Ranking the Credit Ratings of Major Economies
Ranking the Credit Ratings of Major Economies
Country credit ratings assess the likelihood that a country will default on its debts, and are determined by international rating agencies like Standard & Poor’s (S&P), Moody’s, and Fitch Ratings.
Generally speaking, a higher rating results in lower borrowing costs for the country, while lower ratings can increase costs or even limit access to capital.
This graphic from The Hinrich Foundation shows the credit worthiness of 28 major economies, using an index of ratings from the three agencies mentioned above (S&P, Moody’s, Fitch).
The analysis comes from the 2023 Sustainable Trade Index (STI), which the Hinrich Foundation produced in collaboration with the IMD World Competitiveness Center.
Data Overview
To produce the STI’s credit rating metric, ratings from S&P, Moody’s, and Fitch were converted to a numerical score and averaged for each economy, with a range of 0-60 (60 being the highest). All data are as of 2022.
Rank | Economy | Index Value |
---|---|---|
1 | 🇦🇺 Australia | 60 |
1 | 🇸🇬 Singapore | 60 |
3 | 🇨🇦 Canada | 59 |
3 | 🇺🇸 United States | 59 |
5 | 🇳🇿 New Zealand | 57 |
6 | 🇹🇼 Taiwan | 54 |
7 | đź‡đꇰ Hong Kong | 53 |
7 | 🇰🇷 South Korea | 53 |
9 | 🇬🇧 United Kingdom | 52 |
10 | 🇨🇳 China | 48 |
11 | 🇯🇵 Japan | 47 |
12 | 🇨🇱 Chile | 45 |
13 | 🇲🇾 Malaysia | 41 |
14 | 🇵🇪 Peru | 39 |
14 | 🇹🇠Thailand | 39 |
16 | 🇵🇠Philippines | 37 |
17 | 🇮🇩 Indonesia | 36 |
17 | 🇲🇽 Mexico | 36 |
19 | 🇮🇳 India | 33 |
20 | 🇻🇳 Vietnam | 26 |
21 | 🇧🇩 Bangladesh | 24 |
22 | 🇰🇠Cambodia | 18 |
23 | 🇵🇬 Papua New Guinea | 17 |
24 | 🇪🇨 Ecuador | 12 |
25 | 🇵🇰 Pakistan | 8 |
26 | 🇱🇦 Laos | 6 |
27 | 🇱🇰 Sri Lanka | 4 |
28 | 🇷🇺 Russia | 1 |
Countries with advanced economies and stable political structures typically receive the highest credit ratings, but this is always subject to change. For example, in August 2023, Fitch Ratings announced it had downgraded the U.S. to an AA+ from AAA (the highest possible).
From Fitch’s press release:
The rating downgrade of the U.S. reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.
Speaking of downgrades, one country that has received numerous in recent years is Russia, due to sanctions it faces as a result of the prolonged invasion of Ukraine. For example, S&P reduced Russia’s sovereign credit rating to a CCC-, which implies a default is imminent in the near future.
Explore the Sustainable Trade Index
This infographic was just a preview of what the Sustainable Trade Index has to offer. To learn more, visit The Hinrich Foundation, where you can download additional resources including the entire report for free.

-
GDP5 days ago
Visualizing U.S. GDP by Industry in 2023
Services-producing industries account for the majority of U.S. GDP in 2023, followed by other private industries and the government.
-
Debt3 weeks ago
Visualizing America’s $1 Trillion Credit Card Debt
Americans’ collective credit card debt surpassed $1 trillion for the first time in 2023.
-
Markets4 weeks ago
The 20 Most Common Investing Mistakes, in One Chart
Here are the most common investing mistakes to avoid, from emotionally-driven investing to paying too much in fees.
-
Money1 month ago
Visualizing the Pyramid of Global Wealth Distribution
Global wealth stands at over $454 trillion. This graphic shows how it’s distributed, by various levels of net worth.
-
Money1 month ago
Visualizing the Investments of the Ultra-Wealthy
This graphic shows how the ultra-wealthy invest their fortunes, from real estate and equities to luxury items.
-
Money2 months ago
Visualizing the Top Countries by Wealth per Person
Here’s how wealth per person compares by country to reveal differences in average and median wealth around the world.