Country Premium Data
Country-level risk metrics from sovereign ratings, CDS spreads, and equity market volatility. January 2026.
Country Index
As of2026
Countries157
| Country | Moody’s | S&P | Default Spread | CRP (rating) | ERP (rating) | CDS Spread | CRP (CDS) | ERP (CDS) |
|---|---|---|---|---|---|---|---|---|
| A | ||||||||
| Abu Dhabi | Aa2 | — | 0.42% | 0.64% | 4.87% | 0.60% | 0.70% | 4.93% |
| Albania | Ba3 | BB | 3.06% | 4.66% | 8.89% | — | — | — |
| Andorra (Principality of) | Baa1 | A- | 1.36% | 2.07% | 6.30% | — | — | — |
| Angola | B3 | B- | 5.52% | 8.41% | 12.64% | 6.24% | 9.29% | 13.52% |
| Argentina | Caa1 | CCC+ | 6.37% | 9.71% | 13.94% | — | — | — |
| Armenia | Ba3 | BB- | 3.06% | 4.66% | 8.89% | — | — | — |
| Aruba | Baa3 | BBB+ | 1.87% | 2.85% | 7.08% | — | — | — |
| Australia | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.19% | 0.08% | 4.31% |
| Austria | Aa1 | AA+ | 0.23% | 0.36% | 4.59% | 0.28% | 0.21% | 4.44% |
| Azerbaijan | Baa3 | — | 1.87% | 2.85% | 7.08% | — | — | — |
| B | ||||||||
| Bahamas | B1 | BB- | 3.83% | 5.83% | 10.06% | — | — | — |
| Bahrain | B2 | B | 4.67% | 7.12% | 11.35% | 2.47% | 3.55% | 7.78% |
| Bangladesh | B2 | B+ | 4.67% | 7.12% | 11.35% | — | — | — |
| Barbados | B2 | B+ | 4.67% | 7.12% | 11.35% | — | — | — |
| Belarus | C | — | 17.50% | 26.66% | 30.89% | — | — | — |
| Belgium | Aa3 | AA | 0.51% | 0.78% | 5.01% | 0.40% | 0.40% | 4.63% |
| Belize | Caa1 | B- | 6.37% | 9.71% | 13.94% | — | — | — |
| Benin | B1 | BB- | 3.83% | 5.83% | 10.06% | — | — | — |
| Bermuda | A2 | A+ | 0.72% | 1.10% | 5.33% | — | — | — |
| Bolivia | Ca | CCC- | 10.20% | 15.54% | 19.77% | — | — | — |
| Bosnia and Herzegovina | B3 | B+ | 5.52% | 8.41% | 12.64% | — | — | — |
| Botswana | Baa1 | BBB | 1.36% | 2.07% | 6.30% | — | — | — |
| Brazil | Ba1 | BB | 2.13% | 3.24% | 7.47% | 2.35% | 3.37% | 7.60% |
| Bulgaria | Baa1 | BBB+ | 1.36% | 2.07% | 6.30% | 0.77% | 0.96% | 5.19% |
| Burkina Faso | Caa1 | CCC+ | 6.37% | 9.71% | 13.94% | — | — | — |
| C | ||||||||
| Cambodia | B2 | — | 4.67% | 7.12% | 11.35% | — | — | — |
| Cameroon | Caa1 | B- | 6.37% | 9.71% | 13.94% | 6.87% | 10.25% | 14.48% |
| Canada | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.33% | 0.29% | 4.52% |
| Cape Verde | B2 | B | 4.67% | 7.12% | 11.35% | — | — | — |
| Cayman Islands | Aa3 | — | 0.51% | 0.78% | 5.01% | — | — | — |
| Chile | A2 | A | 0.72% | 1.10% | 5.33% | 0.87% | 1.11% | 5.34% |
| China | A1 | A+ | 0.60% | 0.91% | 5.14% | 0.64% | 0.76% | 4.99% |
| Colombia | Baa3 | BB | 1.87% | 2.85% | 7.08% | 3.34% | 4.87% | 9.10% |
| Congo (Democratic Republic of) | B3 | — | 5.52% | 8.41% | 12.64% | — | — | — |
| Congo (Republic of) | Caa2 | CCC+ | 7.65% | 11.66% | 15.89% | — | — | — |
| Cook Islands | B1 | — | 3.83% | 5.83% | 10.06% | — | — | — |
| Costa Rica | Ba2 | BB | 2.56% | 3.90% | 8.13% | 1.75% | 2.45% | 6.68% |
| Croatia | A3 | A- | 1.02% | 1.55% | 5.78% | 1.02% | 1.34% | 5.57% |
| Cuba | Ca | — | 10.20% | 15.54% | 19.77% | — | — | — |
| Curacao | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | — | — | — |
| Cyprus | A3 | A- | 1.02% | 1.55% | 5.78% | 0.75% | 0.93% | 5.16% |
| Czech Republic | Aa3 | AA- | 0.51% | 0.78% | 5.01% | 0.48% | 0.52% | 4.75% |
| Côte d'Ivoire | Ba2 | — | 2.56% | 3.90% | 8.13% | — | — | — |
| D | ||||||||
| Denmark | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.18% | 0.06% | 4.29% |
| Dominican Republic | Ba2 | BB | 2.56% | 3.90% | 8.13% | — | — | — |
| E | ||||||||
| Ecuador | Caa3 | B- | 8.50% | 12.95% | 17.18% | 5.67% | 8.42% | 12.65% |
| Egypt | Caa1 | B | 6.37% | 9.71% | 13.94% | 3.55% | 5.19% | 9.42% |
| El Salvador | B3 | B- | 5.52% | 8.41% | 12.64% | 3.40% | 4.97% | 9.20% |
| Estonia | A1 | — | 0.60% | 0.91% | 5.14% | 1.00% | 1.31% | 5.54% |
| Ethiopia | Caa2 | SD | 7.65% | 11.66% | 15.89% | — | — | — |
| F | ||||||||
| Fiji | B1 | B+ | 3.83% | 5.83% | 10.06% | — | — | — |
| Finland | Aa1 | AA+ | 0.23% | 0.36% | 4.59% | 0.26% | 0.18% | 4.41% |
| France | Aa3 | A+ | 0.51% | 0.78% | 5.01% | 0.64% | 0.76% | 4.99% |
| G | ||||||||
| Gabon | Caa2 | — | 7.65% | 11.66% | 15.89% | — | — | — |
| Georgia | Ba2 | BB | 2.56% | 3.90% | 8.13% | — | — | — |
| Germany | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.21% | 0.11% | 4.34% |
| Ghana | Caa1 | B- | 6.37% | 9.71% | 13.94% | — | — | — |
| Greece | Baa3 | BBB | 1.87% | 2.85% | 7.08% | 0.75% | 0.93% | 5.16% |
| Guatemala | Ba1 | BB+ | 2.13% | 3.24% | 7.47% | — | — | — |
| Guernsey (States of) | A1 | A+ | 0.60% | 0.91% | 5.14% | — | — | — |
| H | ||||||||
| Honduras | B1 | BB- | 3.83% | 5.83% | 10.06% | — | — | — |
| Hong Kong | Aa3 | AA+ | 0.51% | 0.78% | 5.01% | 0.44% | 0.46% | 4.69% |
| Hungary | Baa2 | BBB- | 1.62% | 2.46% | 6.69% | 1.60% | 2.22% | 6.45% |
| I | ||||||||
| Iceland | A1 | A+ | 0.60% | 0.91% | 5.14% | 0.45% | 0.47% | 4.70% |
| India | Baa3 | BBB | 1.87% | 2.85% | 7.08% | 0.80% | 1.01% | 5.24% |
| Indonesia | Baa2 | BBB | 1.62% | 2.46% | 6.69% | 1.19% | 1.60% | 5.83% |
| Iraq | Caa1 | B- | 6.37% | 9.71% | 13.94% | 2.89% | 4.19% | 8.42% |
| Ireland | Aa3 | AA | 0.51% | 0.78% | 5.01% | 0.34% | 0.30% | 4.53% |
| Isle of Man | Aa3 | — | 0.51% | 0.78% | 5.01% | — | — | — |
| Israel | Baa1 | A | 1.36% | 2.07% | 6.30% | 1.13% | 1.51% | 5.74% |
