Which countries have the highest credit ratings?

In 2026, the countries with the highest SOTW credit scores are Denmark (AAA, score 90.5), Switzerland (AA+, score 89.6), New Zealand (AA+, score 89.3). High scores reflect strong governance, low corruption, effective rule of law, and stable institutions. Source: World Bank Worldwide Governance Indicators.

Which countries have the weakest credit ratings?

The countries with the lowest SOTW credit scores in 2026 are South Sudan (CC, score 8.6), Sudan (CC, score 8.9), Syrian Arab Republic (CCC, score 10). Low scores reflect weak governance, conflict, high corruption, or political instability. Source: World Bank.

How does SOTW calculate credit ratings?

SOTW credit ratings are derived transparently from public World Bank data. Each country gets a 0–100 base score from the average of six Worldwide Governance Indicators (control of corruption, government effectiveness, rule of law, political stability, voice & accountability, regulatory quality). The base score is adjusted upward for high GDP per capita (+5 above $50K, +3 above $20K, +1 above $10K) and downward for high debt-to-GDP (-5 above 150%, -2 above 100%). Final scores map to letter grades from AAA to C. This is a transparent governance-and-fundamentals score, not a market-trading credit rating.

How does SOTW differ from S&P, Moody's, and Fitch?

The three major commercial rating agencies (S&P, Moody's, Fitch) issue sovereign credit ratings using proprietary methodologies, paid analyst teams, and direct issuer relationships. SOTW credit ratings are a fully transparent, formula-based score derived from public World Bank data — no analyst overrides, no paid-for ratings, full methodology disclosed. SOTW scores are useful for comparing 200+ countries on a consistent basis; the agency ratings remain the standard for market-pricing decisions.

Country Credit Ratings

SOTW Credit Score (0-100) based on World Bank Governance Indicators, GDP per capita, and government debt levels. Higher scores indicate stronger institutional quality and creditworthiness.

