Professional Documents
Culture Documents
To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign
If you are interested in a fuller explanation of these concepts, try these references:
http://papers.ssrn.com/sol3/papers.cfm?abstr
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/
Watch my lectures on country risk premiums: http://echo360.stern.nyu.edu:8080/ess/echo/p
http://echo360.stern.nyu.edu:8080/ess/echo/p
mium and add an additional country risk premium, based upon the risk of the country in question.
al country or region.
mium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadshe
ERPbymonth.xls
, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the co
ut it is free. Look under sovereign ratings)
atings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every ye
does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadshee
mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
et, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
isk premium and end up with a total equity risk premium lower than the US.
umber to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would
iums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
ssrn.com/sol3/papers.cfm?abstract_id=2742186
uke.edu/~charvey/Country_risk/couindex.htm
0.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
0.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
can download the excel spreadsheet containing the implied premium
e other is the CDS spread for the country (if one exists)
t to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Egypt If you cannot find a country on this li
or a sovereign CDS spread. Try the P
Moody's sovereign rating B3 Local currency
S&P sovereign rating B- Local currency
CDS spread 3.87%
Excess CDS spread (over US CDS) 3.48%
To look up the equity risk premium for a region, use this worksheet
Region Asia
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages W
For countries not on the list above, try this frontier market list
Country Brunei
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 62.3 12.58% 7.50%
Brunei 76.3 6.06% 0.98%
Gambia 59.3 15.46% 10.38%
Guinea 58.3 15.46% 10.38%
Guinea-Bissau 63.8 12.58% 7.50%
Guyana 68.5 9.23% 4.15%
Haiti 61.8 13.73% 8.65%
Iran 73.3 7.27% 2.19%
Korea, D.P.R. 56 16.60% 11.52%
Liberia 53 18.91% 13.83%
Libya 62 13.73% 8.65%
Madagascar 64.5 11.42% 6.34%
Malawi 61.3 13.73% 8.65%
Mali 60.8 13.73% 8.65%
Myanmar 63.8 12.58% 7.50%
Niger 53.7 18.91% 13.83%
Sierra Leone 54.3 18.91% 13.83%
Somalia 52 18.91% 13.83%
Sudan 48 25.32% 20.24%
Syria 47 25.32% 20.24%
Tanzania 63.3 12.58% 7.50%
Togo 61 13.73% 8.65%
Yemen, Republic 49.3 25.32% 20.24%
Zimbabwe 58.5 15.46% 10.38%
Default Spread
6.67%
0.87%
9.23%
9.23%
6.67%
3.69%
7.69%
1.95%
10.25%
12.30%
7.69%
5.64%
7.69%
7.69%
6.67%
12.30%
12.30%
12.30%
18.00%
18.00%
6.67%
7.69%
18.00%
9.23%
Country Risk Premium3 Has to be sorted in ascending order
0.82% Rating
Default spread in basis points
NA A1 72
NA A2 87
NA A3 123
3.68% Aa1 41
NA Aa2 51
NA Aa3 62
0.00% Aaa 0
0.00% B1 462
NA B2 564
NA B3 667
3.35% Ba1 256
NA Ba2 308
NA Ba3 369
NA Baa1 164
0.00% Baa2 195
NA Baa3 226
NA Ca 1230
NA Caa1 769
NA Caa2 923
NA Caa3 1025
2.54% NR NA
1.21%
NA
NA
NA
NA
NA
NA
0.71%
0.65%
1.81%
NA
NA
NA
2.10%
NA
1.37%
NA
NA
1.53%
0.36%
0.00%
NA
NA
3.91%
NA
0.42%
NA
NA
0.00%
0.03%
NA
NA
0.00%
NA
NA
NA
NA
NA
0.33%
1.09%
0.63%
0.98%
1.30%
NA
0.21%
NA
0.71%
1.60%
NA
0.10%
NA
NA
1.68%
NA
0.45%
NA
NA
0.69%
5.03%
NA
0.63%
NA
NA
NA
0.78%
NA
NA
1.64%
NA
NA
NA
NA
1.75%
NA
NA
0.00%
0.03%
NA
4.68%
0.00%
NA
3.79%
1.15%
NA
NA
1.21%
0.80%
0.57%
1.45%
1.34%
NA
1.25%
1.84%
NA
1.28%
NA
NA
NA
NA
0.51%
0.89%
2.53%
0.69%
NA
NA
NA
NA
NA
0.00%
0.01%
NA
NA
0.54%
NA
4.03%
2.60%
NA
NA
6.20%
NA
0.06%
0.00%
NA
NA
1.71%
NA
Volatility
BAML Emerging Mkt Publ 11.84% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equit 13.31% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.12
Index: BAML Public Sector US Emerging Markets Corporate Plus Index Yield
Source: FRED (Federal Reserve St. Louis Datasets)
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years
Interval Daily
DATE VALUE
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
outh America
Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of) BBB Baa2
Angola B- B2
Argentina B+ B2
Armenia NA B1
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba2
Bahamas BB+ Baa3
Bahrain BB- B1
Bangladesh BB- Ba3
Barbados CCC+ Caa3
Belarus B Caa1
Belgium AA Aa3
Belize B- B3
Bermuda A+ A2
Bolivia BB Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB Ba2
Bulgaria BB+ Baa2
Burkina Faso B B2
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B B2
Chile A+ Aa3
China A+ A1
Colombia BBB Baa2
Congo (Democratic Republic CCC+ B3
Congo (Republic of) CCC+ Caa2
Cook Islands B+ B1
Costa Rica BB- Ba2
Côte d'Ivoire NA Ba3
Croatia BB Ba2
Cuba NA Caa2
Curacao A- A3
Cyprus BB+ Ba3
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- B3
Egypt B- B3
El Salvador CCC+ Caa1
Estonia AA- A1
Ethiopia B B1
Fiji B+ Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA B3
Georgia BB- Ba2
Germany AAA Aaa
Ghana B- B3
Greece B- Caa2
Guatemala BB- Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB- Baa3
Iceland A A3
India BBB- Baa2
Indonesia BBB- Baa3
Iraq B- Caa1
Ireland A+ A2
Isle of Man NA Aa2
Israel A+ A1
Italy BBB Baa2
Jamaica B B3
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B1
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NA B2
Latvia A- A3
Lebanon B- B3
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Malta A- A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B- Caa1
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique SD Caa3
Namibia NA Ba1
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B+ B2
Nigeria B B2
Norway AAA Aaa
Oman BB+ Baa2
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B+ B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland BBB+ A2
Portugal BBB- Ba1
Qatar AA- Aa3
Ras Al Khaimah (Emirate of) A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB- Ba3
Sharjah BBB+ A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A+ Baa1
South Africa BB+ Baa3
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Grenadines NA B3
Suriname B B1
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Thailand BBB+ Baa1
Trinidad and Tobago BBB+ Ba1
Tunisia NA B1
Turkey BB Ba1
Turks and Caicos Islands BBB+ Baa1
Uganda B B2
Ukraine B- Caa2
United Arab Emirates NA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC- Caa3
Vietnam BB- B1
Zambia B B3
GOVERNMENT BOND RATINGS
In local currency
Country
0.32%
0.00% Abu Dhabi
NA Argentina
NA Australia
3.48% Austria
NA Bahrain
0.37% Belgium
NA Brazil
NA Bulgaria
0.00% Chile
0.03% China
NA Colombia
NA Costa Rica
