Rating Histories

August 3, 2011
Sovereign Rating And Country T&C Assessment Histories

Primary Credit Analyst: Marie Cavanaugh, New York (1) 212-438-7343; marie_cavanaugh@standardandpoors.com Secondary Credit Analysts: YeeFarn Phua, Singapore (65) 6239-6341; yeefarn_phua@standardandpoors.com Benjamin Young, London (44) 20-7176-3574; benjamin_young@standardandpoors.com
Table Of Contents
Rating Trends Rating/Assessment Histories
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Standard & Poor's Ratings Services rates 126 sovereign governments and has transfer and convertibility (T&C) assessments for each country with a rated sovereign.
Rating Trends
In July, Standard & Poor's raised its sovereign ratings on Angola, Kuwait, and Uruguay and lowered its sovereign ratings on Cyprus and Greece. The outlooks on Panama and Sri Lanka were revised to positive from stable, while the outlooks on Bosnia and Herzegovina and Tunisia were revised to negative from stable. In addition, we assigned negative outlooks to Bahrain and Oman upon the removal of the ratings from CreditWatch with negative implications. Standard & Poor's also placed the long-term sovereign ratings on the United States on CreditWatch negative. Finally, the long-term local-currency ratings on Malaysia, Mexico, and Morocco were lowered by one notch in accordance with Standard & Poor's revised sovereign rating methodology, which was published on June
Standard & Poors | RatingsDirect on the Global Credit Portal | August 3, 2011
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30, 2011. As of July 31, 17 sovereigns had positive outlooks, up from 12 a year earlier. Twenty-seven sovereigns have negative outlooks or ratings on CreditWatch negative, a figure that is edging up but is down from a peak of 37 in April 2009.
Table 1
July 2011 Rating, Outlook, And T&C Assessment Changes

Sovereign Angola Action Ratings raised to BB-/Stable/B; T&C assessment revised to 'BB-' Ratings removed from CreditWatch negative; negative outlook assigned Date July 12, 2011 July 20, 2011 Reason The upgrade reflects stronger fiscal and external flexibility stemming from robust improvement in fiscal and external balances. The removal of the ratings from CreditWatch reflects our view of lesser political tensions in the wake of the lifting of the National Security Law and an attempt at reconciliation. The negative outlook reflects the likelihood of a downgrade if political turmoil reemerges and destabilizes the financial system or if Bahrain appears to experience a continued asset drain due to the fallout from this years unrest. The negative outlook reflects the likelihood of a downgrade if the difficult political environment continues to deter investment inflows and obstruct the management of government finances over the next year. The downgrade reflects rising fiscal pressures in light of the governments inconsistent commitment to cutting public spending to offset a substantial decline in capital gains and corporate taxes, as well as the contingent liabilities stemming from Cypriot bank exposures to Greece. The downgrade reflects our view that the proposed restructuring, outlined in the July 21 statement by the European Council, would amount to a distressed exchange and a selective default under our rating criteria. The upgrade is based on the countrys strong external and fiscal positions, which receive a heavier weight in Standard & Poors revised sovereign rating methodology, published on June 30, 2011. The long-term local-currency rating was revised to just one notch above the foreign-currency rating in accordance with Standard & Poors revised sovereign rating methodology, published on June 30, 2011. The long-term local-currency rating was revised to just two notches above the foreign-currency rating in accordance with Standard & Poors revised sovereign rating methodology, published on June 30, 2011. The long-term local-currency rating was revised to just one notch above the foreign-currency rating in accordance with Standard & Poors revised sovereign rating methodology, published on June 30, 2011. The removal of the ratings from CreditWatch reflects our view that immediate political pressures are easing, with the government having quickly responded to the demands of the largely peaceful protesters. The negative outlook reflects the likelihood of a downgrade if latent political risks reemerge and cannot be appeased by the planned increases in spending that aim to address demands raised earlier this year. The positive outlook reflects the likelihood of an upgrade if the better-than-expected performance of Panamas economy continues andalong with improving infrastructureboosts long-term economic flexibility and resilience. The positive outlook reflects the likelihood of an upgrade if external liquidity continues to strengthen, inflation stays close to that of trading partners, and the government progresses in addressing structural fiscal weaknesses. The negative outlook reflects the likelihood of a downgrade if uncertainties around medium-term policy formulation and implementation rise, fiscal performance deteriorates, or the banking system weakens further and impairs growth. The CreditWatch placement reflects the likelihood of a downgrade if we conclude that Congress and the Administration have not achieved a credible solution to the rising U.S. government debt burden and are not likely to achieve one in the foreseeable future.
Bahrain
Bosnia and Herzegovina Cyprus
Outlook revised to negative from stable Ratings lowered to BBB+/Negative/A-2
July 28, 2011 July 29, 2011
Greece
Ratings lowered to CC/Negative/C Ratings raised to AA/Stable/A-1+ Local-currency ratings lowered to A/Stable/A-1 Local-currency ratings lowered to A-/Stable/A-2 Local-currency ratings lowered to BBB/Stable/A-2 Ratings removed from CreditWatch negative; negative outlook assigned
July 27, 2011 July 20, 2011 July 27, 2011 July 28, 2011 July 13, 2011 July 20, 2011
Kuwait
Malaysia
Mexico
Morocco
Oman
Panama
Outlook revised to positive from July 21, stable 2011 Foreign-currency outlook revised to positive from stable Outlook revised to negative from stable Ratings placed on CreditWatch negative July 19, 2011 July 28, 2011 July 14, 2011
Sri Lanka
Tunisia
United States
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Table 1
July 2011 Rating, Outlook, And T&C Assessment Changes (cont.)

Uruguay Ratings raised to BB+/Stable/B; July 25, T&C assessment revised to 2011 'BBB' The upgrade reflects the growing track record on the implementation of prudent and consistent economic policies.