#	Country			Governance	GDP/Capita	Debt/GDP	Region
1	South Sudan	CC	8.6	-2.07	$488	57.3%	Sub-Saharan Africa
2	Sudan	CC	8.9	-1.8	$864	169.1%	Sub-Saharan Africa
3	Syrian Arab Republic	CCC	10	-2	—	—	Middle East, North Africa, Afghanistan & Pakistan
4	Somalia, Fed. Rep.	CCC	10.5	-1.97	$813	—	Sub-Saharan Africa
5	Yemen, Rep.	CCC	10.9	-1.95	$384	68.5%	Middle East, North Africa, Afghanistan & Pakistan
6	Venezuela, RB	CCC	11	-1.7	$4,140	308.7%	Latin America & Caribbean
7	Libya	B-	15.2	-1.74	$6,962	—	Middle East, North Africa, Afghanistan & Pakistan
8	Afghanistan	B-	15.4	-1.73	$448	8%	Middle East, North Africa, Afghanistan & Pakistan
9	Eritrea	B-	16.5	-1.67	—	—	Sub-Saharan Africa
10	Myanmar	B-	16.7	-1.67	$1,519	51.9%	East Asia & Pacific
11	Central African Republic	B-	17.5	-1.62	$613	64%	Sub-Saharan Africa
12	Congo, Dem. Rep.	B-	18.3	-1.58	$1,122	24.6%	Sub-Saharan Africa
13	Korea, Dem. People's Rep.	B-	18.5	-1.57	—	—	East Asia & Pacific
14	Iraq	B-	19.3	-1.54	$5,677	61.7%	Middle East, North Africa, Afghanistan & Pakistan
15	Haiti	B-	19.9	-1.51	$3,079	10.7%	Latin America & Caribbean
16	Chad	B	21.8	-1.41	$1,315	29.9%	Sub-Saharan Africa
17	Iran, Islamic Rep.	B	22.8	-1.36	$3,415	37.3%	Middle East, North Africa, Afghanistan & Pakistan
18	Turkmenistan	B	23.7	-1.36	$12,300	3.7%	Europe & Central Asia
19	Lebanon	B	24.1	-1.19	$6,443	139.4%	Middle East, North Africa, Afghanistan & Pakistan
20	Equatorial Guinea	B	24.6	-1.27	$8,152	39.1%	Sub-Saharan Africa
21	Burundi	B	24.9	-1.26	$546	37%	Sub-Saharan Africa
22	Mali	B+	25.3	-1.23	$1,301	40.8%	Sub-Saharan Africa
23	Zimbabwe	B+	26.4	-1.18	$3,199	42.3%	Sub-Saharan Africa
24	Tajikistan	B+	27.6	-1.12	$1,939	21.9%	Europe & Central Asia
25	Cameroon	B+	28.4	-1.08	$2,125	39.3%	Sub-Saharan Africa
26	Belarus	B+	28.6	-1.12	$11,286	33.1%	Europe & Central Asia
27	Pakistan	B+	29.2	-1.04	$1,696	70.1%	Middle East, North Africa, Afghanistan & Pakistan
28	Russian Federation	B+	29.2	-1.09	$18,525	19.1%	Europe & Central Asia
29	Comoros	B+	29.5	-1.02	$1,951	32.4%	Sub-Saharan Africa
30	Nicaragua	B+	29.5	-1.02	$3,559	33.2%	Latin America & Caribbean
31	Congo, Rep.	B+	29.8	-1.01	$2,554	91.3%	Sub-Saharan Africa
32	Guinea-Bissau	B+	29.8	-1.01	$1,449	73.6%	Sub-Saharan Africa
33	Guinea	B+	29.9	-1	$1,848	44.7%	Sub-Saharan Africa
34	Nigeria	B+	29.9	-1.01	$1,556	32.3%	Sub-Saharan Africa
35	Ethiopia	BB-	30.1	-0.99	$1,081	40.4%	Sub-Saharan Africa
36	West Bank and Gaza	BB-	30.6	-0.97	—	—	Middle East, North Africa, Afghanistan & Pakistan
37	Mozambique	BB-	30.9	-0.86	$632	106.1%	Sub-Saharan Africa
38	Djibouti	BB-	32.1	-0.89	$4,421	29.6%	Middle East, North Africa, Afghanistan & Pakistan
39	Kyrgyz Republic	BB-	33	-0.85	$3,202	37.4%	Europe & Central Asia
40	Niger	BB-	33	-0.85	$822	45.5%	Sub-Saharan Africa
41	Burkina Faso	BB-	33.1	-0.84	$1,319	48.8%	Sub-Saharan Africa