| Italy | Baa2 | BBB+ | 1.62% | 2.46% | 6.69% | 0.61% | 0.72% | 4.95% |
| J | ||||||||
| Jamaica | Ba3 | BB | 3.06% | 4.66% | 8.89% | — | — | — |
| Japan | A1 | A+ | 0.60% | 0.91% | 5.14% | 0.44% | 0.46% | 4.69% |
| Jersey (States of) | Aa3 | AA- | 0.51% | 0.78% | 5.01% | — | — | — |
| Jordan | Ba3 | BB- | 3.06% | 4.66% | 8.89% | — | — | — |
| K | ||||||||
| Kazakhstan | Baa1 | BBB- | 1.36% | 2.07% | 6.30% | 1.31% | 1.78% | 6.01% |
| Kenya | B3 | B | 5.52% | 8.41% | 12.64% | 4.51% | 6.66% | 10.89% |
| Korea | Aa2 | AA | 0.42% | 0.64% | 4.87% | 0.34% | 0.30% | 4.53% |
| Kuwait | A1 | AA- | 0.60% | 0.91% | 5.14% | 0.87% | 1.11% | 5.34% |
| Kyrgyzstan | B3 | — | 5.52% | 8.41% | 12.64% | — | — | — |
| L | ||||||||
| Laos | Caa2 | CCC+ | 7.65% | 11.66% | 15.89% | — | — | — |
| Latvia | A3 | A | 1.02% | 1.55% | 5.78% | 0.82% | 1.04% | 5.27% |
| Lebanon | C | SD | 17.50% | 26.66% | 30.89% | — | — | — |
| Liechtenstein | Aaa | AAA | 0.00% | 0.00% | 4.23% | — | — | — |
| Lithuania | A2 | A | 0.72% | 1.10% | 5.33% | 0.82% | 1.04% | 5.27% |
| Luxembourg | Aaa | AAA | 0.00% | 0.00% | 4.23% | — | — | — |
| M | ||||||||
| Macao | Aa3 | — | 0.51% | 0.78% | 5.01% | — | — | — |
| Macedonia | Ba3 | BB- | 3.06% | 4.66% | 8.89% | — | — | — |
| Malaysia | A3 | A- | 1.02% | 1.55% | 5.78% | 0.67% | 0.81% | 5.04% |
| Maldives | Caa2 | — | 7.65% | 11.66% | 15.89% | — | — | — |
| Mali | Caa2 | — | 7.65% | 11.66% | 15.89% | — | — | — |
| Malta | A2 | A- | 0.72% | 1.10% | 5.33% | — | — | — |
| Mauritius | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | — | — | — |
| Mexico | Baa2 | BBB | 1.62% | 2.46% | 6.69% | 1.66% | 2.32% | 6.55% |
| Moldova | B3 | BB- | 5.52% | 8.41% | 12.64% | — | — | — |
| Mongolia | B1 | BB- | 3.83% | 5.83% | 10.06% | — | — | — |
| Montenegro | B1 | B+ | 3.83% | 5.83% | 10.06% | — | — | — |
| Montserrat | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | — | — | — |
| Morocco | Ba1 | BBB- | 2.13% | 3.24% | 7.47% | 1.30% | 1.77% | 6.00% |
| Mozambique | Caa3 | CCC+ | 8.50% | 12.95% | 17.18% | — | — | — |
| N | ||||||||
| Namibia | B1 | — | 3.83% | 5.83% | 10.06% | — | — | — |
| Nepal | Ba3 | — | 3.06% | 4.66% | 8.89% | — | — | — |
| Netherlands | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.20% | 0.09% | 4.32% |
| New Zealand | Aaa | AA+ | 0.00% | 0.00% | 4.23% | 0.23% | 0.14% | 4.37% |
| Nicaragua | B2 | B+ | 4.67% | 7.12% | 11.35% | 5.29% | 7.85% | 12.08% |
| Niger | Caa3 | — | 8.50% | 12.95% | 17.18% | — | — | — |
| Nigeria | B3 | B- | 5.52% | 8.41% | 12.64% | 3.91% | 5.74% | 9.97% |
| Norway | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.18% | 0.06% | 4.29% |
| O | ||||||||
| Oman | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | 1.30% | 1.77% | 6.00% |
| P | ||||||||
| Pakistan | Caa1 | B- | 6.37% | 9.71% | 13.94% | 5.23% | 7.75% | 11.98% |
| Panama | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | 2.22% | 3.17% | 7.40% |
| Papua New Guinea | B2 | B- | 4.67% | 7.12% | 11.35% | — | — | — |
| Paraguay | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | — | — | — |
| Peru | Baa1 | BBB- | 1.36% | 2.07% | 6.30% | 1.26% | 1.71% | 5.94% |
| Philippines | Baa2 | BBB+ | 1.62% | 2.46% | 6.69% | 1.02% | 1.34% | 5.57% |
| Poland | A2 | A- | 0.72% | 1.10% | 5.33% | 1.00% | 1.31% | 5.54% |
| Portugal | A3 | A+ | 1.02% | 1.55% | 5.78% | 0.45% | 0.47% | 4.70% |
| Q | ||||||||
| Qatar | Aa2 | AA | 0.42% | 0.64% | 4.87% | 0.61% | 0.72% | 4.95% |
| R | ||||||||
| Ras Al Khaimah (Emirate of) | A3 | A- | 1.02% | 1.55% | 5.78% | — | — | — |
| Romania | Baa3 | BBB- | 1.87% | 2.85% | 7.08% | 2.11% | 3.00% | 7.23% |
| Rwanda | B2 | B+ | 4.67% | 7.12% | 11.35% | 4.03% | 5.93% | 10.16% |
| S | ||||||||
| Saudi Arabia | Aa3 | A+ | 0.51% | 0.78% | 5.01% | 1.12% | 1.49% | 5.72% |
| Senegal | Caa1 | CCC+ | 6.37% | 9.71% | 13.94% | 9.93% | 14.91% | 19.14% |
| Serbia | Ba2 | BBB- | 2.56% | 3.90% | 8.13% | 1.96% | 2.77% | 7.00% |
| Sharjah | Ba1 | — | 2.13% | 3.24% | 7.47% | — | — | — |
| Singapore | Aaa | AAA | 0.00% | 0.00% | 4.23% | — | — | — |
| Slovakia | A3 | A+ | 1.02% | 1.55% | 5.78% | 0.57% | 0.66% | 4.89% |
| Slovenia | A3 | AA | 1.02% | 1.55% | 5.78% | 0.67% | 0.81% | 5.04% |
| Solomon Islands | Caa1 | — | 6.37% | 9.71% | 13.94% | — | — | — |
| South Africa | Ba2 | BB | 2.56% | 3.90% | 8.13% | 2.40% | 3.44% | 7.67% |
| Spain | A3 | A+ | 1.02% | 1.55% | 5.78% | 0.45% | 0.47% | 4.70% |
| Sri Lanka | Ca | CCC+ | 10.20% | 15.54% | 19.77% | — | — | — |
| St. Maarten | Ba2 | — | 2.56% | 3.90% | 8.13% | — | — | — |
| St. Vincent & the Grenadines | B3 | — | 5.52% | 8.41% | 12.64% | — | — | — |
| Suriname | Caa1 | CCC+ | 6.37% | 9.71% | 13.94% | — | — | — |
| Swaziland | B2 | — | 4.67% | 7.12% | 11.35% | — | — | — |
| Sweden | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.20% | 0.09% | 4.32% |
| Switzerland | Aaa | AAA | 0.00% | 0.00% | 4.23% | 0.14% | 0.00% | 4.23% |
| T | ||||||||
| Taiwan | Aa3 | AA+ | 0.51% | 0.78% | 5.01% | — | — | — |
| Tajikistan | B3 | B | 5.52% | 8.41% | 12.64% | — | — | — |
| Tanzania | B1 | — | 3.83% | 5.83% | 10.06% | — | — | — |
| Thailand | Baa1 | BBB+ | 1.36% | 2.07% | 6.30% | 0.66% | 0.79% | 5.02% |
| Togo | B3 | B+ | 5.52% | 8.41% | 12.64% | — | — | — |
