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Sovereign Debt 2025: EMEA Emerging Markets' Borrowings Will Remain Close To Peak At About US$624 Billion
Mar 4, 2025 -… . $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial borrowing (%) Abu Dhabi (Emirate of) 10.0 0.0 13.9 15.0 6.0 5.3 1.0 12.4 17 2.7 Albania 0.9 1.5 0.9 1.9 2.0 1.0 2.1 1.9 2.5 0.4 Angola 23.0 25.6 27.4 5.5 4.9 5.7 5.1 3.4 3.4 0.5 Armenia 0.7 1.4 0.7 1.5 1.7 3.2 0.5 Azerbaijan 2.9 0.0 0.1 0.8 0.7 0.8 1.7 1.5 1.8 0.3 Bahrain 6.3 2.8 3.3 7.3 8.9 2.4 4.9 7.9 8.3 1.3 Benin 1.0 0.4 0.7 1.4 1.8 1.3 1.3 0.9 1.1 0.2 Bosnia and Herzegovina 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 Botswana 0.2 0.1 0.4 0.5 0.2 0.3 0.5 0.8 0.7 0.1 Bulgaria 0.5 0.0 0.6 3.5 2.3 3.7 4.0 5.6 5.8 0.9 Burkina Faso 0.2 0.7 0.7 1.5 2.3 1.4 1.7 3.2 3.2 0.5 Cameroon 0.7 0.4 1.6 0.8 1.9 1.5 0.6 1.3 1 0.2 Cape Verde 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0 0 0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.7 0.6 0.1 Congo (the Democratic Republic of the) 0.0 0.0 0.1 0.2 0.3 0.8 2.0 1.3 1.5 0.2 Congo-Brazzaville 0.2 0.1 0.2 0.2 0.5 1.1 1.2 0.5 0.7 0.1 Cote d'Ivoire 4.0 3.6 8.1 5.2 6.4 4.7 0.8 Egypt 33.6 38.1 45.4 56.5 63.0 57.2 80.0 55 63.7 10.2 Ethiopia 3.2 1.1 1.2 2.4 4.6 6.5 5.9 4.9 2.5 0.4 Georgia (Government of) 0.2 0.1 0.5 0.8 0.8 0.8 1.0 1.2 1.1 0.2 Ghana 4.8 4.9 6.3 13.7 17.8 11.0 3.7 1 1.1 0.2 Hungary 17.0 17.9 26.7 38.4 32.6 30.6 30.9 22.8 25.3 4.1 Iraq 6.3 0.3 10.2 24.7 8.3 6.6 9.3 14.4 16.2 2.6 Israel 28.5 27.9 34.9 77.1 51.3 18.9 43.8 75 51.2 8.2 Jordan 7.5 5.3 6.9 6.5 6.2 6.7 8.3 5.5 7 1.1 Kazakhstan 5.0 3.4 4.8 7.5 6.1 8.2 10.6 10.9 10.9 1.8 Kenya 6.3 3.3 2.8 2.5 7.5 8.0 7.8 6.4 8.7 1.4 Kuwait 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 Lebanon 15.7 18.6 11.0 1.6 0.5 0.3 0.2 0.3 0.3 0.1 Madagascar 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.4 0.3 0.1 Mauritius 0.0 0.0 0.0 0.0 0.0 1.5 1.5 1.6 1.5 0.2 Montenegro 0.3 0.9 0.9 1.3 0.0 0.1 0.2 0.9 0.8 0.1 Morocco 11.4 13.0 11.3 15.6 15.2 8.2 22.3 16.1 17 2.7 Mozambique 0.5 0.7 0.3 3.0 1.9 0.5 0.8 0.4 1.1 0.2 Nigeria 10.7 37.2 11.0 15.4 15.7 10.2 57.9 14.1 10.9 1.7 North Macedonia 0.4 1.0 0.3 1.3 1.3 0.4 1.1 0.9 0.7 0.1 Oman 10.5 8.0 5.0 8.7 6.9 4.4 0.6 2 5.1 0.8 Poland 32.9 33.8 35.9 48.0 34.3 36.5 60.1 100.1 95 15.2 Qatar 19.5 0.0 21.2 24.1 24.5 4.1 5.1 9.6 7.2 1.2 Ras Al Khaimah (Emirate of) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 1 0.2 Romania 12.3 16.8 18.8 32.7 23.5 27.0 36.9 42.5 44.4 7.1 Rwanda 0.0 0.1 0.1 0.1 0.8 0.5 1.5 0.3 0.2 0 Saudi Arabia 37.1 32.9 12.0 56.9 42.0 23.7 45.2 59.2 48.9 7.8 Senegal 1.3 0.8 0.1 0.3 0.5 2.3 2.9 3.6 5.4 0.9 Serbia 3.4 2.9 5.0 6.7 5.4 2.3 3.2 4 4.7 0.8 Sharjah (Emirate of) 1.6 3.2 3.3 3.3 4.6 3.0 3.4 5.2 4.7 0.8 South Africa 17.5 15.7 21.5 32.3 19.6 19.7 18.2 19.6 26.2 4.2 St. ...Table 3 Total commercial debt at year-end (long- and short-term) (Bil. $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial debt (%) Abu Dhabi (Emirate of) 17.6 17.3 29.4 43.9 46.8 45.8 44.6 53.6 63.7 1.8 Albania 5.9 6.5 6.5 8.0 8.7 8.8 10.4 10.8 11.7 0.3 Angola 60.4 56.9 51.4 51.7 36.3 34.8 33.1 33.9 34.8 1.0 Armenia 2.8 4.3 5.9 6.8 7.8 9.6 0.3 Azerbaijan 11.4 10.7 9.3 2.6 4.1 5.1 6.2 6.0 6.6 0.2 Bahrain 28.2 31.8 31.5 38.8 38.3 37.4 49.7 57.6 61.0 1.7 Benin 2.9 3.8 3.5 4.6 3.3 5.7 6.5 6.5 7.6 0.2 Bosnia and Herzegovina 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.9 1.0 1.3 1.9 2.0 2.1 2.2 3.1 3.3 0.1 Bulgaria 12.4 11.1 10.9 15.1 15.6 17.1 20.3 23.9 28.5 0.8 Burkina Faso 1.9 2.3 3.0 4.4 5.5 6.1 6.4 7.9 9.7 0.3 Cameroon 4.5 4.7 5.2 6.7 6.8 5.9 8.9 8.7 8.2 0.2 Cape Verde 1.3 1.3 0.5 0.8 1.0 1.0 1.1 1.1 1.2 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 2.8 2.8 2.8 0.1 Congo (the Democratic Republic of the) 2.5 3.2 2.1 2.2 2.7 2.7 3.9 4.0 4.5 0.1 Congo-Brazzaville 3.7 6.4 6.5 7.0 6.3 8.2 6.9 6.6 7.1 0.2 Cote d'Ivoire 20.9 25.1 28.9 32.2 33.4 35.1 1.0 Egypt 184.9 225.9 251.9 291.1 348.0 386.8 292.4 240.0 274.7 7.8 Ethiopia 11.3 11.9 13.5 13.6 14.8 17.8 21.9 25.6 22.3 0.6 Georgia (Government of) 2.0 2.6 2.0 2.4 2.4 3.1 3.7 4.0 3.6 0.1 Ghana 26.0 25.2 26.6 35.9 46.5 32.0 38.1 31.3 26.4 0.7 Hungary 94.7 94.5 93.1 114.7 116.2 112.3 135.7 135.1 146.9 4.2 Iraq 73.7 42.8 53.5 56.6 56.4 60.3 66.2 73.2 83.2 2.4 Israel 215.5 210.4 238.2 306.0 335.7 294.7 310.8 350.2 375.1 10.6 Jordan 31.0 27.5 29.5 32.2 24.8 25.8 27.3 28.8 31.0 0.9 Kazakhstan 23.4 23.6 27.3 32.6 36.9 41.1 48.5 47.7 54.3 1.5 Kenya 26.5 32.3 36.7 18.8 42.6 44.8 40.1 51.2 53.9 1.5 Kuwait 23.7 19.6 14.8 11.5 10.7 5.4 5.1 4.5 4.5 0.1 Lebanon 77.3 83.0 89.6 50.6 41.2 42.5 40.2 40.0 43.8 1.2 Madagascar 0.0 0.0 0.0 0.0 1.8 0.9 1.9 1.7 1.8 0.1 Mauritius 0.0 0.0 0.0 0.0 0.0 7.7 8.2 8.3 9.0 0.3 Montenegro 2.1 2.2 2.8 3.8 3.0 2.8 2.9 3.6 3.9 0.1 Morocco 62.7 64.5 66.3 79.3 81.1 73.5 83.9 90.0 96.4 2.7 Mozambique 6.9 8.8 5.0 5.9 7.3 7.6 6.7 6.1 6.3 0.2 Nigeria 49.2 44.5 58.2 59.4 58.8 71.4 78.7 65.2 72.0 2.0 North Macedonia 3.7 4.0 4.1 5.3 5.4 5.5 6.3 6.4 7.0 0.2 Oman 20.4 35.7 42.2 47.4 49.8 41.6 37.7 35.7 36.1 1.0 Poland 239.6 228.2 228.4 260.6 243.8 236.5 293.6 346.1 419.7 11.9 Qatar 83.0 95.3 109.5 104.9 104.9 100.3 93.0 89.5 77.4 2.2 Ras Al Khaimah (Emirate of) 0.0 1.2 1.2 1.0 1.0 1.0 1.0 1.0 1.0 0.0 Romania 73.9 80.5 89.3 123.5 134.4 146.4 176.6 201.5 241.8 6.8 Rwanda 1.2 1.3 1.9 1.8 2.2 2.7 2.5 2.6 2.7 0.1 Saudi Arabia 118.1 128.4 159.8 200.5 242.6 264.0 280.1 324.2 363.0 10.3 Senegal 4.9 4.2 6.4 7.6 7.6 11.1 12.3 15.1 18.3 0.5 Serbia 15.5 14.2 14.5 20.1 21.5 20.9 22.5 24.7 27.6 0.8 Sharjah (Emirate of) 4.9 6.7 9.1 11.5 15.1 17.0 20.4 22.8 25.0 0.7 South Africa 202.2 193.9 209.3 262.3 262.1 271.5 272.7 314.0 333.0 9.4 St. ...Table 4 Central government rollover ratios and debt structure (% of total debt, including bi-/multilateral) --2024e-- --2025f-- Commercial debt (% of total) Short-term debt (% of total) Foreign currency debt (% of total) Long-term fixed-rate debt (% of total debt) Inflation-indexed debt (% of total) Bi-/Multilateral debt (% of total) Rollover ratio (% of total debt) Rollover ratio (% of GDP) Abu Dhabi (Emirate of) 100.0 0.0 75.2 74.3 0.0 0.0 12.9 2.2 Albania 76.4 14.5 41.8 70.8 23.6 30.4 15.6 Angola 53.0 11.5 77.7 46.9 0.0 47.0 30.4 14.4 Armenia 61.5 2.7 51.2 83.5 0.0 38.5 17.1 7.9 Azerbaijan 60.2 4.9 53.7 66.8 0.0 39.8 21.7 2.9 Bahrain 87.9 9.7 56.9 76.7 0.0 12.2 17.3 24.5 Benin 56.2 0.3 72.6 97.3 0.0 43.8 9.5 4.7 Bosnia and Herzegovina 0.4 0.0 100.0 54.8 99.6 11.7 1.6 Botswana 65.1 13.1 34.9 52.0 0.0 34.9 16.7 3.8 Bulgaria 90.8 0.0 75.8 99.7 0.0 9.2 8 1.8 Burkina Faso 57.9 2.4 42.9 95.7 2.0 42.1 13.4 7.7 Cameroon 42.0 4.1 71.3 81.2 0.0 58.0 15.1 5.4 Cape Verde 36.8 2.8 63.2 97.2 63.2 5.8 6.2 Chad 44.2 5.0 57.6 87.9 55.8 16.5 4.5 Congo (the Democratic Republic of the) 37.1 2.2 64.8 97.8 62.9 15.5 2.3 Congo-Brazzaville 48.0 5.2 37.6 83.5 0.0 52.0 15.5 14.3 Cote d'Ivoire 66.7 4.5 55.0 86.0 33.3 14.8 7.8 Egypt 87.4 30.5 35.0 69.5 0.0 12.6 44.4 32.2 Ethiopia 57.1 17.4 45.3 80.9 0.0 42.9 18 2.9 Georgia (Government of) 34.5 1.0 69.6 64.9 0.0 65.5 10.8 3.6 Ghana 64.0 8.8 60.0 78.7 36.0 17.3 11.1 Hungary 92.2 5.7 30.0 61.8 21.0 7.8 16 10.3 Iraq 62.8 32.5 46.5 61.2 0.0 37.2 40.8 18.1 Israel 100.0 2.0 15.3 45.6 47.5 8.5 5.6 Jordan 66.7 2.8 59.7 78.8 33.3 16.4 12.8 Kazakhstan 89.7 3.0 22.1 91.4 2.3 10.4 15 2.8 Kenya 62.5 0.0 48.9 93.3 0.0 37.5 8.4 5 Kuwait 100.0 0.0 99.3 99.3 0.0 0.0 11.6 0.3 Lebanon 95.0 5.0 97.0 90.3 0.0 5.0 6 8.4 Madagascar 23.1 3.5 86.4 94.6 76.9 12.9 5 Mauritius 81.4 9.1 17.4 78.9 2.1 18.6 19 11.8 Montenegro 72.9 1.4 85.8 27.1 18.4 10.4 Morocco 81.6 0.1 26.2 89.4 18.4 14.3 9.6 Mozambique 37.0 8.4 69.2 76.3 0.0 63.0 15.8 10.8 Nigeria 80.0 9.0 48.0 87.3 0.0 20.0 11.7 4.4 North Macedonia 74.6 8.9 73.7 77.4 25.5 21.9 11.1 Oman 95.2 4.5 69.2 88.8 0.0 4.8 17.3 6.1 Poland 89.8 1.3 24.1 67.5 6.4 10.2 10.7 4.2 Qatar 100.0 0.0 52.1 95.0 0.0 0.0 13.5 5.6 Ras Al Khaimah (Emirate of) 100.0 0.0 100.0 100.0 0.0 0.0 100 7.7 Romania 91.1 13.2 47.7 80.1 0.0 8.9 18.3 10.2 Rwanda 27.7 3.8 81.0 92.3 0.0 72.3 5.8 3.4 Saudi Arabia 100.0 1.9 39.3 86.3 11.8 5 1.5 Senegal 57.0 15.0 60.0 76.5 43.0 33.3 23.2 Serbia 62.1 0.0 77.2 73.8 0.0 37.9 8.8 3.7 Sharjah (Emirate of) 100.0 4.1 80.0 62.3 0.0 0.0 15.3 8 South Africa 96.6 9.7 10.3 68.1 19.5 3.4 12.8 9.2 St. …
Sovereign Debt 2025: Commercial Debt Will Reach A New Record High Of $77 Trillion