42	Bolivia	BB-	33.2	-0.74	$6,333	102.7%	Latin America & Caribbean
43	Bangladesh	BB-	33.7	-0.82	$2,911	41.8%	South Asia
44	Madagascar	BB-	34	-0.8	$656	49.3%	Sub-Saharan Africa
45	Gabon	BB-	34.6	-0.77	$9,918	86.1%	Sub-Saharan Africa
46	Angola	BB-	34.8	-0.76	$3,754	51.6%	Sub-Saharan Africa
47	Eswatini	BB	35.1	-0.74	$4,927	50%	Sub-Saharan Africa
48	Honduras	BB	35.1	-0.74	$3,711	43.8%	Latin America & Caribbean
49	Algeria	BB	35.2	-0.74	$6,628	59.2%	Middle East, North Africa, Afghanistan & Pakistan
50	Mauritania	BB	35.4	-0.73	$3,033	37.1%	Sub-Saharan Africa
51	Cambodia	BB	35.5	-0.73	$2,902	27.1%	East Asia & Pacific
52	Ukraine	BB	35.6	-0.62	$6,980	122.6%	Europe & Central Asia
53	Liberia	BB	35.8	-0.71	$964	53.8%	Sub-Saharan Africa
54	Lao PDR	BB	36	-0.7	$2,403	74.6%	East Asia & Pacific
55	Guatemala	BB	36.1	-0.69	$6,810	27.6%	Latin America & Caribbean
56	Sierra Leone	BB	36.1	-0.69	$919	44.3%	Sub-Saharan Africa
57	Egypt, Arab Rep.	BB	36.4	-0.68	$3,904	87%	Middle East, North Africa, Afghanistan & Pakistan
58	Azerbaijan	BB	36.5	-0.67	$7,467	20%	Europe & Central Asia
59	Uganda	BB	36.7	-0.66	$1,476	55%	Sub-Saharan Africa
60	Togo	BB	36.8	-0.66	$1,341	64.7%	Sub-Saharan Africa
61	Uzbekistan	BB	36.8	-0.66	$4,661	27.5%	Europe & Central Asia
62	Cuba	BB	38.8	-0.56	—	—	Latin America & Caribbean
63	Ecuador	BB	39.3	-0.54	$7,575	54.4%	Latin America & Caribbean
64	Papua New Guinea	BB	39.6	-0.52	$2,632	49.2%	East Asia & Pacific
65	Turkiye	BB	39.8	-0.56	$19,018	25.5%	Europe & Central Asia
66	Kenya	BB+	40.5	-0.48	$2,714	71.6%	Sub-Saharan Africa
67	Lesotho	BB+	40.6	-0.47	$1,241	49%	Sub-Saharan Africa
68	Nepal	BB+	41	-0.45	$1,548	49.6%	South Asia
69	Mexico	BB+	41.2	-0.49	$15,779	62.7%	Latin America & Caribbean
70	Sri Lanka	BB+	41.4	-0.33	$4,516	100.8%	South Asia
71	Malawi	BB+	41.5	-0.43	$733	74.5%	Sub-Saharan Africa
72	Bosnia and Herzegovina	BB+	41.9	-0.45	$10,701	30.8%	Europe & Central Asia
73	Tanzania	BB+	42.3	-0.39	$1,362	48.7%	Sub-Saharan Africa
74	Cote d'Ivoire	BB+	42.5	-0.38	$3,313	55.1%	Sub-Saharan Africa
75	Tunisia	BB+	42.5	-0.37	$4,893	84.9%	Middle East, North Africa, Afghanistan & Pakistan
76	Paraguay	BB+	43.1	-0.34	$9,372	37.8%	Latin America & Caribbean
77	China	BB+	43.2	-0.29	$14,874	106.9%	East Asia & Pacific
78	Viet Nam	BB+	43.2	-0.34	$5,115	29.8%	East Asia & Pacific
79	Zambia	BB+	43.3	-0.34	$1,831	86%	Sub-Saharan Africa
80	Gambia, The	BB+	43.5	-0.32	$953	68.3%	Sub-Saharan Africa
81	Timor-Leste	BB+	44.3	-0.28	$1,520	14.9%	East Asia & Pacific
82	Benin	BB+	44.5	-0.27	$1,809	57.2%	Sub-Saharan Africa
83	El Salvador	BB+	44.5	-0.28	$6,196	84.5%	Latin America & Caribbean
84	Morocco	BB+	44.6	-0.27	$5,107	65.8%	Middle East, North Africa, Afghanistan & Pakistan
85	Peru	BB+	44.6	-0.32	$10,960	30%	Latin America & Caribbean
86	Kazakhstan	BBB-	45.1	-0.3	$17,503	24.9%	Europe & Central Asia
