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 | 🇭🇰 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.

-
Economy1 month ago
Breaking Down the $450 Billion of Trade Destruction from U.S. Tariffs
The UN has crunched the numbers projecting the ripple effects of Trump’s May 12th tariffs. Which economies are bracing for the biggest hits?
-
Economy3 months ago
Ranked: America’s Services Trade Balances
America’s goods trade deficits have dominated headlines, but a critical part of the equation is being ignored: services trade.
-
AI4 months ago
Visualized: All of the World’s Data
More data will be created, captured, and replicated in the next three years than in the rest of human history. But by how much?
-
Economy5 months ago
Visualized: The Growing Opportunities in Global Trade Careers
Visual Capitalist has partnered with the Hinrich Foundation to explore the landscape of global trade and find out what students and trade professionals can do to…
-
Green5 months ago
Ranked: CO₂ Emissions Per Person in 30 Economies
CO₂ emissions are reshaping the flows of international trade. Which countries have the highest and lowest CO₂ emissions per capita?
-
Healthcare6 months ago
Mapped: Life Expectancy in Major Economies
Which countries have the highest and lowest life expectancies at birth?
-
Markets8 months ago
Ranked: Government Debt Across Major Economies
Based on data from the IMF’s World Economic Outlook, which countries have the highest and lowest government debt ratios?
-
Markets9 months ago
Ranked: The World’s Most Sustainable Economies in 2024
Based on the Hinrich Foundation’s 2024 Sustainable Trade Index, which economies are the most and least sustainable?
-
Oil and Gas1 year ago
How Oil Is Adding Fuel to Geopolitical Fragmentation
Which countries and regions decreased, banned, or increased Russian oil imports following the 2022 invasion of Ukraine?
-
Politics1 year ago
The Start of De-Dollarization: China’s Gradual Move Away from the USD
The de-dollarization of China’s trade settlements has begun. What patterns do we see in USD and RMB use within China and globally?
-
Politics1 year ago
The Bloc Effect: International Trade with Geopolitical Allies on the Rise
Rising geopolitical tensions are shaping the future of international trade, but what is the effect on trading among G7 and BRICS countries?
-
Green2 years ago
Ranked: Resource Dependency Across 30 Major Economies
High resource dependency in trade makes countries more susceptible to market fluctuations and climate change.
-
Misc2 years ago
Visualizing the Global Education Gap
This graphic adds visual context to the global education gap, using data from 29 major economies.
-
Economy2 years ago
Ranked: The World’s Most Sustainable Economies in 2023
The Sustainable Trade Index 2023 is an annual ranking of the world’s most sustainable economies. View this infographic to see the results.
-
Economy2 years ago
Visualizing the Impact of the G20’s Corporate Subsidies
The Hinrich Foundation visualizes the impact of corporate subsidies by G20 nations between 2008 and Q1 2023.
-
Economy2 years ago
Economic Coercion: China’s Leverage in Trade
The Hinrich Foundation explores China’s use of economic coercion and the implications of its control over the solar energy sector.
-
Politics2 years ago
Ranking the Trade Policies of the G20
We analyze recent trade policies implemented by G20 members to determine whether they are liberalizing or harmful.
-
Green2 years ago
Global Carbon Markets: Highlights from the Latest Report
We highlight key findings from the Hinrich Foundation’s latest report on carbon markets, produced in partnership with Visual Capitalist.
-
Green2 years ago
Ranked: Air Pollution by Economy
Which economies have hazy air, and which ones enjoy mostly clear skies? Find out in this geographic breakdown of air pollution levels.
-
Politics2 years ago
Mapped: Geopolitical Risk by Economy
Prior to invading Ukraine, Russia had one of the highest levels of geopolitical risk. How does geopolitical uncertainty vary around the world?
-
Economy3 years ago
Ranked: Harmful Tariffs by Economy
The U.S. has by far the most harmful tariffs, with nearly 5,000 in force. Which economy has the least tariffs?
-
Business3 years ago
Interested in a Career in Global Trade?
Global trade is growing across regions and countries which is creating an explosion in new jobs and education opportunities.
-
Economy3 years ago
Introducing the 2022 Sustainable Trade Index
See which economies have the most sustainable trade policies in the Hinrich Foundation’s 2022 Sustainable Trade Index.
-
Economy3 years ago
Global Trade Series: Fragmentation in the Digital Economy
In this infographic, we examine the current state of digital fragmentation and it’s implications on the world.
-
Economy3 years ago
Global Trade Series: Asia’s Digital Economy
Asia’s digital economy is expanding quicker than ever, but cooperation between governments is needed to reduce barriers.
-
Economy3 years ago
Global Trade Series: The Benefits of Free Trade
Free trade is a powerful engine for economic growth, but rising protectionism stands in the way. See what the data says in this infographic.