Mar 4, 2025 -… . $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial borrowing (%) Abu Dhabi (Emirate of) 10.0 0.0 13.9 15.0 6.0 5.3 1.0 12.4 17.0 0.1 Albania 0.9 1.5 0.9 1.9 2.0 1.0 2.1 1.9 2.5 0.0 Andorra 0.5 0.1 0.3 0.4 0.8 0.5 0.0 0.0 0.0 0.0 Angola 23.0 25.6 27.4 5.5 4.9 5.7 5.1 3.4 3.4 0.0 Argentina 68.0 97.3 14.9 145.4 20.0 39.4 288.3 97.1 102.3 0.8 Armenia 0.7 1.4 0.7 1.5 1.7 3.2 0.0 Aruba 0.2 0.3 0.1 0.4 0.0 0.1 0.2 0.2 0.2 0.0 Australia 61.1 47.2 43.6 87.0 77.2 73.5 54.5 35.6 63.6 0.5 Austria 27.9 21.4 21.4 42.3 42.4 44.0 46.4 47.4 41.9 0.3 Azerbaijan 2.9 0.0 0.1 0.8 0.7 0.8 1.7 1.5 1.8 0.0 Bahamas 1.3 0.5 0.5 1.3 0.4 1.4 0.8 1.3 0.4 0.0 Bahrain 6.3 2.8 3.3 7.3 8.9 2.4 4.9 7.9 8.3 0.1 Bangladesh 11.7 12.7 8.5 15.1 17.4 14.7 14.4 12.3 16.0 0.1 Barbados 0.6 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 Belgium 41.6 40.3 33.9 58.8 46.6 46.6 48.9 49.6 48.6 0.4 Belize 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 Benin 1.0 0.4 0.7 1.4 1.8 1.3 1.3 0.9 1.1 0.0 Bermuda 0.1 0.1 0.2 1.4 0.0 0.9 0.0 0.0 0.0 0.0 Bolivia (Plurinational State of) 1.2 0.6 1.3 4.5 3.9 2.0 5.5 4.6 5.6 0.0 Bosnia and Herzegovina 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.2 0.1 0.4 0.5 0.2 0.3 0.5 0.8 0.7 0.0 Brazil 213.2 170.0 178.3 180.3 304.0 203.9 277.5 292.8 283.9 2.3 Bulgaria 0.5 0.0 0.6 3.5 2.3 3.7 4.0 5.6 5.8 0.0 Burkina Faso 0.2 0.7 0.7 1.5 2.3 1.4 1.7 3.2 3.2 0.0 Cameroon 0.7 0.4 1.6 0.8 1.9 1.5 0.6 1.3 1.0 0.0 Canada 107.1 111.9 97.2 234.1 298.3 160.3 156.3 183.1 148.5 1.2 Cape Verde 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.7 0.6 0.0 Chile 11.6 8.3 8.3 11.9 25.2 12.0 16.8 17.4 17.4 0.1 China 590.7 556.9 617.1 1,037.1 1,061.8 1,442.7 1,568.5 1,730.9 2,104.8 17.1 Colombia 17.3 15.1 12.6 40.7 18.8 22.8 14.1 18.5 23.3 0.2 Congo (the Democratic Republic of the) 0.0 0.0 0.1 0.2 0.3 0.8 2.0 1.3 1.5 0.0 Congo-Brazzaville 0.2 0.1 0.2 0.2 0.5 1.1 1.2 0.5 0.7 0.0 Cook Islands 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 Costa Rica 4.1 4.8 7.8 4.3 5.9 4.6 4.9 5.1 5.5 0.0 Cote d'Ivoire 4.0 3.6 8.1 5.2 6.4 4.7 0.0 Croatia 6.1 3.7 5.1 8.4 5.0 4.7 6.1 3.8 7.2 0.1 Curacao 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cyprus 1.4 8.5 3.0 5.2 1.2 1.1 1.1 1.1 1.3 0.0 Czech Republic 9.1 11.9 12.7 26.5 27.3 21.4 23.8 17.9 20.4 0.2 Denmark 13.9 13.2 14.1 25.2 22.4 10.3 10.5 11.0 11.2 0.1 Dominican Republic 3.5 3.8 5.3 10.3 3.5 4.1 3.5 4.1 4.0 0.0 Ecuador 13.7 5.9 4.2 3.6 0.0 2.0 3.9 8.1 6.3 0.1 Egypt 33.6 38.1 45.4 56.5 63.0 57.2 80.0 55.0 63.7 0.5 El Salvador 0.6 0.2 1.1 1.0 0.0 0.5 1.1 4.6 0.0 0.0 Ethiopia 3.2 1.1 1.2 2.4 4.6 6.5 5.9 4.9 2.5 0.0 Falkland Islands (The) 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Fiji 0.1 0.3 0.1 0.4 0.2 0.4 0.4 0.3 0.3 0.0 Finland 15.5 11.8 10.1 24.4 19.2 18.6 22.7 27.5 26.7 0.2 France 211.3 230.3 223.9 297.0 307.5 301.4 292.0 308.5 336.9 2.7 Georgia (Government of) 0.2 0.1 0.5 0.8 0.8 0.8 1.0 1.2 1.1 0.0 Germany 176.2 171.2 178.0 258.1 289.8 241.1 314.7 298.2 286.4 2.3 Ghana 4.8 4.9 6.3 13.7 17.8 11.0 3.7 1.0 1.1 0.0 Greece 3.7 3.5 14.7 25.0 27.7 11.4 12.4 10.4 8.8 0.1 Guatemala 1.8 1.7 2.4 4.6 3.2 1.7 1.7 2.4 3.9 0.0 Guernsey 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Honduras 0.5 0.8 0.7 1.4 1.6 1.6 0.6 1.7 2.1 0.0 Hong Kong 0.1 2.5 3.6 6.2 15.2 10.4 18.5 8.1 13.3 0.1 Hungary 17.0 17.9 26.7 38.4 32.6 30.6 30.9 22.8 25.3 0.2 Iceland 1.0 0.3 0.9 2.7 3.0 1.6 1.0 2.1 1.3 0.0 India 86.7 77.6 124.3 178.7 240.6 268.0 266.5 230.9 248.4 2.0 Indonesia 58.1 49.6 57.3 72.2 54.9 66.3 54.9 68.4 96.4 0.8 Iraq 6.3 0.3 10.2 24.7 8.3 6.6 9.3 14.4 16.2 0.1 Ireland 19.2 20.8 16.8 31.0 24.8 7.7 8.0 6.5 8.8 0.1 Israel 28.5 27.9 34.9 77.1 51.3 18.9 43.8 75.0 51.2 0.4 Italy 311.2 294.5 283.6 418.4 376.3 300.1 388.9 409.7 379.1 3.1 Jamaica 0.9 0.4 0.4 0.8 0.3 0.5 0.2 0.6 0.6 0.0 Japan 1,755.1 1,693.5 1,272.8 1,299.2 1,337.0 1,123.4 1,067.5 1,374.8 1,219.9 9.9 Jersey (States of) 0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.0 Jordan 7.5 5.3 6.9 6.5 6.2 6.7 8.3 5.5 7.0 0.1 Kazakhstan 5.0 3.4 4.8 7.5 6.1 8.2 10.6 10.9 10.9 0.1 Kenya 6.3 3.3 2.8 2.5 7.5 8.0 7.8 6.4 8.7 0.1 Korea (the Republic of) 89.2 88.5 87.3 149.3 159.2 154.4 175.1 129.3 133.5 1.1 Kuwait 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Latvia 1.3 1.6 1.6 2.6 3.5 2.2 3.5 3.2 3.7 0.0 Lebanon 15.7 18.6 11.0 1.6 0.5 0.3 0.2 0.3 0.3 0.0 Liechtenstein 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lithuania 3.1 1.2 3.1 7.2 3.3 3.7 3.6 5.2 9.4 0.1 Luxembourg 2.3 0.8 1.9 4.6 3.0 2.6 3.8 2.7 3.0 0.0 Madagascar 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.4 0.3 0.0 Malaysia 26.5 28.6 29.7 35.6 39.9 39.0 40.6 38.8 39.2 0.3 Malta 0.4 0.3 0.5 1.6 1.8 1.1 1.6 1.4 1.6 0.0 Mauritius 0.0 0.0 0.0 0.0 0.0 1.5 1.5 1.6 1.5 0.0 Mexico 50.1 51.6 66.6 83.8 105.9 140.0 182.0 213.2 170.2 1.4 Mongolia 0.8 0.9 0.0 0.3 0.5 0.1 0.0 0.1 0.1 0.0 Montenegro 0.3 0.9 0.9 1.3 0.0 0.1 0.2 0.9 0.8 0.0 Montserrat 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Morocco 11.4 13.0 11.3 15.6 15.2 8.2 22.3 16.1 17.0 0.1 Mozambique 0.5 0.7 0.3 3.0 1.9 0.5 0.8 0.4 1.1 0.0 Netherlands 36.8 27.9 23.6 47.1 68.7 46.4 50.1 42.8 43.9 0.4 New Zealand 5.7 6.2 6.7 30.2 28.2 13.1 18.4 27.2 23.5 0.2 Nicaragua 0.1 0.1 0.2 0.2 0.3 0.2 0.0 0.0 0.0 0.0 Nigeria 10.7 37.2 11.0 15.4 15.7 10.2 57.9 14.1 10.9 0.1 North Macedonia 0.4 1.0 0.3 1.3 1.3 0.4 1.1 0.9 0.7 0.0 Norway 7.0 6.6 6.6 9.5 8.3 7.5 8.0 10.6 9.4 0.1 Oman 10.5 8.0 5.0 8.7 6.9 4.4 0.6 2.0 5.1 0.0 Pakistan 39.1 18.3 48.0 33.0 35.8 55.9 51.1 46.1 50.0 0.4 Panama 1.9 2.5 4.6 5.1 4.8 4.3 4.1 6.7 4.5 0.0 Papua New Guinea 0.6 0.9 0.4 0.4 0.4 0.6 0.9 1.2 0.8 0.0 Paraguay 0.7 0.7 0.7 1.8 0.9 0.3 0.9 1.4 0.7 0.0 Peru 7.5 6.1 9.9 7.8 11.4 2.1 7.8 11.1 6.5 0.1 Philippines 16.0 11.5 15.0 37.4 46.8 42.9 30.9 34.1 37.9 0.3 Poland 32.9 33.8 35.9 48.0 34.3 36.5 60.1 100.1 95.0 0.8 Portugal 33.0 27.3 28.5 39.5 29.4 26.0 30.2 23.9 34.4 0.3 Qatar 19.5 0.0 21.2 24.1 24.5 4.1 5.1 9.6 7.2 0.1 Ras Al Khaimah (Emirate of) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 Romania 12.3 16.8 18.8 32.7 23.5 27.0 36.9 42.5 44.4 0.4 Rwanda 0.0 0.1 0.1 0.1 0.8 0.5 1.5 0.3 0.2 0.0 San Marino 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.1 0.0 Saudi Arabia 37.1 32.9 12.0 56.9 42.0 23.7 45.2 59.2 48.9 0.4 Senegal 1.3 0.8 0.1 0.3 0.5 2.3 2.9 3.6 5.3 0.0 Serbia 3.4 2.9 5.0 6.7 5.4 2.3 3.2 4.0 4.7 0.0 Sharjah (Emirate of) 1.6 3.2 3.3 3.3 4.6 3.0 3.4 5.2 4.7 0.0 Singapore 36.2 16.1 36.7 37.5 44.5 38.9 37.5 39.4 43.4 0.4 Slovakia 6.9 3.7 3.4 11.4 7.9 5.5 11.3 14.6 13.2 0.1 Slovenia 7.3 3.5 2.2 8.7 5.1 4.9 3.1 3.8 4.6 0.0 South Africa 17.5 15.7 21.5 32.3 19.6 19.7 18.2 19.6 26.2 0.2 Spain 156.6 155.6 126.7 197.7 187.5 150.8 181.1 184.3 193.7 1.6 Sri Lanka 7.9 10.1 11.0 9.9 10.2 8.4 23.2 9.8 9.5 0.1 St. ...Table 3 Total commercial debt at year-end (long- and short-term) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial debt (%) Abu Dhabi (Emirate of) 17.6 17.3 29.4 43.9 46.8 45.8 44.6 53.6 63.7 0.1 Albania 5.9 6.5 6.5 8.0 8.7 8.8 10.4 10.8 11.7 0.0 Andorra 1.1 1.0 1.0 1.4 1.5 1.3 1.3 1.3 1.4 0.0 Angola 60.4 56.9 51.4 51.7 36.3 34.8 33.1 33.9 34.8 0.0 Argentina 292.5 271.4 167.5 174.0 205.4 227.7 201.0 276.7 351.3 0.5 Armenia 2.8 4.3 5.9 6.8 7.8 9.6 0.0 Aruba 2.2 2.4 2.4 2.6 2.5 2.4 2.3 2.2 2.2 0.0 Australia 409.2 400.6 374.8 469.6 642.8 616.7 589.9 600.8 592.3 0.8 Austria 253.3 242.3 234.5 292.0 287.2 288.9 313.0 310.9 359.6 0.5 Azerbaijan 11.4 10.7 9.3 2.6 4.1 5.1 6.2 6.0 6.6 0.0 Bahamas 6.9 7.2 7.4 8.5 9.1 9.6 9.8 10.2 10.4 0.0 Bahrain 28.2 31.8 31.5 38.8 38.3 37.4 49.7 57.6 61.0 0.1 Bangladesh 39.7 39.5 56.2 68.0 78.1 78.4 82.4 82.8 98.4 0.1 Barbados 6.3 5.6 5.4 4.4 4.5 5.3 5.3 5.3 5.4 0.0 Belgium 462.5 445.2 442.2 521.0 505.4 494.8 550.9 557.0 599.7 0.8 Belize 1.0 1.0 1.0 1.1 0.9 1.1 1.3 1.4 1.4 0.0 Benin 2.9 3.8 3.5 4.6 3.3 5.7 6.5 6.5 7.6 0.0 Bermuda 2.6 2.7 2.7 3.4 3.4 3.3 3.3 3.3 3.3 0.0 Bolivia (Plurinational State of) 4.9 5.3 8.4 12.6 15.8 15.6 22.0 25.7 28.4 0.0 Bosnia and Herzegovina 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.9 1.0 1.3 1.9 2.0 2.1 2.2 3.1 3.3 0.0 Brazil 1,072.4 997.0 1,050.5 960.1 999.6 1,133.0 1,337.9 1,293.1 1,421.3 1.8 Bulgaria 12.4 11.1 10.9 15.1 15.6 17.1 20.3 23.9 28.5 0.0 Burkina Faso 1.9 2.3 3.0 4.4 5.5 6.1 6.4 7.9 9.7 0.0 Cameroon 4.5 4.7 5.2 6.7 6.8 5.9 8.9 8.7 8.2 0.0 Canada 554.1 516.3 586.1 