (2020)Moody's rating: B2 (2017)Standard & Poors rating: B- (2020) |

Norway | Fitch rating: AAA (1995)Moody's rating: Aaa (1997)Standard & Poors rating: AAA (1975) |

Oman | Fitch rating: BB- (2020)Moody's rating: Ba3 (2020)Standard & Poors rating: B+ (2020) |

Pakistan | Fitch rating: B- (2018)Moody's rating: B3 (2015)Standard & Poors rating: B- (2019) |

Panama | Fitch rating: BBB (2011)Moody's rating: Baa1 (2019)Standard & Poors rating: BBB (2020) |

Papua New Guinea | Moody's rating: B2 (2016)Standard & Poors rating: B- (2020) |

Paraguay | Fitch rating: BB+ (2018)Moody's rating: Ba1 (2015)Standard & Poors rating: BB (2014) |

Peru | Fitch rating: BBB+ (2013)Moody's rating: A3 (2014)Standard & Poors rating: BBB+ (2013) |

Philippines | Fitch rating: BBB (2017)Moody's rating: Baa2 (2014)Standard & Poors rating: BBB+ (2019) |

Poland | Fitch rating: A- (2007)Moody's rating: A2 (2002)Standard & Poors rating: A- (2018) |

Portugal | Fitch rating: BBB (2007)Moody's rating: Baa3 (2018)Standard & Poors rating: BBB (2019) |

Puerto Rico | Standard & Poors rating: D (2015) |

Qatar | Fitch rating: AA- (2017)Moody's rating: Aa3 (2017)Standard & Poors rating: AA- (2017) |

Romania | Fitch rating: BBB- (2011)Moody's rating: Baa3 (2006)Standard & Poors rating: BBB- (2014) |

Russia | Fitch rating: BBB (2019)Moody's rating: Baa3 (2019)Standard & Poors rating: BBB- (2018) |

Rwanda | Fitch rating: B+ (2014)Moody's rating: B2 (2016)Standard & Poors rating: B+ (2019) |

Saint Vincent and the Grenadines | Moody's rating: B3 (2014) |

San Marino | Fitch rating: BB+ (2020) |

Saudi Arabia | Fitch rating: A (2019)Moody's rating: A1 (2016)Standard & Poors rating: A- (2016) |

Senegal | Moody's rating: Ba3 (2017)Standard & Poors rating: B+ (2000) |

Serbia | Fitch rating: BB+ (2019)Moody's rating: Ba3 (2017)Standard & Poors rating: BB+ (2019) |

Seychelles | Fitch rating: B+ (2020) |

Singapore | Fitch rating: AAA (2003)Moody's rating: Aaa (2002)Standard & Poors rating: AAA (1995) |

Slovakia | Fitch rating: A (2020)Moody's rating: A2 (2012)Standard & Poors rating: A+ (2015) |

Slovenia | Fitch rating: A (2019)Moody's rating: A3 (2020)Standard & Poors rating: AA- (2019) |

Solomon Islands | Moody's rating: B3 (2015) |

South Africa | Fitch rating: BB- (2020)Moody's rating: Ba2 (2020)Standard & Poors rating: BB- (2020) |

Spain | Fitch rating: A- (2018)Moody's rating: Baa1 (2018)Standard & Poors rating: A (2019) |

Sri Lanka | Fitch rating: CCC (2020)Moody's rating: Caa1 (2020)Standard & Poors rating: CCC+ (2020) |

Suriname | Fitch rating: C (2020)Moody's rating: Caa3 (2020)Standard & Poors rating: SD (2020) |

Sweden | Fitch rating: AAA (2004)Moody's rating: Aaa (2002)Standard & Poors rating: AAA (2004) |

Switzerland | Fitch rating: AAA (2000)Moody's rating: Aaa (1982)Standard & Poors rating: AAA (1988) |

Taiwan | Fitch rating: AA- (2016)Moody's rating: Aa3 (1994)Standard & Poors rating: AA- (2002) |

Tajikistan | Moody's rating: B3 (2017)Standard & Poors rating: B- (2017) |

Tanzania | Moody's rating: B2 (2020) |

Thailand | Fitch rating: BBB+ (2013)Moody's rating: Baa1 (2003)Standard & Poors rating: BBB+ (2004) |

Togo | Moody's rating: B3 (2019)Standard & Poors rating: B (2019) |

Trinidad and Tobago | Moody's rating: Ba1 (2017)Standard & Poors rating: BBB- (2020) |

Tunisia | Fitch rating: B (2020)Moody's rating: B2 (2018)Standard & Poors rating: N/A (2013) |

Turkey | Fitch rating: BB- (2019)Moody's rating: B2 (2020)Standard & Poors rating: B+ (2018) |

Uganda | Fitch rating: B+ (2015)Moody's rating: B2 (2016)Standard & Poors rating: B (2014) |

Ukraine | Fitch rating: B (2019)Moody's rating: B3 (2020)Standard & Poors rating: B (2019) |

United Arab Emirates | Fitch rating: AA- (2020)Moody's rating: Aa2 (2007)Standard & Poors rating: AA (2007) |

United Kingdom | Fitch rating: AA- (2020)Moody's rating: Aaa (2020)Standard & Poors rating: AA (2016) |

United States | Fitch rating: AAA (1994)Moody's rating: Aaa (1949)Standard & Poors rating: AA+ (2011) |

Uruguay | Fitch rating: BBB- (2013)Moody's rating: Baa2 (2014)Standard & Poors rating: BBB (2015) |

Uzbekistan | Fitch rating: BB- (2018)Moody's rating: B1 (2019)Standard & Poors rating: BB- (2018) |

Venezuela | Fitch rating: RD (2017)Moody's rating: WR (2019)Standard & Poors rating: SD (2017) |

Vietnam | Fitch rating: BB (2018)Moody's rating: Ba3 (2018)Standard & Poors rating: BB (2019) |

Zambia | Fitch rating: RD (2020)Moody's rating: Ca (2020)Standard & Poors rating: SD (2020) |

Source: CIA Factbook