Rating/Assessment Histories
The rating and assessment histories are shown in Table 2, with the top line for each sovereign showing the ratings and assessment as of July 31, 2011. These histories are updated monthly. For a handful of sovereigns, the rating histories start on Jan. 1, 1975. For most, they start on the day Standard & Poor's first assigned a rating. For information on sovereign rating criteria, please see "Sovereign Government Rating Methodology And Assumptions," June 30, 2011. The column second from the right in Table 2 shows sovereign foreign-currency recovery ratings. Standard & Poor's sovereign foreign-currency recovery ratings reflect its opinion on the extent to which a sovereign government will be able and willing to repay nonofficial foreign currency debtholders post-default. This opinion is expressed using a numerical scale where '1+' indicates the highest expectation of full recovery and '6' indicates an expectation of negligible recovery. Standard & Poor's has foreign currency recovery ratings on the debt issues of selected sovereigns with foreign currency ratings of 'BB+' or lower. For information on sovereign recovery rating criteria, please see "Criteria: Introduction Of Sovereign Recovery Ratings," RatingsDirect, June 14, 2007. The right-most column below in Table 2 contains T&C assessments. The history begins in November 2005, at which time Standard & Poor's expanded its criteria for analyzing T&C risk. A T&C assessment is the rating associated with the likelihood of the sovereign restricting 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. A nonsovereign can be rated as high as the T&C assessment if its stress-tested operating and financial characteristics support the higher rating. For more information about these nonsovereign issuers, please see "Corporate And Government Ratings That Exceed The Sovereign Rating," published monthly on RatingsDirect. For more information about the methodology for determining T&C assessments, see "Criteria For Determining Transfer And Convertibility Assessments," May 18, 2009, RatingsDirect.
Table 2
Sovereign Rating And Country T&C Assessment Histories As Of July 31, 2011
Sovereign/date Local-currency rating LT/Outlook/ST Foreign-currency rating LT/Outlook/ST AA/Stable/A-1+ Foreign-currency recovery Country T&C rating assessment AA+
Abu Dhabi (Emirate of) July 2, 2007 AA/Stable/A-1+ Albania (Republic of) Nov. 4, 2010 B+/Stable/B April 19, 2010 B+/Stable/B
B+/Stable/B B+/Stable/B
4 BBBB-
Andorra (Principality of) June 14, 2010 A/Negative/A-1 May 26, 2009 A+/Stable/A-1+
A/Negative/A-1 A+/Stable/A-1+
AAA AAA
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Table 2
Sovereign Rating And Country T&C Assessment Histories As Of July 31, 2011 (cont.)
Aug. 12, 2008 Aug. 16, 2007 Nov. 1, 2005 Aug. 11, 2004 May 6, 2003 AA-/Negative/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA-/Stable/A-1+ AAA AAA AAA
Angola (Republic of) July 12, 2011 BB-/Stable/B May 19, 2010 B+/Stable/B
BB-/Stable/B B+/Stable/B
BBB+
Argentina (Republic of) (unsolicited) Sept. 13, 2010 B/Stable/B Nov. 5, 2008 Oct. 31, 2008 Aug. 11, 2008 April 25, 2008 June 12, 2007 Nov. 2, 2006 March 23, 2006 Nov. 3, 2005 Nov. 1, 2005 June 1, 2005 Feb. 12, 2002 Nov. 6, 2001 Oct. 30, 2001 Oct. 9, 2001 July 12, 2001 June 6, 2001 May 8, 2001 March 26, 2001 March 19, 2001 Nov. 14, 2000 Oct. 31, 2000 Feb. 10, 2000 July 22, 1999 April 2, 1997 March 8, 1995 Sept. 1, 1994 Aug. 22, 1994 Feb. 4, 1994 Aug. 25, 1993 Aruba Nov. 2, 2010 B-/Stable/C B-/Stable/C B/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B B/Stable/B B-/Stable/C B-/Stable/C B-/Stable/C SD/NM/SD SD/NM/C CC/Negative/C CCC+/Negative/C B-/Negative/C B/Negative/C B/Watch Neg/C B+/Watch Neg/B BB/Watch Neg/B BB/Stable/B BBB-/Watch Neg/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Positive/A-3 NR/NM/A-3
B/Stable/B B-/Stable/C B-/Stable/C B/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B B/Stable/B B-/Stable/C B-/Stable/C B-/Stable/C SD/NM/SD SD/NM/C CC/ Negative/C CCC+/Negative/C B-/Negative/C B/Negative/C B/Watch Neg/C B+/Watch Neg/B BB-/Watch Neg/B BB-/Stable/B BB/Watch Neg/B BB/Stable/B BB/Negative/B BB/Stable/B BB-/Stable/B BB-/Positive/B BB-/Positive/B BB-/Positive/NR BB-/Stable/NR
4 B 4 B4 B+ 4 BB4 BB 4 BB BB BBB+ B-
A-/Negative/A-2
A-/Negative/A-2
A-
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Table 2
May 29, 2008 A-/Stable/A-2 A-/Stable/A-2 AAustralia (Commonwealth of) (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ Feb. 17, 2003 May 17, 1999 Aug. 22, 1996 Sept. 3, 1993 July 27, 1992 Oct. 24, 1989 June 26, 1989 Dec. 2, 1986 March 1, 1985 Nov. 23, 1981 June 6, 1975 Austria (Republic of) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 June 26, 1989 Nov. 23, 1981 July 9, 1975 Azerbaijan (Republic of) Dec. 14, 2009 BB+/Positive/B Dec. 16, 2008 BB+/Stable/B AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Negative/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+//A-1+ AAA//A-1+ AAA//NR AAA//NR
AAA
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1
AAA
BB+/Positive/B BB+/Stable/B
BBBBBB-
Bahamas (The Commonwealth of The) Dec. 23, 2009 BBB+/Stable/A-2 Nov. 24, 2008 Jan. 28, 2008 Aug. 1, 2007 April 6, 2006 Nov. 1, 2005 Dec. 3, 2003 A-/Negative/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2
BBB+/Stable/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2
AA A A A A-
Bahrain (Kingdom of) July 20, 2011 BBB/Negative/A-3 March 18, 2011 Feb. 21, 2011 April 6, 2006 April 5, 2006 Nov. 1, 2005 Dec. 2, 2003 July 15, 2002 BBB/Watch Neg/A-3 A-/Watch Neg/A-2 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1
BBB/Negative/A-3 BBB/Watch Neg/A-3 A-/Watch Neg/A-2 A/Stable/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Positive/A-2 A-/Stable/A-2