924.1 865.1 917.7 1,033.9 1,060.8 1,091.5 1.4 Cape Verde 1.3 1.3 0.5 0.8 1.0 1.0 1.1 1.1 1.2 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 2.8 2.6 2.8 0.0 Chile 67.7 69.0 73.2 87.8 99.3 113.5 122.7 136.3 152.4 0.2 China 2,057.4 2,294.0 2,389.7 3,176.1 3,626.6 3,671.9 4,171.3 4,710.4 5,542.4 7.2 Colombia 120.4 125.6 129.6 145.3 143.6 141.6 196.5 200.2 219.3 0.3 Congo (the Democratic Republic of the) 2.5 3.2 2.1 2.2 2.7 2.7 3.9 4.0 4.5 0.0 Congo-Brazzaville 3.7 6.4 6.5 7.0 6.3 8.2 6.9 6.6 7.1 0.0 Cook Islands 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Costa Rica 26.5 28.7 34.7 35.7 37.4 40.6 48.1 47.9 51.4 0.1 Cote d'Ivoire 20.9 25.1 28.9 32.2 33.4 35.1 0.0 Croatia 34.8 35.4 35.1 42.7 41.0 38.6 48.0 47.2 50.6 0.1 Curacao 1.6 1.7 0.0 0.0 0.0 1.3 1.3 1.3 1.3 0.0 Cyprus 8.3 12.4 13.9 20.3 17.6 15.5 15.4 13.9 14.1 0.0 Czech Republic 73.9 70.3 70.8 94.1 108.5 121.9 132.4 142.3 157.3 0.2 Denmark 103.4 94.8 91.4 133.2 108.4 91.3 91.5 83.8 92.6 0.1 Dominican Republic 21.9 24.7 28.3 35.4 38.5 42.6 44.7 48.1 51.1 0.1 Ecuador 30.6 27.3 20.7 34.2 37.4 37.9 37.6 40.5 42.6 0.1 Egypt 184.9 225.9 251.9 291.1 348.0 386.8 292.4 240.0 274.7 0.4 El Salvador 8.5 8.0 9.2 11.2 11.8 10.7 12.0 13.4 12.5 0.0 Ethiopia 11.3 11.9 13.5 13.6 14.8 17.8 21.9 25.6 22.3 0.0 Falkland Islands (The) 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Fiji 1.8 2.2 2.2 2.4 2.5 2.6 2.6 2.7 2.9 0.0 Finland 126.9 120.2 119.5 153.2 145.8 151.1 172.6 184.1 204.4 0.3 France 2,022.1 2,011.1 2,047.7 2,455.4 2,429.4 2,378.1 2,625.5 2,640.9 3,034.8 3.9 Georgia (Government of) 2.0 2.6 2.0 2.4 2.4 3.1 3.7 4.0 3.6 0.0 Germany 1,356.4 1,281.3 1,269.4 1,771.9 1,800.8 1,821.8 2,035.4 1,955.2 2,169.7 2.8 Ghana 26.0 25.2 26.6 35.9 46.5 32.0 38.1 31.3 26.4 0.0 Greece 78.4 76.5 76.6 96.5 102.8 106.9 113.2 114.4 122.6 0.2 Guatemala 9.9 13.6 15.6 19.2 21.7 22.4 23.7 24.9 27.8 0.0 Guernsey 0.4 0.4 0.4 0.5 0.5 0.4 0.5 0.5 0.5 0.0 Honduras 6.2 6.5 6.8 7.7 9.4 10.0 9.8 10.0 11.0 0.0 Hong Kong 16.4 16.5 14.9 16.0 29.8 28.1 56.5 50.2 56.6 0.1 Hungary 94.7 94.5 93.1 114.7 116.2 112.3 135.7 135.1 146.9 0.2 Iceland 8.7 7.2 7.3 9.6 11.0 11.1 11.9 13.5 14.2 0.0 India 984.1 1,284.7 1,311.3 1,398.7 1,607.0 1,690.9 1,931.3 2,056.4 2,248.3 2.9 Indonesia 243.1 257.8 292.4 375.0 421.6 430.1 476.7 503.7 551.0 0.7 Iraq 73.7 42.8 53.5 56.6 56.4 60.3 66.2 73.2 83.2 0.1 Ireland 183.7 182.7 182.1 216.5 217.6 198.6 211.6 206.6 202.5 0.3 Israel 215.5 210.4 238.2 306.0 335.7 294.7 310.8 350.2 375.1 0.5 Italy 2,286.3 2,243.5 2,252.2 2,637.8 2,532.8 2,441.6 2,645.5 2,723.7 2,944.0 3.8 Jamaica 12.0 11.7 10.9 10.7 10.2 5.3 10.3 9.7 9.5 0.0 Japan 9,617.0 9,929.9 10,213.9 11,700.0 10,868.6 9,476.1 9,065.3 9,561.0 9,842.9 12.8 Jersey (States of) 0.3 0.3 0.3 0.3 0.5 0.9 1.0 0.9 1.1 0.0 Jordan 31.0 27.5 29.5 32.2 24.8 25.8 27.3 28.8 31.0 0.0 Kazakhstan 23.4 23.6 27.3 32.6 36.9 41.1 48.5 47.7 54.3 0.1 Kenya 26.5 32.3 36.7 18.8 42.6 44.8 40.1 51.2 53.9 0.1 Korea (the Republic of) 586.1 583.0 528.2 676.7 720.5 813.9 847.7 841.2 906.5 1.2 Kuwait 23.7 19.6 14.8 11.5 10.7 5.4 5.1 4.5 4.5 0.0 Latvia 9.9 10.1 11.3 12.8 13.6 14.3 16.9 18.4 21.1 0.0 Lebanon 77.3 83.0 89.6 50.6 41.2 42.5 40.2 40.0 43.8 0.1 Liechtenstein 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lithuania 17.3 15.2 17.1 23.9 22.8 22.8 25.4 27.0 34.4 0.0 Luxembourg 9.9 10.4 11.5 16.9 16.1 17.3 18.5 20.0 23.0 0.0 Madagascar 0.0 0.0 0.0 0.0 1.8 0.9 1.9 1.7 1.8 0.0 Malaysia 167.7 177.7 192.4 217.9 233.5 243.7 254.6 279.7 299.8 0.4 Malta 6.4 6.1 6.0 8.2 8.7 9.1 10.4 11.0 12.4 0.0 Mauritius 0.0 0.0 0.0 0.0 0.0 7.7 8.2 8.3 9.0 0.0 Mexico 364.4 365.0 408.3 455.2 489.0 568.0 720.4 754.5 808.4 1.1 Mongolia 6.6 5.1 4.4 4.2 4.1 3.0 2.9 3.4 4.4 0.0 Montenegro 2.1 2.2 2.8 3.8 3.0 2.8 2.9 3.4 3.9 0.0 Montserrat 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Morocco 62.7 64.5 66.3 79.3 81.1 73.5 83.9 90.0 96.4 0.1 Mozambique 6.9 8.8 5.0 5.9 7.3 7.6 6.7 6.1 6.3 0.0 Netherlands 397.6 367.3 345.5 432.9 417.4 431.6 449.3 453.2 491.1 0.6 New Zealand 59.8 55.3 52.9 85.9 105.7 100.7 108.8 127.6 137.2 0.2 Nicaragua 0.7 0.7 0.7 0.7 0.8 0.7 0.0 0.0 0.0 0.0 Nigeria 49.2 44.5 58.2 59.4 58.8 71.4 78.7 65.2 72.0 0.1 North Macedonia 3.7 4.0 4.1 5.3 5.4 5.5 6.3 6.4 7.0 0.0 Norway 56.5 53.6 51.5 62.1 59.2 60.5 55.7 54.2 61.1 0.1 Oman 20.4 35.7 42.2 47.4 49.8 41.6 37.7 35.7 36.1 0.0 Pakistan 151.2 149.2 141.9 169.8 203.9 194.4 170.0 194.1 217.1 0.3 Panama 18.0 19.8 23.6 28.2 31.4 34.1 37.2 43.5 47.6 0.1 Papua New Guinea 3.4 3.5 4.3 4.0 6.5 8.0 8.2 8.5 8.6 0.0 Paraguay 4.2 4.6 5.1 6.7 7.5 7.7 8.2 9.1 9.4 0.0 Peru 40.2 45.8 48.9 53.2 62.0 65.8 68.7 71.1 76.3 0.1 Philippines 116.3 120.4 133.1 176.6 201.0 205.6 225.0 233.4 258.7 0.3 Poland 239.6 228.2 228.4 260.6 243.8 236.5 293.6 346.1 419.7 0.5 Portugal 216.0 220.6 224.9 263.2 252.7 246.0 265.7 258.7 300.7 0.4 Qatar 83.0 95.3 109.5 104.9 104.9 100.3 93.0 89.5 77.4 0.1 Ras Al Khaimah (Emirate of) 0.0 1.2 1.2 1.0 1.0 1.0 1.0 1.0 1.0 0.0 Romania 73.9 80.5 89.3 123.5 134.4 146.4 176.6 201.5 241.8 0.3 Rwanda 1.2 1.3 1.9 1.8 2.2 2.7 2.5 2.6 2.7 0.0 San Marino 0.0 0.0 0.0 0.0 0.0 0.0 1.4 1.3 1.3 0.0 Saudi Arabia 118.1 128.4 159.8 200.5 242.6 264.0 280.1 324.2 363.0 0.5 Senegal 4.9 4.2 6.4 7.6 7.6 11.1 12.3 14.4 18.3 0.0 Serbia 15.5 14.2 14.5 20.1 21.5 20.9 22.5 24.7 27.6 0.0 Sharjah (Emirate of) 4.9 6.7 9.1 11.5 15.1 17.0 20.4 22.8 25.0 0.0 Singapore 364.6 389.2 466.3 522.5 564.3 793.2 859.2 918.5 1,001.9 1.3 Slovakia 44.4 43.2 42.9 57.3 57.8 58.5 66.6 74.9 84.4 0.1 Slovenia 33.7 32.7 31.4 41.2 38.7 38.6 41.8 42.6 46.4 0.1 South Africa 202.2 193.9 209.3 262.3 262.1 271.5 272.7 314.0 333.0 0.4 Spain 1,022.7 1,108.7 1,117.3 1,336.4 1,340.7 1,361.3 1,480.4 1,525.3 1,653.1 2.2 Sri Lanka 53.5 51.4 54.8 63.2 66.2 52.1 67.4 70.7 72.2 0.1 St. ...N.M. 0 Lithuania 83.32 0.00 0.00 99.15 0.00 16.68 10.71 3.89 Luxembourg 100.00 0.00 100.00 7.79 1.75 Madagascar 23.09 3.50 86.38 94.57 76.91 12.93 4.98 Malaysia 99.76 1.20 2.24 98.80 0.00 0.24 8.28 4.83 Malta 95.38 6.52 0.00 93.48 0.00 4.62 11.64 5.19 Mauritius 81.40 9.07 17.38 78.87 2.12 18.60 18.97 11.75 Mexico 96.10 7.65 16.46 49.76 24.57 3.90 18.45 8.12 Mongolia 34.67 0.30 96.31 82.03 65.33 4.95 1.88 Montenegro 72.89 1.38 85.75 27.11 18.40 10.49 Montserrat 12.30 0.00 87.70 100.00 87.70 6.65 0.2 Morocco 81.58 0.12 26.21 89.41 18.42 14.29 9.55 Mozambique 37.00 8.39 69.22 76.31 0.00 63.00 15.82 10.82 Netherlands 100.00 4.78 1.66 84.24 0.00 9.56 3.49 New Zealand 100.00 8.27 6.07 82.46 9.03 0.00 19.21 9.33 Nicaragua 11.00 0.02 100.00 61.99 0.00 89.00 5.74 0.06 Nigeria 80.00 9.06 48.00 87.85 0.00 20.00 11.68 4.44 North Macedonia 74.55 8.90 73.70 77.38 25.45 21.89 11.11 Norway 100.00 7.97 92.03 18.02 2.04 Oman 95.24 4.51 69.22 88.80 0.00 4.76 17.25 6.1 Pakistan 74.68 18.55 33.52 35.24 0.00 25.32 32.13 19.94 Panama 81.06 2.81 100.00 81.49 0.00 18.94 9.55 5.59 Papua New Guinea 53.18 22.55 48.28 77.45 0.00 46.82 29.10 13.93 Paraguay 56.59 0.00 87.63 65.13 0.00 43.41 3.16 1.1 Peru 85.04 48.63 84.23 1.60 14.96 1.89 0.52 Philippines 84.59 4.67 32.98 87.17 15.41 12.12 6.67 Poland 89.76 1.30 24.09 67.50 6.38 10.24 10.66 4.21 Portugal 81.44 10.81 0.00 77.50 18.56 17.36 17.96 Qatar 100.00 0.00 52.10 95.00 0.00 0.00 13.50 5.64 Ras Al Khaimah (Emirate of) 100.00 0.00 100.00 100.00 0.00 0.00 100.00 7.71 Romania 91.12 13.15 47.67 80.12 0.00 8.88 18.31 10.24 Rwanda 27.72 3.84 80.97 92.31 0.00 72.28 5.78 3.43 San Marino 100.00 4.26 89.89 0.67 9.96 5.95 Saudi Arabia 100.00 1.89 39.29 86.34 11.77 5.01 1.46 Senegal 57.00 15.00 60.00 76.50 43.00 33.27 23.3 Serbia 62.09 0.00 77.20 73.83 0.00 37.91 8.79 3.69 Sharjah (Emirate of) 100.00 4.12 80.00 62.32 0.00 0.00 15.32 8.04 Singapore 100.00 12.90 0.00 87.10 0.00 0.00 16.71 27.21 Slovakia 94.40 0.00 1.26 100.00 0.00 5.60 8.75 4.57 Slovenia 95.01 0.79 3.09 97.30 0.24 4.99 6.49 3.78 South Africa 96.60 9.67 10.27 68.10 19.45 3.40 12.76 9.16 Spain 97.39 5.18 0.05 88.28 5.68 2.61 13.62 11.74 Sri Lanka 75.97 14.33 37.36 85.67 24.03 18.74 16.31 St. …
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Jan 14, 2025 -… Notably, Slovakia (6.6% of GVA from the automotive sector in 2023), the Czech Republic (5.6%), Hungary (4.5%), and Romania (4.5%) are key exporters of vehicles and auto components to Western European markets. …
Calendar Of 2025 EMEA Sovereign, Regional, And Local Government Rating Publication Dates