| Trinidad and Tobago | Ba2 | BBB- | 2.56% | 3.90% | 8.13% | — | — | — |
| Tunisia | Caa1 | — | 6.37% | 9.71% | 13.94% | 7.01% | 10.47% | 14.70% |
| Turkey | Ba3 | BB- | 3.06% | 4.66% | 8.89% | 2.99% | 4.34% | 8.57% |
| Turks and Caicos Islands | Baa1 | BBB+ | 1.36% | 2.07% | 6.30% | — | — | — |
| U | ||||||||
| Uganda | B3 | B- | 5.52% | 8.41% | 12.64% | — | — | — |
| Ukraine | Ca | SD | 10.20% | 15.54% | 19.77% | — | — | — |
| United Arab Emirates | Aa2 | AA | 0.42% | 0.64% | 4.87% | — | — | — |
| United Kingdom | Aa3 | AA | 0.51% | 0.78% | 5.01% | 0.37% | 0.35% | 4.58% |
| United States | Aa1 | AA+ | 0.23% | 0.23% | 4.46% | 0.44% | 0.46% | 4.69% |
| Uruguay | Baa1 | BBB+ | 1.36% | 2.07% | 6.30% | 0.77% | 0.96% | 5.19% |
| Uzbekistan | Ba3 | BB | 3.06% | 4.66% | 8.89% | — | — | — |
| V | ||||||||
| Venezuela | C | — | 17.50% | 26.66% | 30.89% | 9.29% | 13.94% | 18.17% |
| Vietnam | Ba2 | BB+ | 2.56% | 3.90% | 8.13% | 1.51% | 2.09% | 6.32% |
| Z | ||||||||
| Zambia | Caa2 | CCC+ | 7.65% | 11.66% | 15.89% | 4.08% | 6.00% | 10.23% |
Country Tax Rates
As of2026
Countries157
Marginal corporate income tax rate. Shaded green (<15%), amber (25–30%), red (≥30%). Source: Damodaran country tax dataset, January 2026.
| Country | Corporate Tax Rate |
|---|---|
| A | |
| Abu Dhabi | 9.00% |
| Albania | 15.00% |
| Andorra (Principality of) | 10.00% |
| Angola | 25.00% |
| Argentina | 35.00% |
| Armenia | 18.00% |
| Aruba | 22.00% |
| Australia | 30.00% |
| Austria | 23.00% |
| Azerbaijan | 20.00% |
| B | |
| Bahamas | 0.00% |
| Bahrain | 0.00% |
| Bangladesh | 27.50% |
| Barbados | 9.00% |
| Belarus | 25.00% |
| Belgium | 25.00% |
| Belize | 0.00% |
| Benin | 30.00% |
| Bermuda | 0.00% |
| Bolivia | 25.00% |
| Bosnia and Herzegovina | 10.00% |
| Botswana | 22.00% |
| Brazil | 34.00% |
| Bulgaria | 10.00% |
| Burkina Faso | 27.50% |
| C | |
| Cambodia | 20.00% |
| Cameroon | 33.00% |
| Canada | 26.14% |
| Cape Verde | 26.86% |
| Cayman Islands | 0.00% |
| Chile | 27.00% |
| China | 25.00% |
| Colombia | 35.00% |
| Congo (Democratic Republic of) | 30.00% |
| Congo (Republic of) | 26.86% |
| Cook Islands | 20.00% |
| Costa Rica | 30.00% |
| Croatia | 18.00% |
| Cuba | 35.00% |
| Curacao | 22.00% |
| Cyprus | 12.50% |
| Czech Republic | 21.00% |
| Côte d'Ivoire | 25.00% |
| D | |
| Denmark | 22.00% |
| Dominican Republic | 27.00% |
| E | |
| Ecuador | 25.00% |
| Egypt | 22.50% |
| El Salvador | 30.00% |
| Estonia | 20.00% |
| Ethiopia | 30.00% |
| F | |
| Fiji | 25.00% |
| Finland | 20.00% |
| France | 25.83% |
| G | |
| Gabon | 30.00% |
| Georgia | 15.00% |
| Germany | 29.93% |
| Ghana | 25.00% |
| Greece | 22.00% |
| Guatemala | 25.00% |
| Guernsey (States of) | 0.00% |
| H | |
| Honduras | 30.00% |
| Hong Kong | 16.50% |
| Hungary | 9.00% |
| I | |
| Iceland | 21.00% |
| India | 30.00% |
| Indonesia | 22.00% |
| Iraq | 15.00% |
| Ireland | 12.50% |
| Isle of Man | 0.00% |
| Israel | 23.00% |
| Italy | 27.81% |
| J | |
| Jamaica | 25.00% |
| Japan | 29.74% |
| Jersey (States of) | 0.00% |
| Jordan | 20.00% |
| K | |
| Kazakhstan | 20.00% |
| Kenya | 30.00% |
| Korea | 26.40% |
| Kuwait | 15.00% |
| Kyrgyzstan | 10.00% |
| L | |
| Laos | 20.00% |
| Latvia | 20.00% |
| Lebanon | 17.00% |
| Liechtenstein | 12.50% |
| Lithuania | 15.00% |
| Luxembourg | 24.94% |
| M | |
| Macao | 25.00% |
| Macedonia | 10.00% |
| Malaysia | 24.00% |
| Maldives | 15.00% |
| Mali | 30.00% |
| Malta | 35.00% |
| Mauritius | 15.00% |
| Mexico | 30.00% |
| Moldova | 12.00% |
| Mongolia | 25.00% |
| Montenegro | 15.00% |
| Montserrat | 30.00% |
| Morocco | 33.00% |
| Mozambique | 32.00% |
| N | |
| Namibia | 32.00% |
| Nepal | 25.00% |
| Netherlands | 25.80% |
| New Zealand | 28.00% |
| Nicaragua | 30.00% |
| Niger | 30.00% |
| Nigeria | 30.00% |
| Norway | 22.00% |
| O | |
| Oman | 15.00% |
| P | |
| Pakistan | 29.00% |
| Panama | 25.00% |
| Papua New Guinea | 30.00% |
| Paraguay | 10.00% |
| Peru | 29.50% |
| Philippines | 25.00% |
| Poland | 19.00% |
| Portugal | 31.50% |
| Q | |
| Qatar | 10.00% |
| R | |
| Ras Al Khaimah (Emirate of) | 18.94% |
| Romania | 16.00% |
| Rwanda | 28.00% |
| S | |
| Saudi Arabia | 20.00% |
| Senegal | 30.00% |
| Serbia | 15.00% |
| Sharjah | 18.94% |
| Singapore | 17.00% |
| Slovakia | 21.00% |
| Slovenia | 22.00% |
| Solomon Islands | 30.00% |
| South Africa | 27.00% |
| Spain | 25.00% |
| Sri Lanka | 30.00% |
| St. Maarten | 20.00% |
| St. Vincent & the Grenadines | 28.00% |
| Suriname | 36.00% |
| Swaziland | 25.00% |
| Sweden | 20.60% |
| Switzerland | 19.61% |
| T | |
| Taiwan | 20.00% |
| Tajikistan | 18.00% |
| Tanzania | 30.00% |
| Thailand | 20.00% |
| Togo | 27.00% |
| Trinidad and Tobago | 30.00% |
| Tunisia | 15.00% |
| Turkey | 25.00% |
| Turks and Caicos Islands | 0.00% |
| U | |
| Uganda | 30.00% |
| Ukraine | 18.00% |
| United Arab Emirates | 9.00% |
| United Kingdom | 25.00% |
| United States | 25.00% |
| Uruguay | 25.00% |
| Uzbekistan | 15.00% |
| V | |
| Venezuela | 34.00% |
| Vietnam | 20.00% |
| Z | |
| Zambia | 30.00% |
10-Year CDS Spreads
As of2026
Countries157
NoteGross 10-yr, %
Gross 10-year sovereign CDS spread as of 31 Dec 2025 (percent). Blank where no liquid sovereign CDS trades.