BBB BBB A AAA A-
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Table 2
Bangladesh (People's Republic of) April 5, 2010 BB-/Stable/B Barbados Oct. 22, 2010 Nov. 13, 2009 June 10, 2009 April 8, 2009 July 26, 2006 April 6, 2006 July 29, 2005 Nov. 1, 2005 Aug. 5, 2004 Aug. 19, 2003 Dec. 17, 1999 BB-/Stable/B BB-
BBB-/Stable/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Stable/A-2 A+/Negative/A-1 AA-/Stable/A-1+
BBB-/Stable/A-3 BBB/Negative/A-3 BBB/Stable/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 A-/Negative/A-2 A-/Stable/A-2
BBB BBB+ BBB+ AAABBB+ BBB+
Belarus (Republic of) May 27, 2011 B/Watch Neg/B March 15, 2011 Nov. 8, 2010 Nov. 3, 2008 Aug. 21, 2007 B+/Negative/B BB/Negative/B BB/Negative/B BB/Stable/B
B/Watch Neg/B B/Negative/B B+/Negative/B B+/Negative/B B+/Stable/B
4 B 4 B 4 B+ B+ B+
Belgium (Kingdom of) (unsolicited) Dec. 14, 2010 AA+/Negative/A-1+ Nov. 1, 2005 May 6, 1998 Aug. 3, 1995 Nov. 26, 1992 July 1, 1992 June 26, 1989 Oct. 26, 1988 Belize June 21, 2011 Jun. 12, 2007 Feb. 20, 2007 Dec. 7, 2006 Aug. 4, 2006 April 6, 2006 Nov. 1, 2005 June 1, 2005 April 5, 2005 Aug. 31, 2004 Aug. 23, 2004 AA+/Stable/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/NR
AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Positive/A-1+ AA+//A-1+
AAA AAA
B/Watch Neg/B B/Stable/B B/Stable/B CCC+/Stable/C CCC+/Stable/C CCC+/Negative/C CCC+/Negative/C CCC+/Negative/C CCC+/Negative/C B/Negative/C B+/Negative/B
B/Watch Neg/B B/Stable/B B/Stable/B SD/NM/SD CC/Negative/C CCC-/Negative/C CCC-/Negative/C CCC-/Negative/C CCC/Negative/C B-/Negative/C B/Negative/C
3 B+ 3 B+ B+ BBBCCC-
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Table 2
July 20, 2004 Dec. 30, 2002 July 25, 2002 Oct. 23, 2001 Aug. 18, 2000 BB-/Negative/B BB-/Stable/B BB/Negative/B BB/Stable/B BB+/Stable/B B+/Negative/B B+/Stable/B BB-/Negative/B BB-/Stable/B BB/Stable/B
Benin (Republic of) Dec. 1, 2010 B/Stable/B Dec. 19, 2007 April 10, 2007 Sept. 7, 2006 Nov. 1, 2005 Dec. 29, 2003 Bermuda Sept. 7, 2010 May 15, 2009 Dec. 21, 2007 Dec. 22, 2006 April 6, 2006 Nov. 1, 2005 Jan. 29, 1999 June 16, 1995 Bolivia (Plurinational State of) May 19, 2011 B+/Stable/B May 6, 2010 Nov. 2, 2007 April 6, 2006 June 7, 2005 Nov. 1, 2005 Aug. 5, 2004 Oct. 20, 2003 Aug. 20, 2003 Feb. 26, 2003 Dec. 17, 2002 Oct. 18, 2000 July 6, 1998 B/Positive/B B-/Stable/C B-/Negative/C B-/Negative/C B-/Stable/C B-/Stable/C B-/Negative/C B/Stable/C B/Negative/C B+/Negative/B BB/Stable/B BB+/Stable/B B/Positive/B B/Stable/B B/Negative/B B+/Stable/B B+/Stable/B
B/Stable/B B/Positive/B B/Stable/B B/Negative/B B+/Stable/B B+/Stable/B
BBBBBBBBBBBBBBB-
AA/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+
AA/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/NR
AAA AAA AAA AAA AAA AA
B+/Stable/B B/Positive/B B-/Stable/C B-/Negative/C B-/Negative/C B-/Stable/C B-/Stable/C B-/Negative/C B/Stable/C B/Negative/C B+/Negative/B B+/Stable/B BB-/Stable/B
B+ B B B BB-
Bosnia and Herzegovina July 28, 2011 B+/Negative/B Dec. 17, 2010 Dec. 22, 2008 B+/Stable/B B+/Stable/B
B+/Negative/B B+/Stable/B B+/Stable/B
BB BB BB+
Botswana (Republic of) Feb. 15, 2010 A/Stable/A-1
A-/Stable/A-2
A+
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Table 2
Feb. 19, 2009 April 6, 2006 Nov. 1, 2005 April 2, 2001 A+/Negative/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Negative/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 AA AA A
Brazil (Federative Republic of) May 23, 2011 BBB+/Stable/A-2 April 30, 2008 June 12, 2007 May 16, 2007 Nov. 22, 2006 Feb. 28, 2006 Nov. 8, 2005 Nov. 3, 2005 Nov. 1, 2005 Sept. 17, 2004 Dec. 11, 2003 April 29, 2003 July 2, 2002 Aug. 9, 2001 Jan. 3, 2001 Feb. 29, 2000 Nov. 9, 1999 Jan. 14, 1999 Sept. 10, 1998 April 2, 1997 June 19, 1996 Dec. 20, 1995 July 18, 1995 Dec. 1, 1994 Bulgaria (Republic of) Dec. 1, 2009 BBB/Stable/A-3 Oct. 30, 2008 Oct. 23, 2008 Oct. 26, 2006 Nov. 1, 2005 Oct. 27, 2005 Feb. 10, 2005 June 24, 2004 May 22, 2003 Oct. 7, 2002 Nov. 7, 2001 May 10, 2000 BBB/Negative/A-3 BBB+/Watch Neg/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BB+/Positive/B BB/Stable/B BB-/Positive/B BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Positive/A-3 BB+/Positive/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Negative/B BB+/Negative/B BB+/Stable/B BB/Positive/B BB-/Stable/B BB-/Negative/B BB+/Negative/B BB+/Stable/B BB/Positive/NR
BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Positive/B BB/Positive/B BB/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B BB-/Stable/B B+/Positive/B B+/Stable/B B+/Negative/B BB-/Negative/B BB-/Stable/B B+/Positive/B B+/Stable/B B+/Negative/B BB-/Negative/B BB-/Stable/B B+/Positive/NR B+/Positive/NR B+/Stable/NR B/Positive/NR
BBB+ BBB+ 3 BBB BBB BBBBBBBB+ BB+ BB-
BBB/Stable/A-3 BBB/Negative/A-3 BBB+/Watch Neg/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Positive/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Stable/B BB/Positive/B BB-/Stable/B B+/Positive/B
A A A+ A+ A+
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Table 2
Nov. 23, 1998 Burkina Faso Aug. 6, 2008 July 6, 2006 Nov. 1, 2005 March 5, 2004 B/Positive/B B/Positive/B
B/Stable/B B/Positive/B B/Stable/B B/Stable/B
B/Stable/B B/Positive/B B/Stable/B B/Stable/B
BBBBBBBBB-
Cambodia (Kingdom of) (unsolicited) April 19, 2007 B+/Stable/B Cameroon (Republic of) Feb. 26, 2007 B/Stable/B May 3, 2006 Nov. 1, 2005 Dec. 3, 2004 Nov. 26, 2003 B-/Stable/C CCC/Stable/C CCC/Stable/C B/Stable/B
B+/Stable/B
BB-
B/Stable/B B-/Stable/C CCC/Stable/C CCC/Stable/C B/Stable/B
BBBBBBBBB-
Cameroon's local-currency default in 2004 is not captured in the ratings.