Dec 19, 2024 -… Sovereign Ratings Table 1 Sovereigns (sorted by publication date) Rated entity First publication date Second publication date Third publication date Congo (the Democratic Republic of the) Jan. 24, 2025 Jul. 25, 2025 Congo-Brazzaville Jan. 24, 2025 Jul. 25, 2025 Luxembourg Jan. 24, 2025 Jul. 25, 2025 North Macedonia Jan. 24, 2025 Jul. 25, 2025 Romania Jan. 24, 2025 Apr. 11, 2025 Oct. 10, 2025 European Financial Stability Facility Jan. 31, 2025 Aug. 1, 2025 European Stability Mechanism Jan. 31, 2025 Aug. 1, 2025 Germany* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Nigeria Jan. 31, 2025 May. 16, 2025 Nov. 14, 2025 San Marino Jan. 31, 2025 Aug. 1, 2025 Sweden* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Denmark* Feb. 7, 2025 Aug. 8, 2025 Georgia (Government of) Feb. 7, 2025 Aug. 8, 2025 Guernsey Feb. 7, 2025 Aug. 8, 2025 Iraq Feb. 7, 2025 Aug. 8, 2025 Jersey (States of) Feb. 7, 2025 Aug. 8, 2025 Switzerland* Feb. 7, 2025 Aug. 8, 2025 Angola Feb. 14, 2025 Aug. 15, 2025 Austria Feb. 14, 2025 Aug. 8, 2025 Cape Verde Feb. 14, 2025 Aug. 8, 2025 Lebanon Feb. 14, 2025 Aug. 15, 2025 Tajikistan Feb. 14, 2025 Aug. 15, 2025 Armenia Feb. 21, 2025 Aug. 22, 2025 Bosnia and Herzegovina Feb. 21, 2025 Aug. 1, 2025 Kazakhstan Feb. 21, 2025 Aug. 22, 2025 Kenya Feb. 21, 2025 Aug. 22, 2025 France* Feb. 28, 2025 May 30, 2025 Nov. 28, 2025 Montenegro Feb. 28, 2025 Aug. 29, 2025 Portugal* Feb. 28, 2025 Aug. 29, 2025 Iceland Mar. 7, 2025 Sep. 5, 2025 Jordan Mar. 7, 2025 Aug. 29, 2025 Norway* Mar. 7, 2025 Sep. 5, 2025 Ukraine Mar. 7, 2025 Sep. 5, 2025 Botswana Mar. 14, 2025 Sep. 12, 2025 Chad Mar. 14, 2025 Sep. 12, 2025 Croatia Mar. 14, 2025 Sep. 12, 2025 Saudi Arabia* Mar. 14, 2025 Sep. 12, 2025 Spain* Mar. 14, 2025 Sep. 12, 2025 Albania Mar. 21, 2025 Sep. 19, 2025 Cameroon Mar. 21, 2025 Sep. 19, 2025 Ethiopia Mar. 21, 2025 Sep. 19, 2025 Ireland Mar. 21, 2025 Sep. 19, 2025 St Helena Mar. 21, 2025 Sep. 19, 2025 Czech Republic Mar. 28, 2025 Sep. 26, 2025 Morocco Mar. 28, 2025 Sep. 26, 2025 Oman Mar. 28, 2025 Sep. 26, 2025 Madagascar Apr. 4, 2025 Oct. 3, 2025 Serbia Apr. 4, 2025 Oct. 3, 2025 Egypt Apr. 11, 2025 Oct. 10, 2025 Hungary Apr. 11, 2025 Oct. 10, 2025 Italy* Apr. 11, 2025 Oct. 10, 2025 Mozambique Apr. 11, 2025 Oct. 10, 2025 United Kingdom* Apr. 11, 2025 Oct. 10, 2025 Benin Apr. 18, 2025 Oct. 17, 2025 Greece Apr. 18, 2025 Oct. 17, 2025 Netherlands* Apr. 18, 2025 Oct. 17, 2025 Togo Apr. 18, 2025 Oct. 17, 2025 Belgium* Apr. 25, 2025 Oct. 24, 2025 Finland Apr. 25, 2025 Oct. 24, 2025 Mauritius Apr. 25, 2025 Oct. 24, 2025 Slovakia Apr. 25, 2025 Oct. 24, 2025 Turkiye* Apr. 25, 2025 Oct. 17, 2025 Qatar May. 2, 2025 Oct. 31, 2025 Andorra May. 9, 2025 Nov. 7, 2025 Burkina Faso May. 9, 2025 Nov. 7, 2025 Ghana May. 9, 2025 Nov. 7, 2025 Israel May. 9, 2025 Nov. 7, 2025 Poland May. 9, 2025 Nov. 7, 2025 Uganda May. 9, 2025 Nov. 7, 2025 Cote d'Ivoire May. 16, 2025 Nov. 14, 2025 Cyprus May. 16, 2025 Nov. 14, 2025 Rwanda May. 16, 2025 Nov. 14, 2025 Senegal May. 16, 2025 Nov. 14, 2025 Sharjah (Emirate of) May. 16, 2025 Nov. 14, 2025 South Africa May. 16, 2025 Nov. 14, 2025 Abu Dhabi (Emirate of) May. 23, 2025 Nov. 21, 2025 Bahrain May. 23, 2025 Nov. 21, 2025 Bulgaria May. 23, 2025 Nov. 21, 2025 Kuwait May. 23, 2025 Nov. 21, 2025 Liechtenstein May. 23, 2025 Nov. 21, 2025 Ras Al Khaimah (Emirate of) May. 23, 2025 Nov. 21, 2025 Uzbekistan May. 23, 2025 Nov. 21, 2025 Zambia May. 23, 2025 Nov. 21, 2025 Estonia May. 30, 2025 Nov. 28, 2025 Latvia May. 30, 2025 Nov. 28, 2025 Lithuania May. 30, 2025 Nov. 28, 2025 Azerbaijan Jun. 6, 2025 Dec. 5, 2025 Malta Jun. 6, 2025 Dec. 5, 2025 Slovenia Jun. 6, 2025 Nov. 21, 2025 *Unsolicited ratings. Table 2 Sovereigns (sorted alphabetically) Rated entity First publication date Second publication date Third publication date Abu Dhabi (Emirate of) May. 23, 2025 Nov. 21, 2025 Albania Mar. 21, 2025 Sep. 19, 2025 Andorra May. 9, 2025 Nov. 7, 2025 Angola Feb. 14, 2025 Aug. 15, 2025 Armenia Feb. 21, 2025 Aug. 22, 2025 Austria Feb. 14, 2025 Aug. 8, 2025 Azerbaijan Jun. 6, 2025 Dec. 5, 2025 Bahrain May. 23, 2025 Nov. 21, 2025 Belgium* Apr. 25, 2025 Oct. 24, 2025 Benin Apr. 18, 2025 Oct. 17, 2025 Bosnia and Herzegovina Feb. 21, 2025 Aug. 1, 2025 Botswana Mar. 14, 2025 Sep. 12, 2025 Bulgaria May. 23, 2025 Nov. 21, 2025 Burkina Faso May. 9, 2025 Nov. 7, 2025 Cameroon Mar. 21, 2025 Sep. 19, 2025 Cape Verde Feb. 14, 2025 Aug. 8, 2025 Chad Mar. 14, 2025 Sep. 12, 2025 Congo (the Democratic Republic of the) Jan. 24, 2025 Jul. 25, 2025 Congo-Brazzaville Jan. 24, 2025 Jul. 25, 2025 Cote d'Ivoire May. 16, 2025 Nov. 14, 2025 Croatia Mar. 14, 2025 Sep. 12, 2025 Cyprus May. 16, 2025 Nov. 14, 2025 Czech Republic Mar. 28, 2025 Sep. 26, 2025 Denmark* Feb. 7, 2025 Aug. 8, 2025 Egypt Apr. 11, 2025 Oct. 10, 2025 Estonia May. 30, 2025 Nov. 28, 2025 Ethiopia Mar. 21, 2025 Sep. 19, 2025 European Financial Stability Facility Jan. 31, 2025 Aug. 1, 2025 European Stability Mechanism Jan. 31, 2025 Aug. 1, 2025 Finland Apr. 25, 2025 Oct. 24, 2025 France* Feb. 28, 2025 May. 30, 2025 Nov. 28, 2025 Georgia (Government of) Feb. 7, 2025 Aug. 8, 2025 Germany* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Ghana May. 9, 2025 Nov. 7, 2025 Greece Apr. 18, 2025 Oct. 17, 2025 Guernsey Feb. 7, 2025 Aug. 8, 2025 Hungary Apr. 11, 2025 Oct. 10, 2025 Iceland Mar. 7, 2025 Sep. 5, 2025 Iraq Feb. 7, 2025 Aug. 8, 2025 Ireland Mar. 21, 2025 Sep. 19, 2025 Israel May. 9, 2025 Nov. 7, 2025 Italy* Apr. 11, 2025 Oct. 10, 2025 Jersey (States of) Feb. 7, 2025 Aug. 8, 2025 Jordan Mar. 7, 2025 Aug. 29, 2025 Kazakhstan Feb. 21, 2025 Aug. 22, 2025 Kenya Feb. 21, 2025 Aug. 22, 2025 Kuwait May. 23, 2025 Nov. 21, 2025 Latvia May. 30, 2025 Nov. 28, 2025 Lebanon Feb. 14, 2025 Aug. 15, 2025 Liechtenstein May. 23, 2025 Nov. 21, 2025 Lithuania May. 30, 2025 Nov. 28, 2025 Luxembourg Jan. 24, 2025 Jul. 25, 2025 Madagascar Apr. 4, 2025 Oct. 3, 2025 Malta Jun. 6, 2025 Dec. 5, 2025 Mauritius Apr. 25, 2025 Oct. 24, 2025 Montenegro Feb. 28, 2025 Aug. 29, 2025 Morocco Mar. 28, 2025 Sep. 26, 2025 Mozambique Apr. 11, 2025 Oct. 10, 2025 Netherlands* Apr. 18, 2025 Oct. 17, 2025 Nigeria Jan. 31, 2025 May. 16, 2025 Nov. 14, 2025 North Macedonia Jan. 24, 2025 Jul. 25, 2025 Norway* Mar. 7, 2025 Sep. 5, 2025 Oman Mar. 28, 2025 Sep. 26, 2025 Poland May. 9, 2025 Nov. 7, 2025 Portugal* Feb. 28, 2025 Aug. 29, 2025 Qatar May. 2, 2025 Oct. 31, 2025 Ras Al Khaimah (Emirate of) May. 23, 2025 Nov. 21, 2025 Romania Jan. 24, 2025 Apr. 11, 2025 Oct. 10, 2025 Rwanda May. 16, 2025 Nov. 14, 2025 San Marino Jan. 31, 2025 Aug. 1, 2025 Saudi Arabia* Mar. 14, 2025 Sep. 12, 2025 Senegal May. 16, 2025 Nov. 14, 2025 Serbia Apr. 4, 2025 Oct. 3, 2025 Sharjah (Emirate of) May. 16, 2025 Nov. 14, 2025 Slovakia Apr. 25, 2025 Oct. 24, 2025 Slovenia Jun. 6, 2025 Nov. 21, 2025 South Africa May. 16, 2025 Nov. 14, 2025 Spain* Mar. 14, 2025 Sep. 12, 2025 St Helena Mar. 21, 2025 Sep. 19, 2025 Sweden* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Switzerland* Feb. 7, 2025 Aug. 8, 2025 Tajikistan Feb. 14, 2025 Aug. 15, 2025 Togo Apr. 18, 2025 Oct. 17, 2025 Turkiye* Apr. 25, 2025 Oct. 17, 2025 Uganda May. 9, 2025 Nov. 7, 2025 Ukraine Mar. 7, 2025 Sep. 5, 2025 United Kingdom* Apr. 11, 2025 Oct. 10, 2025 Uzbekistan May. 23, 2025 Nov. 21, 2025 Zambia May. 23, 2025 Nov. 21, 2025 *Unsolicited ratings. …
Credit Trends: This Month In Credit: 2025 Data Companion
Mar 27, 2025 -… Metals, mining, and steel PT Krakatau Posco Negative Indonesia Retail/restaurants ITM Entreprises Negative France Retail/restaurants Metro AG Negative Germany Sovereign Romania Negative Romania Telecommunications CAS Holding No.1 Ltd. …
Default, Transition, and Recovery: 2024 Annual Global Corporate Default And Rating Transition Study
Mar 27, 2025 -… §Austria, Belgium, British Virgin Islands, Bulgaria, Channel Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the U.K. …
Sovereign Debt 2025: EMEA Emerging Markets' Borrowings Will Remain Close To Peak At About US$624 Billion