| Country | Region | Moody’s Rating | CDS Spread |
|---|---|---|---|
| A | |||
| Abu Dhabi | Middle East | Aa2 | 0.60% |
| Albania | Eastern Europe & Russia | Ba3 | — |
| Andorra (Principality of) | Western Europe | Baa1 | — |
| Angola | Africa | B3 | 6.24% |
| Argentina | Central and South America | Caa1 | — |
| Armenia | Eastern Europe & Russia | Ba3 | — |
| Aruba | Caribbean | Baa3 | — |
| Australia | Australia & New Zealand | Aaa | 0.19% |
| Austria | Western Europe | Aa1 | 0.28% |
| Azerbaijan | Eastern Europe & Russia | Baa3 | — |
| B | |||
| Bahamas | Caribbean | B1 | — |
| Bahrain | Middle East | B2 | 2.47% |
| Bangladesh | Asia | B2 | — |
| Barbados | Caribbean | B2 | — |
| Belarus | Eastern Europe & Russia | C | — |
| Belgium | Western Europe | Aa3 | 0.40% |
| Belize | Central and South America | Caa1 | — |
| Benin | Africa | B1 | — |
| Bermuda | Caribbean | A2 | — |
| Bolivia | Central and South America | Ca | — |
| Bosnia and Herzegovina | Eastern Europe & Russia | B3 | — |
| Botswana | Africa | Baa1 | — |
| Brazil | Central and South America | Ba1 | 2.35% |
| Bulgaria | Eastern Europe & Russia | Baa1 | 0.77% |
| Burkina Faso | Africa | Caa1 | — |
| C | |||
| Cambodia | Asia | B2 | — |
| Cameroon | Africa | Caa1 | 6.87% |
| Canada | North America | Aaa | 0.33% |
| Cape Verde | Africa | B2 | — |
| Cayman Islands | Caribbean | Aa3 | — |
| Chile | Central and South America | A2 | 0.87% |
| China | Asia | A1 | 0.64% |
| Colombia | Central and South America | Baa3 | 3.34% |
| Congo (Democratic Republic of) | Africa | B3 | — |
| Congo (Republic of) | Africa | Caa2 | — |
| Cook Islands | Australia & New Zealand | B1 | — |
| Costa Rica | Central and South America | Ba2 | 1.75% |
| Croatia | Eastern Europe & Russia | A3 | 1.02% |
| Cuba | Caribbean | Ca | — |
| Curacao | Caribbean | Baa3 | — |
| Cyprus | Western Europe | A3 | 0.75% |
| Czech Republic | Eastern Europe & Russia | Aa3 | 0.48% |
| Côte d'Ivoire | Africa | Ba2 | — |
| D | |||
| Denmark | Western Europe | Aaa | 0.18% |
| Dominican Republic | Caribbean | Ba2 | — |
| E | |||
| Ecuador | Central and South America | Caa3 | 5.67% |
| Egypt | Africa | Caa1 | 3.55% |
| El Salvador | Central and South America | B3 | 3.40% |
| Estonia | Eastern Europe & Russia | A1 | 1.00% |
| Ethiopia | Africa | Caa2 | — |
| F | |||
| Fiji | Asia | B1 | — |
| Finland | Western Europe | Aa1 | 0.26% |
| France | Western Europe | Aa3 | 0.64% |
| G | |||
| Gabon | Africa | Caa2 | — |
| Georgia | Eastern Europe & Russia | Ba2 | — |
| Germany | Western Europe | Aaa | 0.21% |
| Ghana | Africa | Caa1 | — |
| Greece | Western Europe | Baa3 | 0.75% |
| Guatemala | Central and South America | Ba1 | — |
| Guernsey (States of) | Western Europe | A1 | — |
| H | |||
| Honduras | Central and South America | B1 | — |
| Hong Kong | Asia | Aa3 | 0.44% |
| Hungary | Eastern Europe & Russia | Baa2 | 1.60% |
| I | |||
| Iceland | Western Europe | A1 | 0.45% |
| India | Asia | Baa3 | 0.80% |
| Indonesia | Asia | Baa2 | 1.19% |
| Iraq | Middle East | Caa1 | 2.89% |
| Ireland | Western Europe | Aa3 | 0.34% |
| Isle of Man | Western Europe | Aa3 | — |
| Israel | Middle East | Baa1 | 1.13% |
| Italy | Western Europe | Baa2 | 0.61% |
| J | |||
| Jamaica | Caribbean | Ba3 | — |
| Japan | Asia | A1 | 0.44% |
| Jersey (States of) | Western Europe | Aa3 | — |
| Jordan | Middle East | Ba3 | — |
| K | |||
| Kazakhstan | Eastern Europe & Russia | Baa1 | 1.31% |
| Kenya | Africa | B3 | 4.51% |
| Korea | Asia | Aa2 | 0.34% |
| Kuwait | Middle East | A1 | 0.87% |
| Kyrgyzstan | Eastern Europe & Russia | B3 | — |
| L | |||
| Laos | Asia | Caa2 | — |
| Latvia | Eastern Europe & Russia | A3 | 0.82% |
| Lebanon | Middle East | C | — |
| Liechtenstein | Western Europe | Aaa | — |
| Lithuania | Eastern Europe & Russia | A2 | 0.82% |
| Luxembourg | Western Europe | Aaa | — |
| M | |||
| Macao | Asia | Aa3 | — |
| Macedonia | Eastern Europe & Russia | Ba3 | — |
| Malaysia | Asia | A3 | 0.67% |
| Maldives | Asia | Caa2 | — |
| Mali | Africa | Caa2 | — |
| Malta | Western Europe | A2 | — |
| Mauritius | Africa | Baa3 | — |
| Mexico | Central and South America | Baa2 | 1.66% |
| Moldova | Eastern Europe & Russia | B3 | — |
| Mongolia | Asia | B1 | — |
| Montenegro | Eastern Europe & Russia | B1 | — |
| Montserrat | Caribbean | Baa3 | — |
| Morocco | Africa | Ba1 | 1.30% |
| Mozambique | Africa | Caa3 | — |
| N | |||
| Namibia | Africa | B1 | — |
| Nepal | Asia | Ba3 | — |
| Netherlands | Western Europe | Aaa | 0.20% |
| New Zealand | Australia & New Zealand | Aaa | 0.23% |
| Nicaragua | Central and South America | B2 | 5.29% |
| Niger | Africa | Caa3 | — |
| Nigeria | Africa | B3 | 3.91% |
| Norway | Western Europe | Aaa | 0.18% |
| O | |||
| Oman | Middle East | Baa3 | 1.30% |
| P | |||
| Pakistan | Asia | Caa1 | 5.23% |
| Panama | Central and South America | Baa3 | 2.22% |
| Papua New Guinea | Asia | B2 | — |
| Paraguay | Central and South America | Baa3 | — |
| Peru | Central and South America | Baa1 | 1.26% |
| Philippines | Asia | Baa2 | 1.02% |
| Poland | Eastern Europe & Russia | A2 | 1.00% |
| Portugal | Western Europe | A3 | 0.45% |
| Q | |||
| Qatar | Middle East | Aa2 | 0.61% |
| R | |||
| Ras Al Khaimah (Emirate of) | Middle East | A3 | — |
| Romania | Eastern Europe & Russia | Baa3 | 2.11% |
| Rwanda | Africa | B2 | 4.03% |
| S | |||
| Saudi Arabia | Middle East | Aa3 | 1.12% |