0.00% Croatia
NA Cyprus
NA Czech Republic
NA Denmark
NA Dubai
NA Egypt
0.29% Estonia
0.97% Finland
0.56% France
0.87% Germany
1.16% Greece
NA Hong Kong
0.19% Hungary
NA Iceland
0.63% India
1.42% Indonesia
NA Ireland
0.09% Israel
NA Italy
NA Japan
1.49% Kazakhstan
NA Korea
0.40% Kuwait
NA Latvia
NA Lebanon
0.61% Lithuania
4.47% Malaysia
NA Mexico
0.56% Morocco
NA Netherlands
NA New Zealand
NA Nigeria
0.69% Norway
NA Pakistan
NA Panama
1.46% Peru
NA Philippines
NA Poland
NA Portugal
NA Qatar
1.56% Romania
NA Russia
NA Saudi Arabia
0.00% Slovakia
0.03% Slovenia
NA South Africa
4.16% Spain
0.00% Sweden
NA Switzerland
3.37% Thailand
1.02% Tunisia
NA Turkey
NA Ukraine
1.08% United Kingdom
0.71% United States
0.51% Venezuela
1.29% Vietnam
1.19%
NA
1.11%
1.64%
NA
1.14%
NA
NA
NA
NA
0.45%
0.79%
2.25%
0.61%
NA
NA
NA
NA
NA
0.00%
0.01%
NA
NA
0.48%
NA
3.58%
2.31%
NA
NA
5.51%
NA
0.05%
0.00%
NA
NA
1.52%
NA
CDS Spread CDS Spread
(1/1/18) net of US
1.12% 0.73%
3.66% 3.27%
0.36% -0.03%
0.34% -0.05%
3.37% 2.98%
0.38% -0.01%
2.65% 2.26%
1.47% 1.08%
1.02% 0.63%
0.97% 0.58%
2.00% 1.61%
2.26% 1.87%
1.61% 1.22%
1.75% 1.36%
0.71% 0.32%
0.32% -0.07%
2.00% 1.61%
3.87% 3.48%
0.76% 0.37%
0.37% -0.02%
0.42% 0.03%
0.26% -0.13%
4.83% 4.44%
0.68% 0.29%
1.36% 0.97%
0.95% 0.56%
1.26% 0.87%
1.55% 1.16%
0.58% 0.19%
1.02% 0.63%
1.81% 1.42%
0.48% 0.09%
1.88% 1.49%
0.79% 0.40%
1.28% 0.89%
1.00% 0.61%
5.40% 5.01%
0.95% 0.56%
1.08% 0.69%
1.85% 1.46%
1.95% 1.56%
0.35% -0.04%
0.42% 0.03%
4.55% 4.16%
0.32% -0.07%
3.76% 3.37%
1.41% 1.02%
1.47% 1.08%
1.10% 0.71%
0.90% 0.51%
1.68% 1.29%
1.58% 1.19%
1.50% 1.11%
2.03% 1.64%
1.53% 1.14%
0.84% 0.45%
1.18% 0.79%
2.64% 2.25%
1.00% 0.61%
0.30% -0.09%
0.40% 0.01%
0.87% 0.48%
3.97% 3.58%
2.70% 2.31%
5.90% 5.51%
0.44% 0.05%
0.39% 0.00%
NA NA
1.91% 1.52%
Country Std deviation in Equities (weekly) sBond
Argentina 38.11% NA
Bangladesh 13.48% NA
Bosnia 8.96% NA
Botswana 4.89% NA
Ghana 8.33% NA
Greece 43.21% 45.54%
Jamaica 16.93% NA
Jordan 7.14% NA
Kenya 10.90% NA
Kuwait 10.77% NA
Laos 16.00% NA
Macedonia 11.59% NA
Malta 7.75% NA
Mauritius 5.40% NA
Mongolia 17.21% NA
Montenegro 20.08% NA
Namibia 21.83% NA
Nigeria 27.08% NA
Oman 17.56% NA
Palestine 9.33% NA
Serbia 10.18% NA
Singapore 11.27% NA
Sri Lanka 8.88% NA
Taiwan 14.02% NA
Tanzania 19.44% NA
UAE 31.74% NA
Ukraine 29.74% NA
US 12.69% NA
Venezuela 51.23% 44.85%
Pakistan 14.21% NA
Tunisia 8.44% NA
Egypt 27.71% NA
Brazil 23.52% 12.21%
Lebanon 6.33% 3.15%
Costa Rica 8.31% NA
Bahrain 7.93% NA
South Africa 14.79% 20.21%
Russia 22.90% 40.10%
Kazakhastan 32.79% NA
Vietnam 17.55% NA
Turkey 20.97% 9.46%
Croatia 7.77% NA
Colombia 17.48% 7.09%
Portugal 22.96% 7.14%
Indonesia 15.19% 10.00%
Morocco 8.16% NA
Cyprus 32.96% NA
Mexico 13.68% 4.74%
Peru 15.94% 8.51%
Panama 4.69% NA
India 14.93% 2.93%
Malaysia 10.65% NA
Bulgaria 14.54% 13.05%
Thailand 12.08% 6.87%
Hungary 17.05% NA
Saudi Arabia 24.27% 17.55%
Italy 20.08% 7.23%
China 29.13% NA
Philippines 11.29% 30.36%
Romania 12.79% NA
Qatar 21.16% NA
Slovenia 14.17% 5.78%
Spain 22.89% 6.37%
Chile 12.29% 8.04%
Poland 13.93% 12.13%
Latvia 17.53% NA
Lithuania 7.63% NA
Iceland 10.01% 4.02%
Israel 10.30% 4.86%
Ireland 17.41% 3.08%
Korea 12.40% NA
Slovakia 17.69% 7.91%
Czech Republic 13.82% 4.93%
Estonia 10.89% NA
Average
Median
Average
Median
sEquity/ sBond s (CDS) CDS CVCDS sEquity/ sCDS
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
0.95 NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA 0.1100% NA NA NA
1.14 1.3700% NA NA NA
NA 0.3219% 6.56% 4.90% 2.90
NA 0.4039% 6.33% 6.38% 1.32
NA 0.2988% 5.48% 5.45% 5.08
1.93 0.4111% 5.09% 8.07% 2.91
2.01 0.3565% 5.00% 7.13% 0.89
NA 0.3136% 4.86% 6.45% 1.29
NA 0.3200% 4.00% 8.00% 0.99
0.73 0.3821% 3.99% 9.58% 1.54
0.57 0.5519% 3.67% 15.05% 1.52
NA 0.3585% 3.55% 10.10% 3.25
NA 0.2610% 3.52% 7.41% 2.37
2.22 0.3261% 3.39% 9.61% 2.18
NA 0.2240% 3.23% 6.93% 1.12
2.47 0.4247% 3.22% 13.19% 1.33
3.22 0.5728% 3.18% 18.03% 1.27
1.52 0.3922% 2.96% 13.27% 1.14
NA 0.3185% 2.69% 11.84% 0.69
NA 0.5916% 2.66% 22.24% 1.48
2.89 0.4093% 2.48% 16.50% 0.83
1.87 0.3400% 2.35% 14.50% 1.10
NA 0.3181% 2.32% 13.70% 0.34
5.10 0.3731% 2.25% 16.59% 0.90
NA 0.5214% 2.21% 23.59% 0.45
1.11 0.2917% 2.13% 13.69% 1.06
1.76 0.3830% 2.05% 18.73% 0.65
NA 0.3111% 2.03% 15.33% 1.11
1.38 0.6852% 1.93% 35.50% 0.68
2.78 0.5215% 1.93% 27.09% 0.74
NA 0.3936% 1.76% 22.36% 1.30
0.37 0.3890% 1.68% 23.22% 0.49
NA 0.2938% 1.66% 17.72% 0.72
NA 0.4138% 1.63% 25.42% 0.83
2.45 0.2665% 1.62% 16.47% 0.86
3.59 0.5239% 1.55% 33.85% 0.68
1.53 0.3765% 1.54% 24.50% 0.50
1.15 0.2970% 1.38% 21.57% 0.65
NA 0.2699% 1.30% 20.76% 0.84
NA 0.2612% 1.26% 20.73% 0.37
2.49 0.3686% 1.26% 29.31% 0.34
2.12 0.2495% 1.19% 20.97% 0.49
5.65 0.4114% 1.06% 38.81% 0.45
NA 0.4744% 0.89% 53.60% 0.23
2.24 0.1457% 0.88% 16.63% 1.06
2.80 0.3475% 0.81% 42.90% 0.32
NA 0.3969% 0.80% 49.71% 0.22
2.15 1.14
2.01 0.89
1.98 1.33
1.87 1.10
Country GDP (in billions) Country Nam 2016 (in billions)
Abu Dhabi 390 Albania 11.86
Albania 11.86 Source: World Bank Algeria 159.05
Andorra (Principality of) 2.86 Year 2016 American Sa 0.66
Angola 102.6 Andorra 2.86
Argentina 545.48 Antigua and 1.46
Armenia 10.57 Arab World 2504.70
Aruba 2.6 Argentina 545.48
Australia 1204.62 Armenia 10.57
Austria 390.8 Aruba
Azerbaijan 37.85 Australia 1204.62
Bahamas 11.26 Austria 390.80
Bahrain 32.18 Azerbaijan 37.85
Bangladesh 221.42 Bahamas, The 11.26
Barbados 4.53 Bahrain 32.18
Belarus 47.41 Bangladesh 221.42
Belgium 467.96 Barbados 4.53
Belize 1.74 Belarus 47.41
Bermuda 5.6 Belgium 467.96
Bolivia 33.81 Belize 1.74
Bosnia and Herzegovina 16.91 Benin 8.58
Botswana 15.58 Bermuda 0.00
Brazil 1796.19 Bhutan 2.21
Bulgaria 53.24 Bolivia 33.81
Burkina Faso 11.69 Bosnia and He 16.91
Cambodia 20.02 Botswana 15.58
Cameroon 32.22 Brazil 1796.19
Canada 1529.76 British Virgin 0.00
Cayman Islands 3.2 Brunei Darus 11.40
Cape Verde 1.9 Bulgaria 53.24
Chile 247.03 Burkina Faso 11.69
China 11199 Burundi 3.01
Colombia 282.46 Cabo Verde 1.62
Congo (Democratic Republic of 31.93 Cambodia 20.02
Congo (Republic of) 7.83 Cameroon 32.22
Cook Islands 1.2 Canada 1529.76
Costa Rica 57.44 Caribbean sma 66.71
Côte d'Ivoire 36.37 Cayman Islan 0.00
Croatia 50.71 Central Africa 1.76
Cuba 77.2 Central Europe 1312.16
Curacao 1.0 Chad 9.60
Cyprus 20.05 Channel Islan 0.00
Czech Republic 195.31 Chile 247.03
Denmark 306.9 China 11199.15
Dominican Republic 71.58 Colombia 282.46
Ecuador 98.61 Comoros 0.62
Egypt 332.79 Congo, Dem. 31.93
El Salvador 26.8 Congo, Rep. 7.83
Estonia 23.34 Costa Rica 57.44
Ethiopia 72.37 Cote d'Ivoire 36.37
Fiji 4.7 Croatia 50.71
Finland 238.5 Cuba 0.00
France 2465.45 Curacao 0.00
Gabon 14.21 Cyprus 20.05
Georgia 14.38 Czech Republi 195.31
Germany 3477.8 Denmark 306.90
