Country
risk ratings for credit risk managers from
leading credit insurers (05 04 2011)
Country
(most popular states for Russian export and
import)*
ONDD (Belgium)
Euler Hermes
(Germany)**
Political risk
(smallest risk 1-7 biggest risk)
Commercial risk
Short term
Medium/long terms
Specialtransaction
China
1
2
1
↘
B
Germany
1
1
1
↗
AA
Netherlands
1
1
1
→
AA
Italy
1
1
1
↘
AA
Turkey
3
4
3
↘
C
Poland
1
2
1
→
BB
Japan
1
1
1
↗
AA
France
1
1
1
→
AA
USA
1
1
1
→
AA
UK
1
1
1
→
AA
Russia
2
3
2
↘
C
* date of information - January 2010
** AA - Very low external transfer &
convertibility risk and very strong business environment. A
- Low external transfer & convertibility risk and strong
business environment. BB
- Moderate external transfer & convertibility risk and sound,
above
average business environment. B
- Significant external transfer & convertibility risk and below
average business environment. C
- High external transfer & convertibility risk and well below
average business environment. D - Very high external
transfer & convertibility risk and weak business environment.
Source:The Belgian Export Credit Agency, Euler Hermes Kreditversicherung
Acknowledgements
Current rank
Current
risk score
Current
rank
Sept
'10
Country
name
Current
score
Economic
(% score, 30% weighting)
Political
(% score, 30% weighting)
Structural
(% score, 10% weighting)
Credit
rating (score out of 10, weighting 10%)
Debt
indicators (score out of 10, weighting 10%)
Access
to capital markets (score out of 10, weighting 10%)
1
1
Norway
93.44
90.40
92.97
84.10
10.00
10.00
10.00
2
6
Luxembourg
91.03
81.00
93.67
86.25
10.00
10.00
10.00
3
2
Switzerland
89.59
82.50
87.23
86.71
10.00
10.00
10.00
4
4
Denmark
89.21
78.33
92.10
83.25
10.00
10.00
9.75
5
3
Sweden
88.74
78.17
90.83
82.83
10.00
10.00
9.75
6
12
Singapore
87.48
78.25
86.28
83.75
10.00
10.00
9.75
7
5
Finland
86.96
74.00
89.29
79.71
10.00
10.00
10.00
8
8
Netherlands
86.67
75.60
87.38
77.70
10.00
10.00
10.00
9
7
Canada
86.17
73.50
88.97
76.75
10.00
10.00
9.75
10
10
Australia
85.36
74.50
85.65
77.63
9.79
10.00
9.75
11
9
Hong Kong
84.84
81.67
82.83
83.25
9.17
10.00
8.00
12
13
Germany
84.43
70.92
84.59
77.79
10.00
10.00
10.00
13
11
Austria
84.01
72.20
82.28
76.65
10.00
10.00
10.00
14
14
New Zealand
83.62
62.67
91.15
81.50
9.58
10.00
9.75
15
17
United States
81.60
60.67
85.25
78.35
10.00
10.00
10.00
16
16
United Kingdom
80.04
59.80
82.91
74.80
10.00
10.00
9.75
17
23
Taiwan
80.04
74.60
75.89
74.70
7.92
10.00
9.50
18
17
France
79.89
62.56
79.30
73.39
10.00
10.00
10.00
19
22
Cyprus
77.02
67.00
75.97
74.29
7.71
10.00
9.00
20
20
Belgium
76.87
62.25
78.82
71.75
9.38
10.00
8.00
21
21
Qatar
75.53
79.75
66.17
59.81
8.75
10.00
7.00
22
30
Macau
75.52
80.00
60.00
74.00
8.13
10.00
8.00
23
28
Malta
75.27
66.67
70.41
78.75
7.29
10.00
9.00
24
29
Czech Republic
74.77
69.55
71.83
65.59
7.29
10.00
8.50
25
19
Japan
74.66
53.80
76.79
70.80
8.54
10.00
9.88
26
24
Slovenia
74.45
57.50
76.22
65.81
8.75
10.00
9.00
27
15
Chile
73.61
75.63
75.42
68.34
7.50
7.95
6.00
28
27
Slovak Republic
73.42
66.00
71.79
63.20
7.50
10.00
8.25
29
25
Korea South
72.28
65.75
67.86
69.13
7.29
10.00
8.00
30
32
Italy
71.20
57.71
65.94
70.00
8.13
10.00
9.00
31
40
Poland
70.99
64.36
69.67
58.02
6.46
10.00
8.50
32
39
Kuwait
70.47
76.00
55.34
55.00
8.54
10.00
7.00
33
34
United Arab Emirates
69.70
67.50
59.71
53.96
8.13
10.00
8.00
34
37
Spain
67.73
44.11
71.26
67.61
9.38
10.00
7.00
35
41
Oman
67.65
71.25
61.99
54.63
7.19
10.00
5.00
36
38
Bahrain
67.39
71.67
60.47
58.58
6.88
10.00
5.00
37
31
Israel
66.83
59.00
