Sovereign Ratings And Country T&C Assessments Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services currently rates 127 sovereign governments and has established transfer and convertibility (T&C) assessments for each country with a rated sovereign, as shown in the table below. A T&C assessment is the rating associated with the likelihood of the sovereign restricting nonsovereign access to foreign exchange needed for debt service. For most countries, Standard & Poor's analysis concludes that this risk is less than the risk of sovereign default on foreign-currency obligations; thus, most T&C assessments exceed the sovereign foreign currency rating. Foreign currency ratings of nonsovereign entities or transactions generally can be as high as the T&C assessment if their stress-tested operating and financial characteristics support the higher rating. For more information, please see "Corporate...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Georgia,Norway,Australia (Commonwealth of) (Unsolicited Ratings),Austria (Republic of),Canada,Denmark (Kingdom of),Finland (Republic of),New Zealand,Sweden (Kingdom of),Bolivarian Republic of Venezuela,France (Republic of) (Unsolicited Ratings),Japan (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Spain (Kingdom of),Germany (Federal Republic of) (Unsolicited Ratings),Belgium (Kingdom of) (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),Hong Kong (Special Administrative Region),Swiss Confederation (Unsolicited Ratings),Ireland (Republic of),Malaysia,Thailand (Kingdom of),Korea (Republic of),Singapore (Republic of) (Unsolicited Ratings),United States of America (Unsolicited Ratings),Iceland (Republic of),Netherlands (The) (State of) (Unsolicited Ratings),Portugal (Republic of),Brazil (Federative Republic of),Greece (Hellenic Republic),Israel (State of),Taiwan (Republic of China) (Unsolicited Ratings),India (Republic of) (Unsolicited Ratings),China (People's Republic of ),Tunisia (Republic of),Turkey (Republic of),Luxembourg (Grand Duchy of),Cyprus (Republic of),El Salvador (Republic of),Mexico,Hungary (Republic of),Indonesia (Republic of),Chile (Republic of),Oman (Sultanate of),Colombia (Republic of),Philippines (Republic of the),Argentina (Republic of) (Unsolicited Ratings),Czech Republic,Uruguay (Oriental Republic of),Slovak Republic,Malta (Republic of),Pakistan (Islamic Republic of),South Africa (Republic of),Poland (Republic of),Bermuda,Paraguay (Republic of),Qatar (State of),Romania,Trinidad and Tobago (Republic of),Slovenia (Republic of),Russian Federation,Kazakhstan (Republic of),Liechtenstein (Principality of),Egypt (Arab republic of),Latvia (Republic of),Croatia (Republic of),Panama (Republic of),Dominican Republic,Lebanon (Republic of),Costa Rica (Republic of),Lithuania (Republic of),Kuwait (State of),Morocco (Kingdom of),Estonia (Republic of),Cook Islands,Ukraine,Bulgaria (Republic of),Bolivia (Plurinational State of),Papua New Guinea (Independent State of),Jamaica,Suriname (The Republic of),Barbados,Mongolia,Isle of Man,Ecuador (Republic of),Belize,Senegal (Republic of),Botswana (Republic of),Republic of Seychelles,Guatemala (Republic of),Grenada,Vietnam (Socialist Republic of),Bahrain (Kingdom of),Andorra (Principality of),Saudi Arabia (Kingdom of),Ghana (Republic of),Cameroon (Republic of),Commonwealth of The Bahamas (The),Benin (Republic of),Sri Lanka (Democratic Socialist Republic of),Burkina Faso,Republic of Mali,Republic of Madagascar,Mozambique (Republic of),Montserrat,Serbia (Republic of),Montenegro (Republic of),Georgia (Government of),Nigeria (Federal Republic of),Bangladesh (People's Republic of),Fiji Islands (Republic of),Kenya (Republic of),Emirate of Abu Dhabi,Cambodia (Kingdom of) (Unsolicited Ratings),Ras Al Khaimah (Emirate of),Aruba,Cape Verde (Republic of),Honduras (Republic of),Azerbaijan (Republic of),Uganda (Republic of),Guernsey,Bosnia and Herzegovina,Socialist People's Libyan Arab Jamahiriya,Angola (Republic of),Albania (Republic of),Zambia (Republic of),Curacao

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