87	Sao Tome and Principe	BBB-	45.1	-0.25	$4,739	50.4%	Sub-Saharan Africa
88	Suriname	BBB-	45.3	-0.23	$8,856	87.1%	Latin America & Caribbean
89	Brazil	BBB-	45.4	-0.28	$12,313	96.5%	Latin America & Caribbean
90	Kosovo	BBB-	45.7	-0.21	—	—	Europe & Central Asia
91	Philippines	BBB-	45.9	-0.2	$4,443	60.2%	East Asia & Pacific
92	Maldives	BBB-	46.1	-0.15	$19,464	129.4%	South Asia
93	Solomon Islands	BBB-	46.2	-0.19	$2,258	29.9%	East Asia & Pacific
94	Senegal	BBB-	46.3	-0.08	$2,054	132.3%	Sub-Saharan Africa
95	Colombia	BBB-	46.8	-0.21	$10,104	60.9%	Latin America & Caribbean
96	Argentina	BBB-	46.9	-0.2	$14,357	70.4%	Latin America & Caribbean
97	Moldova	BBB-	46.9	-0.16	$9,354	39.3%	Europe & Central Asia
98	Armenia	BBB-	47.8	-0.16	$10,410	50.6%	Europe & Central Asia
99	Thailand	BBB-	47.9	-0.11	$8,105	66.8%	East Asia & Pacific
100	Guyana	BBB-	48	-0.25	$33,167	29.2%	Latin America & Caribbean
101	South Africa	BBB-	48	-0.1	$7,503	78.9%	Sub-Saharan Africa
102	Belize	BBB-	48.2	-0.09	$8,134	63.2%	Latin America & Caribbean
103	Mongolia	BBB-	48.4	-0.08	$7,853	43.7%	East Asia & Pacific
104	India	BBB-	48.7	-0.06	$2,813	83.4%	South Asia
105	Serbia	BBB-	49.4	-0.08	$17,252	42.6%	Europe & Central Asia
106	Ghana	BBB-	49.7	-0.01	$3,314	53%	Sub-Saharan Africa
107	Indonesia	BBB-	49.9	0	$5,362	41.5%	East Asia & Pacific
108	Jordan	BBB-	49.9	0	$5,601	81.8%	Middle East, North Africa, Afghanistan & Pakistan
109	Bahrain	BBB	50.2	0.11	$29,569	152.4%	Middle East, North Africa, Afghanistan & Pakistan
110	North Macedonia	BBB	51.6	0.03	$11,967	53.1%	Europe & Central Asia
111	Trinidad and Tobago	BBB	51.6	0.03	$18,616	84.1%	Latin America & Caribbean
112	Albania	BBB	51.9	0.05	$12,493	51.5%	Europe & Central Asia
113	Dominican Republic	BBB	52	0.05	$12,406	58.3%	Latin America & Caribbean
114	Panama	BBB	52	-0.05	$20,564	57.7%	Latin America & Caribbean
115	Rwanda	BBB	52	0.1	$1,198	66.8%	Sub-Saharan Africa
116	Vanuatu	BBB	53.3	0.17	$4,082	43.2%	East Asia & Pacific
117	Jamaica	BBB	53.9	0.19	$8,356	65.8%	Latin America & Caribbean
118	Montenegro	BBB	54	0.15	$16,377	62.4%	Europe & Central Asia
119	Saudi Arabia	BBB+	55.1	0.11	$37,811	32.1%	Middle East, North Africa, Afghanistan & Pakistan
120	Kuwait	BBB+	55.3	0.12	$33,164	22.3%	Middle East, North Africa, Afghanistan & Pakistan
121	Namibia	BBB+	55.5	0.28	$5,573	70.5%	Sub-Saharan Africa
122	Tonga	BBB+	55.6	0.28	$7,238	34.4%	East Asia & Pacific
123	Bulgaria	BBB+	56.5	0.17	$23,848	28.2%	Europe & Central Asia
124	Oman	BBB+	56.7	0.19	$21,645	32.7%	Middle East, North Africa, Afghanistan & Pakistan
125	Fiji	BBB+	57.1	0.36	$6,802	82.5%	East Asia & Pacific
126	Nauru	BBB+	58.1	0.35	$16,053	12.7%	East Asia & Pacific
127	Romania	BBB+	58.3	0.26	$25,693	61.9%	Europe & Central Asia
128	Georgia	BBB+	58.4	0.37	$11,574	35.1%	Europe & Central Asia