68.11
71.25
7.08
10.00
4.50
38
35
Saudi Arabia
65.12
72.14
51.67
53.36
8.13
10.00
4.50
39
60
Malaysia
64.75
60.80
60.63
65.40
6.25
8.04
7.50
40
36
China
63.55
66.88
48.47
52.41
7.71
8.73
7.25
41
42
Brazil
63.22
67.75
64.50
60.92
4.38
8.56
4.50
42
45
Thailand
63.00
65.33
52.89
66.00
5.42
9.03
6.50
43
26
Ireland
61.72
38.27
66.69
73.52
7.92
10.00
5.00
44
33
Portugal
61.35
42.14
64.31
61.36
7.29
10.00
6.00
45
63
Panama
60.42
69.33
61.50
41.25
4.38
8.62
4.00
46
47
Iceland
59.84
41.50
73.49
61.88
4.17
10.00
5.00
47
53
Hungary
59.67
47.55
59.41
55.89
5.00
10.00
7.00
48
44
South Africa
59.20
55.44
60.36
54.31
5.83
9.18
4.00
49
65
Bahamas
59.16
38.00
62.74
50.00
5.94
10.00
8.00
50
51
Estonia
58.79
62.75
70.32
67.88
7.08
0.00
5.00
51
48
Colombia
58.72
64.22
61.30
58.36
3.75
8.47
3.00
52
61
Indonesia
58.27
62.75
51.72
53.38
3.33
8.50
6.75
53
43
Mexico
58.13
56.00
55.14
62.88
5.21
8.81
4.50
54
50
Turkey
57.07
60.94
60.07
56.70
3.33
7.25
4.50
55
55
Lithuania
57.05
47.00
62.48
57.83
5.21
6.72
6.50
56
49
India
56.96
57.00
49.66
51.82
4.38
8.40
7.00
57
52
Russia
56.83
61.56
44.30
49.04
5.21
8.45
6.50
58
46
Peru
56.70
65.25
51.76
47.56
4.38
8.95
3.50
59
54
Croatia
56.47
46.17
56.63
57.67
4.38
10.00
5.50
60
66
Sri Lanka
54.86
56.33
52.01
71.00
1.88
8.41
5.00
61
58
Philippines
54.46
52.67
50.08
57.50
2.92
8.23
6.75
62
102
Botswana
54.00
47.00
50.96
33.33
6.56
8.69
6.00
63
59
Bulgaria
53.82
57.50
52.57
42.80
4.58
6.91
5.00
64
68
Latvia
52.47
46.17
61.14
54.67
3.96
6.85
4.00
65
56
Greece
52.38
38.85
56.12
59.52
3.96
10.00
4.00
66
88
Brunei
51.81
59.00
50.00
0.00
0.00
10.00
9.00
67
62
Morocco
51.28
46.67
52.21
51.75
4.17
8.78
3.50
68
67
Jordan
50.42
46.67
54.76
48.00
3.13
9.06
3.00
69
83
Armenia
49.66
52.00
51.11
50.92
2.81
7.57
3.25
70
91
Bermuda
49.48
0.00
69.00
0.00
8.96
10.00
9.75
71
75
Vietnam
49.46
46.00
44.26
50.83
2.29
8.27
6.75
72
73
Romania
49.09
49.78
44.79
45.19
3.96
6.99
5.25
73
74
Costa Rica
48.81
39.00
54.44
54.38
3.33
8.02
4.00
74
72
Kazakhstan
47.91
55.00
44.76
52.00
4.79
4.00
4.00
75
57
Uruguay
47.79
54.50
34.72
63.13
2.92
8.33
3.50
76
71
Georgia
47.77
44.00
55.34
60.56
1.88
8.56
1.50
77
77
Namibia
47.65
50.00
63.03
58.75
4.38
0.00
3.50
78
87
Azerbaijan
46.95
52.75
38.91
28.44
3.96
9.12
3.50
79
81
Libya
46.85
62.67
40.52
54.58
5.94
0.00
4.50
80
114
Honduras
46.34
54.00
43.00
48.00
1.25
8.19
3.00
81
69
Tunisia
45.41
35.50
43.22
49.69
5.00
7.35
4.50
82
80
El Salvador
45.16
50.00
45.36
36.25
3.13
6.78
3.00
83
85
Gabon
44.85
53.00
32.07
56.50
2.50
8.21
3.00
84
105
Mauritius
44.78
29.50
43.98
31.88
5.00
9.54
5.00
85
95
Ghana
44.71
47.71
46.94
38.39
1.56
8.89
2.00
86
70
Serbia
44.34
43.25
48.23
58.81
2.50
6.54
2.00
87
90
Macedonia (FYR)
44.23
46.67
44.61
38.33
3.44
7.06
2.50
88
64
Egypt
44.01
38.11
39.69
43.36
3.54
9.30
3.50
89
78
Ukraine
43.97
46.62
42.48
54.73
1.46
6.58
3.75
90
86
Argentina
43.73
45.63
41.68
57.03
1.04
8.32
2.50
91
76
Lebanon
43.53
45.25
45.58
61.31
1.46
7.22
1.50
92
82
Albania
42.77
38.00
41.47
48.38
1.88
8.48
3.75
93
92
Venezuela
42.47
47.67
32.16
53.67
1.88
9.30
2.00
94
118
Mongolia
42.09
44.33
40.85
30.00
1.88
7.63
4.00
95
110
Nigeria
42.05
45.56
33.67
45.75
2.19
9.54
2.00
96
79
Paraguay
40.33
51.00
24.70
53.25
1.25
9.07
2.00
97
112
Seychelles
40.27
45.00
51.00
60.00
0.63
3.37
1.50
98
96
Belarus
39.84
43.75
34.38
27.81
1.88
8.73
3.00
99
101
Algeria
39.50
45.80
37.40
50.60
0.00
5.50
4.00
100
100
Mozambique
38.79
41.00
47.00
0.00
1.56
8.74
2.00
Source:Euromoney Country Risk
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Analytics / Risk ratings
