| Country | SGC | Dynamics | Outlook | Date | Press Release | |||
|---|---|---|---|---|---|---|---|---|
| National currency | Foreign currency | National currency | Foreign currency | National currency | Foreign currency | |||
| Armenia | WD |
WD |
Withdrawn | Withdrawn | 07.11.2022 | Download PDF | ||
| Azerbaijan | WD |
WD |
Withdrawn | Withdrawn | 06.05.2022 | Download PDF | ||
| Belarus | WD |
WD |
Withdrawn | Withdrawn | 07.01.2022 | Download PDF | ||
| China | WD |
WD |
Withdrawn | Withdrawn | 03.05.2019 | Download PDF | ||
| Cyprus | WD |
WD |
Withdrawn | Withdrawn | 05.04.2019 | Download PDF | ||
| Georgia | WD |
WD |
Withdrawn | Withdrawn | 07.11.2022 | Download PDF | ||
| Germany | WD |
WD |
Withdrawn | Withdrawn | 26.02.2021 | Download PDF | ||
| Kazakhstan | WD |
WD |
Withdrawn | Withdrawn | 07.11.2022 | Download PDF | ||
| Kyrgyzstan | WD |
WD |
Withdrawn | Withdrawn | 17.12.2021 | Download PDF | ||
| Peru | WD |
WD |
Withdrawn | Withdrawn | 07.11.2022 | Download PDF | ||
| Russian Federation | WD |
WD |
Withdrawn | Withdrawn | 08.04.2022 | Download PDF | ||
| Tajikistan | WD |
WD |
Withdrawn | Withdrawn | 04.02.2022 | Download PDF | ||
| USA | WD |
WD |
Withdrawn | Withdrawn | 03.05.2019 | Download PDF | ||
| Ukraine | WD |
WD |
Withdrawn | Withdrawn | 18.02.2022 | Download PDF | ||
| Uzbekistan | WD |
WD |
Withdrawn | Withdrawn | 02.09.2022 | Download PDF | ||
All ratings listed in the table above are unsolicited and rated entities did not participate in the rating process
Methodology of assigning Sovereign Government Credit Ratings
Methodology of assigning sovereign government credit ratings - Full version
- Version 6 (valid version) as of April 2022.
Definitions and rules of the assignment of short-term credit ratings
Sovereign ratings assigned by Rating-Agentur Expert RA GmbH are unsolicited ratings.
The Agency assigns ratings of sovereign government creditworthiness.
The rating level represents the opinion of the Agency on the ability of the government to fulfill in due time its financial obligations, both current and prospective ones.
Archive
Version 5 - Full public version as of August 2020
Version 4 - Full public version as of April 2019
Version 3 - Full public version as of May 2018
List of rating classes
When assigning sovereign governments creditworthiness ratings (SGC) the following rating scales are used. Scales rank the sovereign borrowers in accordance with the opinion of the Agency about the level of their creditworthiness and quality of credit environment in their countries.
Rating scale of the creditworthiness of sovereign governments (SGC):
AAA - Highest level of creditworthiness
Capability to meet obligations in the long run is at the highest level. Lowest level of credit risk on obligations.
AA - Very high level of creditworthiness
Capability to meet obligations in the long run is very high. Very low level of credit risk on obligations.
A -High level of creditworthiness
Capability to meet obligations in the long run is high. Low level of credit risk on obligations.
BBB - Moderately high level of creditworthiness
Capability to meet obligations in the long run is moderately high. Moderately low level of credit risk on obligations.
BB -Sufficient level of creditworthiness
Capability to meet obligations in the long run is sufficient. Moderate level of credit risk on obligations.
B -Moderately low level of creditworthiness
Capability to meet obligations in the long run is moderately low. Moderately high level of credit risk on obligations.
CCC - Low level of creditworthiness
Capability to meet obligations in the long run is low. High level of credit risk on obligations.
CC - Very low level of creditworthiness (possible delay in execution of some commitments)
Capability to meet obligations in the long term is very low, possible delay in execution of some commitments. Very high level of credit risk on obligations.
C - Lowest level of creditworthiness (part of the commitments are not executed)
Capability to meet obligations in the long run is in the lowest level. Highest level of credit risk on obligations.
The government doesn’t execute a part of financial obligations, and it is expected that in the long run the government will not be able to fulfil its obligations completely.
D -Default
The country does not fulfil any financial obligations / government declared default on its financial obligations.
Rating of this level is assigned to countries which are in a state of extreme systemic shock (for example: overall nationalization and suspension of payments on all private and public debt obligations incurred prior to the shock).
One of the above rating levels that can be assigned to the country, excluding AAA and ratings below CCC, may be supplemented with (+) or (-) sign depending on the value of the rating score.