129	Greece	BBB+	58.6	0.38	$29,696	136.9%	Europe & Central Asia
130	Puerto Rico (US)	BBB+	58.8	0.29	$40,650	18.8%	Latin America & Caribbean
131	Kiribati	BBB+	59.4	0.47	$3,051	7.7%	East Asia & Pacific
132	Bhutan	BBB+	59.8	0.59	$4,867	120.3%	South Asia
133	Malaysia	BBB+	59.9	0.44	$15,085	69.5%	East Asia & Pacific
134	Marshall Islands	A-	60.2	0.51	$9,677	16.7%	East Asia & Pacific
135	Hungary	A-	60.4	0.37	$28,430	77.9%	Europe & Central Asia
136	Micronesia, Fed. Sts.	A-	60.8	0.54	$5,514	7.5%	East Asia & Pacific
137	St. Vincent and the Grenadines	A-	60.8	0.59	$11,098	120.1%	Latin America & Caribbean
138	Tuvalu	A-	61.4	0.57	$6,581	3.2%	East Asia & Pacific
139	Cabo Verde	A-	61.7	0.58	$6,670	95.9%	Sub-Saharan Africa
140	Botswana	A-	61.8	0.59	$8,490	47%	Sub-Saharan Africa
141	Grenada	A-	61.8	0.54	$12,689	69%	Latin America & Caribbean
142	St. Lucia	A-	62.7	0.58	$15,135	77.5%	Latin America & Caribbean
143	Croatia	A-	63.2	0.51	$30,030	56.5%	Europe & Central Asia
144	Samoa	A-	63.2	0.66	$6,455	17.1%	East Asia & Pacific
145	Dominica	A-	63.7	0.63	$10,459	98.3%	Latin America & Caribbean
146	Slovak Republic	A-	63.7	0.54	$31,242	63%	Europe & Central Asia
147	Virgin Islands (U.S.)	A-	63.9	0.69	—	—	Latin America & Caribbean
148	Antigua and Barbuda	A-	64	0.55	$22,448	66.5%	Latin America & Caribbean
149	Italy	A-	64	0.65	$46,505	138.4%	Europe & Central Asia
150	Poland	A-	64.4	0.57	$31,336	65.7%	Europe & Central Asia
151	St. Kitts and Nevis	A-	64.7	0.59	$22,146	64%	Latin America & Caribbean
152	Bahamas, The	A-	65	0.6	$40,892	71.9%	Latin America & Caribbean
153	Seychelles	A	65.1	0.7	$17,675	55%	Sub-Saharan Africa
154	Israel	A	65.2	0.51	$69,804	69.8%	Middle East, North Africa, Afghanistan & Pakistan
155	Mauritius	A	65.7	0.74	$13,812	86.5%	Sub-Saharan Africa
156	Cyprus	A	65.9	0.64	$45,409	50.9%	Europe & Central Asia
157	Costa Rica	A	66	0.65	$20,299	61.1%	Latin America & Caribbean
158	Malta	A	67.2	0.61	$53,560	47.3%	Middle East, North Africa, Afghanistan & Pakistan
159	Chile	A	67.6	0.73	$20,240	42.5%	Latin America & Caribbean
160	Spain	A	67.6	0.73	$41,563	98.2%	Europe & Central Asia
161	Qatar	A	67.8	0.64	$68,138	43.3%	Middle East, North Africa, Afghanistan & Pakistan
162	Guam	A	67.9	0.89	—	—	East Asia & Pacific
163	Palau	A	68.1	0.76	$21,571	56.7%	East Asia & Pacific
164	United Arab Emirates	A	68.9	0.7	$54,214	31.4%	Middle East, North Africa, Afghanistan & Pakistan
165	American Samoa	A	69	0.95	—	—	East Asia & Pacific
166	Cayman Islands	A	69.5	0.98	—	—	Latin America & Caribbean
167	Barbados	A	69.6	0.83	$29,020	89.5%	Latin America & Caribbean
168	Brunei Darussalam	A+	70.3	0.87	$36,288	1.5%	East Asia & Pacific
169	Latvia	A+	70.3	0.87	$28,913	47.4%	Europe & Central Asia
170	Bermuda	A+	70.4	1.02	—	—	North America
171	Portugal	A+	71.1	0.91	$35,434	85.6%	Europe & Central Asia