Canada Nov. 1, 2005 July 29, 2002 Feb. 24, 1997 March 3, 1995 Oct. 14, 1992 June 26, 1989 Nov. 23, 1981 June 13, 1978 Jan. 1, 1975
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1 AAA//NR
AAA
Cape Verde (Republic of) May 24, 2011 B+/Stable/B Dec. 24, 2009 Dec. 4, 2008 B+/Negative/B B+/Stable/B
B+/Stable/B B+/Negative/B B+/Stable/B
BB BB BB
Chile (Republic of) Dec. 16, 2010 AA/Positive/A-1+ Dec. 18, 2007 Dec. 14, 2006 Nov. 3, 2005 Nov. 1, 2005 Jan. 14, 2004 April 16, 2002 July 11, 1995 Dec. 21, 1993 Nov. 30, 1992 Aug. 17, 1992 AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/NR AA/Stable/NR
A+/Positive/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A-/Positive/A-1 A-/Stable/A-1 BBB+/Stable/NR BBB/Stable/NR BBB/Stable/NR
AA AA AA AA A
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Table 2
China (People's Republic of) Dec. 16, 2010 AA-/Stable/A-1+ July 31, 2008 July 26, 2007 July 27, 2006 Nov. 3, 2005 Nov. 1, 2005 July 20, 2005 Feb. 18, 2004 April 15, 2003 July 20, 1999 July 16, 1998 May 14, 1997 July 19, 1993 Feb. 20, 1992 Colombia (Republic of) March 16, 2011 BBB+/Stable/A-2 July 7, 2010 Jun. 12, 2007 March 5, 2007 Feb. 22, 2006 Nov. 3, 2005 Nov. 1, 2005 July 14, 2003 May 23, 2000 April 10, 2000 Sept. 21, 1999 June 11, 1999 May 5, 1998 Oct. 7, 1997 Aug. 24, 1995 Sept. 21, 1994 June 22, 1993 Cook Islands Dec. 20, 2010 Aug. 11, 2009 Dec. 7, 2007 March 15, 2006 Nov. 1, 2005 April 5, 2005 Feb. 18, 2005 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Negative/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 A-/Negative/A-2 A/Stable/A-1 A+/Stable/NR A+/Stable/NR A+/Stable/A-1+ A/Positive/A-1 A/Stable/A-1 A-/Positive/A-1 A-/Positive/A-1 A-/Positive/A-1 BBB+/Positive/A-2 AA-/Stable/A-1+ A+/Stable/A-1+ A/Positive/A-1 A/Stable/A-1 A-/Positive/A-1 A-/Positive/A-1 A-/Positive/A-1 BBB+/Positive/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB/Positive/A-2 BBB/Stable/A-2 AAA+ A+ A+ A A-
BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Negative/B BB+/Negative/B BB+/Stable/B BBB-/Negatve/A-3 BBB-/Stable/A-3 BBB-/Stable/NR BBB-/Positive/NR BBB-/Positive/NR BBB-/Stable/NR
BBB+ 2 BBB 2 BBB BBB BBBBBBBB
BB-/Negative/B BB/Negative/B BB/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B BB-/Watch Neg/B
BB-/Negative/B BB/Negative/B BB/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B BB-/Watch Neg/B
AAA AAA AA+ AA+ AA+
11
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Table 2
Oct. 5, 2004 Aug. 13, 2003 Oct. 24, 2002 May 23, 2000 Jan. 20, 1998 BB-/Stable/B B+/Positive/B B/Positive/B B/Stable/B B-/Stable/C BB-/Stable/B B+/Positive/B B/Positive/B B/Stable/B B-/Stable/C
Costa Rica (Republic of) Oct. 10, 2008 BB+/Stable/B July 14, 2008 June 12, 2007 Nov. 3, 2005 Nov. 1, 2005 June 10, 2005 April 4, 2003 Jan. 2, 2002 July 27, 2000 July 16, 1997 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Negative/B BB+/Stable/B BB+/Positive/B BB+/Stable/B
BB/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Negative/B BB/Stable/B BB/Positive/B BB/Stable/B
2 BBB2 BBB2 BBBBBBBB
Croatia (Republic of) Dec. 16, 2010 BBB-/Negative/A-3 March 16, 2009 Oct. 27, 2008 Nov. 3, 2005 Nov. 1, 2005 Dec. 22, 2004 June 23, 2004 Feb. 9, 2001 June 3, 1999 June 30, 1998 Jan. 17, 1997 BBB/Negative/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 A-/Stable/A-2
BBB-/Negative/A-3 BBB/Negative/A-3 BBB/Negative/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3
BBB+ AAABBB
Cyprus (Republic of) July 29, 2011 BBB+/Negative/A-2 March 30, 2011 Nov. 16, 2010 July 21, 2010 April 24, 2008 July 10, 2007 March 29, 2007 Nov. 1, 2005 Dec. 01, 2004 Feb. 19, 2004 Aug. 12, 2003 Dec. 3, 1999 A-/Negative/A-2 A/Negative/A-1 A+/Watch Neg/A-1 A+/Stable/A-1 A/Positive/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A+/Negative/A-1 A+/Stable/A-1 AA-/Stable/A-1+
BBB+/Negative/A-2 A-/Negative/A-2 A/Negative/A-1 A+/Watch Neg/A-1 A+/Stable/A-1 A/Positive/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1
AAA AAA AAA AAA AAA AAA AA AA
12
882903 | 300129047
Table 2