| Senegal | Africa | Caa1 | 9.93% |
| Serbia | Eastern Europe & Russia | Ba2 | 1.96% |
| Sharjah | Middle East | Ba1 | — |
| Singapore | Asia | Aaa | — |
| Slovakia | Eastern Europe & Russia | A3 | 0.57% |
| Slovenia | Eastern Europe & Russia | A3 | 0.67% |
| Solomon Islands | Asia | Caa1 | — |
| South Africa | Africa | Ba2 | 2.40% |
| Spain | Western Europe | A3 | 0.45% |
| Sri Lanka | Asia | Ca | — |
| St. Maarten | Caribbean | Ba2 | — |
| St. Vincent & the Grenadines | Caribbean | B3 | — |
| Suriname | Central and South America | Caa1 | — |
| Swaziland | Africa | B2 | — |
| Sweden | Western Europe | Aaa | 0.20% |
| Switzerland | Western Europe | Aaa | 0.14% |
| T | |||
| Taiwan | Asia | Aa3 | — |
| Tajikistan | Eastern Europe & Russia | B3 | — |
| Tanzania | Africa | B1 | — |
| Thailand | Asia | Baa1 | 0.66% |
| Togo | Africa | B3 | — |
| Trinidad and Tobago | Caribbean | Ba2 | — |
| Tunisia | Africa | Caa1 | 7.01% |
| Turkey | Western Europe | Ba3 | 2.99% |
| Turks and Caicos Islands | Caribbean | Baa1 | — |
| U | |||
| Uganda | Africa | B3 | — |
| Ukraine | Eastern Europe & Russia | Ca | — |
| United Arab Emirates | Middle East | Aa2 | — |
| United Kingdom | Western Europe | Aa3 | 0.37% |
| United States | North America | Aa1 | 0.44% |
| Uruguay | Central and South America | Baa1 | 0.77% |
| Uzbekistan | Eastern Europe & Russia | Ba3 | — |
| V | |||
| Venezuela | Central and South America | C | 9.29% |
| Vietnam | Asia | Ba2 | 1.51% |
| Z | |||
| Zambia | Africa | Caa2 | 4.08% |
Equity Risk Premiums by Country
As of2026
Countries157
Rating-based and sovereign-CDS-based equity risk premiums (percent). Excess CDS = 10-yr sovereign CDS net of Switzerland; CDS columns blank where no liquid sovereign CDS trades. ERP = mature-market 4.23% + country risk premium.
| Country | Moody’s | Default Spread | CRP (rating) | ERP (rating) | Excess CDS | CRP (CDS) | ERP (CDS) |
|---|---|---|---|---|---|---|---|
| A | |||||||
| Abu Dhabi | Aa2 | 0.42% | 0.64% | 4.87% | 0.46% | 0.70% | 4.93% |
| Albania | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| Andorra (Principality of) | Baa1 | 1.36% | 2.07% | 6.30% | — | — | — |
| Angola | B3 | 5.52% | 8.41% | 12.64% | 6.10% | 9.29% | 13.52% |
| Argentina | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| Armenia | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| Aruba | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| Australia | Aaa | 0.00% | 0.00% | 4.23% | 0.05% | 0.08% | 4.31% |
| Austria | Aa1 | 0.23% | 0.36% | 4.59% | 0.14% | 0.21% | 4.44% |
| Azerbaijan | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| B | |||||||
| Bahamas | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Bahrain | B2 | 4.67% | 7.12% | 11.35% | 2.33% | 3.55% | 7.78% |
| Bangladesh | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Barbados | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Belarus | C | 17.50% | 26.66% | 30.89% | — | — | — |
| Belgium | Aa3 | 0.51% | 0.78% | 5.01% | 0.26% | 0.40% | 4.63% |
| Belize | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| Benin | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Bermuda | A2 | 0.72% | 1.10% | 5.33% | — | — | — |
| Bolivia | Ca | 10.20% | 15.54% | 19.77% | — | — | — |
| Bosnia and Herzegovina | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Botswana | Baa1 | 1.36% | 2.07% | 6.30% | — | — | — |
| Brazil | Ba1 | 2.13% | 3.24% | 7.47% | 2.21% | 3.37% | 7.60% |
| Bulgaria | Baa1 | 1.36% | 2.07% | 6.30% | 0.63% | 0.96% | 5.19% |
| Burkina Faso | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| C | |||||||
| Cambodia | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Cameroon | Caa1 | 6.37% | 9.71% | 13.94% | 6.73% | 10.25% | 14.48% |
| Canada | Aaa | 0.00% | 0.00% | 4.23% | 0.19% | 0.29% | 4.52% |
| Cape Verde | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Cayman Islands | Aa3 | 0.51% | 0.78% | 5.01% | — | — | — |
| Chile | A2 | 0.72% | 1.10% | 5.33% | 0.73% | 1.11% | 5.34% |
| China | A1 | 0.60% | 0.91% | 5.14% | 0.50% | 0.76% | 4.99% |
| Colombia | Baa3 | 1.87% | 2.85% | 7.08% | 3.20% | 4.87% | 9.10% |
| Congo (Democratic Republic of) | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Congo (Republic of) | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| Cook Islands | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Costa Rica | Ba2 | 2.56% | 3.90% | 8.13% | 1.61% | 2.45% | 6.68% |
| Croatia | A3 | 1.02% | 1.55% | 5.78% | 0.88% | 1.34% | 5.57% |
| Cuba | Ca | 10.20% | 15.54% | 19.77% | — | — | — |
| Curacao | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| Cyprus | A3 | 1.02% | 1.55% | 5.78% | 0.61% | 0.93% | 5.16% |
| Czech Republic | Aa3 | 0.51% | 0.78% | 5.01% | 0.34% | 0.52% | 4.75% |
| Côte d'Ivoire | Ba2 | 2.56% | 3.90% | 8.13% | — | — | — |
| D | |||||||
| Denmark | Aaa | 0.00% | 0.00% | 4.23% | 0.04% | 0.06% | 4.29% |
| Dominican Republic | Ba2 | 2.56% | 3.90% | 8.13% | — | — | — |
| E | |||||||
| Ecuador | Caa3 | 8.50% | 12.95% | 17.18% | 5.53% | 8.42% | 12.65% |
| Egypt | Caa1 | 6.37% | 9.71% | 13.94% | 3.41% | 5.19% | 9.42% |
| El Salvador | B3 | 5.52% | 8.41% | 12.64% | 3.26% | 4.97% | 9.20% |
| Estonia | A1 | 0.60% | 0.91% | 5.14% | 0.86% | 1.31% | 5.54% |
| Ethiopia | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| F | |||||||
| Fiji | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Finland | Aa1 | 0.23% | 0.36% | 4.59% | 0.12% | 0.18% | 4.41% |