Ghana 42.69 Djibouti 0.00
Greece 192.69 Dominica 0.58
Guatemala 68.76 Dominican Rep 71.58
Guernsey (States of) 0.5 Early-demogra 10401.99
Honduras 21.52 East Asia & Pa 22480.43
Hong Kong 320.91 East Asia & Pa 13512.44
Hungary 125.82 East Asia & Pa 13486.49
Iceland 20.05 Ecuador 98.61
India 2263.79 Egypt, Arab R 332.79
Indonesia 932.26 El Salvador 26.80
Iraq 171.49 Equatorial Gu 10.68
Ireland 304.82 Eritrea 0.00
Isle of Man 7.4 Estonia 23.34
Israel 317.74 Ethiopia 72.37
Italy 1858.91 Euro area 11934.06
Jamaica 14.06 Europe & Cent 20273.84
Japan 4940.16 Europe & Cent 2991.82
Jersey (States of) 1 Europe & Cent 3463.19
Jordan 38.65 European Uni 16487.34
Kazakhstan 137.28 Faroe Islands 0.00
Kenya 70.53 Fiji 4.70
Korea 1411.25 Finland 238.50
Kuwait 110.88 Fragile and co 744.25
Kyrgyzstan 6.55 France 2465.45
Latvia 27.57 French Polyne 0.00
Lebanon 49.6 Gabon 14.21
Liechtenstein 6.7 Gambia, The 0.96
Lithuania 42.74 Georgia 14.38
Luxembourg 58.63 Germany 3477.80
Macao 44.8 Ghana 42.69
Macedonia 10.9 Gibraltar 0.00
Malaysia 296.54 Greece 192.69
Malta 11 Greenland 0.00
Mauritius 12.17 Grenada 1.06
Mexico 1046.92 Guam 5.79
Moldova 6.75 Guatemala 68.76
Mongolia 11.18 Guinea 8.20
Montenegro 4.37 Guinea-Bissau 1.16
Montserrat 1.5 Guyana 3.50
Morocco 103.61 Haiti 8.02
Mozambique 11.01 Heavily indeb 648.29
Namibia 10.95 High income 48557.46
Netherlands 777.23 Honduras 21.52
New Zealand 184.97 Hong Kong SA 320.91
Nicaragua 13.23 Hungary 125.82
Nigeria 404.65 IBRD only 25981.48
Norway 371.08 Iceland 20.05
Oman 66.29 IDA & IBRD to 27972.82
Pakistan 278.91 IDA blend 923.61
Panama 55.19 IDA only 1072.79
Papua New Guinea 20.21 IDA total 1999.81
Paraguay 27.42 India 2263.79
Peru 192.21 Indonesia 932.26
Philippines 304.91 Iran, Islamic 418.98
Poland 471.36 Iraq 171.49
Portugal 204.84 Ireland 304.82
Qatar 152.45 Isle of Man 0.00
Ras Al Khaimah (Emirate of) 5.2 Israel 317.74
Romania 187.59 Italy 1858.91
Russia 1283.16 Jamaica 14.06
Rwanda 8.38 Japan 4940.16
Saudi Arabia 646.44 Jordan 38.65
Senegal 14.68 Kazakhstan 137.28
Serbia 38.3 Kenya 70.53
Sharjah 5 Kiribati 0.18
Singapore 296.98 Korea, Dem. P 0.00
Slovakia 89.77 Korea, Rep. 1411.25
Slovenia 44.71 Kosovo 6.65
South Africa 295.46 Kuwait 110.88
Spain 1237.26 Kyrgyz Republ 6.55
Sri Lanka 81.32 Lao PDR 15.90
St. Maarten 1.5 Late-demograp 18455.07
St. Vincent & the Grenadines 0.8 Latin America 5299.87
Suriname 3.28 Latin America 4853.04
Swaziland 3.72 Latin America 5094.16
Sweden 514.46 Latvia 27.57
Switzerland 668.85 Least develope 940.73
Taiwan 970.9 Lebanon 49.60
Tajikistan 6.95 Lesotho 2.29
Thailand 407.03 Liberia 2.10
Trinidad and Tobago 21.89 Libya 0.00
Tunisia 42.06 Liechtenstein 0.00
Turkey 863.71 Lithuania 42.74
Turks and Caicos Islands 1.5 Low & middle 27299.38
Uganda 24.08 Low income 402.52
Ukraine 93.27 Lower middle 6263.37
United Arab Emirates 348.74 Luxembourg 58.63
United Kingdom 2647.9 Macao SAR, C 44.80
United States of America 18624 Macedonia, F 10.90
Uruguay 52.42 Madagascar 10.00
Venezuela 250 Malawi 5.43
Vietnam 205.28 Malaysia 296.54
Zambia 21.06 Maldives 4.22
Mali 14.03
Malta 11.00
Marshall Islan 0.19
Mauritania 4.74
Mauritius 12.17
Mexico 1046.92
Micronesia, Fe 0.33
Middle East & 3144.80
Middle East & 1453.90
Middle East & 1440.24
Middle incom 26897.07
Moldova 6.75
Monaco 0.00
Mongolia 11.18
Montenegro 4.37
Morocco 103.61
Mozambique 11.01
Myanmar 63.23
Namibia 10.95
Nauru 0.10
Nepal 21.13
Netherlands 777.23
New Caledoni 0.00
New Zealand 184.97
Nicaragua 13.23
Niger 7.53
Nigeria 404.65
North Americ 20160.30
Northern Mari 1.24
Norway 371.08
Not classified 0.00
OECD membe 47552.62
Oman 66.29
Other small s 362.08
Pacific island 9.02
Pakistan 278.91
Palau 0.31
Panama 55.19
Papua New Gu 20.21
Paraguay 27.42
Peru 192.21
Philippines 304.91
Poland 471.36
Portugal 204.84
Post-demograp 45213.31
Pre-demograph 1207.79
Puerto Rico 0.00
Qatar 152.45
Romania 187.59
Russian Feder 1283.16
Rwanda 8.38
Samoa 0.79
San Marino 1.59
Sao Tome and 0.34
Saudi Arabia 646.44
Senegal 14.68
Serbia 38.30
Seychelles 1.43
Sierra Leone 3.74
Singapore 296.98
Sint Maarten 0.00
Slovak Republ 89.77
Slovenia 44.71
Small states 437.80
Solomon Islan 1.20
Somalia 6.22
South Africa 295.46
South Asia 2892.48
South Asia (I 2892.48
South Sudan 0.00
Spain 1237.26
Sri Lanka 81.32
St. Kitts and 0.91
St. Lucia 1.67
St. Martin (Fr 0.00
St. Vincent a 0.77
Sub-Saharan A 1512.60
Sub-Saharan A 1511.17
Sub-Saharan A 1512.60
Sudan 95.58
Suriname 3.28
Swaziland 3.72
Sweden 514.46
Switzerland 668.85
Syrian Arab R 0.00
Tajikistan 6.95
Tanzania 47.34
Thailand 407.03
Timor-Leste 1.78
Togo 4.40
Tonga 0.40
Trinidad and 21.89
Tunisia 42.06
Turkey 863.71
Turkmenistan 36.18
Turks and Caic 0.00
Tuvalu 0.03
Uganda 24.08
Ukraine 93.27
United Arab E 348.74
United Kingd 2647.90
United States 18624.48
Upper middle 20623.86
Uruguay 52.42
Uzbekistan 67.22
Vanuatu 0.77
Venezuela, RB 0.00
Vietnam 205.28
Virgin Islands 0.00
West Bank an 13.40
World 75845.11
Yemen, Rep. 27.32
Zambia 21.06
Zimbabwe 16.62
016 (in billions)
Country S&P Rating
Moody's Rating
Abu Dhabi AA Aa2 Abu Dhabi
Albania B+ B1 Albania
Andorra (Principality of) BBB NA Andorra
Angola B- B2 Angola
Argentina B+ B2 Argentina
Armenia NA B1 Armenia
Aruba BBB+ NA
Australia AAA Aaa Australia
Austria AA+ Aa1 Austria
Azerbaijan BB+ Ba2 Azerbaijan
Bahamas BB+ Baa3 Bahamas
Bahrain BB- B1 Bahrain
Bangladesh BB- Ba3 Bangladesh
Barbados CCC+ Caa3 Barbados
Belarus B Caa1 Belarus
Belgium AA Aa3 Belgium
Belize B- B3 Belize
Bermuda A+ A2 Bermuda
Bolivia BB Ba3 Bolivia
Bosnia and Herzegovina B B3 Bosnia and H
Botswana A- A2 Botswana
Brazil BB Ba2 Brazil
Bulgaria BB+ Baa2 Bulgaria
Burkina Faso B NA
Cambodia NA B2 Cambodia
Cameroon B B2 Cameroon
Canada AAA Aaa Canada
Cayman Islands NA Aa3 Cayman Islan
Cape Verde B NA
Chile A+ Aa3 Chile
China A+ A1 China
Colombia BBB Baa2 Colombia
Congo (Democratic Republic of) CCC+ B3 Congo (Democr
Congo (Republic of) CCC+ Caa2 Congo (Republ
Cook Islands B+ NA
Costa Rica BB- Ba2 Costa Rica
Côte d'Ivoire NA Ba3 Cote d'Ivoire
Croatia BB Ba2 Croatia
Cuba NA Caa2 Cuba
Curacao A- NA
Cyprus BB+ Ba3 Cyprus
Czech Republic AA- A1 Czech Republ
Denmark AAA Aaa Denmark
Dominican Republic BB- Ba3 Dominican Rep
Ecuador B- NA Ecuador
Egypt B- B3 Egypt
El Salvador CCC+ NA El Salvador
Estonia AA- A1 Estonia
Ethiopia B B1 Ethiopia
Fiji B+ Ba3 Fiji
Finland AA+ Aa1 Finland
France AA Aa2 France
Gabon NA B3 Gabon
Georgia BB- Ba2 Georgia
Germany AAA Aaa Germany
Ghana B- B3 Ghana
Greece B- Caa2 Greece
Guatemala BB- Ba1 Guatemala
Guernsey (States of) AA- NA Guernsey (Channel Islands)
Honduras BB- B1 Honduras
Hong Kong AA+ Aa2 Hong Kong
Hungary BBB- Baa3 Hungary
Iceland A A3 Iceland
India BBB- Baa2 India
Indonesia BBB- Baa3 Indonesia
