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S&P Global Ratings' global methodology applies to sovereign governments and monetary authorities and aims to give market participants a clear picture of how we rate both types of entities. The criteria apply to issuer credit and issue ratings.
As of Feb. 28, 2023, S&P Global Ratings rates 137 sovereign governments and has established transfer and convertibility (T&C) assessments for each country with a rated sovereign, as shown in the table below.
This guide: Helps explain what credit ratings are and are not, who uses them and how they may be useful to the capital markets. Provides an overview of different business models and methodologies used by different ratings agencies.
S&P Global Ratings calibrates its sovereign rating criteria based on the above observations and on its general framework for the idealized behavior of its credit ratings over time through economic cycles.
This document provides additional information and guidance related to the application of S&P Global Ratings' "Sovereign Rating Methodology" (the sovereign criteria), published Dec. 18, 2017. It is intended to be read and applied in conjunction with those criteria.
In this rating methodology, we explain our general approach to assessing credit risk for sovereigns globally, including the qualitative and quantitative factors that are likely to affect rating outcomes in this sector.
Standard & Poor's sovereign credit ratings reflect its opinions on the ability and willingness of sovereign governments to service their commercial financial obligations in full and on time.
