162 COUNTRIES UNDER THE MAGNIFYING GLASS

DOWNGRADES

BUSINESS DEFAULTING RISK

EXTREME

EA1 A2 A3 A4 B C DVERY LOW LOW SATISFACTORY REASONABLE FAIRLY HIGH HIGH VERY HIGH

COUNTRY RISK ASSESSMENT MAP

AMERICASCountry

riskArgentina DBelize CBolivia CBrazil CCanada A3Chile A4Colombia BCosta Rica CCuba EDominican Republic BEcuador DEl Salvador DGuatemala DGuyana DHaiti DHonduras DJamaica CMexico CNicaragua DPanama BParaguay BPeru A4Suriname DTrinidad and Tobago BUnited States A3Uruguay A4Venezuela E

AFRICACountry

riskAlgeria DAngola DBenin BBotswana BBurkina Faso DBurundi ECameroon CCabo Verde CCentral African Republic D

Chad DCongo (Democratic Republic of the) D

Congo (Republic of the) DCôte d’Ivoire BDjibouti CEgypt CEritrea EEthiopia CGabon CGhana BGuinea DKenya BLiberia D

EUROPE AND CISCountry

riskAlbania DArmenia DAustria A2Azerbaijan BBelarus CBelgium A3Bosnia and Herzegovina DBulgaria BCroatia BCyprus A4Czechia A4Denmark A2Estonia A3Finland A2France A3Georgia CGermany A3Greece BHungary A4Iceland A3Ireland A4Italy BKazakhstan BKyrgyzstan DLatvia A4

Countryrisk

Libya EMadagascar CMalawi DMali DMauritius BMauritania CMorocco BMozambique DNamibia CNiger CNigeria DRwanda A4São Tomé and Principe DSenegal A4Sierra Leone DSouth Africa CSudan ETanzania CTogo CTunisia CUganda CZambia DZimbabwe E

MIDDLE EASTCountry

riskBahrain DIraq EIran EIsrael A3Jordan CKuwait A4Lebanon DOman CPalestinian Territories DQatar A4Saudi Arabia CSyria EUnited Arab Emirates A4Yemen E

ASIA-PACIFICCountry

riskAfghanistan EAustralia A3Bangladesh CCambodia CChina BHong Kong SAR A3India BIndonesia A4Japan A2Laos DMalaysia A4Maldives CMongolia CMyanmar DNepal CNew Zealand A2Pakistan DPapua New Guinea BPhilippines BSingapore A3North Korea ESouth Korea A3Sri Lanka CTaiwan A3Thailand A4Timor Leste EVietnam B

Countryrisk

Lithuania A4Luxembourg A2North Macedonia CMalta A2Moldova CMontenegro CNetherlands A2Norway A2Poland A4Portugal A3Romania BRussia CSerbia BSlovakia A4Slovenia A4Spain A3Sweden A2Switzerland A2Tajikistan DTurkey CTurkmenistan DUkraine DUnited Kingdom A4Uzbekistan B

A UNIQUE METHODOLOGY• Macroeconomic expertise in assessing country risk

• Comprehension of the business environment

• Microeconomic data collected over 70 years of payment experience