Iraq B- Caa1 Iraq
Ireland A+ A2 Ireland
Isle of Man NA Aa2 Isle of Man
Israel A+ A1 Israel
Italy BBB Baa2 Italy
Jamaica B B3 Jamaica
Japan A+ A1 Japan
Jersey (States of) AA- NA Jersey (Channel Islands)
Jordan B+ B1 Jordan
Kazakhstan BBB- Baa3 Kazakhstan
Kenya B+ B1 Kenya
Korea AA Aa2 Korea
Kuwait AA Aa2 Kuwait
Kyrgyzstan NA B2 Kyrgyz Republ
Latvia A- A3 Latvia
Lebanon B- B3 Lebanon
Liechtenstein AAA NA Liechtenstein
Lithuania A- A3 Lithuania
Luxembourg AAA Aaa Luxembourg
Macao NA Aa3 Macao
Macedonia BB- NA
Malaysia A- A3 Malaysia
Malta A- A3 Malta
Mauritius NA Baa1 Mauritius
Mexico BBB+ A3 Mexico
Moldova NA B3 Moldova
Mongolia B- Caa1 Mongolia
Montenegro B+ NA Montenegro
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco
Mozambique SD Caa3 Mozambique
Namibia NA Ba1 Namibia
Netherlands AAA Aaa Netherlands
New Zealand AA Aaa New Zealand
Nicaragua B+ B2 Nicaragua
Nigeria B B2 Nigeria
Norway AAA Aaa Norway
Oman BB+ Baa2 Oman
Pakistan B B3 Pakistan
Panama BBB NA Panama
Papua New Guinea B+ B2 Papua New G
Paraguay BB Ba1 Paraguay
Peru BBB+ A3 Peru
Philippines BBB Baa2 Philippines
Poland BBB+ A2 Poland
Portugal BBB- Ba1 Portugal
Qatar AA- Aa3 Qatar
Ras Al Khaimah (Emirate of) A NA
Romania BBB- Baa3 Romania
Russia BB+ Ba1 Russia
Rwanda B B2 Rwanda
Saudi Arabia A- A1 Saudi Arabia
Senegal B+ Ba3 Senegal
Serbia BB- Ba3 Serbia
Sharjah BBB+ A3 Sharjah
Singapore AAA Aaa Singapore
Slovakia A+ A2 Slovakia
Slovenia A+ Baa1 Slovenia
South Africa BB+ Baa3 South Africa
Spain BBB+ Baa2 Spain
Sri Lanka B+ NA Sri Lanka
St. Maarten NA Baa2 Sint Maarten
St. Vincent & the Grenadines NA B3 St. Vincent &
Suriname B B1 Suriname
Swaziland NA B2 Swaziland
Sweden AAA Aaa Sweden
Switzerland AAA Aaa Switzerland
Taiwan AA- Aa3 Taiwan
Tajikistan B- B3 Tajikistan
Thailand BBB+ Baa1 Thailand
Trinidad and Tobago BBB+ Ba1 Trinidad and
Tunisia NA B1 Tunisia
Turkey BB Ba1 Turkey
Turks and Caicos Islands BBB+ NA
Uganda B B2 Uganda
Ukraine B- Caa2 Ukraine
United Arab Emirates NA Aa2 United Arab E
United Kingdom AA Aa2 United Kingd
United States AA+ Aaa United States
Uruguay BBB Baa2 Uruguay
Venezuela CCC- Caa3 Venezuela
Vietnam BB- B1 Vietnam
Zambia B B3 Zambia
FC LC Foreign currency ratings (LT/outlook/ST)
Aa2 Aa2 Abu Dhabi AA
B1 B1 Albania B+
Andorra BBB
B2 B2 Angola B-
B2 B2 Argentina B+
B1 B1
Aruba BBB+
Aaa Aaa Australia AAA
Aa1 Aa1 Austria AA+
Ba2 Ba2 Azerbaijan BB+
Baa3 Baa3 Bahamas BB+
B1 B1 Bahrain BB-
Ba3 Ba3 Bangladesh BB-
Caa3 Caa3 Barbados CCC+
Caa1 Caa1 Belarus B
Aa3 Aa3 Belgium AA
B3 B3 Belize B-
A2 A2 Bermuda A+
Ba3 Ba3 Bolivia BB
B3 B3 B
Bosnia and Herzegovina
A2 A2 Botswana A-
Ba2 Ba2 Brazil BB
Baa2 Baa2 Bulgaria BB+
Burkina Faso B
B2 B2
B2 B2 Cameroon B
Aaa Aaa Canada AAA
Aa3 Aa3
Cape Verde B
Aa3 Aa3 Chile A+
A1 A1 China A+
Baa2 Baa2 Colombia BBB
B3 B3 Congo (DRC) CCC+
Caa2 Caa2 CCC+
Congo (Republic of)
Cook Islands B+
Ba2 Ba2 Costa Rica BB-
Ba3 Ba3
Ba2 Ba2 Croatia BB
Caa2 Caa2
Curacao A-
Ba3 Ba3 Cyprus BB+
A1 A1 AA-
Czech Republic
Aaa Aaa Denmark AAA
Ba3 Ba3 BB-
Dominican Republic
B3 Ecuador B-
B3 B3 Egypt B-
Caa1 El Salvador CCC+
A1 A1 Estonia AA-
B1 B1 Ethiopia B
Ba3 Ba3 Fiji B+
Aa1 Aa1 Finland AA+
Aa2 Aa2 France AA
B3 B3
Ba2 Ba2 Georgia BB-
Aaa Aaa Germany AAA
B3 B3 Ghana B-
Caa2 Caa2 Greece B-
Ba1 Ba1 Guatemala BB-
Guernsey (Channel Islands) Guernsey AA-
B1 B1 Honduras BB-
Aa2 Aa2 Hong Kong AA+
Baa3 Baa3 Hungary BBB-
A3 A3 Iceland A
Baa2 Baa2 India BBB-
Baa3 Baa3 Indonesia BBB-
Caa1 Caa1 Iraq B-
A2 A2 Ireland A+
Aa2 Aa2
A1 A1 Israel A+
Baa2 Baa2 Italy BBB
B3 B3 Jamaica B
A1 A1 Japan A+
ersey (Channel Islands) Jersey AA-
B1 B1 Jordan B+
Baa3 Baa3 Kazakhstan BBB-
B1 B1 Kenya B+
Aa2 Aa2 Korea AA
Aa2 Aa2 Kuwait AA
B2 B2
A3 A3 Latvia A-
B3 B3 Lebanon B-
Liechtenstein AAA
A3 A3 Lithuania A-
Aaa Aaa Luxembourg AAA
Aa3 Aa3
Macedonia BB-
A3 A3 Malaysia A-
A3 A3 Malta A-
Baa1 Baa1
A3 A3 Mexico BBB+
B3 B3
Caa1 Caa1 Mongolia B-
B1 Montenegro B+
Montserrat BBB-
Ba1 Ba1 Morocco BBB-
Caa3 Caa3 Mozambique SD
Ba1 Ba1
Aaa Aaa Netherlands AAA
Aaa Aaa New Zealand AA
B2 B2 Nicaragua B+
B2 B2 Nigeria B
Aaa Aaa Norway AAA
Baa2 Baa2 Oman BB+
B3 B3 Pakistan B
Baa2 Panama BBB
B2 B2 B+
Papua New Guinea
Ba1 Ba1 Paraguay BB
A3 A3 Peru BBB+
Baa2 Baa2 Philippines BBB
A2 A2 Poland BBB+
Ba1 Ba1 Portugal BBB-
Aa3 Aa3 Qatar AA-
A
Ras Al Khaimah
Baa3 Baa3 Romania BBB-
Ba1 Ba1 Russia BB+
B2 B2 Rwanda B
A1 A1 Saudi Arabia A-
Ba3 Ba3 Senegal B+
Ba3 Ba3 Serbia BB-
A3 A3 Sharjah BBB+
Aaa Aaa Singapore AAA
A2 A2 A+
Slovak Republic
Baa1 Baa1 Slovenia A+
Baa3 Baa3 South Africa BB+
Baa2 Baa2 Spain BBB+
B1 Sri Lanka B+
Baa2 Baa2
B3 B3
B1 B1 Suriname B
B2 B2
Aaa Aaa Sweden AAA
Aaa Aaa Switzerland AAA
Aa3 Aa3 Taiwan AA-
B3 B3 Tajikistan B-
Baa1 Baa1 Thailand BBB+
Ba1 Ba1 BBB+
Trinidad and Tobago
B1 B1
Ba1 Ba1 Turkey BB
BBB+
Turks and Caicos
B2 B2 Uganda B
Caa2 Caa2 Ukraine B-
Aa2 Aa2
Aa2 Aa2 AA
United Kingdom
Aaa Aaa United States AA+
Baa2 Baa2 Uruguay BBB
Caa3 Caa3 Venezuela CCC-
B1 B1 Vietnam BB-
B3 B3 Zambia B
outlook/ST)
Iraq B-
Kyrgyz Republ B2 B2 Kyrgyzstan B
Country Tax Rate
Abu Dhabi 0.00%
Albania 15.00%
Andorra (Principality of) 0.00%
Angola 30.00%
Argentina 35.00%
Armenia 20.00%
Aruba 0.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 28.21%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Burkina Faso 27.50%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Cape Verde 28.21%
Chile 25.50%
China 25.00%
Colombia 34.00%
Congo (Democratic Republic of) 35.00%
Congo (Republic of) 28.21%
Cook Islands 0.00%
Costa Rica 30.00%
Côte d'Ivoire 25.00%
Croatia 20.00%
Cuba 27.98%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 30.00%
Georgia 15.00%
Germany 29.79%
Ghana 25.00%
Greece 29.00%
Guatemala 25.00%
Guernsey (States of) 0.00%
Honduras 25.00%
Hong Kong 16.50%
Hungary 9.00%
Iceland 20.00%
India 30.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 24.00%
Jamaica 25.00%
Japan 30.86%
Jersey (States of) 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 22.00%
Kuwait 15.00%
Kyrgyzstan 15.00%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 27.08%
Macao 12.00%
Macedonia 10.00%
Malaysia 24.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Mongolia 25.00%
Montenegro 9.00%
Montserrat 27.98%
Morocco 31.00%
Mozambique 32.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 24.00%
Oman 15.00%
Pakistan 31.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Ras Al Khaimah (Emirate of) 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sharjah 0.00%
Singapore 17.00%
Slovakia 21.00%
Slovenia 19.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St. Maarten 34.50%
St. Vincent & the Grenadines 27.98%
Suriname 36.00%
Swaziland 27.50%
Sweden 22.00%
Switzerland 17.77%
Taiwan 17.00%