Mar 4, 2025 -… . $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial borrowing (%) Abu Dhabi (Emirate of) 10.0 0.0 13.9 15.0 6.0 5.3 1.0 12.4 17 2.7 Albania 0.9 1.5 0.9 1.9 2.0 1.0 2.1 1.9 2.5 0.4 Angola 23.0 25.6 27.4 5.5 4.9 5.7 5.1 3.4 3.4 0.5 Armenia 0.7 1.4 0.7 1.5 1.7 3.2 0.5 Azerbaijan 2.9 0.0 0.1 0.8 0.7 0.8 1.7 1.5 1.8 0.3 Bahrain 6.3 2.8 3.3 7.3 8.9 2.4 4.9 7.9 8.3 1.3 Benin 1.0 0.4 0.7 1.4 1.8 1.3 1.3 0.9 1.1 0.2 Bosnia and Herzegovina 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 Botswana 0.2 0.1 0.4 0.5 0.2 0.3 0.5 0.8 0.7 0.1 Bulgaria 0.5 0.0 0.6 3.5 2.3 3.7 4.0 5.6 5.8 0.9 Burkina Faso 0.2 0.7 0.7 1.5 2.3 1.4 1.7 3.2 3.2 0.5 Cameroon 0.7 0.4 1.6 0.8 1.9 1.5 0.6 1.3 1 0.2 Cape Verde 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0 0 0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.7 0.6 0.1 Congo (the Democratic Republic of the) 0.0 0.0 0.1 0.2 0.3 0.8 2.0 1.3 1.5 0.2 Congo-Brazzaville 0.2 0.1 0.2 0.2 0.5 1.1 1.2 0.5 0.7 0.1 Cote d'Ivoire 4.0 3.6 8.1 5.2 6.4 4.7 0.8 Egypt 33.6 38.1 45.4 56.5 63.0 57.2 80.0 55 63.7 10.2 Ethiopia 3.2 1.1 1.2 2.4 4.6 6.5 5.9 4.9 2.5 0.4 Georgia (Government of) 0.2 0.1 0.5 0.8 0.8 0.8 1.0 1.2 1.1 0.2 Ghana 4.8 4.9 6.3 13.7 17.8 11.0 3.7 1 1.1 0.2 Hungary 17.0 17.9 26.7 38.4 32.6 30.6 30.9 22.8 25.3 4.1 Iraq 6.3 0.3 10.2 24.7 8.3 6.6 9.3 14.4 16.2 2.6 Israel 28.5 27.9 34.9 77.1 51.3 18.9 43.8 75 51.2 8.2 Jordan 7.5 5.3 6.9 6.5 6.2 6.7 8.3 5.5 7 1.1 Kazakhstan 5.0 3.4 4.8 7.5 6.1 8.2 10.6 10.9 10.9 1.8 Kenya 6.3 3.3 2.8 2.5 7.5 8.0 7.8 6.4 8.7 1.4 Kuwait 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 Lebanon 15.7 18.6 11.0 1.6 0.5 0.3 0.2 0.3 0.3 0.1 Madagascar 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.4 0.3 0.1 Mauritius 0.0 0.0 0.0 0.0 0.0 1.5 1.5 1.6 1.5 0.2 Montenegro 0.3 0.9 0.9 1.3 0.0 0.1 0.2 0.9 0.8 0.1 Morocco 11.4 13.0 11.3 15.6 15.2 8.2 22.3 16.1 17 2.7 Mozambique 0.5 0.7 0.3 3.0 1.9 0.5 0.8 0.4 1.1 0.2 Nigeria 10.7 37.2 11.0 15.4 15.7 10.2 57.9 14.1 10.9 1.7 North Macedonia 0.4 1.0 0.3 1.3 1.3 0.4 1.1 0.9 0.7 0.1 Oman 10.5 8.0 5.0 8.7 6.9 4.4 0.6 2 5.1 0.8 Poland 32.9 33.8 35.9 48.0 34.3 36.5 60.1 100.1 95 15.2 Qatar 19.5 0.0 21.2 24.1 24.5 4.1 5.1 9.6 7.2 1.2 Ras Al Khaimah (Emirate of) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 1 0.2 Romania 12.3 16.8 18.8 32.7 23.5 27.0 36.9 42.5 44.4 7.1 Rwanda 0.0 0.1 0.1 0.1 0.8 0.5 1.5 0.3 0.2 0 Saudi Arabia 37.1 32.9 12.0 56.9 42.0 23.7 45.2 59.2 48.9 7.8 Senegal 1.3 0.8 0.1 0.3 0.5 2.3 2.9 3.6 5.4 0.9 Serbia 3.4 2.9 5.0 6.7 5.4 2.3 3.2 4 4.7 0.8 Sharjah (Emirate of) 1.6 3.2 3.3 3.3 4.6 3.0 3.4 5.2 4.7 0.8 South Africa 17.5 15.7 21.5 32.3 19.6 19.7 18.2 19.6 26.2 4.2 St. ...Table 3 Total commercial debt at year-end (long- and short-term) (Bil. $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial debt (%) Abu Dhabi (Emirate of) 17.6 17.3 29.4 43.9 46.8 45.8 44.6 53.6 63.7 1.8 Albania 5.9 6.5 6.5 8.0 8.7 8.8 10.4 10.8 11.7 0.3 Angola 60.4 56.9 51.4 51.7 36.3 34.8 33.1 33.9 34.8 1.0 Armenia 2.8 4.3 5.9 6.8 7.8 9.6 0.3 Azerbaijan 11.4 10.7 9.3 2.6 4.1 5.1 6.2 6.0 6.6 0.2 Bahrain 28.2 31.8 31.5 38.8 38.3 37.4 49.7 57.6 61.0 1.7 Benin 2.9 3.8 3.5 4.6 3.3 5.7 6.5 6.5 7.6 0.2 Bosnia and Herzegovina 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.9 1.0 1.3 1.9 2.0 2.1 2.2 3.1 3.3 0.1 Bulgaria 12.4 11.1 10.9 15.1 15.6 17.1 20.3 23.9 28.5 0.8 Burkina Faso 1.9 2.3 3.0 4.4 5.5 6.1 6.4 7.9 9.7 0.3 Cameroon 4.5 4.7 5.2 6.7 6.8 5.9 8.9 8.7 8.2 0.2 Cape Verde 1.3 1.3 0.5 0.8 1.0 1.0 1.1 1.1 1.2 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 2.8 2.8 2.8 0.1 Congo (the Democratic Republic of the) 2.5 3.2 2.1 2.2 2.7 2.7 3.9 4.0 4.5 0.1 Congo-Brazzaville 3.7 6.4 6.5 7.0 6.3 8.2 6.9 6.6 7.1 0.2 Cote d'Ivoire 20.9 25.1 28.9 32.2 33.4 35.1 1.0 Egypt 184.9 225.9 251.9 291.1 348.0 386.8 292.4 240.0 274.7 7.8 Ethiopia 11.3 11.9 13.5 13.6 14.8 17.8 21.9 25.6 22.3 0.6 Georgia (Government of) 2.0 2.6 2.0 2.4 2.4 3.1 3.7 4.0 3.6 0.1 Ghana 26.0 25.2 26.6 35.9 46.5 32.0 38.1 31.3 26.4 0.7 Hungary 94.7 94.5 93.1 114.7 116.2 112.3 135.7 135.1 146.9 4.2 Iraq 73.7 42.8 53.5 56.6 56.4 60.3 66.2 73.2 83.2 2.4 Israel 215.5 210.4 238.2 306.0 335.7 294.7 310.8 350.2 375.1 10.6 Jordan 31.0 27.5 29.5 32.2 24.8 25.8 27.3 28.8 31.0 0.9 Kazakhstan 23.4 23.6 27.3 32.6 36.9 41.1 48.5 47.7 54.3 1.5 Kenya 26.5 32.3 36.7 18.8 42.6 44.8 40.1 51.2 53.9 1.5 Kuwait 23.7 19.6 14.8 11.5 10.7 5.4 5.1 4.5 4.5 0.1 Lebanon 77.3 83.0 89.6 50.6 41.2 42.5 40.2 40.0 43.8 1.2 Madagascar 0.0 0.0 0.0 0.0 1.8 0.9 1.9 1.7 1.8 0.1 Mauritius 0.0 0.0 0.0 0.0 0.0 7.7 8.2 8.3 9.0 0.3 Montenegro 2.1 2.2 2.8 3.8 3.0 2.8 2.9 3.6 3.9 0.1 Morocco 62.7 64.5 66.3 79.3 81.1 73.5 83.9 90.0 96.4 2.7 Mozambique 6.9 8.8 5.0 5.9 7.3 7.6 6.7 6.1 6.3 0.2 Nigeria 49.2 44.5 58.2 59.4 58.8 71.4 78.7 65.2 72.0 2.0 North Macedonia 3.7 4.0 4.1 5.3 5.4 5.5 6.3 6.4 7.0 0.2 Oman 20.4 35.7 42.2 47.4 49.8 41.6 37.7 35.7 36.1 1.0 Poland 239.6 228.2 228.4 260.6 243.8 236.5 293.6 346.1 419.7 11.9 Qatar 83.0 95.3 109.5 104.9 104.9 100.3 93.0 89.5 77.4 2.2 Ras Al Khaimah (Emirate of) 0.0 1.2 1.2 1.0 1.0 1.0 1.0 1.0 1.0 0.0 Romania 73.9 80.5 89.3 123.5 134.4 146.4 176.6 201.5 241.8 6.8 Rwanda 1.2 1.3 1.9 1.8 2.2 2.7 2.5 2.6 2.7 0.1 Saudi Arabia 118.1 128.4 159.8 200.5 242.6 264.0 280.1 324.2 363.0 10.3 Senegal 4.9 4.2 6.4 7.6 7.6 11.1 12.3 15.1 18.3 0.5 Serbia 15.5 14.2 14.5 20.1 21.5 20.9 22.5 24.7 27.6 0.8 Sharjah (Emirate of) 4.9 6.7 9.1 11.5 15.1 17.0 20.4 22.8 25.0 0.7 South Africa 202.2 193.9 209.3 262.3 262.1 271.5 272.7 314.0 333.0 9.4 St. ...Table 4 Central government rollover ratios and debt structure (% of total debt, including bi-/multilateral) --2024e-- --2025f-- Commercial debt (% of total) Short-term debt (% of total) Foreign currency debt (% of total) Long-term fixed-rate debt (% of total debt) Inflation-indexed debt (% of total) Bi-/Multilateral debt (% of total) Rollover ratio (% of total debt) Rollover ratio (% of GDP) Abu Dhabi (Emirate of) 100.0 0.0 75.2 74.3 0.0 0.0 12.9 2.2 Albania 76.4 14.5 41.8 70.8 23.6 30.4 15.6 Angola 53.0 11.5 77.7 46.9 0.0 47.0 30.4 14.4 Armenia 61.5 2.7 51.2 83.5 0.0 38.5 17.1 7.9 Azerbaijan 60.2 4.9 53.7 66.8 0.0 39.8 21.7 2.9 Bahrain 87.9 9.7 56.9 76.7 0.0 12.2 17.3 24.5 Benin 56.2 0.3 72.6 97.3 0.0 43.8 9.5 4.7 Bosnia and Herzegovina 0.4 0.0 100.0 54.8 99.6 11.7 1.6 Botswana 65.1 13.1 34.9 52.0 0.0 34.9 16.7 3.8 Bulgaria 90.8 0.0 75.8 99.7 0.0 9.2 8 1.8 Burkina Faso 57.9 2.4 42.9 95.7 2.0 42.1 13.4 7.7 Cameroon 42.0 4.1 71.3 81.2 0.0 58.0 15.1 5.4 Cape Verde 36.8 2.8 63.2 97.2 63.2 5.8 6.2 Chad 44.2 5.0 57.6 87.9 55.8 16.5 4.5 Congo (the Democratic Republic of the) 37.1 2.2 64.8 97.8 62.9 15.5 2.3 Congo-Brazzaville 48.0 5.2 37.6 83.5 0.0 52.0 15.5 14.3 Cote d'Ivoire 66.7 4.5 55.0 86.0 33.3 14.8 7.8 Egypt 87.4 30.5 35.0 69.5 0.0 12.6 44.4 32.2 Ethiopia 57.1 17.4 45.3 80.9 0.0 42.9 18 2.9 Georgia (Government of) 34.5 1.0 69.6 64.9 0.0 65.5 10.8 3.6 Ghana 64.0 8.8 60.0 78.7 36.0 17.3 11.1 Hungary 92.2 5.7 30.0 61.8 21.0 7.8 16 10.3 Iraq 62.8 32.5 46.5 61.2 0.0 37.2 40.8 18.1 Israel 100.0 2.0 15.3 45.6 47.5 8.5 5.6 Jordan 66.7 2.8 59.7 78.8 33.3 16.4 12.8 Kazakhstan 89.7 3.0 22.1 91.4 2.3 10.4 15 2.8 Kenya 62.5 0.0 48.9 93.3 0.0 37.5 8.4 5 Kuwait 100.0 0.0 99.3 99.3 0.0 0.0 11.6 0.3 Lebanon 95.0 5.0 97.0 90.3 0.0 5.0 6 8.4 Madagascar 23.1 3.5 86.4 94.6 76.9 12.9 5 Mauritius 81.4 9.1 17.4 78.9 2.1 18.6 19 11.8 Montenegro 72.9 1.4 85.8 27.1 18.4 10.4 Morocco 81.6 0.1 26.2 89.4 18.4 14.3 9.6 Mozambique 37.0 8.4 69.2 76.3 0.0 63.0 15.8 10.8 Nigeria 80.0 9.0 48.0 87.3 0.0 20.0 11.7 4.4 North Macedonia 74.6 8.9 73.7 77.4 25.5 21.9 11.1 Oman 95.2 4.5 69.2 88.8 0.0 4.8 17.3 6.1 Poland 89.8 1.3 24.1 67.5 6.4 10.2 10.7 4.2 Qatar 100.0 0.0 52.1 95.0 0.0 0.0 13.5 5.6 Ras Al Khaimah (Emirate of) 100.0 0.0 100.0 100.0 0.0 0.0 100 7.7 Romania 91.1 13.2 47.7 80.1 0.0 8.9 18.3 10.2 Rwanda 27.7 3.8 81.0 92.3 0.0 72.3 5.8 3.4 Saudi Arabia 100.0 1.9 39.3 86.3 11.8 5 1.5 Senegal 57.0 15.0 60.0 76.5 43.0 33.3 23.2 Serbia 62.1 0.0 77.2 73.8 0.0 37.9 8.8 3.7 Sharjah (Emirate of) 100.0 4.1 80.0 62.3 0.0 0.0 15.3 8 South Africa 96.6 9.7 10.3 68.1 19.5 3.4 12.8 9.2 St. …
Sovereign Debt 2025: Commercial Debt Will Reach A New Record High Of $77 Trillion
