For the intrepid data gatherer, Bankrate assembled a historical record of the credit ratings of the 17 European countries that share the euro. Data shown are from 2005 to the present day, according to the three ratings agencies: Standard & Poor’s, Moody’s and Fitch. Ratings are current as of year-end in all years except for 2012. Those ratings are current as of mid-October. Click through the tabs to see how each agency rates each country. Check out the key to learn what the ratings mean.



Standard & Poor’s sovereign credit ratings: 2005-2012

Rating as of the end of:  
2005 2006 2007 2008 2009 2010 2011 10/12/2012
Germany AAA AAA AAA AAA AAA AAA AAA AAA
Netherlands AAA AAA AAA AAA AAA AAA AAA AAA
Luxembourg AAA AAA AAA AAA AAA AAA AAA AAA
Finland AAA AAA AAA AAA AAA AAA AAA AAA
France AAA AAA AAA AAA AAA AAA AAA AA+
Austria AAA AAA AAA AAA AAA AAA AAA AA+
Belgium AA+ AA+ AA+ AA+ AA+ AA+ AA AA
Estonia A A A A A- A AA- AA-
Slovak Republic A A A A+ A+ A+ A+ A
Slovenia AA- AA AA AA AA AA AA- A
Malta A A A A A A A A-
Ireland AAA AAA AAA AAA AA A BBB+ BBB+
Italy AA- A+ A+ A+ A+ A+ A BBB+
Spain AAA AAA AAA AAA AA+ AA AA- BBB-
Portugal AA- AA- AA- AA- A+ A- BBB- BB
Cyprus A A A A+ A+ A BBB BB
Greece A A A A BBB+ BB+ CC CCC

More On The European Sovereign Debt Crisis:

 

For the intrepid data gatherer, Bankrate assembled a historical record of the credit ratings of the 17 European countries that share the euro. Data shown are from 2005 to the present day, according to the three ratings agencies: Standard & Poor’s, Moody’s and Fitch. Ratings are current as of year-end in all years except for 2012. Those ratings are current as of mid-October. Click through the tabs to see how each agency rates each country. Check out the key to learn what the ratings mean.



Moody’s sovereign credit ratings: 2005-2012

  Rating as of the end of:  
2005 2006 2007 2008 2009 2010 2011 10/12/2012
Germany Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
Netherlands Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
Luxembourg Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
Finland Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
France Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
Austria Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa
Belgium Aa1 Aa1 Aa1 Aa1 Aa1 Aa1 Aa3 Aa3
Estonia A1 A1 A1 A1 A1 A1 A1 A1
Slovak Republic A2 A1 A1 A1 A1 A1 A1 A2
Slovenia Aa3 Aa2 Aa2 Aa2 Aa2 Aa2 A1 A2
Malta A3 A3 A2 A1 A1 A1 A2 A3
Ireland Aaa Aaa Aaa Aaa Aa1 Baa1 Ba1 Ba1
Italy Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 A2 A3
Spain Aaa Aaa Aaa Aaa Aaa Aa1 A1 Baa3
Portugal Aa2 Aa2 Aa2 Aa2 Aa2 A1 Ba2 Ba3
Cyprus A2 A2 A1 Aa3 Aa3 Aa3 Baa3 Ba3
Greece A1 A1 A1 A1 A2 Ba1 Ca C

More On The European Sovereign Debt Crisis:

 

For the intrepid data gatherer, Bankrate assembled a historical record of the credit ratings of the 17 European countries that share the euro. Data shown are from 2005 to the present day, according to the three ratings agencies: Standard & Poor’s, Moody’s and Fitch. Ratings are current as of year-end in all years except for 2012. Those ratings are current as of mid-October. Click through the tabs to see how each agency rates each country. Check out the key to learn what the ratings mean.



Fitch’s sovereign credit ratings: 2005-2012

  Rating as of the end of:  
2005 2006 2007 2008 2009 2010 2011 10/12/2012
Germany AAA AAA AAA AAA AAA AAA AAA AAA
Netherlands AAA AAA AAA AAA AAA AAA AAA AAA
Luxembourg AAA AAA AAA AAA AAA AAA AAA AAA
Finland AAA AAA AAA AAA AAA AAA AAA AAA
France AAA AAA AAA AAA AAA AAA AAA AAA
Austria AAA AAA AAA AAA AAA AAA AAA AAA
Belgium AA AA+ AA+ AA+ AA+ AA+ AA+ AA
Estonia A A A A- BBB+ A A+ A+
Slovak Republic A A A A+ A+ A+ A+ A+
Slovenia AA- AA AA AA AA AA AA- A-
Malta A A A+ A+ A+ A+ A+ A+
Ireland AAA AAA AAA AAA AA- BBB+ BBB+ BBB+
Italy AA AA- AA- AA- AA- AA- A+ A-
Spain AAA AAA AAA AAA AAA AA+ AA- BBB
Portugal AA AA AA AA AA A+ BB+ BB+
Cyprus A+ A+ AA- AA- AA- AA- BBB BB+
Greece A A A A BBB+ BBB- CCC CCC

More On The European Sovereign Debt Crisis:

 

For the intrepid data gatherer, Bankrate assembled a historical record of the credit ratings of the 17 European countries that share the euro. Data shown are from 2005 to the present day, according to the three ratings agencies: Standard & Poor’s, Moody’s and Fitch. Ratings are current as of year-end in all years except for 2012. Those ratings are current as of mid-October. Click through the tabs to see how each agency rates each country. Check out the key to learn what the ratings mean.



Key to ratings issued by the three agencies

  Moody’s Fitch S&P  
Investment grade Aaa AAA AAA This is the highest rating; the issuer has low credit risk and an extremely strong ability to pay debts.
  Aa AA AA Still really good; this issuer has a very strong ability to pay obligations.
  A A A This issuer has no problems paying bills but could be slightly shaken by adverse conditions.
  Baa BBB BBB Adequate ability to meet commitments, but economic shocks or adverse conditions could knock the issuer off course.
Speculative Ba BB BB Not great, but not too bad — in the short term. The long-term future is uncertain, and economic shocks could reduce its ability to pay bills.
  B B B Currently doing fine but in a precarious position as any adverse conditions could impair the ability to meet obligations.
  Caa CCC CCC Currently not doing well and dependent on favorable conditions to meet financial commitments.
  Ca CC CC Times are tough, and the ability to meet commitments could be knocked down with a feather.
  C C   Look out below — a default is coming.
      R Under regulatory supervision, some obligations may get paid and some may not if the regulators have that power.
    RD and D SD and D The selective default rating from S&P or the restricted default rating from Fitch indicates that certain obligations have been defaulted on but other payments are being made on time.  Default indicates that the issuer will not be able to meet any of its obligations.
  Modified by 1, 2 and 3: 1 indicates that the rating is on the higher end of the spectrum, while 3 points is lower. Plus (+) or minus (-)   Plus (+) or minus (-)   The addition of plus or minus to a rating adds a little more information about the relative strength or weakness of the issuer.

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