Tajikistan 0.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 20.00%
United States 21.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 20.00%
Zambia 35.00%
Country Tax Rate: 2017 Africa average
Afghanistan 20.00% Americas average
Albania 15.00% Asia average
Algeria 26.00% EU average
Andorra 10.00% Europe average
Angola 30.00% Global average
Anguilla 0.00% Latin America average
Antigua and Barbuda 25.00% North America average
Argentina 35.00% Oceania average
Armenia 20.00% OECD average
Aruba 25.00% South America average
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Benin 30.00%
Bermuda 0.00%
Bolivia 25.00%
Bonaire, Saint Eustatius and Saba 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Brunei Darussalam 18.50%
Bulgaria 10.00%
Burkina Faso 27.50%
Burundi 30.00%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Chile 25.50%
China 25.00%
Colombia 34.00%
Congo (Democratic Republic of the 35.00%
Costa Rica 30.00%
Croatia 20.00%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Djibouti 25.00%
Dominica 25.00%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 30.00%
Gambia 31.00%
Georgia 15.00%
Germany 29.79%
Ghana 25.00%
Gibraltar 10.00%
Greece 29.00%
Grenada 30.00%
Guatemala 25.00%
Guernsey 0.00%
Honduras 25.00%
Hong Kong SAR 16.50%
Hungary 9.00%
Iceland 20.00%
India 30.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 24.00%
Ivory Coast 25.00%
Jamaica 25.00%
Japan 30.86%
Jersey 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 22.00%
Kuwait 15.00%
Kyrgyzstan 10.00%
Latvia 15.00%
Lebanon 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 27.08%
Macau 12.00%
Macedonia 10.00%
Madagascar 20.00%
Malawi 30.00%
Malaysia 24.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Monaco 33.33%
Mongolia 25.00%
Montenegro 9.00%
Morocco 31.00%
Mozambique 32.00%
Myanmar 25.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 24.00%
Oman 15.00%
Pakistan 31.00%
Palestinian Territory 15.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saint Kitts and Nevis 33.00%
Saint Lucia 30.00%
Saint Vincent and the Grenadines 32.50%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Sint Maarten (Dutch part) 34.50%
Slovakia 21.00%
Slovenia 19.00%
Solomon Islands 30.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St Maarten 34.50%
Sudan 35.00%
Suriname 36.00%
Swaziland 27.50%
Sweden 22.00%
Switzerland 17.77%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turkmenistan 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 19.00%
United States 24.00%
Uruguay 25.00%
Uzbekistan 7.50%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 20.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.00%
28.21%
25.66%
21.28%
21.51%
19.54%
24.25%
27.98%
23.75%
28.67%
24.07%
27.98%
Country PRS Score Total Equity Risk Premiu Rating-based Default Spr
Abu Dhabi 5.65% 0.51%
Albania 69.5 10.27% 4.62%
Andorra (Principality of) 7.27% 1.95%
Angola 59.0 11.42% 5.64%
Argentina 69.3 11.42% 5.64%
Armenia 63.3 10.27% 4.62%
Aruba 6.92% 1.64%
Australia 78.3 5.08% 0.00%
Austria 81.0 5.54% 0.41%
Azerbaijan 66.3 8.54% 3.08%
Bahamas 75.8 7.62% 2.26%
Bahrain 65.8 10.27% 4.62%
Bangladesh 65.8 9.23% 3.69%
Barbados 16.60% 10.25%
Belarus 63.5 13.72% 7.69%
Belgium 77.8 5.78% 0.62%
Belize 12.58% 6.67%
Bermuda 6.06% 0.87%
Bolivia 66.8 9.23% 3.69%
Bosnia and Herzegovina 12.58% 6.67%
Botswana 79.3 6.06% 0.87%
Brazil 69.8 8.54% 3.08%
Bulgaria 76.3 7.27% 1.95%
Burkina Faso 63.8 11.42% 5.64%
Cambodia 11.42% 5.64%
Cameroon 63.3 11.42% 5.64%
Canada 83.0 5.08% 0.00%
Cayman Islands 5.78% 0.62%
Cape Verde 11.42% 5.64%
Chile 75.5 5.78% 0.62%
China 73.5 5.89% 0.72%
Colombia 68.3 7.27% 1.95%
Congo (Democratic Republic of) 48.5 12.58% 6.67%
Congo (Republic of) 61.3 15.46% 9.23%
Cook Islands 10.27% 4.62%
Costa Rica 73.3 8.54% 3.08%
Côte d'Ivoire 62.8 9.23% 3.69%
Croatia 72.3 8.54% 3.08%
Cuba 67.0 15.46% 9.23%
Curacao 6.46% 1.23%
Cyprus 73.3 9.23% 3.69%
Czech Republic 81.3 5.89% 0.72%
Denmark 82.0 5.08% 0.00%
Dominican Republic 71.5 9.23% 3.69%
Ecuador 63.3 12.58% 6.67%
Egypt 59.5 12.58% 6.67%
El Salvador 67.8 13.72% 7.69%
Estonia 76.0 5.89% 0.72%
Ethiopia 56.3 10.27% 4.62%
Fiji 9.23% 3.69%
Finland 82.0 5.54% 0.41%
France 75.0 5.65% 0.51%
Gabon 65.8 12.58% 6.67%
Georgia 8.54% 3.08%
Germany 84.0 5.08% 0.00%
Ghana 67.0 12.58% 6.67%
Greece 70.0 15.46% 9.23%
Guatemala 70.3 7.96% 2.56%
Guernsey (States of) 5.78% 0.62%
Honduras 67.0 10.27% 4.62%
Hong Kong 84.3 5.65% 0.51%
Hungary 78.8 7.62% 2.26%
Iceland 84.0 6.46% 1.23%
India 70.8 7.27% 1.95%
Indonesia 68.0 7.62% 2.26%
Iraq 55.3 13.72% 7.69%
Ireland 83.0 6.06% 0.87%
Isle of Man 5.65% 0.51%
Israel 78.0 5.89% 0.72%
Italy 75.8 7.27% 1.95%
Jamaica 71.8 12.58% 6.67%
Japan 84.0 5.89% 0.72%
Jersey (States of) 5.78% 0.62%
Jordan 63.8 10.27% 4.62%
Kazakhstan 68.0 7.62% 2.26%
Kenya 63.3 10.27% 4.62%
Korea 84.0 5.65% 0.51%
Kuwait 73.5 5.65% 0.51%
Kyrgyzstan 11.42% 5.64%
Latvia 73.3 6.46% 1.23%
Lebanon 58.3 12.58% 6.67%
Liechtenstein 5.08% 0.00%
Lithuania 73.3 6.46% 1.23%
Luxembourg 86.5 5.08% 0.00%
Macao 5.78% 0.62%
Macedonia 9.23% 3.69%
Malaysia 73.8 6.46% 1.23%
Malta 81.5 6.46% 1.23%
Mauritius 6.92% 1.64%
Mexico 66.8 6.46% 1.23%
Moldova 64.5 12.58% 6.67%
Mongolia 66.0 13.72% 7.69%
Montenegro 10.27% 4.62%
Montserrat 7.62% 2.26%
Morocco 70.3 7.96% 2.56%
Mozambique 50.0 16.60% 10.25%
Namibia 70.3 7.96% 2.56%
Netherlands 84.0 5.08% 0.00%
New Zealand 83.8 5.08% 0.00%
Nicaragua 64.8 11.42% 5.64%
Nigeria 61.5 11.42% 5.64%
Norway 89.0 5.08% 0.00%
Oman 69.5 7.27% 1.95%
Pakistan 61.5 12.58% 6.67%
Panama 75.3 7.27% 1.95%
Papua New Guinea 66.8 11.42% 5.64%
Paraguay 70.0 7.96% 2.56%
Peru 71.0 6.46% 1.23%
Philippines 71.5 7.27% 1.95%
Poland 77.8 6.06% 0.87%
Portugal 78.3 7.96% 2.56%
Qatar 70.8 5.78% 0.62%
Ras Al Khaimah (Emirate of) 6.06% 0.87%
Romania 71.8 7.62% 2.26%
Russia 70.0 7.96% 2.56%
Rwanda 11.42% 5.64%
Saudi Arabia 73.0 5.89% 0.72%
Senegal 63.8 9.23% 3.69%
Serbia 67.5 9.23% 3.69%
Sharjah 6.46% 1.23%
Singapore 85.8 5.08% 0.00%
Slovakia 75.0 6.06% 0.87%
Slovenia 75.0 6.92% 1.64%
South Africa 68.5 7.62% 2.26%
Spain 74.5 7.27% 1.95%
Sri Lanka 63.5 10.27% 4.62%
St. Maarten 7.27% 1.95%
St. Vincent & the Grenadines 12.58% 6.67%
Suriname 64.3 10.27% 4.62%
Swaziland 11.42% 5.64%
Sweden 85.5 5.08% 0.00%
Switzerland 89.3 5.08% 0.00%
Taiwan 84.5 5.78% 0.62%
Tajikistan 12.58% 6.67%
Thailand 71.0 6.92% 1.64%
Trinidad and Tobago 70.3 7.96% 2.56%
Tunisia 64.8 10.27% 4.62%
Turkey 62.8 7.96% 2.56%
Turks and Caicos Islands 6.92% 1.64%
Uganda 61.3 11.42% 5.64%
Ukraine 62.0 15.46% 9.23%
United Arab Emirates 78.8 5.65% 0.51%
United Kingdom 77.5 5.65% 0.51%
United States of America 77.5 5.08% 0.00%
Uruguay 74.0 7.27% 1.95%
Venezuela 47.8 16.60% 10.25%
Vietnam 68.3 10.27% 4.62%
Zambia 65.3 12.58% 6.67%
