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      Our Approach

      Scope’s sovereign and public sector methodologies are based on quantitative and qualitative scorecards, allowing us to strike an appropriate balance between analytical consistency and acknowledgement of issuer-specific characteristics. We make clear when we use our own judgement in the assessment of credit risk. Our coverage includes four asset classes – sovereigns, sub-sovereigns, government-related entities and supranational institutions – allowing us to analyse the interactions between these and implications for sovereign and public sector credit quality.

      Our sovereign quantitative model embeds five-year forecasting, making the rating framework significantly forward looking. Our analytical emphasis rests on structural rather than cyclical dynamics. We also attach more weighting to flow than stock variables. We transparently assess the benefit of reserve currencies and the credit-relevant challenges associated with heightened political risks.

      First major agency to embed environmental, social and governance (ESG) factors as a stand-alone sovereign rating methodological pillar, emphasising longer-run ESG risk with significant 25% weight in the quantitative model.

      Transparent communication to markets on sovereign quantitative-model ratings as well as precise analyst adjustments in rating actions – no “black box”.

      Assigned credit ratings on 40+ sovereigns, 30+ sub-sovereigns, 50+ government-related entities and six core European supranational institutions.

      Our Research

      Scope’s sovereign and public sector research reflects market-leading outlooks on sovereign borrowers, sub-sovereign and government-related entities, and supranational institutions. Research studies provide deeper insight on specific subjects, while shorter commentaries inform market participants around the credit implications of latest political, economic, fiscal and monetary developments.

      Read latest research
      research_sovereign_public | Scope One
      Team Contacts

      Our diverse team of sovereign and public sector analysts is based in our Frankfurt, Berlin, Paris, Milan and Madrid offices.

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      Giacomo Barisone
      Head of Fundamental Credit Ratings & Research
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      Alvise Lennkh
      Head of Sovereign and Public Sector
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      Florian Stapf
      Business Developement
      Additional information

      Scope's 2025 Sovereign and Public Sector Rating Calendar

      How We Are Different (Presentation)

      2024 Sovereign and Public Sector Rating Actions, Updated 15 November 2024

      Sovereign Ratings

      As of Dec 24, 2024* (click on country name to visit issuer page)

      Europe Other Countries
      EURO Area NON-EURO AREA EU
      Austria AA+
      Stable
      Belgium AA-
      Negative
      Croatia A-
      Stable
      Cyprus A-
      Stable
      Estonia A+
      Stable
      Finland AA+
      Stable
      France AA-
      Stable
      Germany AAA
      Stable
      Greece BBB
      Stable
      Ireland AA
      Stable
      Italy BBB+
      Stable
      Latvia A-
      Stable
      Lithuania A
      Positive
      Luxembourg AAA
      Stable
      Malta A+
      Stable
      Netherlands AAA
      Stable
      Portugal A
      Stable
      Slovakia A
      Stable
      Slovenia A
      Stable
      Spain A
      Stable
      Bulgaria BBB+
      Positive
      Czech Republic AA-
      Stable
      Denmark AAA
      Stable
      Hungary BBB
      Stable
      Poland A
      Stable
      Romania BBB-
      Stable
      Sweden AAA
      Stable
      OTHER WESTERN EUROPE
      Norway AAA
      Stable
      Switzerland AAA
      Stable
      United Kingdom AA
      Stable
      OTHER EUROPE
      Georgia BB
      Stable
      Serbia BB+
      Positive
      Turkey BB-
      Stable
      Ukraine SD
      None
      AFRICA
      Egypt B-
      Stable
      Morocco BB+
      Stable
      South Africa BB
      Stable
      REST OF THE WORLD
      China A
      Stable
      Japan A
      Stable
      United States AA
      Negative

      *Foreign-currency long-term issuer rating

      Scope’s sovereign ratings and ratings histories are also displayed on WikiratingFX Empire and Macrobond, among other platforms.

      Supranational Ratings

      As of Dec 24, 2024* (click on supranational entity to visit issuer page)

      Visit ScopeOne for Scope Ratings’ full analytical research
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