Nov. 9, 1998 July 16, 1996 Feb. 14, 1994 Aug. 26, 1991 Czech Republic Aug. 10, 2010 Oct. 2, 2007 Nov. 30, 2005 Nov. 1, 2005 Sept. 3, 2004 Nov. 5, 2002 Nov. 5, 1998 June 30, 1998 Nov. 7, 1995 July 18, 1994 July 28, 1993 Denmark (Kingdom of) Nov. 1, 2005 AAA/Stable/A-1+ Feb. 27, 2001 May 13, 1998 July 27, 1992 Oct. 8, 1991 May 1, 1990 June 26, 1989 March 7, 1985 Jan. 6, 1983 March 1, 1981 Dominican Republic June 13, 2011 B+/Stable/B May 5, 2010 Dec. 23, 2008 July 18, 2008 Feb. 2, 2008 Sept. 4, 2007 June 12, 2007 Aug. 17, 2006 April 6, 2006 Nov. 1, 2005 June 29, 2005 Feb. 1, 2005 Feb. 5. 2004 B/Positive/B B/Stable/B B+/Negative/B B+/Watch Neg/B/Watch Neg. B+/Stable/B B/Positive/B B/Positive/B B/Stable/B B/Stable/B B/Stable/B CC/Stable/C CC/Negative/C AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AA/Stable/A-1+ AA+/Stable/A-1+ A+/Stable/A-1 AA-/Stable/A-1+ AA-/Stable/A-1+ NR/NM/A-1+
A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A+/Stable/A-1 AA-/Stable/A-1+ AA/Stable/A-1+
A/Positive/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A/Stable/A-1 A/Stable/A-1 BBB+/Positive/NR BBB/Positive/NR
AA AA A+ A+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA//A-1+ AA+//NR AAA//NR
AAA
B+/Stable/B B/Positive/B B/Stable/B B+/Negative/B B+/Watch Neg/B/Watch Neg B+/Stable/B B/Positive/B B/Positive/B B/Stable/B B/Stable/B B/Stable/B SD/--/SD CC/Negative/C
3 BB 3 BB3 BB3 BB3 BB3 BB3 BBBBBBB
13
882903 | 300129047
Table 2
Dec. 18, 2003 Oct. 1, 2003 June 9, 2003 May 15, 2003 Sept. 5, 2001 June 12, 2001 April 9, 1999 Oct. 1, 1998 Nov. 11, 1997 Feb. 13, 1997 Ecuador (Republic of) Aug. 2, 2010 B-/Stable/C June 15, 2009 Jan. 16, 2009 Dec. 15, 2008 Nov. 14, 2008 Nov. 20, 2007 Jun. 12, 2007 Jan. 19, 2007 April 6, 2006 Nov. 1, 2005 Oct. 4, 2005 Aug. 23, 2005 June 20, 2005 April 21, 2005 Jan. 24, 2005 Sept. 18, 2003 Feb. 5, 2003 Dec. 4, 2001 April 2, 2001 Aug. 28, 2000 July 29, 2000 CCC+/Stable/C SD/NM/SD SD/NM/SD CCC-/Watch Neg/C B-/Stable/C CCC/Negative/C CCC/Negative/C CCC+/Stable/C CCC+/Stable/C CCC+/Stable/C CCC+/Watch Neg/C CCC+/Stable/C B-/Watch Neg/C B-/Stable/C CCC+/Stable/C CCC+/Positive/C CCC+/Stable/C CCC+/Negative/C B-/Stable/C SD/NM/SD CCC/Negative/C B-/Negative/C B+/Negative/B BB-/Watch Neg/B BB-/Stable/B B+/Positive/B SD/NM/SD BB/Watch Neg/B BB/Stable/B CCC/Negative/C B-/Negative/C B+/Negative/B BB-/Watch Neg/B BB-/Stable/B B+/Positive/B B+/Stable/C B+/Watch Neg/B B+/Stable/B B+/Positive/B
B-/Stable/C CCC+/Stable/C SD/NM/SD SD/NM/SD CCC-/Watch Neg/C B-/Stable/C CCC/Negative/C CCC/Negative/C CCC+/Stable/C CCC+/Stable/C CCC+/Stable/C CCC+/Watch Neg/C CCC+/Stable/C B-/Watch Neg/C B-/Stable/C CCC+/Stable/C CCC+/Positive/C CCC+/Stable/C CCC+/Negative/C B-/Stable/C SD/NM/SD
4 B4 CCC+ 5 CCC5, 6 CCC5, 6 CCC4 B4 CCC+ CCC+ BCCC+
Egypt (Arab Republic of) March 10, 2011 BB+/Negative/B Feb. 1, 2011 June 12, 2007 Nov. 3, 2005 Nov. 1, 2005 March 14, 2005 Aug. 22, 2003 May 22, 2002 June 22, 2001 BB+/Watch Neg/B BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB/Stable/A-3 BBB+/Negative/A-2
BB/Negative/B BB/Watch Neg/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Negative/B BB+/Stable/B BBB-/Negative/A-3
3 BB+ 3 BB+ 3 BBBBBBBB+
14
882903 | 300129047
Table 2
July 3, 2000 Jan. 15, 1997 A-/Negative/A-1 A-/Stable/A-1 BBB-/Negative/A-3 BBB-/Stable/A-3
El Salvador (Republic of) Jan. 14, 2011 BB-/Stable/B May 12, 2009 Sept. 17, 2008 June 12, 2007 Nov. 1, 2005 Jan. 22, 2001 April 29, 1999 Aug. 26, 1996 BB/Stable/B BB+/Negative/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BBB+/Stable/A-2 BBB+/Stable/A-2
BB-/Stable/B BB/Stable/B BB+/Negative/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB/Positive/B
3 AAA 3 AAA 3 AAA 3 AAA AAA
Estonia (Republic of) April 21, 2011 A/Positive/A-1 June 10, 2010 Feb. 11, 2010 Aug. 10, 2009 April 21, 2009 Feb. 24, 2009 July 2, 2007 July 17, 2006 Nov. 1, 2005 July 21, 2005 Nov. 17, 2004 Dec. 18, 2003 Nov. 20, 2001 Dec. 21, 2000 Dec. 11, 1997 A/Stable/A-1 A-/Stable/A-2 A-/Negative/A-2 A/Negative/A-1 A/Watch Neg/A-1 A/Negative/A-1 A/Stable/A-1 A/Positive/A-1 A/Positive/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2