Algeria 62.3 6.67%
Brunei 76.3 0.87%
Gambia 59.3 9.23%
Guinea 58.3 9.23%
Guinea-Bissau 63.8 6.67%
Guyana 68.5 3.69%
Haiti 61.8 7.69%
Iran 73.3 1.95%
Korea, D.P.R. 56.0 10.25%
Liberia 53.0 12.30%
Libya 62.0 7.69%
Madagascar 64.5 5.64%
Malawi 61.3 7.69%
Mali 60.8 7.69%
Myanmar 63.8 6.67%
Niger 53.7 12.30%
Sierra Leone 54.3 12.30%
Somalia 52.0 12.30%
Sudan 48.0 18.00%
Syria 47.0 18.00%
Tanzania 63.3 6.67%
Togo 61.0 7.69%
Yemen, Republic 49.3 18.00%
Zimbabwe 58.5 9.23%
Final ERP Tax Rate CRP PRS Score
5.65% 0.00% 0.5720% More than
10.27% 15.00% 5.1897% 0
7.27% 0.00% 2.1945% 50.001
11.42% 30.00% 6.3442% 55.001
11.42% 35.00% 6.3442% 57.001
10.27% 20.00% 5.1897% 60.001
6.92% 0.00% 1.8408% 62.001
5.08% 30.00% 0.0000% 64.001
5.54% 25.00% 0.4576% 66.001
8.54% 20.00% 3.4633% 68.001
7.62% 0.00% 2.5377% 69.001
10.27% 0.00% 5.1897% 72.001
9.23% 25.00% 4.1497% 74.001
16.60% 25.00% 11.5235% 76.001
13.72% 18.00% 8.6426% 80.001
5.78% 33.99% 0.6968% 82.501
12.58% 28.21% 7.4986% 85.001
6.06% 0.00% 0.9776%
9.23% 25.00% 4.1497% Rating
12.58% 10.00% 7.4986% Aaa
6.06% 22.00% 0.9776% Aa1
8.54% 34.00% 3.4633% Aa2
7.27% 10.00% 2.1945% Aa3
11.42% 27.50% 6.3442% A1
11.42% 20.00% 6.3442% A2
11.42% 33.00% 6.3442% A3
5.08% 26.50% 0.0000% Baa1
5.78% 0.00% 0.6968% Baa2
11.42% 28.21% 6.3442% Baa3
5.78% 25.50% 0.6968% Ba1
5.89% 25.00% 0.8112% Ba2
7.27% 34.00% 2.1945% Ba3
12.58% 35.00% 7.4986% B1
15.46% 28.21% 10.3795% B2
10.27% 0.00% 5.1897% B3
8.54% 30.00% 3.4633% Caa1
9.23% 25.00% 4.1497% Caa2
8.54% 20.00% 3.4633% Caa3
15.46% 27.98% 10.3795% Ca
6.46% 22.00% 1.3832%
9.23% 12.50% 4.1497%
5.89% 19.00% 0.8112%
5.08% 22.00% 0.0000%
9.23% 27.00% 4.1497%
12.58% 22.00% 7.4986%
12.58% 22.50% 7.4986%
13.72% 30.00% 8.6426%
5.89% 20.00% 0.8112%
10.27% 30.00% 5.1897%
9.23% 20.00% 4.1497%
5.54% 20.00% 0.4576%
5.65% 33.33% 0.5720%
12.58% 30.00% 7.4986%
8.54% 15.00% 3.4633%
5.08% 29.79% 0.0000%
12.58% 25.00% 7.4986%
15.46% 29.00% 10.3795%
7.96% 25.00% 2.8809%
5.78% 0.00% 0.6968%
10.27% 25.00% 5.1897%
5.65% 16.50% 0.5720%
7.62% 9.00% 2.5377%
6.46% 20.00% 1.3832%
7.27% 30.00% 2.1945%
7.62% 25.00% 2.5377%
13.72% 15.00% 8.6426%
6.06% 12.50% 0.9776%
5.65% 0.00% 0.5720%
5.89% 24.00% 0.8112%
7.27% 24.00% 2.1945%
12.58% 25.00% 7.4986%
5.89% 30.86% 0.8112%
5.78% 20.00% 0.6968%
10.27% 20.00% 5.1897%
7.62% 20.00% 2.5377%
10.27% 30.00% 5.1897%
5.65% 22.00% 0.5720%
5.65% 15.00% 0.5720%
11.42% 15.00% 6.3442%
6.46% 15.00% 1.3832%
12.58% 15.00% 7.4986%
5.08% 12.50% 0.0000%
6.46% 15.00% 1.3832%
5.08% 27.08% 0.0000%
5.78% 12.00% 0.6968%
9.23% 10.00% 4.1497%
6.46% 24.00% 1.3832%
6.46% 35.00% 1.3832%
6.92% 15.00% 1.8408%
6.46% 30.00% 1.3832%
12.58% 12.00% 7.4986%
13.72% 25.00% 8.6426%
10.27% 9.00% 5.1897%
7.62% 27.98% 2.5377%
7.96% 31.00% 2.8809%
16.60% 32.00% 11.5235%
7.96% 32.00% 2.8809%
5.08% 25.00% 0.0000%
5.08% 28.00% 0.0000%
11.42% 30.00% 6.3442%
11.42% 30.00% 6.3442%
5.08% 24.00% 0.0000%
7.27% 15.00% 2.1945%
12.58% 31.00% 7.4986%
7.27% 25.00% 2.1945%
11.42% 30.00% 6.3442%
7.96% 10.00% 2.8809%
6.46% 29.50% 1.3832%
7.27% 30.00% 2.1945%
6.06% 19.00% 0.9776%
7.96% 21.00% 2.8809%
5.78% 10.00% 0.6968%
6.06% 0.00% 0.9776%
7.62% 16.00% 2.5377%
7.96% 20.00% 2.8809%
11.42% 30.00% 6.3442%
5.89% 20.00% 0.8112%
9.23% 30.00% 4.1497%
9.23% 15.00% 4.1497%
6.46% 0.00% 1.3832%
5.08% 17.00% 0.0000%
6.06% 21.00% 0.9776%
6.92% 19.00% 1.8408%
7.62% 28.00% 2.5377%
7.27% 25.00% 2.1945%
10.27% 28.00% 5.1897%
7.27% 34.50% 2.1945%
12.58% 27.98% 7.4986%
10.27% 36.00% 5.1897%
11.42% 27.50% 6.3442%
5.08% 22.00% 0.0000%
5.08% 17.77% 0.0000%
5.78% 17.00% 0.6968%
12.58% 0.00% 7.4986%
6.92% 20.00% 1.8408%
7.96% 25.00% 2.8809%
10.27% 25.00% 5.1897%
7.96% 20.00% 2.8809%
6.92% 0.00% 1.8408%
11.42% 30.00% 6.3442%
15.46% 18.00% 10.3795%
5.65% 55.00% 0.5720%
5.65% 20.00% 0.5720%
5.08% 21.00% 0.0000%
7.27% 25.00% 2.1945%
16.60% 34.00% 11.5235%
10.27% 20.00% 5.1897%
12.58% 35.00% 7.4986%
12.58% 26.00% 7.50%
6.06% 18.50% 0.98%
15.46% 31.00% 10.38%
15.46% 28.21% 10.38%
12.58% 28.21% 7.50%
9.23% 27.98% 4.15%
13.73% 27.98% 8.65%
7.27% 21.28% 2.19%
16.60% 21.28% 11.52%
18.91% 28.21% 13.83%
13.73% 20.00% 8.65%
11.42% 20.00% 6.34%
13.73% 30.00% 8.65%
13.73% 28.21% 8.65%
12.58% 25.00% 7.50%
18.91% 28.21% 13.83%
18.91% 30.00% 13.83%
18.91% 20.00% 13.83%
25.32% 35.00% 20.24%
25.32% 28.00% 20.24%
12.58% 30.00% 7.50%
13.73% 28.67% 8.65%
25.32% 20.00% 20.24%
15.46% 25.00% 10.38%
PRS Score
Less than ERP CRP
50.000 25.32% 18.0000% Below Ca Country Country
55.000 18.91% 12.3000% Ca Abu Dhabi
57.000 16.60% 10.2500% Caa3 Albania 68.8 Albania
60.000 15.46% 9.2300% Caa2 Andorra (Prin
62.000 13.73% 7.6900% Caa1 Algeria 63.0 Algeria
64.000 12.58% 6.6700% B3 Angola 59.0 Angola
66.000 11.42% 5.6400% B2 Argentina 65.3 Argentina
68.000 10.27% 4.6200% B1 Armenia 62.5 Armenia
69.000 9.23% 3.6900% Ba3 Aruba
72.000 8.54% 3.0800% Ba2 Australia 77.8 Australia
74.000 7.27% 1.9500% Baa2 Austria 78.8 Austria
76.000 6.92% 1.6400% Baa1 Azerbaijan 68.5 Azerbaijan
80.000 6.06% 0.8700% A2 Bahamas 76.3 Bahamas
82.500 5.78% 0.6200% Aa3 Bahrain 68.8 Bahrain
85.000 5.54% 0.4100% Aa1 Bangladesh 66.0 Bangladesh
90.000 5.08% 0.0000% Aaa Barbados
Belarus 59.5 Belarus
Default Sprea Updated Default Spread (1/1/18) Belgium 76.3 Belgium
0 0 Belize
46 41 Bermuda
57 51 Bolivia 68.8 Bolivia
70 62 Bosnia and H
81 72 Botswana 77.5 Botswana
98 87 Brazil 62.8 Brazil
139 123 Brunei 72.8 Brunei
184 164 Bulgaria 71.8 Bulgaria
220 195 Burkina Faso 63.5 Burkina Faso
254 226 Cambodia
289 256 Cameroon 63.8 Cameroon
347 308 Canada 81.3 Canada
416 369 Cayman Isla
520 462 Cape Verde
636 564 Chile 74.8 Chile
751 667 China, Peoples' 72.5 China
866 769 Colombia 65.3 Colombia
1040 923 Congo, Dem. R 57.3 Congo (Democ
1155 1025 Congo, Republi 64.8 Congo (Repub
1386 1230 Cook Islands
Costa Rica 73.5 Costa Rica
Cote d'Ivoire 64.0 Côte d'Ivoire
Croatia 71.5 Croatia
Cuba 70.0 Cuba
Curacao
Cyprus 73.3 Cyprus
Czech Republic 77.8 Czech Repub
Denmark 82.3 Denmark
Dominican Rep 73.0 Dominican R
Ecuador 63.0 Ecuador
Egypt 60.5 Egypt
El Salvador 68.3 El Salvador
Estonia 74.8 Estonia
Ethiopia 61.0 Ethiopia
Fiji
Finland 81.8 Finland
France 73.8 France
Gabon 69.5 Gabon
Georgia
Gambia 62.0 Gambia
Germany 84.5 Germany
Ghana 64.3 Ghana
Greece 68.5 Greece
Guatemala 70.0 Guatemala
Guinea 53.8 Guinea
Guinea-Bissau 62.3 Guinea-Bissau
Guyana 63.5 Guyana
Guernsey (Sta
Haiti 57.0 Haiti
Honduras 66.8 Honduras
Hong Kong 81.0 Hong Kong
Hungary 75.3 Hungary
Iceland 83.5 Iceland
India 69.3 India
Indonesia 63.8 Indonesia
Iran 67.8 Iran
Iraq 56.0 Iraq
Ireland 82.5 Ireland
Isle of Man
Israel 77.0 Israel
Italy 75.5 Italy
Jamaica 71.0 Jamaica
Japan 82.3 Japan
Jersey (State
Jordan 68.8 Jordan
Kazakhstan 63.8 Kazakhstan
Kenya 62.0 Kenya
Korea, D.P.R. 56.0 Korea, D.P.R.