172	Slovenia	A+	71.3	0.91	$40,630	65.2%	Europe & Central Asia
173	Macao SAR, China	A+	71.9	0.85	$76,446	—	East Asia & Pacific
174	United States	A+	72.9	0.99	$94,430	125.8%	North America
175	Uruguay	A+	73.2	1.01	$27,608	66.8%	Latin America & Caribbean
176	France	A+	73.5	1.03	$52,083	118.4%	Europe & Central Asia
177	Korea, Rep.	A+	73.5	1.02	$37,412	54.4%	East Asia & Pacific
178	Aruba	A+	73.6	1.03	$42,862	60.3%	Latin America & Caribbean
179	Lithuania	A+	73.8	1.04	$36,545	45.1%	Europe & Central Asia
180	Czechia	A+	74.2	1.06	$39,795	46.4%	Europe & Central Asia
181	Greenland	A+	74.8	1.24	—	—	Europe & Central Asia
182	Belgium	A+	74.9	1.09	$65,112	109.2%	Europe & Central Asia
183	Japan	A+	75	1.35	$35,703	204.4%	East Asia & Pacific
184	Hong Kong SAR, China	AA-	76.4	1.07	$59,640	14.1%	East Asia & Pacific
185	Monaco	AA-	76.5	1.32	—	—	Europe & Central Asia
186	United Kingdom	AA-	77.5	1.23	$61,056	103.6%	Europe & Central Asia
187	Estonia	AA-	78.1	1.26	$37,718	27.8%	Europe & Central Asia
188	San Marino	AA-	79.3	1.22	$70,187	77.3%	Europe & Central Asia
189	Austria	AA	80.7	1.28	$67,761	82.1%	Europe & Central Asia
190	Germany	AA	81.4	1.32	$65,303	64.6%	Europe & Central Asia
191	Canada	AA	81.7	1.43	$60,305	110.7%	North America
192	Andorra	AA	82.1	1.36	$53,475	28%	Europe & Central Asia
193	Singapore	AA	82.6	1.63	$107,758	171.9%	East Asia & Pacific
194	Iceland	AA	84.2	1.46	$110,048	53.6%	Europe & Central Asia
195	Ireland	AA	84.8	1.49	$140,186	31.6%	Europe & Central Asia
196	Netherlands	AA+	85.5	1.52	$79,918	44.1%	Europe & Central Asia
197	Australia	AA+	85.9	1.54	$75,648	50.6%	East Asia & Pacific
198	Sweden	AA+	85.9	1.55	$70,676	36.7%	Europe & Central Asia
199	Liechtenstein	AA+	87.3	1.61	$226,809	0.5%	Europe & Central Asia
200	Norway	AA+	88.4	1.67	$105,877	42.9%	Europe & Central Asia
201	Finland	AA+	88.5	1.67	$60,130	93.1%	Europe & Central Asia
202	Luxembourg	AA+	89	1.7	$158,733	28%	Europe & Central Asia
203	New Zealand	AA+	89.3	1.71	$52,023	56.7%	East Asia & Pacific
204	Switzerland	AA+	89.6	1.73	$126,177	38.5%	Europe & Central Asia
205	Denmark	AAA	90.5	1.78	$83,445	27.4%	Europe & Central Asia

Methodology

The SOTW Credit Score is a composite index (0-100) computed from six World Bank Worldwide Governance Indicators: Control of Corruption, Government Effectiveness, Rule of Law, Political Stability, Voice & Accountability, and Regulatory Quality. These are supplemented by GDP per capita (higher income = small bonus) and government debt-to-GDP ratio (very high debt = small penalty).

Unlike S&P, Moody's, or Fitch ratings, the SOTW Score is fully transparent, unsolicited, and based entirely on publicly available data. It is designed to be comparable across countries and updated whenever the World Bank publishes new governance data.

AAA90-100

A60-74

BBB45-59

B15-29