Country SGC Dynamics Outlook Date Press Release
National currency Foreign currency National currency Foreign currency National currency Foreign currency
Armenia
BB-
BB-
Confirmed Confirmed Stable Stable 20.07.2018 Download PDF
Belarus
B
B-
Confirmed Confirmed Positive Positive 20.07.2018 Download PDF
China
A+
A+
Confirmed Confirmed Stable Stable 09.11.2018 Download PDF
Cyprus
BBB-
BBB-
Upgraded Upgraded Stable Stable 05.10.2018 Download PDF
Germany
AAA
AAA
Confirmed Confirmed Stable Stable 07.09.2018 Download PDF
Kazakhstan
BBB-
BBB-
Confirmed Confirmed Stable Stable 06.07.2018 Download PDF
Kyrgyzstan
B
B
Confirmed Confirmed Stable Stable 13.07.2018 Download PDF
Russian Federation
BBB-
BBB-
Confirmed Confirmed Stable Stable 06.07.2018 Download PDF
USA
AAA
AAA
Confirmed Confirmed Stable Stable 09.11.2018 Download PDF
Uzbekistan
B+
B+
Confirmed Upgraded Positive Positive 14.09.2018 Download PDF

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

Methodology of assigning Sovereign Government Credit Ratings

Methodology of assigning sovereign government credit ratings - Full version - Version 3 (valid version) as of May 2018

Sovereign ratings assigned by Rating-Agentur Expert RA GmbH are unsolicited ratings.

The Agency assigns ratings of sovereign government creditworthiness.
The rating level represents the opinion of the Agency on the ability of the government to fulfill in due time its financial obligations, both current and prospective ones.

Archive

Version 2 - Short public version as of April 2017

Version 1 - Short public version as of April 2015

List of rating classes

When assigning sovereign governments creditworthiness ratings (SGC) the following rating scales are used. Scales rank the sovereign borrowers in accordance with the opinion of the Agency about the level of their creditworthiness and quality of credit environment in their countries.

Rating scale of the creditworthiness of sovereign governments (SGC):

AAA - Highest level of creditworthiness

Capability to meet obligations in the long run is at the highest level. Lowest level of credit risk on obligations.

AA - Very high level of creditworthiness

Capability to meet obligations in the long run is very high. Very low level of credit risk on obligations.

A -High level of creditworthiness

Capability to meet obligations in the long run is high. Low level of credit risk on obligations.

BBB - Moderately high level of creditworthiness

Capability to meet obligations in the long run is moderately high. Moderately low level of credit risk on obligations.

BB -Sufficient level of creditworthiness

Capability to meet obligations in the long run is sufficient. Moderate level of credit risk on obligations.

B -Moderately low level of creditworthiness

Capability to meet obligations in the long run is moderately low. Moderately high level of credit risk on obligations.

CCC - Low level of creditworthiness

Capability to meet obligations in the long run is low. High level of credit risk on obligations.

CC - Very low level of creditworthiness (possible delay in execution of some commitments)

Capability to meet obligations in the long term is very low, possible delay in execution of some commitments. Very high level of credit risk on obligations.

C - Lowest level of creditworthiness (part of the commitments are not executed)

Capability to meet obligations in the long run is in the lowest level. Highest level of credit risk on obligations.
The government doesn’t execute a part of financial obligations, and it is expected that in the long run the government will not be able to fulfil its obligations completely.

D -Default

The country does not fulfil any financial obligations / government declared default on its financial obligations.
Rating of this level is assigned to countries which are in a state of extreme systemic shock (for example: overall nationalization and suspension of payments on all private and public debt obligations incurred prior to the shock).


One of the above rating levels that can be assigned to the country, excluding AAA and ratings below CCC, may be supplemented with (+) or (-) sign depending on the value of the rating score.

RATING-AGENTUR EXPERT RA GMBH
SOVEREIGN RATING (SGC and CCE)
PRESS-RELEASE CALENDAR

These calendars announce the dates for the release of unsolicited sovereign credit rating actions, in accordance with Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 (“CRA3”).

Sovereign Rating Calendar 2018

Country 1st Press-release date 2nd Press-release date
KAZAKHSTAN 12.01.2018 06.07.2018
RUSSIA 12.01.2018 06.07.2018
KYRGYZSTAN 19.01.2018 13.07.2018
ARMENIA 26.01.2018 20.07.2018
BELARUS 26.01.2018 20.07.2018
GERMANY 09.03.2018 07.09.2018
UZBEKISTAN 16.03.2018 14.09.2018
CYPRUS 06.04.2018 05.10.2018
CHINA 11.05.2018 09.11.2018
USA 11.05.2018 09.11.2018

See Sovereign Rating Calendar 2017

Country 1st Press-release date 2nd Press-release date
KAZAKHSTAN 20.01.2017 14.07.2017
RUSSIA 20.01.2017 14.07.2017
KYRGYZSTAN 27.01.2017 21.07.2017
ARMENIA 03.02.2017 28.07.2017
BELARUS 03.03.2017 28.07.2017
GERMANY 17.03.2017 15.09.2017
UZBEKISTAN 24.03.2017 22.09.2017
CYPRUS 07.04.2017 06.10.2017
CHINA 19.05.2017 17.11.2017
USA 19.05.2017 17.11.2017

See Sovereign Rating Calendar 2016

Country 1st Press-release date 2nd Press-release date
KAZAKHSTAN 29.01.2016 22.07.2016
RUSSIA 29.01.2016 22.07.2016
KYRGYZSTAN 19.02.2016 29.07.2016
ARMENIA 04.03.2016 05.08.2016
BELARUS 04.03.2016 05.08.2016
GERMANY 15.04.2016 23.09.2016
UZBEKISTAN 15.04.2016 23.09.2016
CYPRUS 22.04.2016 14.10.2016
CHINA 03.06.2016 25.11.2016
USA 03.06.2016 25.11.2016

See Sovereign Rating Calendar 2015

Country Press-release date
USA 11.12.2015
CHINA 11.12.2015

Rating process

Rating-Agentur Expert RA GmbH, following the requirement of the second subparagraph of Article 8(5) of the Regulation No 462/2013 of the European Parliament and of the Council of 21 May 2013, publishes on its website on an annual basis a calendar of Sovereign credit ratings at the end of December for the following 12 months, setting a maximum of three dates for the publication of unsolicited sovereign ratings and related rating outlooks and setting the dates for the publication of solicited sovereign ratings and related rating outlooks. Such dates are set on Fridays and the ratings will be published after the close of business hours of regulated markets and at least one hour before their opening, accompanied by Research reports and Press-releases.