| France | Aa3 | 0.51% | 0.78% | 5.01% | 0.50% | 0.76% | 4.99% |
| G | |||||||
| Gabon | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| Georgia | Ba2 | 2.56% | 3.90% | 8.13% | — | — | — |
| Germany | Aaa | 0.00% | 0.00% | 4.23% | 0.07% | 0.11% | 4.34% |
| Ghana | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| Greece | Baa3 | 1.87% | 2.85% | 7.08% | 0.61% | 0.93% | 5.16% |
| Guatemala | Ba1 | 2.13% | 3.24% | 7.47% | — | — | — |
| Guernsey (States of) | A1 | 0.60% | 0.91% | 5.14% | — | — | — |
| H | |||||||
| Honduras | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Hong Kong | Aa3 | 0.51% | 0.78% | 5.01% | 0.30% | 0.46% | 4.69% |
| Hungary | Baa2 | 1.62% | 2.46% | 6.69% | 1.46% | 2.22% | 6.45% |
| I | |||||||
| Iceland | A1 | 0.60% | 0.91% | 5.14% | 0.31% | 0.47% | 4.70% |
| India | Baa3 | 1.87% | 2.85% | 7.08% | 0.66% | 1.01% | 5.24% |
| Indonesia | Baa2 | 1.62% | 2.46% | 6.69% | 1.05% | 1.60% | 5.83% |
| Iraq | Caa1 | 6.37% | 9.71% | 13.94% | 2.75% | 4.19% | 8.42% |
| Ireland | Aa3 | 0.51% | 0.78% | 5.01% | 0.20% | 0.30% | 4.53% |
| Isle of Man | Aa3 | 0.51% | 0.78% | 5.01% | — | — | — |
| Israel | Baa1 | 1.36% | 2.07% | 6.30% | 0.99% | 1.51% | 5.74% |
| Italy | Baa2 | 1.62% | 2.46% | 6.69% | 0.47% | 0.72% | 4.95% |
| J | |||||||
| Jamaica | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| Japan | A1 | 0.60% | 0.91% | 5.14% | 0.30% | 0.46% | 4.69% |
| Jersey (States of) | Aa3 | 0.51% | 0.78% | 5.01% | — | — | — |
| Jordan | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| K | |||||||
| Kazakhstan | Baa1 | 1.36% | 2.07% | 6.30% | 1.17% | 1.78% | 6.01% |
| Kenya | B3 | 5.52% | 8.41% | 12.64% | 4.37% | 6.66% | 10.89% |
| Korea | Aa2 | 0.42% | 0.64% | 4.87% | 0.20% | 0.30% | 4.53% |
| Kuwait | A1 | 0.60% | 0.91% | 5.14% | 0.73% | 1.11% | 5.34% |
| Kyrgyzstan | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| L | |||||||
| Laos | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| Latvia | A3 | 1.02% | 1.55% | 5.78% | 0.68% | 1.04% | 5.27% |
| Lebanon | C | 17.50% | 26.66% | 30.89% | — | — | — |
| Liechtenstein | Aaa | 0.00% | 0.00% | 4.23% | — | — | — |
| Lithuania | A2 | 0.72% | 1.10% | 5.33% | 0.68% | 1.04% | 5.27% |
| Luxembourg | Aaa | 0.00% | 0.00% | 4.23% | — | — | — |
| M | |||||||
| Macao | Aa3 | 0.51% | 0.78% | 5.01% | — | — | — |
| Macedonia | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| Malaysia | A3 | 1.02% | 1.55% | 5.78% | 0.53% | 0.81% | 5.04% |
| Maldives | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| Mali | Caa2 | 7.65% | 11.66% | 15.89% | — | — | — |
| Malta | A2 | 0.72% | 1.10% | 5.33% | — | — | — |
| Mauritius | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| Mexico | Baa2 | 1.62% | 2.46% | 6.69% | 1.52% | 2.32% | 6.55% |
| Moldova | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Mongolia | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Montenegro | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Montserrat | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| Morocco | Ba1 | 2.13% | 3.24% | 7.47% | 1.16% | 1.77% | 6.00% |
| Mozambique | Caa3 | 8.50% | 12.95% | 17.18% | — | — | — |
| N | |||||||
| Namibia | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Nepal | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| Netherlands | Aaa | 0.00% | 0.00% | 4.23% | 0.06% | 0.09% | 4.32% |
| New Zealand | Aaa | 0.00% | 0.00% | 4.23% | 0.09% | 0.14% | 4.37% |
| Nicaragua | B2 | 4.67% | 7.12% | 11.35% | 5.15% | 7.85% | 12.08% |
| Niger | Caa3 | 8.50% | 12.95% | 17.18% | — | — | — |
| Nigeria | B3 | 5.52% | 8.41% | 12.64% | 3.77% | 5.74% | 9.97% |
| Norway | Aaa | 0.00% | 0.00% | 4.23% | 0.04% | 0.06% | 4.29% |
| O | |||||||
| Oman | Baa3 | 1.87% | 2.85% | 7.08% | 1.16% | 1.77% | 6.00% |
| P | |||||||
| Pakistan | Caa1 | 6.37% | 9.71% | 13.94% | 5.09% | 7.75% | 11.98% |
| Panama | Baa3 | 1.87% | 2.85% | 7.08% | 2.08% | 3.17% | 7.40% |
| Papua New Guinea | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Paraguay | Baa3 | 1.87% | 2.85% | 7.08% | — | — | — |
| Peru | Baa1 | 1.36% | 2.07% | 6.30% | 1.12% | 1.71% | 5.94% |
| Philippines | Baa2 | 1.62% | 2.46% | 6.69% | 0.88% | 1.34% | 5.57% |
| Poland | A2 | 0.72% | 1.10% | 5.33% | 0.86% | 1.31% | 5.54% |
| Portugal | A3 | 1.02% | 1.55% | 5.78% | 0.31% | 0.47% | 4.70% |
| Q | |||||||
| Qatar | Aa2 | 0.42% | 0.64% | 4.87% | 0.47% | 0.72% | 4.95% |
| R | |||||||
| Ras Al Khaimah (Emirate of) | A3 | 1.02% | 1.55% | 5.78% | — | — | — |
| Romania | Baa3 | 1.87% | 2.85% | 7.08% | 1.97% | 3.00% | 7.23% |
| Rwanda | B2 | 4.67% | 7.12% | 11.35% | 3.89% | 5.93% | 10.16% |
| S | |||||||
| Saudi Arabia | Aa3 | 0.51% | 0.78% | 5.01% | 0.98% | 1.49% | 5.72% |
| Senegal | Caa1 | 6.37% | 9.71% | 13.94% | 9.79% | 14.91% | 19.14% |
| Serbia | Ba2 | 2.56% | 3.90% | 8.13% | 1.82% | 2.77% | 7.00% |
| Sharjah | Ba1 | 2.13% | 3.24% | 7.47% | — | — | — |
| Singapore | Aaa | 0.00% | 0.00% | 4.23% | — | — | — |
| Slovakia | A3 | 1.02% | 1.55% | 5.78% | 0.43% | 0.66% | 4.89% |
| Slovenia | A3 | 1.02% | 1.55% | 5.78% | 0.53% | 0.81% | 5.04% |
| Solomon Islands | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| South Africa | Ba2 | 2.56% | 3.90% | 8.13% | 2.26% | 3.44% | 7.67% |
| Spain | A3 | 1.02% | 1.55% | 5.78% | 0.31% | 0.47% | 4.70% |
| Sri Lanka | Ca | 10.20% | 15.54% | 19.77% | — | — | — |
| St. Maarten | Ba2 | 2.56% | 3.90% | 8.13% | — | — | — |