Mar 4, 2025 -… . $) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial borrowing (%) Abu Dhabi (Emirate of) 10.0 0.0 13.9 15.0 6.0 5.3 1.0 12.4 17.0 0.1 Albania 0.9 1.5 0.9 1.9 2.0 1.0 2.1 1.9 2.5 0.0 Andorra 0.5 0.1 0.3 0.4 0.8 0.5 0.0 0.0 0.0 0.0 Angola 23.0 25.6 27.4 5.5 4.9 5.7 5.1 3.4 3.4 0.0 Argentina 68.0 97.3 14.9 145.4 20.0 39.4 288.3 97.1 102.3 0.8 Armenia 0.7 1.4 0.7 1.5 1.7 3.2 0.0 Aruba 0.2 0.3 0.1 0.4 0.0 0.1 0.2 0.2 0.2 0.0 Australia 61.1 47.2 43.6 87.0 77.2 73.5 54.5 35.6 63.6 0.5 Austria 27.9 21.4 21.4 42.3 42.4 44.0 46.4 47.4 41.9 0.3 Azerbaijan 2.9 0.0 0.1 0.8 0.7 0.8 1.7 1.5 1.8 0.0 Bahamas 1.3 0.5 0.5 1.3 0.4 1.4 0.8 1.3 0.4 0.0 Bahrain 6.3 2.8 3.3 7.3 8.9 2.4 4.9 7.9 8.3 0.1 Bangladesh 11.7 12.7 8.5 15.1 17.4 14.7 14.4 12.3 16.0 0.1 Barbados 0.6 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 Belgium 41.6 40.3 33.9 58.8 46.6 46.6 48.9 49.6 48.6 0.4 Belize 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 Benin 1.0 0.4 0.7 1.4 1.8 1.3 1.3 0.9 1.1 0.0 Bermuda 0.1 0.1 0.2 1.4 0.0 0.9 0.0 0.0 0.0 0.0 Bolivia (Plurinational State of) 1.2 0.6 1.3 4.5 3.9 2.0 5.5 4.6 5.6 0.0 Bosnia and Herzegovina 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.2 0.1 0.4 0.5 0.2 0.3 0.5 0.8 0.7 0.0 Brazil 213.2 170.0 178.3 180.3 304.0 203.9 277.5 292.8 283.9 2.3 Bulgaria 0.5 0.0 0.6 3.5 2.3 3.7 4.0 5.6 5.8 0.0 Burkina Faso 0.2 0.7 0.7 1.5 2.3 1.4 1.7 3.2 3.2 0.0 Cameroon 0.7 0.4 1.6 0.8 1.9 1.5 0.6 1.3 1.0 0.0 Canada 107.1 111.9 97.2 234.1 298.3 160.3 156.3 183.1 148.5 1.2 Cape Verde 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.7 0.6 0.0 Chile 11.6 8.3 8.3 11.9 25.2 12.0 16.8 17.4 17.4 0.1 China 590.7 556.9 617.1 1,037.1 1,061.8 1,442.7 1,568.5 1,730.9 2,104.8 17.1 Colombia 17.3 15.1 12.6 40.7 18.8 22.8 14.1 18.5 23.3 0.2 Congo (the Democratic Republic of the) 0.0 0.0 0.1 0.2 0.3 0.8 2.0 1.3 1.5 0.0 Congo-Brazzaville 0.2 0.1 0.2 0.2 0.5 1.1 1.2 0.5 0.7 0.0 Cook Islands 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 Costa Rica 4.1 4.8 7.8 4.3 5.9 4.6 4.9 5.1 5.5 0.0 Cote d'Ivoire 4.0 3.6 8.1 5.2 6.4 4.7 0.0 Croatia 6.1 3.7 5.1 8.4 5.0 4.7 6.1 3.8 7.2 0.1 Curacao 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cyprus 1.4 8.5 3.0 5.2 1.2 1.1 1.1 1.1 1.3 0.0 Czech Republic 9.1 11.9 12.7 26.5 27.3 21.4 23.8 17.9 20.4 0.2 Denmark 13.9 13.2 14.1 25.2 22.4 10.3 10.5 11.0 11.2 0.1 Dominican Republic 3.5 3.8 5.3 10.3 3.5 4.1 3.5 4.1 4.0 0.0 Ecuador 13.7 5.9 4.2 3.6 0.0 2.0 3.9 8.1 6.3 0.1 Egypt 33.6 38.1 45.4 56.5 63.0 57.2 80.0 55.0 63.7 0.5 El Salvador 0.6 0.2 1.1 1.0 0.0 0.5 1.1 4.6 0.0 0.0 Ethiopia 3.2 1.1 1.2 2.4 4.6 6.5 5.9 4.9 2.5 0.0 Falkland Islands (The) 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Fiji 0.1 0.3 0.1 0.4 0.2 0.4 0.4 0.3 0.3 0.0 Finland 15.5 11.8 10.1 24.4 19.2 18.6 22.7 27.5 26.7 0.2 France 211.3 230.3 223.9 297.0 307.5 301.4 292.0 308.5 336.9 2.7 Georgia (Government of) 0.2 0.1 0.5 0.8 0.8 0.8 1.0 1.2 1.1 0.0 Germany 176.2 171.2 178.0 258.1 289.8 241.1 314.7 298.2 286.4 2.3 Ghana 4.8 4.9 6.3 13.7 17.8 11.0 3.7 1.0 1.1 0.0 Greece 3.7 3.5 14.7 25.0 27.7 11.4 12.4 10.4 8.8 0.1 Guatemala 1.8 1.7 2.4 4.6 3.2 1.7 1.7 2.4 3.9 0.0 Guernsey 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Honduras 0.5 0.8 0.7 1.4 1.6 1.6 0.6 1.7 2.1 0.0 Hong Kong 0.1 2.5 3.6 6.2 15.2 10.4 18.5 8.1 13.3 0.1 Hungary 17.0 17.9 26.7 38.4 32.6 30.6 30.9 22.8 25.3 0.2 Iceland 1.0 0.3 0.9 2.7 3.0 1.6 1.0 2.1 1.3 0.0 India 86.7 77.6 124.3 178.7 240.6 268.0 266.5 230.9 248.4 2.0 Indonesia 58.1 49.6 57.3 72.2 54.9 66.3 54.9 68.4 96.4 0.8 Iraq 6.3 0.3 10.2 24.7 8.3 6.6 9.3 14.4 16.2 0.1 Ireland 19.2 20.8 16.8 31.0 24.8 7.7 8.0 6.5 8.8 0.1 Israel 28.5 27.9 34.9 77.1 51.3 18.9 43.8 75.0 51.2 0.4 Italy 311.2 294.5 283.6 418.4 376.3 300.1 388.9 409.7 379.1 3.1 Jamaica 0.9 0.4 0.4 0.8 0.3 0.5 0.2 0.6 0.6 0.0 Japan 1,755.1 1,693.5 1,272.8 1,299.2 1,337.0 1,123.4 1,067.5 1,374.8 1,219.9 9.9 Jersey (States of) 0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.0 Jordan 7.5 5.3 6.9 6.5 6.2 6.7 8.3 5.5 7.0 0.1 Kazakhstan 5.0 3.4 4.8 7.5 6.1 8.2 10.6 10.9 10.9 0.1 Kenya 6.3 3.3 2.8 2.5 7.5 8.0 7.8 6.4 8.7 0.1 Korea (the Republic of) 89.2 88.5 87.3 149.3 159.2 154.4 175.1 129.3 133.5 1.1 Kuwait 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Latvia 1.3 1.6 1.6 2.6 3.5 2.2 3.5 3.2 3.7 0.0 Lebanon 15.7 18.6 11.0 1.6 0.5 0.3 0.2 0.3 0.3 0.0 Liechtenstein 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lithuania 3.1 1.2 3.1 7.2 3.3 3.7 3.6 5.2 9.4 0.1 Luxembourg 2.3 0.8 1.9 4.6 3.0 2.6 3.8 2.7 3.0 0.0 Madagascar 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.4 0.3 0.0 Malaysia 26.5 28.6 29.7 35.6 39.9 39.0 40.6 38.8 39.2 0.3 Malta 0.4 0.3 0.5 1.6 1.8 1.1 1.6 1.4 1.6 0.0 Mauritius 0.0 0.0 0.0 0.0 0.0 1.5 1.5 1.6 1.5 0.0 Mexico 50.1 51.6 66.6 83.8 105.9 140.0 182.0 213.2 170.2 1.4 Mongolia 0.8 0.9 0.0 0.3 0.5 0.1 0.0 0.1 0.1 0.0 Montenegro 0.3 0.9 0.9 1.3 0.0 0.1 0.2 0.9 0.8 0.0 Montserrat 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Morocco 11.4 13.0 11.3 15.6 15.2 8.2 22.3 16.1 17.0 0.1 Mozambique 0.5 0.7 0.3 3.0 1.9 0.5 0.8 0.4 1.1 0.0 Netherlands 36.8 27.9 23.6 47.1 68.7 46.4 50.1 42.8 43.9 0.4 New Zealand 5.7 6.2 6.7 30.2 28.2 13.1 18.4 27.2 23.5 0.2 Nicaragua 0.1 0.1 0.2 0.2 0.3 0.2 0.0 0.0 0.0 0.0 Nigeria 10.7 37.2 11.0 15.4 15.7 10.2 57.9 14.1 10.9 0.1 North Macedonia 0.4 1.0 0.3 1.3 1.3 0.4 1.1 0.9 0.7 0.0 Norway 7.0 6.6 6.6 9.5 8.3 7.5 8.0 10.6 9.4 0.1 Oman 10.5 8.0 5.0 8.7 6.9 4.4 0.6 2.0 5.1 0.0 Pakistan 39.1 18.3 48.0 33.0 35.8 55.9 51.1 46.1 50.0 0.4 Panama 1.9 2.5 4.6 5.1 4.8 4.3 4.1 6.7 4.5 0.0 Papua New Guinea 0.6 0.9 0.4 0.4 0.4 0.6 0.9 1.2 0.8 0.0 Paraguay 0.7 0.7 0.7 1.8 0.9 0.3 0.9 1.4 0.7 0.0 Peru 7.5 6.1 9.9 7.8 11.4 2.1 7.8 11.1 6.5 0.1 Philippines 16.0 11.5 15.0 37.4 46.8 42.9 30.9 34.1 37.9 0.3 Poland 32.9 33.8 35.9 48.0 34.3 36.5 60.1 100.1 95.0 0.8 Portugal 33.0 27.3 28.5 39.5 29.4 26.0 30.2 23.9 34.4 0.3 Qatar 19.5 0.0 21.2 24.1 24.5 4.1 5.1 9.6 7.2 0.1 Ras Al Khaimah (Emirate of) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 Romania 12.3 16.8 18.8 32.7 23.5 27.0 36.9 42.5 44.4 0.4 Rwanda 0.0 0.1 0.1 0.1 0.8 0.5 1.5 0.3 0.2 0.0 San Marino 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.1 0.0 Saudi Arabia 37.1 32.9 12.0 56.9 42.0 23.7 45.2 59.2 48.9 0.4 Senegal 1.3 0.8 0.1 0.3 0.5 2.3 2.9 3.6 5.3 0.0 Serbia 3.4 2.9 5.0 6.7 5.4 2.3 3.2 4.0 4.7 0.0 Sharjah (Emirate of) 1.6 3.2 3.3 3.3 4.6 3.0 3.4 5.2 4.7 0.0 Singapore 36.2 16.1 36.7 37.5 44.5 38.9 37.5 39.4 43.4 0.4 Slovakia 6.9 3.7 3.4 11.4 7.9 5.5 11.3 14.6 13.2 0.1 Slovenia 7.3 3.5 2.2 8.7 5.1 4.9 3.1 3.8 4.6 0.0 South Africa 17.5 15.7 21.5 32.3 19.6 19.7 18.2 19.6 26.2 0.2 Spain 156.6 155.6 126.7 197.7 187.5 150.8 181.1 184.3 193.7 1.6 Sri Lanka 7.9 10.1 11.0 9.9 10.2 8.4 23.2 9.8 9.5 0.1 St. ...Table 3 Total commercial debt at year-end (long- and short-term) 2017 2018 2019 2020 2021 2022 2023 2024e 2025f Share of 2025f total commercial debt (%) Abu Dhabi (Emirate of) 17.6 17.3 29.4 43.9 46.8 45.8 44.6 53.6 63.7 0.1 Albania 5.9 6.5 6.5 8.0 8.7 8.8 10.4 10.8 11.7 0.0 Andorra 1.1 1.0 1.0 1.4 1.5 1.3 1.3 1.3 1.4 0.0 Angola 60.4 56.9 51.4 51.7 36.3 34.8 33.1 33.9 34.8 0.0 Argentina 292.5 271.4 167.5 174.0 205.4 227.7 201.0 276.7 351.3 0.5 Armenia 2.8 4.3 5.9 6.8 7.8 9.6 0.0 Aruba 2.2 2.4 2.4 2.6 2.5 2.4 2.3 2.2 2.2 0.0 Australia 409.2 400.6 374.8 469.6 642.8 616.7 589.9 600.8 592.3 0.8 Austria 253.3 242.3 234.5 292.0 287.2 288.9 313.0 310.9 359.6 0.5 Azerbaijan 11.4 10.7 9.3 2.6 4.1 5.1 6.2 6.0 6.6 0.0 Bahamas 6.9 7.2 7.4 8.5 9.1 9.6 9.8 10.2 10.4 0.0 Bahrain 28.2 31.8 31.5 38.8 38.3 37.4 49.7 57.6 61.0 0.1 Bangladesh 39.7 39.5 56.2 68.0 78.1 78.4 82.4 82.8 98.4 0.1 Barbados 6.3 5.6 5.4 4.4 4.5 5.3 5.3 5.3 5.4 0.0 Belgium 462.5 445.2 442.2 521.0 505.4 494.8 550.9 557.0 599.7 0.8 Belize 1.0 1.0 1.0 1.1 0.9 1.1 1.3 1.4 1.4 0.0 Benin 2.9 3.8 3.5 4.6 3.3 5.7 6.5 6.5 7.6 0.0 Bermuda 2.6 2.7 2.7 3.4 3.4 3.3 3.3 3.3 3.3 0.0 Bolivia (Plurinational State of) 4.9 5.3 8.4 12.6 15.8 15.6 22.0 25.7 28.4 0.0 Bosnia and Herzegovina 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Botswana 0.9 1.0 1.3 1.9 2.0 2.1 2.2 3.1 3.3 0.0 Brazil 1,072.4 997.0 1,050.5 960.1 999.6 1,133.0 1,337.9 1,293.1 1,421.3 1.8 Bulgaria 12.4 11.1 10.9 15.1 15.6 17.1 20.3 23.9 28.5 0.0 Burkina Faso 1.9 2.3 3.0 4.4 5.5 6.1 6.4 7.9 9.7 0.0 Cameroon 4.5 4.7 5.2 6.7 6.8 5.9 8.9 8.7 8.2 0.0 Canada 554.1 516.3 586.1 924.1 865.1 917.7 1,033.9 1,060.8 1,091.5 1.4 Cape Verde 1.3 1.3 0.5 0.8 1.0 1.0 1.1 1.1 1.2 0.0 Chad 0.0 0.0 0.0 0.0 0.0 0.0 2.8 2.6 2.8 0.0 Chile 67.7 69.0 73.2 87.8 99.3 113.5 122.7 136.3 152.4 0.2 China 2,057.4 2,294.0 2,389.7 3,176.1 3,626.6 3,671.9 4,171.3 4,710.4 5,542.4 7.2 Colombia 120.4 125.6 129.6 145.3 143.6 141.6 196.5 200.2 219.3 0.3 Congo (the Democratic Republic of the) 2.5 3.2 2.1 2.2 2.7 2.7 3.9 4.0 4.5 0.0 Congo-Brazzaville 3.7 6.4 6.5 7.0 6.3 8.2 6.9 6.6 