A/Positive/A-1 A/Stable/A-1 A-/Stable/A-2 A-/Negative/A-2 A/Negative/A-1 A/Watch Neg/A-1 A/Negative/A-1 A/Stable/A-1 A/Positive/A-1 A/Positive/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2
AAA AAA AAAAAA AA AA AA AA
Fiji Islands (Republic of) Feb. 18, 2011 B/Stable/C Dec. 15, 2009 April 15, 2009 Feb. 27, 2009 Nov. 13, 2007 March 15, 2007 Nov. 7, 2006 Nov. 2, 2006 Aug. 25, 2006 B/Stable/C B/Negative/C B+/Negative/B B+/Stable/B B+/Negative/B BB-/Watch Neg/B BB/Watch Neg/B BB/Stable/B
B-/Positive/C B-/Stable/C B-/Negative/C B/Negative/B B/Stable/B B/Negative/B B+/Watch Neg/B BB-/Watch Neg/B BB-/Stable/B
4 BBBB B B B+ BBBB-
Finland (Republic of) Nov. 1, 2005 AAA/Stable/A-1+ Feb. 1, 2002 Oct. 3, 2000 AAA/Stable/A-1+ AA+/Positive/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+
AAA
15
882903 | 300129047
Table 2
Sept. 1, 1999 May 6, 1998 Dec. 17, 1996 Aug. 10, 1995 March 11, 1993 Sept. 16, 1992 March 3, 1992 Dec. 18, 1990 June 26, 1989 Nov. 23, 1981 Oct. 4, 1977 France (Republic of) (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 June 26, 1989 Nov. 23, 1981 Jan. 1, 1981 June 25, 1975 Gabonese Republic Nov. 8, 2007 BB-/Stable/B Georgia (Government of) March 29, 2011 B+/Positive/B April 12, 2010 Sept. 25, 2008 Aug. 8, 2008 May 5, 2008 April 8, 2008 Oct. 8, 2007 Nov. 21, 2006 April 6, 2006 Dec. 6, 2005 B+/Stable/B B/Stable/B B/Watch Neg/B B+/Stable/B B+/Positive/B B+/Positive/B B+/ Stable/B B+/ Positive/B B+/ Positive/B AAA/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//NR AAA//NR AAA//NR AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1 AAA//NR
AAA
BB-/Stable/B
4 BBB-
B+/Positive/B B+/Stable/B B/Stable/B B/Watch Neg/B B+/Stable/B B+/Positive/B B+/Positive/B B+/Stable/B B+/ Positive/B B+/ Positive/B
4 BB 4 BB 4 BB4 BB4 BB 4 BB BB BB BB B+
Germany (Federal Republic of) (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 June 26, 1989 Aug. 17, 1983 Ghana (Republic of) Aug. 27, 2010 B/Stable/B March 16, 2009 Sept. 19, 2007 April 6, 2006 B+/Negative/B B+/Stable/B B+/Stable/B AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+
AAA
B/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B
4 B+ 3 BB3 BBBB-
16
882903 | 300129047
Table 2
Nov. 1, 2005 Sept. 4, 2003 B+/Stable/B B+/Stable/B B+/Stable/B B+/Stable/B B+
Greece (Hellenic Republic) July 27, 2011 CC/Negative/C June 13, 2011 May 9, 2011 March 29, 2011 Dec. 2, 2010 April 27, 2010 March 16, 2010 Dec. 16, 2009 Dec. 7, 2009 Jan. 14, 2009 Jan. 9, 2009 Nov. 1, 2005 Nov. 17, 2004 Sept. 13, 2004 June 10, 2003 March 13, 2001 Nov. 24, 1999 Nov. 30, 1998 March 26, 1997 March 8, 1994 Jan. 13, 1993 July 19, 1990 March 1, 1990 June 26, 1989 Sept. 9, 1988 Grenada May 15, 2009 Aug. 1, 2007 June 12, 2007 April 2, 2007 Nov. 18, 2005 Nov. 1, 2005 Dec. 30, 2004 Oct. 8, 2004 Sept. 17, 2004 March 22, 2002 CCC/Negative/C B/Watch Neg/C BB-/Watch Neg/B BB+/Watch Neg/B BB+/Negative/B BBB+/Negative/A-2 BBB+/Watch Neg/A-2 A-/Watch Neg/A-2 A-/Stable/A-2 A/Watch Neg/A-1 A/Stable/A-1 A/Stable/A-1 A+/Negative/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Positive/A-1 A-/Positive/A-1 A-/Positive/A-1
CC/Negative/C CCC/Negative/C B/Watch Neg/C BB-/Watch Neg/B BB+/Watch Neg/B BB+/Negative/B BBB+/Negative/A-2 BBB+/Watch Neg/A-2 A-/Watch Neg/A-2 A-/Stable/A-2 A/Watch Neg/A-1 A/Stable/A-1 A/Stable/A-1 A+/Negative/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Positive/A-1 BBB/Positive/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB/Negative/A-2 BBB/Stable/A-2 BBB//A-2
4 AAA 4 AAA 4 AAA 4 AAA 4 AAA 4 AAA AAA AAA AAA AAA AAA AAA
B-/Stable/C B-/Stable/C CCC+/Stable/C CCC+/Stable/C B-/Stable/C CCC/Negative/C CCC/Negative/C B-/Watch Neg/C B+/Watch Neg/B BB-/Stable/B
B-/Stable/C B-/Stable/C CCC+/Stable/C CCC+/Stable/C B-/Stable/C SD/NM/SD SD/NM/SD B-/Watch Neg/C B+/Watch Neg/B BB-/Stable/B
4 BBB3 BBB3 BBBBBBBBBBBB-
Grenada's local-currency defaults in 2005 and 2006 are not captured in the ratings.