RATING-AGENTUR EXPERT RA GMBH
SOVEREIGN RATING
PRESS-RELEASE CALENDAR
These calendars announce the dates for the release of unsolicited sovereign credit rating actions, in accordance with Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 (“CRA Regulation”).
See Sovereign Rating Calendar 2022
| Country | 1st Press-release date | 2nd Press-release date |
|---|---|---|
| ARMENIA | 07.01.2022 | 08.07.2022 |
| BELARUS | 07.01.2022 | - |
| PERU | 28.01.2022 | 29.07.2022 |
| TAJIKISTAN | 04.02.2022 | - |
| UKRAINE | 18.02.2022 | - |
| UZBEKISTAN | 04.03.2022 | 02.09.2022 |
| GEORGIA | 01.04.2022 | 30.09.2022 |
| AZERBAIJAN | 06.05.2022 | - |
| RUSSIA* | 08.04.2022 | - |
| KAZAKHSTAN | 10.06.2022 | - |
* On the 23rd of March 2022 Rating-Agentur Expert RA GmbH has amended the dates for the release of sovereign credit rating actions on Russia in order to comply with the Council Regulation (EU) 2022/428 of 15 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine.
See Sovereign Rating Calendar 2021
| Country | 1st Press-release date | 2nd Press-release date |
|---|---|---|
| ARMENIA | 08.01.2021 | 09.07.2021 |
| BELARUS | 08.01.2021 | 09.07.2021 |
| TAJIKISTAN | 05.02.2021 | 06.08.2021 |
| GERMANY | 26.02.2021 | - |
| UKRAINE | 26.02.2021 | 20.08.2021 |
| UZBEKISTAN | 05.03.2021 | 03.09.2021 |
| GEORGIA | 02.04.2021* | 01.10.2021 |
| AZERBAIJAN | 07.05.2021 | 05.11.2021 |
| RUSSIA | 11.06.2021 | 10.12.2021 |
| KAZAKHSTAN | 11.06.2021 | 10.12.2021 |
| KYRGYZSTAN | 25.06.2021 | 17.12.2021 |
*On the 24th of February 2021 Rating-Agentur Expert RA GmbH has amended the 1st date for the release of sovereign credit rating action on Georgia in order to comply with the relevant provisions of Article 8a; Article 10; Point 3, Part III, Section D of Annex I of the CRA Regulation.
See Sovereign Rating Calendar 2020
| Country | 1st Press-release date | 2nd Press-release date |
|---|---|---|
| ARMENIA | 10.01.2020 | 10.07.2020 |
| BELARUS | 10.01.2020 | 10.07.2020 |
| TAJIKISTAN | 07.02.2020 | 07.08.2020 |
| GERMANY | 28.02.2020 | 28.08.2020 |
| UZBEKISTAN | 06.03.2020 | 04.09.2020 |
| GEORGIA | 03.04.2020 | 02.10.2020 |
| AZERBAIJAN | 08.05.2020 | 06.11.2020 |
| RUSSIA | 12.06.2020 | 11.12.2020 |
| KAZAKHSTAN | 12.06.2020 | 11.12.2020 |
| KYRGYZSTAN | 26.06.2020 | 18.12.2020 |
See Sovereign Rating Calendar 2019
| Country | 1st Press-release date | 2nd Press-release date | 3rd Press-release date |
|---|---|---|---|
| KYRGYZSTAN | 04.01.2019 | 28.06.2019 | 27.12.2019 |
| ARMENIA | 18.01.2019 | 12.07.2019 | |
| BELARUS | 18.01.2019 | 12.07.2019 | |
| GERMANY1 | 01.03.2019 | 30.08.2019 | |
| UZBEKISTAN1 | 08.03.2019 | 06.09.2019 | |
| CYPRUS1,2 | 05.04.2019 | ||
| GEORGIA | 05.04.2019 | 04.10.2019 | |
| USA1,2 | 03.05.2019 | ||
| CHINA1,2 | 03.05.2019 | ||
| TAJIKISTAN4 | 10.05.2019 | 09.08.20193 | |
| AZERBAIJAN | 10.05.2019 | 08.11.2019 | |
| KAZAKHSTAN | 14.06.2019 | 13.12.2019 | |
| RUSSIA | 14.06.2019 | 13.12.2019 |
1Sovereign rating calendar for 2019 was updated on 8th of January 2019 in order to comply with paragraph 5 of article 8 and paragraph 3 of article 8a of the CRA Regulation. Previously indicated dates are no longer valid. Changes affected the following countries: USA, China, Cyprus, Germany and Uzbekistan.
2Rating-Agentur Expert RA GmbH has amended the Sovereign calendar for 2019 on 7th of May 2019 in accordance with the paragraphs 3 and 4 of Article 8a of the CRA Regulation. Second reviews for Cyprus, USA and China were excluded from the calendar due to the withdrawal of these ratings.