7.1 0.0 Cook Islands 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Costa Rica 26.5 28.7 34.7 35.7 37.4 40.6 48.1 47.9 51.4 0.1 Cote d'Ivoire 20.9 25.1 28.9 32.2 33.4 35.1 0.0 Croatia 34.8 35.4 35.1 42.7 41.0 38.6 48.0 47.2 50.6 0.1 Curacao 1.6 1.7 0.0 0.0 0.0 1.3 1.3 1.3 1.3 0.0 Cyprus 8.3 12.4 13.9 20.3 17.6 15.5 15.4 13.9 14.1 0.0 Czech Republic 73.9 70.3 70.8 94.1 108.5 121.9 132.4 142.3 157.3 0.2 Denmark 103.4 94.8 91.4 133.2 108.4 91.3 91.5 83.8 92.6 0.1 Dominican Republic 21.9 24.7 28.3 35.4 38.5 42.6 44.7 48.1 51.1 0.1 Ecuador 30.6 27.3 20.7 34.2 37.4 37.9 37.6 40.5 42.6 0.1 Egypt 184.9 225.9 251.9 291.1 348.0 386.8 292.4 240.0 274.7 0.4 El Salvador 8.5 8.0 9.2 11.2 11.8 10.7 12.0 13.4 12.5 0.0 Ethiopia 11.3 11.9 13.5 13.6 14.8 17.8 21.9 25.6 22.3 0.0 Falkland Islands (The) 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Fiji 1.8 2.2 2.2 2.4 2.5 2.6 2.6 2.7 2.9 0.0 Finland 126.9 120.2 119.5 153.2 145.8 151.1 172.6 184.1 204.4 0.3 France 2,022.1 2,011.1 2,047.7 2,455.4 2,429.4 2,378.1 2,625.5 2,640.9 3,034.8 3.9 Georgia (Government of) 2.0 2.6 2.0 2.4 2.4 3.1 3.7 4.0 3.6 0.0 Germany 1,356.4 1,281.3 1,269.4 1,771.9 1,800.8 1,821.8 2,035.4 1,955.2 2,169.7 2.8 Ghana 26.0 25.2 26.6 35.9 46.5 32.0 38.1 31.3 26.4 0.0 Greece 78.4 76.5 76.6 96.5 102.8 106.9 113.2 114.4 122.6 0.2 Guatemala 9.9 13.6 15.6 19.2 21.7 22.4 23.7 24.9 27.8 0.0 Guernsey 0.4 0.4 0.4 0.5 0.5 0.4 0.5 0.5 0.5 0.0 Honduras 6.2 6.5 6.8 7.7 9.4 10.0 9.8 10.0 11.0 0.0 Hong Kong 16.4 16.5 14.9 16.0 29.8 28.1 56.5 50.2 56.6 0.1 Hungary 94.7 94.5 93.1 114.7 116.2 112.3 135.7 135.1 146.9 0.2 Iceland 8.7 7.2 7.3 9.6 11.0 11.1 11.9 13.5 14.2 0.0 India 984.1 1,284.7 1,311.3 1,398.7 1,607.0 1,690.9 1,931.3 2,056.4 2,248.3 2.9 Indonesia 243.1 257.8 292.4 375.0 421.6 430.1 476.7 503.7 551.0 0.7 Iraq 73.7 42.8 53.5 56.6 56.4 60.3 66.2 73.2 83.2 0.1 Ireland 183.7 182.7 182.1 216.5 217.6 198.6 211.6 206.6 202.5 0.3 Israel 215.5 210.4 238.2 306.0 335.7 294.7 310.8 350.2 375.1 0.5 Italy 2,286.3 2,243.5 2,252.2 2,637.8 2,532.8 2,441.6 2,645.5 2,723.7 2,944.0 3.8 Jamaica 12.0 11.7 10.9 10.7 10.2 5.3 10.3 9.7 9.5 0.0 Japan 9,617.0 9,929.9 10,213.9 11,700.0 10,868.6 9,476.1 9,065.3 9,561.0 9,842.9 12.8 Jersey (States of) 0.3 0.3 0.3 0.3 0.5 0.9 1.0 0.9 1.1 0.0 Jordan 31.0 27.5 29.5 32.2 24.8 25.8 27.3 28.8 31.0 0.0 Kazakhstan 23.4 23.6 27.3 32.6 36.9 41.1 48.5 47.7 54.3 0.1 Kenya 26.5 32.3 36.7 18.8 42.6 44.8 40.1 51.2 53.9 0.1 Korea (the Republic of) 586.1 583.0 528.2 676.7 720.5 813.9 847.7 841.2 906.5 1.2 Kuwait 23.7 19.6 14.8 11.5 10.7 5.4 5.1 4.5 4.5 0.0 Latvia 9.9 10.1 11.3 12.8 13.6 14.3 16.9 18.4 21.1 0.0 Lebanon 77.3 83.0 89.6 50.6 41.2 42.5 40.2 40.0 43.8 0.1 Liechtenstein 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lithuania 17.3 15.2 17.1 23.9 22.8 22.8 25.4 27.0 34.4 0.0 Luxembourg 9.9 10.4 11.5 16.9 16.1 17.3 18.5 20.0 23.0 0.0 Madagascar 0.0 0.0 0.0 0.0 1.8 0.9 1.9 1.7 1.8 0.0 Malaysia 167.7 177.7 192.4 217.9 233.5 243.7 254.6 279.7 299.8 0.4 Malta 6.4 6.1 6.0 8.2 8.7 9.1 10.4 11.0 12.4 0.0 Mauritius 0.0 0.0 0.0 0.0 0.0 7.7 8.2 8.3 9.0 0.0 Mexico 364.4 365.0 408.3 455.2 489.0 568.0 720.4 754.5 808.4 1.1 Mongolia 6.6 5.1 4.4 4.2 4.1 3.0 2.9 3.4 4.4 0.0 Montenegro 2.1 2.2 2.8 3.8 3.0 2.8 2.9 3.4 3.9 0.0 Montserrat 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Morocco 62.7 64.5 66.3 79.3 81.1 73.5 83.9 90.0 96.4 0.1 Mozambique 6.9 8.8 5.0 5.9 7.3 7.6 6.7 6.1 6.3 0.0 Netherlands 397.6 367.3 345.5 432.9 417.4 431.6 449.3 453.2 491.1 0.6 New Zealand 59.8 55.3 52.9 85.9 105.7 100.7 108.8 127.6 137.2 0.2 Nicaragua 0.7 0.7 0.7 0.7 0.8 0.7 0.0 0.0 0.0 0.0 Nigeria 49.2 44.5 58.2 59.4 58.8 71.4 78.7 65.2 72.0 0.1 North Macedonia 3.7 4.0 4.1 5.3 5.4 5.5 6.3 6.4 7.0 0.0 Norway 56.5 53.6 51.5 62.1 59.2 60.5 55.7 54.2 61.1 0.1 Oman 20.4 35.7 42.2 47.4 49.8 41.6 37.7 35.7 36.1 0.0 Pakistan 151.2 149.2 141.9 169.8 203.9 194.4 170.0 194.1 217.1 0.3 Panama 18.0 19.8 23.6 28.2 31.4 34.1 37.2 43.5 47.6 0.1 Papua New Guinea 3.4 3.5 4.3 4.0 6.5 8.0 8.2 8.5 8.6 0.0 Paraguay 4.2 4.6 5.1 6.7 7.5 7.7 8.2 9.1 9.4 0.0 Peru 40.2 45.8 48.9 53.2 62.0 65.8 68.7 71.1 76.3 0.1 Philippines 116.3 120.4 133.1 176.6 201.0 205.6 225.0 233.4 258.7 0.3 Poland 239.6 228.2 228.4 260.6 243.8 236.5 293.6 346.1 419.7 0.5 Portugal 216.0 220.6 224.9 263.2 252.7 246.0 265.7 258.7 300.7 0.4 Qatar 83.0 95.3 109.5 104.9 104.9 100.3 93.0 89.5 77.4 0.1 Ras Al Khaimah (Emirate of) 0.0 1.2 1.2 1.0 1.0 1.0 1.0 1.0 1.0 0.0 Romania 73.9 80.5 89.3 123.5 134.4 146.4 176.6 201.5 241.8 0.3 Rwanda 1.2 1.3 1.9 1.8 2.2 2.7 2.5 2.6 2.7 0.0 San Marino 0.0 0.0 0.0 0.0 0.0 0.0 1.4 1.3 1.3 0.0 Saudi Arabia 118.1 128.4 159.8 200.5 242.6 264.0 280.1 324.2 363.0 0.5 Senegal 4.9 4.2 6.4 7.6 7.6 11.1 12.3 14.4 18.3 0.0 Serbia 15.5 14.2 14.5 20.1 21.5 20.9 22.5 24.7 27.6 0.0 Sharjah (Emirate of) 4.9 6.7 9.1 11.5 15.1 17.0 20.4 22.8 25.0 0.0 Singapore 364.6 389.2 466.3 522.5 564.3 793.2 859.2 918.5 1,001.9 1.3 Slovakia 44.4 43.2 42.9 57.3 57.8 58.5 66.6 74.9 84.4 0.1 Slovenia 33.7 32.7 31.4 41.2 38.7 38.6 41.8 42.6 46.4 0.1 South Africa 202.2 193.9 209.3 262.3 262.1 271.5 272.7 314.0 333.0 0.4 Spain 1,022.7 1,108.7 1,117.3 1,336.4 1,340.7 1,361.3 1,480.4 1,525.3 1,653.1 2.2 Sri Lanka 53.5 51.4 54.8 63.2 66.2 52.1 67.4 70.7 72.2 0.1 St. ...N.M. 0 Lithuania 83.32 0.00 0.00 99.15 0.00 16.68 10.71 3.89 Luxembourg 100.00 0.00 100.00 7.79 1.75 Madagascar 23.09 3.50 86.38 94.57 76.91 12.93 4.98 Malaysia 99.76 1.20 2.24 98.80 0.00 0.24 8.28 4.83 Malta 95.38 6.52 0.00 93.48 0.00 4.62 11.64 5.19 Mauritius 81.40 9.07 17.38 78.87 2.12 18.60 18.97 11.75 Mexico 96.10 7.65 16.46 49.76 24.57 3.90 18.45 8.12 Mongolia 34.67 0.30 96.31 82.03 65.33 4.95 1.88 Montenegro 72.89 1.38 85.75 27.11 18.40 10.49 Montserrat 12.30 0.00 87.70 100.00 87.70 6.65 0.2 Morocco 81.58 0.12 26.21 89.41 18.42 14.29 9.55 Mozambique 37.00 8.39 69.22 76.31 0.00 63.00 15.82 10.82 Netherlands 100.00 4.78 1.66 84.24 0.00 9.56 3.49 New Zealand 100.00 8.27 6.07 82.46 9.03 0.00 19.21 9.33 Nicaragua 11.00 0.02 100.00 61.99 0.00 89.00 5.74 0.06 Nigeria 80.00 9.06 48.00 87.85 0.00 20.00 11.68 4.44 North Macedonia 74.55 8.90 73.70 77.38 25.45 21.89 11.11 Norway 100.00 7.97 92.03 18.02 2.04 Oman 95.24 4.51 69.22 88.80 0.00 4.76 17.25 6.1 Pakistan 74.68 18.55 33.52 35.24 0.00 25.32 32.13 19.94 Panama 81.06 2.81 100.00 81.49 0.00 18.94 9.55 5.59 Papua New Guinea 53.18 22.55 48.28 77.45 0.00 46.82 29.10 13.93 Paraguay 56.59 0.00 87.63 65.13 0.00 43.41 3.16 1.1 Peru 85.04 48.63 84.23 1.60 14.96 1.89 0.52 Philippines 84.59 4.67 32.98 87.17 15.41 12.12 6.67 Poland 89.76 1.30 24.09 67.50 6.38 10.24 10.66 4.21 Portugal 81.44 10.81 0.00 77.50 18.56 17.36 17.96 Qatar 100.00 0.00 52.10 95.00 0.00 0.00 13.50 5.64 Ras Al Khaimah (Emirate of) 100.00 0.00 100.00 100.00 0.00 0.00 100.00 7.71 Romania 91.12 13.15 47.67 80.12 0.00 8.88 18.31 10.24 Rwanda 27.72 3.84 80.97 92.31 0.00 72.28 5.78 3.43 San Marino 100.00 4.26 89.89 0.67 9.96 5.95 Saudi Arabia 100.00 1.89 39.29 86.34 11.77 5.01 1.46 Senegal 57.00 15.00 60.00 76.50 43.00 33.27 23.3 Serbia 62.09 0.00 77.20 73.83 0.00 37.91 8.79 3.69 Sharjah (Emirate of) 100.00 4.12 80.00 62.32 0.00 0.00 15.32 8.04 Singapore 100.00 12.90 0.00 87.10 0.00 0.00 16.71 27.21 Slovakia 94.40 0.00 1.26 100.00 0.00 5.60 8.75 4.57 Slovenia 95.01 0.79 3.09 97.30 0.24 4.99 6.49 3.78 South Africa 96.60 9.67 10.27 68.10 19.45 3.40 12.76 9.16 Spain 97.39 5.18 0.05 88.28 5.68 2.61 13.62 11.74 Sri Lanka 75.97 14.33 37.36 85.67 24.03 18.74 16.31 St. …
Banking Industry Country Risk Assessment Update: February 2025
Feb 27, 2025 -… Table 4 BICRA scores for estimates and regional averages --BICRA estimates-- --BICRA regional averages-- BICRA group Economic risk BICRA group Economic risk Andorra 6 5 Africa 9 9 Bulgaria 7 7 Asia-Pacific 5 5 Croatia 6 6 Central America and the Caribbean 8 8 Estonia 4 4 Europe, the Middle East, and Africa 5 5 Latvia 4 4 Europe 4 4 Lithuania 4 4 European Union 3 3 Romania 7 7 Gulf Cooperation Council 5 5 Serbia 7 7 Latin America 6 7 Slovakia 5 6 North America 3 3 World 4 5 Data as of Feb. 27, 2025. …
Default, Transition, and Recovery: The European Speculative-Grade Default Rate Could Level Out At 3.75% By December 2025
Feb 21, 2025 -… The full list of included countries is: Austria, Belgium, the British Virgin Islands, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, the Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the U.K. …
