Country SGC Dynamics Outlook Date Press Release
National currency Foreign currency National currency Foreign currency National currency Foreign currency
Armenia
BB-
BB-
Confirmed Confirmed Positive Positive 12.07.2019 Download PDF
Azerbaijan
BB+
BB+
Initial assignment Initial assignment Stable Stable 10.05.2019 Download PDF
Belarus
B
B
Confirmed Upgraded Positive Positive 12.07.2019 Download PDF
China
WD
WD
Withdrawn Withdrawn 03.05.2019 Download PDF
Cyprus
WD
WD
Withdrawn Withdrawn 05.04.2019 Download PDF
Georgia
BB
BB
Initial assignment Initial assignment Stable Stable 05.04.2019 Download PDF
Germany
AAA
AAA
Confirmed Confirmed Stable Stable 01.03.2019 Download PDF
Kazakhstan
BBB-
BBB-
Confirmed Confirmed Stable Stable 14.06.2019 Download PDF
Kyrgyzstan
B
B
Confirmed Confirmed Stable Stable 28.06.2019 Download PDF
Russian Federation
BBB-
BBB-
Confirmed Confirmed Stable Stable 14.06.2019 Download PDF
Tajikistan
B
B-
Initial assignment Initial assignment Developing Developing 10.05.2019 Download PDF
USA
WD
WD
Withdrawn Withdrawn 03.05.2019 Download PDF
Uzbekistan
BB-
BB-
Upgraded Upgraded Stable Stable 08.03.2019 Download PDF

All ratings listed in the table above are unsolicited and rated entities did not participate in the rating process

Country Latest Research Report (.pdf) Previous Research Report (.pdf)*
Armenia 12.07.2019 18.01.2019 20.07.2018 26.01.2018 28.07.2017 03.02.2017 05.08.2016 04.03.2016 18.09.2015 27.03.2015 28.10.2014
Austria 07.08.2015 13.02.2015
Azerbaijan 10.05.2019 11.09.2015 11.09.2015 13.03.2015 21.10.2014
Belarus 12.07.2019 18.01.2019 20.07.2018 26.01.2018 28.07.2017 03.02.2017 05.08.2016 04.03.2016 11.09.2015 13.03.2015 14.10.2014
China 03.05.2019 09.11.2018 11.05.2018 17.11.2017 19.05.2017 25.11.2016 03.06.2016 11.12.2015 12.06.2015 15.01.2015
Cyprus 05.04.2019 05.10.2018 06.04.2018 06.10.2017 07.04.2017 14.10.2016 22.04.2016 20.11.2015 22.05.2015 15.12.2014
Czech Republic 24.07.2015 30.01.2015
Georgia 05.04.2019
Germany 01.03.2019 07.09.2018 09.03.2018 15.09.2017 17.03.2017 23.09.2016 15.04.2016 30.10.2015 30.04.2015 27.11.2014
Kazakhstan 14.06.2019 21.12.2018 06.07.2018 12.01.2018 14.07.2017 20.01.2017 22.07.2016 29.01.2016 07.08.2015 27.02.2015 23.09.2014
Kyrgyzstan 28.06.2019 04.01.2019 13.07.2018 19.01.2018 21.07.2017 27.01.2017 29.07.2016 19.02.2016 28.08.2015 27.02.2015 02.10.2014
Latvia 24.07.2015
Poland 30.10.2015 30.04.2015 06.11.2014
Russian Federation 14.06.2019 21.12.2018 06.07.2018 12.01.2018 14.07.2017 20.01.2017 22.07.2016 29.01.2016 07.08.2015 13.02.2015 05.09.2014
Tajikistan 10.05.2019
USA 03.05.2019 09.11.2018 11.05.2018 17.11.2017 19.05.2017 25.11.2016 03.06.2016 11.12.2015 12.06.2015 15.01.2015
Uzbekistan 08.03.2019 14.09.2018 16.03.2018 22.09.2017 24.03.2017 23.09.2016 15.04.2016 30.10.2015 30.04.2015 06.11.2014

Methodology of assigning Sovereign Government Credit Ratings

Methodology of assigning sovereign government credit ratings - Full version - Version 4 (valid version) as of April 2019.

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 3 - Short public version as of May 2018

Version 2 - Short public version as of April 2017

Version 1 - Short public version as of April 2015

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 (SGC and CCE)
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 (“CRA3”).

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    
TAJIKISTAN 10.05.2019 09.08.20193 08.11.2019
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.

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.