Credit Ratings


The table below shows a list of the credit ratings for selected Frontier Markets. The ratings agencies used are Standard & Poor’s (S&P), Moody’s and Fitch. Data has been compiled courtesy of these agencies and also WikiRating.

(last updated: 6th May 2019)

Country S&P Moody’s Fitch
  Argentina B B3 B
  Bahrain BB- B1 BBB
  Bangladesh BB- Ba3 BB-
  Botswana A- A2 n.r.
  Bulgaria BBB- Baa2 BBB
  Croatia BBB- Ba2 BB+
  Cyprus BBB- Ba3 BB+
  Estonia AA- A1 AA-
  Ghana B- B3 B+
  Jamaica B B3 B-
  Kazakhstan BBB- Baa3 BBB
  Kenya B+ B1 B+
  Kuwait AA Aa2 AA
  Latvia A- A3 A-
  Lebanon B- Caa1 B
  Lithuania A A3 A-
  Macedonia n.r. n.r. n.r.
  Malta A- A3 A+
  Mauritius n.r. Baa1 n.r.
  Mongolia B- Caa1 B+
  Namibia n.r. Ba1 BBB-
  Nigeria B B1 BB-
  Oman BB Ba1 n.r.
  Panama BBB Baa2 BBB
  Romania BBB- Baa3 BBB-
  Serbia BB Ba3 BB
  Slovakia A+ A2 A+
  Slovenia A+ Baa1 A-
  Sri Lanka B+ B1 BB-
  Tanzania n.r. n.r. n.r.
  Trinidad and Tobago A- Ba1 n.r.
  Tunisia n.r. n.r. n.r.
  Uganda B B2 B
  Ukraine B- Caa1 B-
  United Arab Emirates n.r. Aa2 n.r.
  Vietnam BB B1 B+
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