Guatemala (Republic of) Nov. 18, 2008 BB+/Stable/B
BB/Stable/B
3 BBB-
17
882903 | 300129047
Table 2
July 6, 2007 July 17, 2006 Nov. 3, 2005 Nov. 1, 2005 May 9, 2003 Nov. 5, 2002 Oct. 18, 2001 Guernsey Feb. 10, 2009 BB+/Positive/B BB+/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB+/Negative/B BB+/Stable/B BB/Positive/B BB/Stable/B BB-/Stable/B BB-/Stable/B BB-/Stable/B BB/Negative/B BB/Stable/B 3 BBB3 BBBBB+ BB-
AAA/Stable/A-1+
AAA/Stable/A-1+
AAA
Honduras (Republic of) June 14, 2011 B/Positive/B Sept. 11, 2009 June 30, 2009 Oct. 8, 2008 B/Stable/B B+/Watch Neg/B B+/Stable/B
B/Positive/B B/Stable/B B+/Watch Neg/B B+/Stable/B
BBBBBBBB-
Hong Kong (Special Administrative Region) Dec. 16, 2010 AAA/Stable/A-1+ July 31, 2008 July 26, 2007 July 27, 2006 April 18, 2006 Nov. 3, 2005 Nov. 1, 2005 July 20, 2005 May 4, 2005 June 29, 2004 Oct. 24, 2002 Feb. 8, 2001 Dec. 7, 1999 Aug. 31, 1998 June 22, 1998 May 14, 1997 Feb. 13, 1995 Sept. 7, 1993 Dec. 4, 1992 Feb. 12, 1990 June 26, 1989 Oct. 23, 1988 Hungary (Republic of) July 23, 2010 BBB-/Negative/A-3 Oct. 2, 2009 March 30, 2009 BBB-/Stable/A-3 BBB-/Negative/A-3 AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ A+/Stable/A-1 A+/Negative/A-1 AA-/Watch Neg/A-1+ AA-/Stable/A-1+ A+/Positive/A-1 A+/Negative/NR A+/Watch Neg/NR
AAA/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ A+/Positive/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Stable/A-1 A/Negative/A-1 A+/Watch Neg/A-1+ A+/Stable/A-1+ A/Positive/A-1 A/Negative/A-1 A/Watch Neg/A-1 A/Stable/A-1 A+/Negative/A-1+ A+//A-1+
AAA AAA AAA AAA AAA AAA AA-
BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3
AAA-
18
882903 | 300129047
Table 2
Nov. 17, 2008 Oct. 15, 2008 March 14, 2008 Dec. 21, 2006 Jun. 15, 2006 Jan. 26, 2006 Nov. 1, 2005 May 27, 2005 Nov. 19, 2002 Dec. 19, 2000 Feb. 2, 2000 Dec. 11, 1998 Jan. 22, 1998 July 27, 1997 Oct. 28, 1996 Jan. 31, 1996 Feb. 6, 1995 April 15, 1994 April 20, 1992 Iceland (Republic of) May 17, 2011 BBB-/Negative/A-3 April 13, 2011 March 30, 2010 Jan. 5, 2010 Dec. 31, 2009 Nov. 24, 2008 Oct. 6, 2008 Sept. 29, 2008 April 17, 2008 April 1, 2008 Nov. 20, 2007 Dec. 22, 2006 June 5, 2006 April 6, 2006 Nov. 1, 2005 Feb. 10, 2005 Dec. 16, 2003 Nov. 15, 2002 Oct. 22, 2001 March 21, 2001 May 27, 1998 BBB/Watch Neg/A-3 BBB/Negative/A-3 BBB+/Watch Neg/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Negative/A-2 A+/Watch Neg/A-1 AA-/Negative/A-1+ AA/Watch Neg/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ BBB/Negative/A-3 BBB+/Watch Neg/A-2/Watch Neg BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Stable/A-2 A/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A-/Positive/A-1 A-/Stable/A-1 A-/Stable/A-1 BBB/Negative/A-3 BBB+/Watch Neg/A-2/Watch Neg BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB/Positive/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Stable/NR BB+/Stable/NR BB+/Negative/NR BB+/Stable/NR BB+/Positive/NR A A+ A+ A+ A+ A+ A+
BBB-/Negative/A-3 BBB-/Watch Neg/A-3 BBB-/Negative/A-3 BBB-/Watch Neg/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB/Negative/A-3 A-/Watch Neg/A-2 A/Negative/A-1 A+/Watch Neg/A-1 A+/Negative/A-1 A+/Stable/A-1 AA-/Negative/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ A+/Positive/A-1+ A+/Stable/A-1+ A+/Negative/A-1+ A+/Stable/A-1+ A+/Positive/A-1+
BBBBBBBBBBBBBBBBBBAAAAA AA+ AA+ AA+ AA+ AA+ AA-
19
882903 | 300129047
Table 2
May 20, 1998 March 15, 1996 Jan. 20, 1994 June 26, 1989 Feb. 14, 1989 India (Republic of) (unsolicited) March 18, 2010 BBB-/Stable/A-3 Feb. 24, 2009 Jan. 30, 2007 April 19, 2006 Nov. 3, 2005 Nov. 1, 2005 Feb. 2, 2005 Aug. 23, 2004 Dec. 16, 2003 Sept. 19, 2002 Aug. 7, 2001 Oct. 10, 2000 March 20, 2000 Oct. 22, 1998 May 22, 1998 Oct. 6, 1997 Oct. 1, 1996 Sept. 29, 1991 May 29, 1991 March 7, 1991 Sept. 13, 1990 Indonesia (Republic of) April 8, 2011 BB+/Positive/B March 12, 2010 Oct. 23, 2009 June 12, 2007 July 26, 2006 Feb. 9, 2006 Nov. 3, 2005 Nov. 1, 2005 Sept. 1, 2005 Dec. 22, 2004 May 11, 2004 Oct. 8, 2003 May 12, 2003 Sept. 5, 2002 BB+/Positive/B BB+/Positive/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Positive/B B+/Positive/B B+/Stable/B B/Stable/B B-/Stable/C BBB-/Negative/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Negative/B BB+/Negative/B BBB-/Negative/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB+/Negative/NR BBB+/Stable/NR BBB+/Positive/NR AA+/Stable/NR AA+/Stable/NR A+/Positive/A-1+ A+/Stable/A-1+ A/Stable/A-1 A/Stable/A-1 A//A-1
BBB-/Stable/A-3 BBB-/Negative/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Negative/B BB/Negative/B BB/Stable/B BB/Positive/B BB/Stable/B BB+/Negative/B BB+/Stable/B BB+/Positive/B BB+/Stable/B BB+/Watch Neg/B BBB-/Watch Neg/A-3 BBB/Stable/A-2
BBB+ BBB+ BBB+ BBB BBB BB+
BB+/Positive/B BB/Positive/B BB-/Positive/B BB-/Stable/B BB-/Stable/B B+/Positive/B B+/Stable/B B+/Stable/B B+/Stable/B B+/Positive/B B/Positive/B B/Stable/B B-/Stable/C CCC+/Stable/C