Banking Industry Country Risk Assessment Update: January 2025
Jan 30, 2025 -… Table 4 BICRA scores for estimates and regional averages --BICRA estimates-- --BICRA regional averages-- BICRA Group Economic risk BICRA Group Economic risk Andorra 6 5 Africa 9 9 Bulgaria 7 7 Asia Pacific 5 5 Croatia 6 6 Central America and the Caribbean 8 8 Estonia 4 4 Europe, the Middle East and Africa 5 5 Latvia 4 4 Europe 4 4 Lithuania 4 4 European Union 3 3 Romania 7 7 Gulf Cooperation Council 5 5 Serbia 7 7 Latin America 6 7 Slovakia 5 6 North America 3 3 World 4 5 Data as of Jan. 30, 2025. …
Banking Brief: CEE Banks Can Stomach Headwinds In The Auto Industry
Jan 14, 2025 -… Notably, Slovakia (6.6% of GVA from the automotive sector in 2023), the Czech Republic (5.6%), Hungary (4.5%), and Romania (4.5%) are key exporters of vehicles and auto components to Western European markets. …
Calendar Of 2025 EMEA Sovereign, Regional, And Local Government Rating Publication Dates
Dec 19, 2024 -… Sovereign Ratings Table 1 Sovereigns (sorted by publication date) Rated entity First publication date Second publication date Third publication date Congo (the Democratic Republic of the) Jan. 24, 2025 Jul. 25, 2025 Congo-Brazzaville Jan. 24, 2025 Jul. 25, 2025 Luxembourg Jan. 24, 2025 Jul. 25, 2025 North Macedonia Jan. 24, 2025 Jul. 25, 2025 Romania Jan. 24, 2025 Apr. 11, 2025 Oct. 10, 2025 European Financial Stability Facility Jan. 31, 2025 Aug. 1, 2025 European Stability Mechanism Jan. 31, 2025 Aug. 1, 2025 Germany* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Nigeria Jan. 31, 2025 May. 16, 2025 Nov. 14, 2025 San Marino Jan. 31, 2025 Aug. 1, 2025 Sweden* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Denmark* Feb. 7, 2025 Aug. 8, 2025 Georgia (Government of) Feb. 7, 2025 Aug. 8, 2025 Guernsey Feb. 7, 2025 Aug. 8, 2025 Iraq Feb. 7, 2025 Aug. 8, 2025 Jersey (States of) Feb. 7, 2025 Aug. 8, 2025 Switzerland* Feb. 7, 2025 Aug. 8, 2025 Angola Feb. 14, 2025 Aug. 15, 2025 Austria Feb. 14, 2025 Aug. 8, 2025 Cape Verde Feb. 14, 2025 Aug. 8, 2025 Lebanon Feb. 14, 2025 Aug. 15, 2025 Tajikistan Feb. 14, 2025 Aug. 15, 2025 Armenia Feb. 21, 2025 Aug. 22, 2025 Bosnia and Herzegovina Feb. 21, 2025 Aug. 1, 2025 Kazakhstan Feb. 21, 2025 Aug. 22, 2025 Kenya Feb. 21, 2025 Aug. 22, 2025 France* Feb. 28, 2025 May 30, 2025 Nov. 28, 2025 Montenegro Feb. 28, 2025 Aug. 29, 2025 Portugal* Feb. 28, 2025 Aug. 29, 2025 Iceland Mar. 7, 2025 Sep. 5, 2025 Jordan Mar. 7, 2025 Aug. 29, 2025 Norway* Mar. 7, 2025 Sep. 5, 2025 Ukraine Mar. 7, 2025 Sep. 5, 2025 Botswana Mar. 14, 2025 Sep. 12, 2025 Chad Mar. 14, 2025 Sep. 12, 2025 Croatia Mar. 14, 2025 Sep. 12, 2025 Saudi Arabia* Mar. 14, 2025 Sep. 12, 2025 Spain* Mar. 14, 2025 Sep. 12, 2025 Albania Mar. 21, 2025 Sep. 19, 2025 Cameroon Mar. 21, 2025 Sep. 19, 2025 Ethiopia Mar. 21, 2025 Sep. 19, 2025 Ireland Mar. 21, 2025 Sep. 19, 2025 St Helena Mar. 21, 2025 Sep. 19, 2025 Czech Republic Mar. 28, 2025 Sep. 26, 2025 Morocco Mar. 28, 2025 Sep. 26, 2025 Oman Mar. 28, 2025 Sep. 26, 2025 Madagascar Apr. 4, 2025 Oct. 3, 2025 Serbia Apr. 4, 2025 Oct. 3, 2025 Egypt Apr. 11, 2025 Oct. 10, 2025 Hungary Apr. 11, 2025 Oct. 10, 2025 Italy* Apr. 11, 2025 Oct. 10, 2025 Mozambique Apr. 11, 2025 Oct. 10, 2025 United Kingdom* Apr. 11, 2025 Oct. 10, 2025 Benin Apr. 18, 2025 Oct. 17, 2025 Greece Apr. 18, 2025 Oct. 17, 2025 Netherlands* Apr. 18, 2025 Oct. 17, 2025 Togo Apr. 18, 2025 Oct. 17, 2025 Belgium* Apr. 25, 2025 Oct. 24, 2025 Finland Apr. 25, 2025 Oct. 24, 2025 Mauritius Apr. 25, 2025 Oct. 24, 2025 Slovakia Apr. 25, 2025 Oct. 24, 2025 Turkiye* Apr. 25, 2025 Oct. 17, 2025 Qatar May. 2, 2025 Oct. 31, 2025 Andorra May. 9, 2025 Nov. 7, 2025 Burkina Faso May. 9, 2025 Nov. 7, 2025 Ghana May. 9, 2025 Nov. 7, 2025 Israel May. 9, 2025 Nov. 7, 2025 Poland May. 9, 2025 Nov. 7, 2025 Uganda May. 9, 2025 Nov. 7, 2025 Cote d'Ivoire May. 16, 2025 Nov. 14, 2025 Cyprus May. 16, 2025 Nov. 14, 2025 Rwanda May. 16, 2025 Nov. 14, 2025 Senegal May. 16, 2025 Nov. 14, 2025 Sharjah (Emirate of) May. 16, 2025 Nov. 14, 2025 South Africa May. 16, 2025 Nov. 14, 2025 Abu Dhabi (Emirate of) May. 23, 2025 Nov. 21, 2025 Bahrain May. 23, 2025 Nov. 21, 2025 Bulgaria May. 23, 2025 Nov. 21, 2025 Kuwait May. 23, 2025 Nov. 21, 2025 Liechtenstein May. 23, 2025 Nov. 21, 2025 Ras Al Khaimah (Emirate of) May. 23, 2025 Nov. 21, 2025 Uzbekistan May. 23, 2025 Nov. 21, 2025 Zambia May. 23, 2025 Nov. 21, 2025 Estonia May. 30, 2025 Nov. 28, 2025 Latvia May. 30, 2025 Nov. 28, 2025 Lithuania May. 30, 2025 Nov. 28, 2025 Azerbaijan Jun. 6, 2025 Dec. 5, 2025 Malta Jun. 6, 2025 Dec. 5, 2025 Slovenia Jun. 6, 2025 Nov. 21, 2025 *Unsolicited ratings. Table 2 Sovereigns (sorted alphabetically) Rated entity First publication date Second publication date Third publication date Abu Dhabi (Emirate of) May. 23, 2025 Nov. 21, 2025 Albania Mar. 21, 2025 Sep. 19, 2025 Andorra May. 9, 2025 Nov. 7, 2025 Angola Feb. 14, 2025 Aug. 15, 2025 Armenia Feb. 21, 2025 Aug. 22, 2025 Austria Feb. 14, 2025 Aug. 8, 2025 Azerbaijan Jun. 6, 2025 Dec. 5, 2025 Bahrain May. 23, 2025 Nov. 21, 2025 Belgium* Apr. 25, 2025 Oct. 24, 2025 Benin Apr. 18, 2025 Oct. 17, 2025 Bosnia and Herzegovina Feb. 21, 2025 Aug. 1, 2025 Botswana Mar. 14, 2025 Sep. 12, 2025 Bulgaria May. 23, 2025 Nov. 21, 2025 Burkina Faso May. 9, 2025 Nov. 7, 2025 Cameroon Mar. 21, 2025 Sep. 19, 2025 Cape Verde Feb. 14, 2025 Aug. 8, 2025 Chad Mar. 14, 2025 Sep. 12, 2025 Congo (the Democratic Republic of the) Jan. 24, 2025 Jul. 25, 2025 Congo-Brazzaville Jan. 24, 2025 Jul. 25, 2025 Cote d'Ivoire May. 16, 2025 Nov. 14, 2025 Croatia Mar. 14, 2025 Sep. 12, 2025 Cyprus May. 16, 2025 Nov. 14, 2025 Czech Republic Mar. 28, 2025 Sep. 26, 2025 Denmark* Feb. 7, 2025 Aug. 8, 2025 Egypt Apr. 11, 2025 Oct. 10, 2025 Estonia May. 30, 2025 Nov. 28, 2025 Ethiopia Mar. 21, 2025 Sep. 19, 2025 European Financial Stability Facility Jan. 31, 2025 Aug. 1, 2025 European Stability Mechanism Jan. 31, 2025 Aug. 1, 2025 Finland Apr. 25, 2025 Oct. 24, 2025 France* Feb. 28, 2025 May. 30, 2025 Nov. 28, 2025 Georgia (Government of) Feb. 7, 2025 Aug. 8, 2025 Germany* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Ghana May. 9, 2025 Nov. 7, 2025 Greece Apr. 18, 2025 Oct. 17, 2025 Guernsey Feb. 7, 2025 Aug. 8, 2025 Hungary Apr. 11, 2025 Oct. 10, 2025 Iceland Mar. 7, 2025 Sep. 5, 2025 Iraq Feb. 7, 2025 Aug. 8, 2025 Ireland Mar. 21, 2025 Sep. 19, 2025 Israel May. 9, 2025 Nov. 7, 2025 Italy* Apr. 11, 2025 Oct. 10, 2025 Jersey (States of) Feb. 7, 2025 Aug. 8, 2025 Jordan Mar. 7, 2025 Aug. 29, 2025 Kazakhstan Feb. 21, 2025 Aug. 22, 2025 Kenya Feb. 21, 2025 Aug. 22, 2025 Kuwait May. 23, 2025 Nov. 21, 2025 Latvia May. 30, 2025 Nov. 28, 2025 Lebanon Feb. 14, 2025 Aug. 15, 2025 Liechtenstein May. 23, 2025 Nov. 21, 2025 Lithuania May. 30, 2025 Nov. 28, 2025 Luxembourg Jan. 24, 2025 Jul. 25, 2025 Madagascar Apr. 4, 2025 Oct. 3, 2025 Malta Jun. 6, 2025 Dec. 5, 2025 Mauritius Apr. 25, 2025 Oct. 24, 2025 Montenegro Feb. 28, 2025 Aug. 29, 2025 Morocco Mar. 28, 2025 Sep. 26, 2025 Mozambique Apr. 11, 2025 Oct. 10, 2025 Netherlands* Apr. 18, 2025 Oct. 17, 2025 Nigeria Jan. 31, 2025 May. 16, 2025 Nov. 14, 2025 North Macedonia Jan. 24, 2025 Jul. 25, 2025 Norway* Mar. 7, 2025 Sep. 5, 2025 Oman Mar. 28, 2025 Sep. 26, 2025 Poland May. 9, 2025 Nov. 7, 2025 Portugal* Feb. 28, 2025 Aug. 29, 2025 Qatar May. 2, 2025 Oct. 31, 2025 Ras Al Khaimah (Emirate of) May. 23, 2025 Nov. 21, 2025 Romania Jan. 24, 2025 Apr. 11, 2025 Oct. 10, 2025 Rwanda May. 16, 2025 Nov. 14, 2025 San Marino Jan. 31, 2025 Aug. 1, 2025 Saudi Arabia* Mar. 14, 2025 Sep. 12, 2025 Senegal May. 16, 2025 Nov. 14, 2025 Serbia Apr. 4, 2025 Oct. 3, 2025 Sharjah (Emirate of) May. 16, 2025 Nov. 14, 2025 Slovakia Apr. 25, 2025 Oct. 24, 2025 Slovenia Jun. 6, 2025 Nov. 21, 2025 South Africa May. 16, 2025 Nov. 14, 2025 Spain* Mar. 14, 2025 Sep. 12, 2025 St Helena Mar. 21, 2025 Sep. 19, 2025 Sweden* Jan. 31, 2025 Jun. 13, 2025 Dec. 5, 2025 Switzerland* Feb. 7, 2025 Aug. 8, 2025 Tajikistan Feb. 14, 2025 Aug. 15, 2025 Togo Apr. 18, 2025 Oct. 17, 2025 Turkiye* Apr. 25, 2025 Oct. 17, 2025 Uganda May. 9, 2025 Nov. 7, 2025 Ukraine Mar. 7, 2025 Sep. 5, 2025 United Kingdom* Apr. 11, 2025 Oct. 10, 2025 Uzbekistan May. 23, 2025 Nov. 21, 2025 Zambia May. 23, 2025 Nov. 21, 2025 *Unsolicited ratings. …