GREENLAND

Alaska ICELAND
US

FINLAND
NORWAY

SWEDEN R U S S I A
UNITED ESTONIA
KINGDOM DENMARK LATVIA
CANADA RUSSIA LITHUANIA

IRELAND
POLAND BELARUS
THENETHERLANDS

CO U N T R I E S W I T H BELGIUM
GERMANY
LUX. CZECHIA
UKRAINE K A Z A K H S T A N
UPGRADED
SLOVAKIA
FRANCE MOLDOVA
SWITZERLAND AUSTRIA
HUNGARY MONGOLIA
SLOVENIA ROMANIA
ITALY CROATIA

RATINGS ANDORRA
BOSNIA-
HERZEGOVINA
MONTENEGRO
SERBIA
BULGARIA
NORTH
ALBANIAMACEDONIA
GEORGIA UZBEKISTAN KYRGYZSTAN NORTH
KOREA
PORTUGAL ARMENIA AZERBAIJAN
SPAIN
UNITEDSTATES SLOVENIA
TÜRKIYE TURKMENISTAN TAJIKISTAN

>
SOUTH
SANMARINO
GREECE
CHINA KOREA JAPAN

>
MALTA CYPRUS
SYRIA
AFGHANISTAN
BB2 A2 MOROCCO TUNISIA LEBANON
ISRAEL
IRAQ IRAN
JORDAN
KUWAIT BHUTAN
PAKISTAN NEPAL
A LGERIA
BULGARIA BAHRAIN

>
LIBYA QATAR
BAHAMAS EGY PT INDIA

> BB2
MEXICO SAUDI UAE TAIWAN
CUBA
DOMINICANREPUBLIC
B2 MAURITANIA
ARABIA
OMAN
BANGLADESH MYANMAR VIETNAM
LAO PDR
PUERTORICOUS ANTIGUA&BARBUDA HONGKONG
GUADELOUPE N IGE R SUDAN
BELIZE JAMAICA HAITI SAINTKITTS DOMINICA MALI MACAU
HONDURAS MARTINIQUE SENEGAL
ERITREA
YEMEN THAILAND
OMAN
& NEVIS CHAD

>
GUATEMALA STLUCIA
ELSALVADOR BARBADOS GAMBIA B URKINA CAMBODIA

>
NICARAGUA SAINTVINCENT&GRENADINES GUINEA BISSAU FASO DJIBOUTI REPUBLIC OF
C APE G UINEA B EN IN
THE PHILIPPINES
GRENADA MARSHALL
B2
V ERDE
B1
PANAMA TRINIDAD&TOBAGO
COSTARICA VENEZUELA SIERRA N IGERIA C ENTRAL S OUTH
ISLANDS
LE ONE CÔTE E T H I OPI A MICRONESIA
FRENCH D ’ I VO I R E AFRICAN S UDAN
SRILANKA BRUNEI
GUYANA

GUIANA R EPUBLIC
LIBERIA TO GO
CAMEROON PALAU
SURINAME

MALDIVES
GHANA
EQUATORIAL MALAYSIA
R E PUBLIC
COLOMBIA GUINEA
SOUTH AFRICA
O F UGANDA

>
S AO TOME & P. CONGO SOMALIA
R EPUBLIC KENYA PAPUA
GABON NEW GUINEA

>
DEMOCRATIC RWANDA REPUBLIC

Low risk ECUADOR

C3 B3
REPUBLIC
OF CONGO
B URUNDI
SINGAPORE
OF NAURU

SEYCHELLES INDONESIA
TANZANIA SOLOMON
BRAZIL ISLANDS STATE
Medium risk
TIMOR-LESTE OF TUVALU
PERU ANGOLA
TANZANIA C OMOROS

>

M A LA
SAMOA
ZAMBIA

>

WI
REPUBLIC

UE

C AR
Sensitive risk C3 C2
OF VANUATU

IQ
BOLIVIA Z IMBABWE B
M

AG AS
N AMIBI A TONGA
REPUBLIC

MOZA
MAURITIUS
R EUNION
OF FIJI
PAR

M AD
High risk CHILE
DJIBOUTI
BOTSWANA
ISLAND NEW
>
AG

AUSTRALIA CALEDONIA
UA

>
Y

E SWATINI
FRENCH
Improved rating ARGENTINA C3 C2 POLYNESIA
>

S OUTH LESOTHO
AFRICA
Deteriorated rating
COUNTRY WITH
>

URUGUAY

DOWNGRADED NEW
ZEALAND
Source: Allianz Trade, as of September 28, 2023 RATING
KIRIBATI
>

>
FALKLAND
ISLANDS
C3 D3