| St. Vincent & the Grenadines | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Suriname | Caa1 | 6.37% | 9.71% | 13.94% | — | — | — |
| Swaziland | B2 | 4.67% | 7.12% | 11.35% | — | — | — |
| Sweden | Aaa | 0.00% | 0.00% | 4.23% | 0.06% | 0.09% | 4.32% |
| Switzerland | Aaa | 0.00% | 0.00% | 4.23% | 0.00% | 0.00% | 4.23% |
| T | |||||||
| Taiwan | Aa3 | 0.51% | 0.78% | 5.01% | — | — | — |
| Tajikistan | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Tanzania | B1 | 3.83% | 5.83% | 10.06% | — | — | — |
| Thailand | Baa1 | 1.36% | 2.07% | 6.30% | 0.52% | 0.79% | 5.02% |
| Togo | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Trinidad and Tobago | Ba2 | 2.56% | 3.90% | 8.13% | — | — | — |
| Tunisia | Caa1 | 6.37% | 9.71% | 13.94% | 6.87% | 10.47% | 14.70% |
| Turkey | Ba3 | 3.06% | 4.66% | 8.89% | 2.85% | 4.34% | 8.57% |
| Turks and Caicos Islands | Baa1 | 1.36% | 2.07% | 6.30% | — | — | — |
| U | |||||||
| Uganda | B3 | 5.52% | 8.41% | 12.64% | — | — | — |
| Ukraine | Ca | 10.20% | 15.54% | 19.77% | — | — | — |
| United Arab Emirates | Aa2 | 0.42% | 0.64% | 4.87% | — | — | — |
| United Kingdom | Aa3 | 0.51% | 0.78% | 5.01% | 0.23% | 0.35% | 4.58% |
| United States | Aa1 | 0.23% | 0.23% | 4.46% | 0.30% | 0.46% | 4.69% |
| Uruguay | Baa1 | 1.36% | 2.07% | 6.30% | 0.63% | 0.96% | 5.19% |
| Uzbekistan | Ba3 | 3.06% | 4.66% | 8.89% | — | — | — |
| V | |||||||
| Venezuela | C | 17.50% | 26.66% | 30.89% | 9.15% | 13.94% | 18.17% |
| Vietnam | Ba2 | 2.56% | 3.90% | 8.13% | 1.37% | 2.09% | 6.32% |
| Z | |||||||
| Zambia | Caa2 | 7.65% | 11.66% | 15.89% | 3.94% | 6.00% | 10.23% |
Regional Index Averages
As of2026
Regions9
| Region | ERP | Country Risk Premium | Adj. Default Spread | Countries |
|---|---|---|---|---|
| Africa | 12.49% | 8.26% | 5.42% | 30 |
| Asia | 9.06% | 4.83% | 3.17% | 24 |
| Australia & New Zealand | 6.17% | 1.94% | 1.28% | 3 |
| Caribbean | 8.92% | 4.69% | 3.08% | 14 |
| Central and South America | 11.19% | 6.96% | 4.57% | 19 |
| Eastern Europe & Russia | 9.25% | 5.02% | 3.29% | 26 |
| Middle East | 8.96% | 4.73% | 3.10% | 13 |
| North America | 4.35% | 0.12% | 0.12% | 2 |
| Western Europe | 5.19% | 0.96% | 0.63% | 26 |
| Global Average | 9.23% | 5.00% | 3.28% | 157 |
Regional Weighted Averages
As of2026
Regions9
Weighted byGDP
GDP-weighted regional averages (2024 GDP weights) — large low-risk economies (e.g. China, India, US) pull the weighted figure well below the simple average shown in Regional Index Averages. ERP = mature-market 4.23% + country risk premium.
| Region | ERP | Country Risk Premium | Adj. Default Spread | Countries |
|---|---|---|---|---|
| Africa | 11.95% | 7.72% | 5.07% | 30 |
| Asia | 5.72% | 1.49% | 0.98% | 24 |
| Australia & New Zealand | 4.23% | 0.00% | 0.00% | 3 |
| Caribbean | 11.72% | 7.49% | 4.92% | 14 |
| Central and South America | 8.46% | 4.23% | 2.78% | 19 |
| Eastern Europe & Russia | 7.58% | 3.35% | 2.20% | 26 |
| Middle East | 6.24% | 2.01% | 1.32% | 13 |
| North America | 4.44% | 0.21% | 0.21% | 2 |
| Western Europe | 5.27% | 1.04% | 0.68% | 26 |
| Global (GDP-weighted) | 5.62% | 1.39% | 0.94% | 157 |
Sovereign Ratings — S&P, Fitch, Moody’s
As of2026
Countries157
| Country | Region | S&P | Fitch | Moody’s |
|---|---|---|---|---|
| A | ||||
| Abu Dhabi | Middle East | — | — | Aa2 |
| Albania | Eastern Europe & Russia | BB | — | Ba3 |
| Andorra (Principality of) | Western Europe | A- | — | Baa1 |
| Angola | Africa | B- | B- | B3 |
| Argentina | Central and South America | CCC+ | CCC+ | Caa1 |
| Armenia | Eastern Europe & Russia | BB- | BB- | Ba3 |
| Aruba | Caribbean | BBB+ | BBB- | Baa3 |
| Australia | Australia & New Zealand | AAA | AAA | Aaa |
| Austria | Western Europe | AA+ | AA | Aa1 |
| Azerbaijan | Eastern Europe & Russia | — | BBB- | Baa3 |
| B | ||||
| Bahamas | Caribbean | BB- | BB- | B1 |
| Bahrain | Middle East | B | B+ | B2 |
| Bangladesh | Asia | B+ | B+ | B2 |
| Barbados | Caribbean | B+ | B+ | B2 |
| Belarus | Eastern Europe & Russia | — | CCC | C |
| Belgium | Western Europe | AA | A+ | Aa3 |
| Belize | Central and South America | B- | — | Caa1 |
| Benin | Africa | BB- | B+ | B1 |
| Bermuda | Caribbean | A+ | — | A2 |
| Bolivia | Central and South America | CCC- | CCC | Ca |
| Bosnia and Herzegovina | Eastern Europe & Russia | B+ | — | B3 |
| Botswana | Africa | BBB | — | Baa1 |
| Brazil | Central and South America | BB | BB | Ba1 |
| Bulgaria | Eastern Europe & Russia | BBB+ | BBB+ | Baa1 |
| Burkina Faso | Africa | CCC+ | — | Caa1 |
| C | ||||
| Cambodia | Asia | — | — | B2 |
| Cameroon | Africa | B- | B | Caa1 |
| Canada | North America | AAA | AA+ | Aaa |
| Cape Verde | Africa | B | B | B2 |
| Cayman Islands | Caribbean | — | — | Aa3 |
| Chile | Central and South America | A | A- | A2 |
| China | Asia | A+ | A | A1 |
| Colombia | Central and South America | BB | BB | Baa3 |
| Congo (Democratic Republic of) | Africa | — | — | B3 |
| Congo (Republic of) | Africa | CCC+ | — | Caa2 |
| Cook Islands | Australia & New Zealand | — | — | B1 |
| Costa Rica | Central and South America | BB | BB | Ba2 |
| Croatia | Eastern Europe & Russia | A- | A- | A3 |
| Cuba | Caribbean | — | — | Ca |
| Curacao | Caribbean | BBB- | — | Baa3 |
| Cyprus | Western Europe | A- | A- | A3 |
| Czech Republic | Eastern Europe & Russia | AA- | — | Aa3 |
| Côte d'Ivoire | Africa | — | — | Ba2 |
| D | ||||
| Denmark | Western Europe | AAA | AAA | Aaa |
