Sovereign

Country

SGC CCE Dynamics Date
National currency Foreign currency National currency Foreign currency

Armenia

B+
B+
B
B
Confirmed 03.02.2017

Belarus

B
B-
CCC+
CCC
Confirmed 03.02.2017

China

AA-
AA-
A+
A+
Confirmed 25.11.2016

Cyprus

BB
BB
BB
BB
Confirmed 07.04.2017

Germany

AAA
AAA
AAA
AAA
Confirmed 17.03.2017

Kazakhstan

BBB-
BBB-
BB+
BB+
Confirmed 20.01.2017

Kyrgyzstan

B
B
B-
B-
Confirmed 27.01.2017

Russian Federation

BBB-
BBB-
BBB-
BBB-
Upgraded 20.01.2017

USA

AAA
AAA
AAA
AAA
Confirmed 25.11.2016

Uzbekistan

B+
B
CCC+
CCC
Confirmed 24.03.2017

All ratings listed in the table above are unsolicited and rated entities did not participate in the rating process