Korea, Republi 81.0 Korea
Kuwait 73.8 Kuwait
Latvia 74.3 Latvia
Lebanon 60.8 Lebanon
Liberia 50.5 Liberia
Libya 52.8 Libya
Liechtenstein
Lithuania 76.3 Lithuania
Luxembourg 87.0 Luxembourg
Macao
Madagascar 61.3 Madagascar
Macedonia
Malawi 57.0 Malawi
Malaysia 74.3 Malaysia
Mali 62.5 Mali
Malta 77.5 Malta
Mauritius
Mexico 68.3 Mexico
Moldova 62.3 Moldova
Mongolia 62.5 Mongolia
Montenegro
Montserrat
Morocco 69.5 Morocco
Mozambique 52.3 Mozambique
Myanmar 63.3 Myanmar
Namibia 71.3 Namibia
Netherlands 82.8 Netherlands
New Zealand 82.3 New Zealand
Nicaragua 64.3 Nicaragua
Niger 51.0 Niger
Nigeria 62.0 Nigeria
Norway 87.5 Norway
Oman 74.5 Oman
Pakistan 61.3 Pakistan
Panama 73.5 Panama
Papua New Gui 64.0 Papua New G
Paraguay 67.3 Paraguay
Peru 68.3 Peru
Philippines 73.0 Philippines
Poland 79.3 Poland
Portugal 76.3 Portugal
Qatar 78.3 Qatar
Ras Al Khaim
Romania 71.8 Romania
Russia 64.3 Russia
Rwanda
Saudi Arabia 72.5 Saudi Arabia
Senegal 63.3 Senegal
Serbia 63.8 Serbia
Sharjah
Sierra Leone 56.5 Sierra Leone
Singapore 87.3 Singapore
Slovakia 74.0 Slovakia
Slovenia 72.3 Slovenia
Somalia 42.5 Somalia
South Africa 66.3 South Africa
Spain 74.0 Spain
Sri Lanka 67.5 Sri Lanka
Sudan 48.3 Sudan
St. Maarten
St. Vincent
Suriname 68.3 Suriname
Sweden 85.8 Sweden
Switzerland 87.5 Switzerland
Syria 35.8 Syria
Taiwan 83.3 Taiwan
Tanzania 63.0 Tanzania
Thailand 68.0 Thailand
Togo 63.8 Togo
Trinidad & Tob 75.5 Trinidad and
Tunisia 65.8 Tunisia
Turkey 61.5 Turkey
Turks and Ca
Uganda 60.3 Uganda
Ukraine 52.0 Ukraine
United Arab Em 77.8 United Arab
United Kingdo 80.3 United King
United States 78.3 United State
Uruguay 70.5 Uruguay
Venezuela 49.3 Venezuela
Vietnam 71.5 Vietnam
Yemen, Republ 50.3 Yemen, Republ
Zambia 65.0 Zambia
Zimbabwe 54.5 Zimbabwe
PRS SCORE Moody's ratingRatingbasedTotal Equity Risk Premium Country
NA Aa2 0.55% 6.74% 0
68.75 B1 4.99% 12.71% 1 Albania
NA Baa3 2.44% 9.28% 0
63.0 1 Angola
59 Ba2 3.33% 10.48% 1 Argentina
65.25 Caa1 8.31% 17.17% 1 Armenia
62.5 Ba3 3.99% 11.37% 1
NA Baa1 1.77% 8.38% 0 Australia
77.75 Aaa 0.00% 6.00% 1 Austria
78.75 Aaa 0.00% 6.00% 1 Azerbaijan
68.5 Baa3 2.44% 9.28% 1 Bahamas
76.25 Baa2 2.11% 8.84% 1 Bahrain
68.75 Baa3 2.44% 9.28% 1 Bangladesh
66 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0 Belarus
59.5 Caa1 8.31% 17.17% 1 Belgium
76.25 Aa3 0.67% 6.90% 1
NA Caa2 9.98% 19.42% 0
NA A1 0.78% 7.05% 0 Bolivia
68.75 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0 Botswana
77.5 A2 0.94% 7.26% 1 Brazil
62.75 Baa3 2.44% 9.28% 1 Bulgaria
72.8 1 Burkina Faso
71.75 Baa2 2.11% 8.84% 1
63.5 B3 7.21% 15.70% 1 Cameroon
NA B2 6.10% 14.20% 0 Canada
63.75 B2 6.10% 14.20% 1
81.25 Aaa 0.00% 6.00% 1
NA Aa3 0.67% 6.90% 0 Chile
NA B2 6.10% 14.20% 0 China
74.75 Aa3 0.67% 6.90% 1 Colombia
NA Aa3 0.67% 6.90% 0 Congo, Dem. R
65.25 Baa2 2.11% 8.84% 1 Congo, Republi
NA B3 7.21% 15.70% 0
NA Ba3 3.99% 11.37% 0 Costa Rica
NA B1 4.99% 12.71% 0 Cote d'Ivoire
73.5 Ba1 2.77% 9.72% 1 Croatia
NA Ba3 3.99% 11.37% 0 Cuba
71.5 Ba1 2.77% 9.72% 1
70 Caa2 9.98% 19.42% 1 Cyprus
NA A3 1.33% 7.79% 0 Czech Republic
73.25 B1 4.99% 12.71% 1 Denmark
77.75 A1 0.78% 7.05% 1 Dominican Rep
82.25 Aaa 0.00% 6.00% 1 Ecuador
73 B1 4.99% 12.71% 1 Egypt
63 B3 7.21% 15.70% 1 El Salvador
60.5 B3 7.21% 15.70% 1 Estonia
68.25 Ba3 3.99% 11.37% 1 Ethiopia
74.75 A1 0.78% 7.05% 1
61 B1 4.99% 12.71% 1 Finland
NA B1 4.99% 12.71% 0 France
81.75 Aaa 0.00% 6.00% 1 Gabon
73.75 Aa2 0.55% 6.74% 1
69.5 Ba3 3.99% 11.37% 1 Germany
NA Ba3 3.99% 11.37% 0 Ghana
62.0 1 Greece
84.5 Aaa 0.00% 6.00% 1 Guatemala
64.25 B3 7.21% 15.70% 1
68.5 Caa3 11.08% 20.90% 1 Honduras
70 Ba1 2.77% 9.72% 1 Hong Kong
53.8 1 Hungary
62.3 1 Iceland
63.5 1 India
NA Aa1 0.44% 6.59% 0 Indonesia
57.0 1 Iraq
66.75 B3 7.21% 15.70% 1 Ireland
81 Aa1 0.44% 6.59% 1
75.25 Ba1 2.77% 9.72% 1 Israel
83.5 Baa2 2.11% 8.84% 1 Italy
69.25 Baa3 2.44% 9.28% 1 Jamaica
63.75 Baa3 2.44% 9.28% 1 Japan
67.8 1
56.0 1 Jordan
82.5 Baa1 1.77% 8.38% 1 Kazakhstan
NA Aa1 0.44% 6.59% 0 Kenya
77 A1 0.78% 7.05% 1 Korea, Republi
75.5 Baa2 2.11% 8.84% 1 Kuwait
71 Caa2 9.98% 19.42% 1
82.25 A1 0.78% 7.05% 1 Latvia
NA Aa1 0.44% 6.59% 0 Lebanon
68.75 B1 4.99% 12.71% 1
63.75 Baa2 2.11% 8.84% 1 Lithuania
62 B1 4.99% 12.71% 1 Luxembourg
56.0 1
NA Aa2 0.55% 6.74% 0
73.75 Aa2 0.55% 6.74% 1 Malaysia
74.25 A3 1.33% 7.79% 1 Malta
60.75 B2 6.10% 14.20% 1
50.5 1 Mexico
52.8 1 Moldova
NA Aaa 0.00% 6.00% 0 Mongolia
76.25 A3 1.33% 7.79% 1
87 Aaa 0.00% 6.00% 1
NA Aa2 0.55% 6.74% 0 Morocco
61.3 1 Mozambique
NA Ba3 3.99% 11.37% 0 Namibia
57.0 1 Netherlands
74.25 A3 1.33% 7.79% 1 New Zealand
62.5 1 Nicaragua
77.5 A3 1.33% 7.79% 1 Nigeria
NA Baa1 1.77% 8.38% 0 Norway
68.25 A3 1.33% 7.79% 1 Oman
62.25 B3 7.21% 15.70% 1 Pakistan
62.5 B2 6.10% 14.20% 1 Panama
NA Ba3 3.99% 11.37% 0 Papua New Gui
NA Baa3 2.44% 9.28% 0 Paraguay
69.5 Ba1 2.77% 9.72% 1 Peru
52.25 B2 6.10% 14.20% 1 Philippines
63.3 1 Poland
71.25 Baa3 2.44% 9.28% 1 Portugal
82.75 Aaa 0.00% 6.00% 1 Qatar
82.25 Aaa 0.00% 6.00% 1
64.25 B2 6.10% 14.20% 1 Romania
51.0 1 Russia
62 Ba3 3.99% 11.37% 1
87.5 Aaa 0.00% 6.00% 1 Saudi Arabia
74.5 A1 0.78% 7.05% 1 Senegal
61.25 B3 7.21% 15.70% 1 Serbia
73.5 Baa2 2.11% 8.84% 1
64 B1 4.99% 12.71% 1 Singapore
67.25 Ba1 2.77% 9.72% 1 Slovakia
68.25 A3 1.33% 7.79% 1 Slovenia
73 Baa2 2.11% 8.84% 1 South Africa
79.25 A2 0.94% 7.26% 1 Spain
76.25 Ba1 2.77% 9.72% 1 Sri Lanka
78.25 Aa2 0.55% 6.74% 1
NA A2 0.94% 7.26% 0
71.75 Baa3 2.44% 9.28% 1 Suriname
64.25 Ba1 2.77% 9.72% 1 Sweden
NA B1 4.99% 12.71% 0 Switzerland
72.5 Aa3 0.67% 6.90% 1 Taiwan
63.25 B1 4.99% 12.71% 1 Thailand
NA B1 4.99% 12.71% 0 Trinidad & Tob
NA A3 1.33% 7.79% 0 Tunisia
56.5 1 Turkey
87.25 Aaa 0.00% 6.00% 1
74 A2 0.94% 7.26% 1 Uganda
72.25 Baa3 2.44% 9.28% 1 Ukraine