| Dominican Republic | Caribbean | BB | BB- | Ba2 |
| E | ||||
| Ecuador | Central and South America | B- | CCC+ | Caa3 |
| Egypt | Africa | B | B | Caa1 |
| El Salvador | Central and South America | B- | B- | B3 |
| Estonia | Eastern Europe & Russia | — | A+ | A1 |
| Ethiopia | Africa | SD | RD | Caa2 |
| F | ||||
| Fiji | Asia | B+ | — | B1 |
| Finland | Western Europe | AA+ | AA | Aa1 |
| France | Western Europe | A+ | A+ | Aa3 |
| G | ||||
| Gabon | Africa | — | CCC- | Caa2 |
| Georgia | Eastern Europe & Russia | BB | BB | Ba2 |
| Germany | Western Europe | AAA | AAA | Aaa |
| Ghana | Africa | B- | B- | Caa1 |
| Greece | Western Europe | BBB | BBB | Baa3 |
| Guatemala | Central and South America | BB+ | BB+ | Ba1 |
| Guernsey (States of) | Western Europe | A+ | — | A1 |
| H | ||||
| Honduras | Central and South America | BB- | B | B1 |
| Hong Kong | Asia | AA+ | AA- | Aa3 |
| Hungary | Eastern Europe & Russia | BBB- | BBB | Baa2 |
| I | ||||
| Iceland | Western Europe | A+ | A | A1 |
| India | Asia | BBB | BBB- | Baa3 |
| Indonesia | Asia | BBB | BBB | Baa2 |
| Iraq | Middle East | B- | B- | Caa1 |
| Ireland | Western Europe | AA | AA | Aa3 |
| Isle of Man | Western Europe | — | — | Aa3 |
| Israel | Middle East | A | A | Baa1 |
| Italy | Western Europe | BBB+ | BBB+ | Baa2 |
| J | ||||
| Jamaica | Caribbean | BB | BB- | Ba3 |
| Japan | Asia | A+ | A | A1 |
| Jersey (States of) | Western Europe | AA- | — | Aa3 |
| Jordan | Middle East | BB- | BB- | Ba3 |
| K | ||||
| Kazakhstan | Eastern Europe & Russia | BBB- | BBB | Baa1 |
| Kenya | Africa | B | B- | B3 |
| Korea | Asia | AA | — | Aa2 |
| Kuwait | Middle East | AA- | AA- | A1 |
| Kyrgyzstan | Eastern Europe & Russia | — | — | B3 |
| L | ||||
| Laos | Asia | CCC+ | CCC+ | Caa2 |
| Latvia | Eastern Europe & Russia | A | A- | A3 |
| Lebanon | Middle East | SD | — | C |
| Liechtenstein | Western Europe | AAA | — | Aaa |
| Lithuania | Eastern Europe & Russia | A | A | A2 |
| Luxembourg | Western Europe | AAA | AAA | Aaa |
| M | ||||
| Macao | Asia | — | AA | Aa3 |
| Macedonia | Eastern Europe & Russia | BB- | — | Ba3 |
| Malaysia | Asia | A- | BBB+ | A3 |
| Maldives | Asia | — | CC | Caa2 |
| Mali | Africa | — | B- | Caa2 |
| Malta | Western Europe | A- | A+ | A2 |
| Mauritius | Africa | BBB- | — | Baa3 |
| Mexico | Central and South America | BBB | BBB- | Baa2 |
| Moldova | Eastern Europe & Russia | BB- | B+ | B3 |
| Mongolia | Asia | BB- | B+ | B1 |
| Montenegro | Eastern Europe & Russia | B+ | — | B1 |
| Montserrat | Caribbean | BBB- | — | Baa3 |
| Morocco | Africa | BBB- | BB+ | Ba1 |
| Mozambique | Africa | CCC+ | CCC | Caa3 |
| N | ||||
| Namibia | Africa | — | BB- | B1 |
| Nepal | Asia | — | BB- | Ba3 |
| Netherlands | Western Europe | AAA | AAA | Aaa |
| New Zealand | Australia & New Zealand | AA+ | AA+ | Aaa |
| Nicaragua | Central and South America | B+ | B | B2 |
| Niger | Africa | — | — | Caa3 |
| Nigeria | Africa | B- | B | B3 |
| Norway | Western Europe | AAA | AAA | Aaa |
| O | ||||
| Oman | Middle East | BBB- | BBB- | Baa3 |
| P | ||||
| Pakistan | Asia | B- | B- | Caa1 |
| Panama | Central and South America | BBB- | BB+ | Baa3 |
| Papua New Guinea | Asia | B- | B+ | B2 |
| Paraguay | Central and South America | BBB- | BB+ | Baa3 |
| Peru | Central and South America | BBB- | BBB | Baa1 |
| Philippines | Asia | BBB+ | BBB | Baa2 |
| Poland | Eastern Europe & Russia | A- | A- | A2 |
| Portugal | Western Europe | A+ | A | A3 |
| Q | ||||
| Qatar | Middle East | AA | AA | Aa2 |
| R | ||||
| Ras Al Khaimah (Emirate of) | Middle East | A- | — | A3 |
| Romania | Eastern Europe & Russia | BBB- | BBB- | Baa3 |
| Rwanda | Africa | B+ | B+ | B2 |
| S | ||||
| Saudi Arabia | Middle East | A+ | A+ | Aa3 |
| Senegal | Africa | CCC+ | — | Caa1 |
| Serbia | Eastern Europe & Russia | BBB- | BB+ | Ba2 |
| Sharjah | Middle East | — | — | Ba1 |
| Singapore | Asia | AAA | AAA | Aaa |
| Slovakia | Eastern Europe & Russia | A+ | A- | A3 |
| Slovenia | Eastern Europe & Russia | AA | A+ | A3 |
| Solomon Islands | Asia | — | — | Caa1 |
| South Africa | Africa | BB | BB- | Ba2 |
| Spain | Western Europe | A+ | A | A3 |
| Sri Lanka | Asia | CCC+ | CCC+ | Ca |
| St. Maarten | Caribbean | — | — | Ba2 |
| St. Vincent & the Grenadines | Caribbean | — | — | B3 |
| Suriname | Central and South America | CCC+ | C | Caa1 |
| Swaziland | Africa | — | — | B2 |
| Sweden | Western Europe | AAA | AAA | Aaa |
| Switzerland | Western Europe | AAA | AAA | Aaa |
| T | ||||
| Taiwan | Asia | AA+ | AA | Aa3 |
| Tajikistan | Eastern Europe & Russia | B | — | B3 |
| Tanzania | Africa | — | B+ | B1 |
| Thailand | Asia | BBB+ | BBB+ | Baa1 |
| Togo | Africa | B+ | — | B3 |
| Trinidad and Tobago | Caribbean | BBB- | — | Ba2 |
| Tunisia | Africa | — | B- | Caa1 |
| Turkey | Western Europe | BB- | BB- | Ba3 |
| Turks and Caicos Islands | Caribbean | BBB+ | BBB+ | Baa1 |
| U | ||||
| Uganda | Africa | B- | B | B3 |
| Ukraine | Eastern Europe & Russia | SD | CCC | Ca |
| United Arab Emirates | Middle East | AA | AA- | Aa2 |
| United Kingdom | Western Europe | AA | AA- | Aa3 |
| United States | North America | AA+ | AA+ | Aa1 |
| Uruguay | Central and South America | BBB+ | BBB | Baa1 |
| Uzbekistan | Eastern Europe & Russia | BB | BB | Ba3 |
| V | ||||
| Venezuela | Central and South America | — | — | C |
| Vietnam | Asia | BB+ | BB+ | Ba2 |
| Z | ||||
| Zambia | Africa | CCC+ | B- | Caa2 |