3Rating-Agentur Expert RA GmbH has amended the Sovereign calendar for 2019 on 16th of May 2019 in accordance with the paragraphs 3 and 4 of Article 8a of the CRA Regulation. In accordance with the Agency's internal procedures, due to the placement of developing outlook to Tajikistan, the rating shall be reviewed within 3 months. Therefore additional review was added to the calendar.
4Rating-Agentur Expert RA GmbH has amended the Sovereign calendar for 2019 on the 14th of August 2019. Third review for Tajikistan was excluded from the calendar for 2019 in accordance with the paragraph 5 of article 8 and paragraph 3 of article 8a of the CRA Regulation.
See Sovereign Rating Calendar 2018
| Country | 1st Press-release date | 2nd Press-release date | 3rd Press-release date |
|---|---|---|---|
| KAZAKHSTAN | 12.01.2018 | 06.07.2018 | 21.12.2018* |
| RUSSIA | 12.01.2018 | 06.07.2018 | 21.12.2018* |
| KYRGYZSTAN | 19.01.2018 | 13.07.2018 | |
| ARMENIA | 26.01.2018 | 20.07.2018 | |
| BELARUS | 26.01.2018 | 20.07.2018 | |
| GERMANY | 09.03.2018 | 07.09.2018 | |
| UZBEKISTAN | 16.03.2018 | 14.09.2018 | |
| CYPRUS | 06.04.2018 | 05.10.2018 | |
| CHINA | 11.05.2018 | 09.11.2018 | |
| USA | 11.05.2018 | 09.11.2018 |
*Rating-Agentur Expert RA GmbH has updated the Sovereign calendar for 2018. Additional reviews of Russia and Kazakhstan ratings were added to the calendar and scheduled for December 2018. The calendar was amended in accordance with the Article 8(5) and Article 10(1) of the CRA Regulation, taking into account the business schedule of the Agency for 2019.
See Sovereign Rating Calendar 2017
| Country | 1st Press-release date | 2nd Press-release date |
|---|---|---|
| KAZAKHSTAN | 20.01.2017 | 14.07.2017 |
| RUSSIA | 20.01.2017 | 14.07.2017 |
| KYRGYZSTAN | 27.01.2017 | 21.07.2017 |
| ARMENIA | 03.02.2017 | 28.07.2017 |
| BELARUS | 03.03.2017 | 28.07.2017 |
| GERMANY | 17.03.2017 | 15.09.2017 |
| UZBEKISTAN | 24.03.2017 | 22.09.2017 |
| CYPRUS | 07.04.2017 | 06.10.2017 |
| CHINA | 19.05.2017 | 17.11.2017 |
| USA | 19.05.2017 | 17.11.2017 |
See Sovereign Rating Calendar 2016
| Country | 1st Press-release date | 2nd Press-release date |
|---|---|---|
| KAZAKHSTAN | 29.01.2016 | 22.07.2016 |
| RUSSIA | 29.01.2016 | 22.07.2016 |
| KYRGYZSTAN | 19.02.2016 | 29.07.2016 |
| ARMENIA | 04.03.2016 | 05.08.2016 |
| BELARUS | 04.03.2016 | 05.08.2016 |
| GERMANY | 15.04.2016 | 23.09.2016 |
| UZBEKISTAN | 15.04.2016 | 23.09.2016 |
| CYPRUS | 22.04.2016 | 14.10.2016 |
| CHINA | 03.06.2016 | 25.11.2016 |
| USA | 03.06.2016 | 25.11.2016 |
See Sovereign Rating Calendar 2015
| Country | Press-release date |
|---|---|
| USA | 11.12.2015 |
| CHINA | 11.12.2015 |
Rating process
Rating-Agentur Expert RA GmbH, following the requirement of the second subparagraph of Article 8(5) of the Regulation No 462/2013 of the European Parliament and of the Council of 21 May 2013, publishes on its website on an annual basis a calendar of Sovereign credit ratings at the end of December for the following 12 months, setting a maximum of three dates for the publication of unsolicited sovereign ratings and related rating outlooks and setting the dates for the publication of solicited sovereign ratings and related rating outlooks. Such dates are set on Fridays and the ratings will be published after the close of business hours of regulated markets and at least one hour before their opening, accompanied by Research reports and Press-releases.
About Us
Credit ratings
Corporate ratings
ESG
Research
Events
Compliance
Contact Us
Cookies disclaimer
I agree Our site saves small pieces of text information (cookies) on your device in order to deliver better content and for statistical purposes. You can disable the usage of cookies by changing the settings of your browser. By browsing our website without changing the browser settings you grant us permission to store that information on your device.
Cookies disclaimer
Our site saves small pieces of text information (cookies) on your device in order to deliver better content and for statistical purposes. You can disable the usage of cookies by changing the settings of your browser. By browsing our website without changing the browser settings you grant us permission to store that information on your device.