42.5 1 United Arab Em
66.25 Baa2 2.11% 8.84% 1 United Kingdo
74 Baa2 2.11% 8.84% 1 United States
67.5 B1 4.99% 12.71% 1 Uruguay
48.3 1 Venezuela
NA Baa1 1.77% 8.38% 0 Vietnam
NA B3 7.21% 15.70% 0 Zambia
68.25 Ba3 3.99% 11.37% 1
85.75 Aaa 0.00% 6.00% 1
87.5 Aaa 0.00% 6.00% 1
35.8 1
83.25 Aa3 0.67% 6.90% 1
63.0 1
68 Baa1 1.77% 8.38% 1
63.8 1
NA Baa2 2.11% 8.84% 0
65.75 Ba3 3.99% 11.37% 1
61.5 Baa3 2.44% 9.28% 1
NA Baa1 1.77% 8.38% 0
60.25 B1 4.99% 12.71% 1
52 Caa3 11.08% 20.90% 1
77.75 Aa2 0.55% 6.74% 1
80.25 Aa1 0.44% 6.59% 1
NA Aaa 0.00% 6.00% 0
70.5 Baa2 2.11% 8.84% 1
49.25 Caa3 11.08% 20.90% 1
71.5 B1 4.99% 12.71% 1
50.3 1
65 B2 6.10% 14.20% 1
54.5 1
Composite
Risk Rating
06/16 Country PRS Score Total Equity Ratingbased Final ERP
Abu Dhabi 7.03% 0.56% 7.03%
69.3 Albania 69.3 13.32% 5.05% 13.32%
Andorra (Principality of) 9.71% 2.47% 9.71%
55.3 Angola 55.3 13.32% 5.05% 13.32%
63.5 Argentina 63.5 16.46% 7.29% 16.46%
62.5 Armenia 62.5 13.32% 5.05% 13.32%
Aruba 8.76% 1.79% 8.76%
79.0 Australia 79.0 6.25% 0.00% 6.25%
79.3 Austria 79.3 6.88% 0.45% 6.88%
63.5 Azerbaijan 63.5 10.17% 2.80% 10.17%
76.3 Bahamas 76.3 9.23% 2.13% 9.23%
65.8 Bahrain 65.8 10.97% 3.37% 10.97%
66.3 Bangladesh 66.3 11.91% 4.04% 11.91%
Barbados 18.02% 8.41% 18.02%
59.8 Belarus 59.8 18.02% 8.41% 18.02%
76.8 Belgium 76.8 7.20% 0.68% 7.20%
Belize 20.39% 10.10% 20.39%
Bermuda 7.58% 0.95% 7.58%
67.5 Bolivia 67.5 11.91% 4.04% 11.91%
Bosnia and Herzegovina 16.46% 7.29% 16.46%
77.5 Botswana 77.5 7.58% 0.95% 7.58%
64.8 Brazil 64.8 10.97% 3.37% 10.97%
74.0 Bulgaria 74.0 9.23% 2.13% 9.23%
63.8 Burkina Faso 63.8 16.46% 7.29% 16.46%
Cambodia 14.89% 6.17% 14.89%
63.8 Cameroon 63.8 14.89% 6.17% 14.89%
82.8 Canada 82.8 6.25% 0.00% 6.25%
Cayman Islands 7.20% 0.68% 7.20%
Cape Verde 14.89% 6.17% 14.89%
75.0 Chile 75.0 7.20% 0.68% 7.20%
71.0 China 71.0 7.20% 0.68% 7.20%
67.0 Colombia 67.0 9.23% 2.13% 9.23%
56.3 Congo (Democratic Republ 56.3 16.46% 7.29% 16.46%
64.5 Congo (Republic of) 64.5 14.89% 6.17% 14.89%
Cook Islands 13.32% 5.05% 13.32%
72.8 Costa Rica 72.8 10.17% 2.80% 10.17%
63.3 Côte d'Ivoire 63.3 11.91% 4.04% 11.91%
71.3 Croatia 71.3 10.97% 3.37% 10.97%
70.8 Cuba 70.8 20.39% 10.10% 20.39%
Curacao 8.14% 1.35% 8.14%
73.3 Cyprus 73.3 13.32% 5.05% 13.32%
79.5 Czech Republic 79.5 7.36% 0.79% 7.36%
82.5 Denmark 82.5 6.25% 0.00% 6.25%
73.8 Dominican Republic 73.8 13.32% 5.05% 13.32%
61.5 Ecuador 61.5 16.46% 7.29% 16.46%
60.0 Egypt 60.0 16.46% 7.29% 16.46%
67.8 El Salvador 67.8 11.91% 4.04% 11.91%
74.3 Estonia 74.3 7.36% 0.79% 7.36%
59.0 Ethiopia 59.0 13.32% 5.05% 13.32%
Fiji 13.32% 5.05% 13.32%
81.3 Finland 81.3 6.88% 0.45% 6.88%
72.8 France 72.8 7.03% 0.56% 7.03%
63.8 Gabon 63.8 13.32% 5.05% 13.32%
61.5 Georgia 61.5 11.91% 4.04% 11.91%
85.0 Germany 85.0 6.25% 0.00% 6.25%
63.0 Ghana 63.0 16.46% 7.29% 16.46%
66.8 Greece 66.8 21.94% 11.21% 21.94%
70.3 Guatemala 70.3 10.17% 2.80% 10.17%
Guernsey (States of) 6.88% 0.45% 6.88%
67.5 Honduras 67.5 14.89% 6.17% 14.89%
80.8 Hong Kong 80.8 6.88% 0.45% 6.88%
75.0 Hungary 75.0 10.17% 2.80% 10.17%
80.5 Iceland 80.5 9.23% 2.13% 9.23%
69.8 India 69.8 9.71% 2.47% 9.71%
65.5 Indonesia 65.5 9.71% 2.47% 9.71%
56.5 Iraq 56.5 16.46% 7.29% 16.46%
82.0 Ireland 82.0 8.14% 1.35% 8.14%
Isle of Man 6.88% 0.45% 6.88%
77.8 Israel 77.8 7.36% 0.79% 7.36%
75.5 Italy 75.5 9.23% 2.13% 9.23%
71.3 Jamaica 71.3 20.39% 10.10% 20.39%
81.5 Japan 81.5 7.36% 0.79% 7.36%
Jersey (States of) 6.88% 0.45% 6.88%
68.8 Jordan 68.8 13.32% 5.05% 13.32%
60.5 Kazakhstan 60.5 9.71% 2.47% 9.71%
62.5 Kenya 82.0 13.32% 5.05% 13.32%
82.0 Korea 70.3 7.03% 0.56% 7.03%
70.3 Kuwait 82.0 7.03% 0.56% 7.03%
Kyrgyzstan 14.89% 6.17% 14.89%
74.5 Latvia 74.5 8.14% 1.35% 8.14%
61.0 Lebanon 61.0 14.89% 6.17% 14.89%
Liechtenstein 6.25% 0.00% 6.25%
76.0 Lithuania 76.0 8.14% 1.35% 8.14%
86.5 Luxembourg 86.5 6.25% 0.00% 6.25%
Macao 7.20% 0.68% 7.20%
Macedonia 11.91% 4.04% 11.91%
73.3 Malaysia 73.3 8.14% 1.35% 8.14%
77.5 Malta 77.5 8.14% 1.35% 8.14%
Mauritius 8.76% 1.79% 8.76%
67.3 Mexico 67.3 8.14% 1.35% 8.14%
60.5 Moldova 60.5 16.46% 7.29% 16.46%
68.5 Mongolia 68.5 14.89% 6.17% 14.89%
Montenegro 11.91% 4.04% 11.91%
Montserrat 9.71% 2.47% 9.71%
70.3 Morocco 70.3 10.17% 2.80% 10.17%
50.3 Mozambique 50.3 18.02% 8.41% 18.02%
72.0 Namibia 72.0 9.71% 2.47% 9.71%
82.5 Netherlands 82.5 6.25% 0.00% 6.25%
83.0 New Zealand 83.0 6.25% 0.00% 6.25%
65.3 Nicaragua 65.3 14.89% 6.17% 14.89%
59.0 Nigeria 59.0 13.32% 5.05% 13.32%
89.3 Norway 89.3 6.25% 0.00% 6.25%
70.3 Oman 70.3 8.76% 1.79% 8.76%
62.8 Pakistan 62.8 16.46% 7.29% 16.46%
73.0 Panama 73.0 9.23% 2.13% 9.23%
63.3 Papua New Guinea 63.3 14.89% 6.17% 14.89%
67.8 Paraguay 67.8 10.17% 2.80% 10.17%
72.3 Peru 72.3 8.14% 1.35% 8.14%
75.0 Philippines 75.0 9.23% 2.13% 9.23%
78.8 Poland 78.8 7.58% 0.95% 7.58%
76.5 Portugal 76.5 10.17% 2.80% 10.17%
78.3 Qatar 78.3 7.03% 0.56% 7.03%
Ras Al Khaimah (Emirate of) 7.58% 0.95% 7.58%
71.5 Romania 71.5 9.71% 2.47% 9.71%
66.3 Russia 66.3 10.17% 2.80% 10.17%
Rwanda 13.32% 5.05% 13.32%
68.3 Saudi Arabia 68.3 7.36% 0.79% 7.36%
63.8 Senegal 63.8 13.32% 5.05% 13.32%
67.0 Serbia 67.0 13.32% 5.05% 13.32%
Sharjah 8.14% 1.35% 8.14%
86.3 Singapore 86.3 6.25% 0.00% 6.25%
74.8 Slovakia 74.8 7.58% 0.95% 7.58%
72.8 Slovenia 72.8 9.71% 2.47% 9.71%
65.0 South Africa 65.0 9.23% 2.13% 9.23%
73.8 Spain 73.8 9.23% 2.13% 9.23%
64.5 Sri Lanka 64.5 13.32% 5.05% 13.32%
St. Maarten 9.23% 2.13% 9.23%
26.85% 10.2100% 0
34.50% 7.0700% 1
22.00% 0.0000% 1
17.92% 0.0000% 1
17.00% 0.9500% 1
20.00% 2.5100% 1
25.00% 2.9800% 0
25.00% 5.6600% 1
20.00% 3.4600% 1
26.85% 2.5100% 0
30.00% 7.0700% 1
18.00% 15.6900% 1
55.00% 0.7800% 1
20.00% 0.6300% 1
40.00% 0.0000% 0
25.00% 2.9800% 1
34.00% 15.6900% 1
22.00% 7.0700% 1
35.00% 10.2100% 1