3 BBB3 BBB3 BB+ 3 BB+ BB+ BB+ BB+ B+
20
882903 | 300129047
Table 2
April 23, 2002 Nov. 2, 2001 July 30, 2001 May 21, 2001 March 8, 2001 Oct. 2, 2000 April 17, 2000 Sept. 13, 1999 March 31, 1999 March 30, 1999 July 8, 1998 May 15, 1998 March 11, 1998 Jan. 27, 1998 Jan. 9, 1998 Dec. 31, 1997 Oct. 10, 1997 May 30, 1996 April 18, 1995 July 20, 1992 Ireland (Republic of) April 1, 2011 BBB+/Stable/A-2 Feb. 2, 2011 Nov. 23, 2010 Aug. 24, 2010 June 8, 2009 March 30, 2009 Jan. 9, 2009 Nov. 1, 2005 Oct. 3, 2001 Oct. 3, 2000 May 6, 1998 May 3, 1995 May 10, 1994 Jan. 21, 1993 Oct. 12, 1989 June 26, 1989 Oct. 1, 1988 Nov. 7, 1986 Isle of Man Nov. 1, 2005 Feb. 29, 2000 A-/Watch Neg/A-2 A/Watch Neg/A-1 AA-/Negative/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ B-/Negative/C B-/Negative/C B-/Stable /C B-/Negative/C B/Negative/C B/Stable/C B-/Stable/C B-/Watch Neg/C B-/Stable/C B-/Negative/NR B-/Negative/NR B-/Watch Neg/NR B+/Watch Neg/NR BB-/Watch Neg/NR BBB/Watch Neg/NR BBB+/Neg./NR A-/Stable/NR A+/Stable/NR SD/NM/SD CCC/Negative/C CCC+/Stable/C CCC+/Negative/C B-/Negative/C B-/Stable/C SD/NM/SD CCC+/Watch Neg/C CCC+/Stable/C SD/NM/NR CCC+/Negative/NR CCC+/Watch Neg/NR B-/Watch Neg/NR B/Watch Neg/NR BB/Watch Neg/NR BB+/Neg./NR BBB-/Stable/NR BBB/Stable/NR BBB/Stable/NR BBB-/Positive/NR
BBB+/Stable/A-2 A-/Watch Neg/A-2 A/Watch Neg/A-1 AA-/Negative/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ A+/Positive/A-1+ A+//A-1+ NR/NM/A-1+
AAA AAA AAA AAA AAA AAA AAA AAA
AAA/Stable/A-1+ AAA/Stable/A-1+
AAA
21
882903 | 300129047
Table 2
Israel (State of) Oct. 30, 2008 Nov. 27, 2007 Feb. 13, 2007 Nov. 3, 2005 Nov. 1, 2005 Jan. 11, 2005 Oct. 31, 2002 April 11, 2002 Oct. 23, 2000 Feb. 15, 2000 Aug. 1, 1996 Dec. 4, 1995 Sept. 21, 1993 Jan. 19, 1993 Oct. 10, 1991 June 26, 1989 Oct. 26, 1988 Italy (Republic of) (unsolicited) May 20, 2011 A+/Negative/A-1+ Oct. 19, 2006 Nov. 1, 2005 Aug. 8, 2005 July 7, 2004 Jan. 15, 2003 May 6, 1998 May 3, 1996 Feb. 15, 1995 March 2, 1993 May 6, 1992 May 30, 1991 June 26, 1989 Nov. 30, 1988 Jamaica Feb. 24, 2010 Jan. 14, 2010 Nov. 2, 2009 Aug. 5, 2009 March 18, 2009 Oct. 21, 2008 June 12, 2007 A+/Stable/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/NR AA-/Stable/A-1+ AA-/Stable/A-1+ A+/Positive/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Negative/A-1 AA-/Negative/A-1+ AA-/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ A/Stable/A-1 A/Positive/A-1 A-/Positive/A-1 A-/Stable/A-1 A-/Stable/A-1 A-/Stable/A-1 A-/Negative/A-1 A-/Negative/A-1 A-/Stable/A-1 A-/Positive/A-1 A-/Stable/A-1 A-/Stable/A-1 BBB+/Stable/A-2 BBB/Stable/A-2 BBB-/Positive/A-3 BBB-/Negative/A-3 BBB-//A-3 AA AA AAAAA-
A+/Negative/A-1+ A+/Stable/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Negative/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Positive/A-1+ AA+//A-1+
AAA AAA AAA
B-/Stable/C SD/--/SD CCC/Negative/C CCC+/Negative/C B-/Negative/C B/Negative/B B/Stable/B
B-/Stable/C SD/--/SD CCC/Negative/C CCC+/Negative/C B-/Negative/C B/Negative/B B/Stable/B
3 B 4 B 4 B 4 CCC+ 4 B+ 4 BB4 BB-
22
882903 | 300129047
Table 2
April 6, 2006 Nov. 1, 2005 Dec. 10, 2004 Feb. 5, 2004 July 28, 2003 Dec. 19, 2002 May 2, 2001 Dec.13, 2000 Nov. 9, 1999 B/Stable/B B/Stable/B B/Stable/B B/Negative/B B+/Stable/B BB-/Negative/B BB-/Stable/B B+/Positive/B B+/Stable/NR B/Stable/B B/Stable/B B/Stable/B B/Negative/B B/Stable/B B+/Negative/B B+/Stable/B B/Positive/B B/Stable/NR BBB
Japan (unsolicited) April 26, 2011 AA-/Negative/A-1+ Jan. 27, 2011 Jan. 26, 2010 April 23, 2007 May 23, 2006 Nov. 1, 2005 March 23, 2004 April 15, 2002 Nov. 28, 2001 Sept. 11, 2001 Feb. 22, 2001 July 27, 1992 Dec. 4, 1991 June 26, 1989 Feb. 28, 1975 Jordan (Hashemite Kingdom of) Feb. 8, 2011 BB+/Negative/B March 12, 2010 Dec. 22, 2008 April 6, 2006 Nov. 1, 2005 July 3, 2003 April 30, 2002 April 9, 2001 Oct. 27, 1999 Feb. 1, 1999 Sept. 26, 1996 Oct. 27, 1995 BBB-/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+
AA-/Negative/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/NR AAA//NR
AAA AAA AAA AAA AAA AAA
BB/Negative/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB-/Stable/B BB-/Positive/B BB-/Stable/B BB-/Negative/NR BB-/Stable/NR B+/Positive/NR
BBBBBBBBB BBBBB
Kazakhstan (Republic of) Dec. 23, 2010 BBB+/Stable/A-2 May 8, 2009 BBB/Stable/A-3
BBB/Stable/A-3 BBB-/Stable/A-3
BBB+ BBB
23
882903 | 300129047
Table 2
April 29, 2008 Oct. 8, 2007 Oct. 2, 2007 Nov. 2, 2006 Jun. 13, 2006 Nov. 3, 2005 Nov. 1, 2005 May 20, 2004 May 28, 2003 June 25, 2002 May 18, 2001 July 28, 2000 Dec. 22, 1999 Sept. 16, 1998 Nov. 5, 1996 BBB/Negative/A-3 BBB/Stable/A-3 BBB+/Watch Neg/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB/Stable/B BB-/Stable/B BB-/Negative/B BB+/Stable/B BBB-/Negative/A-3 BBB-/Stable/A-3 BBB/Watch Neg/A-3 BBB/Stable/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BB+/Stable/B BB/Positive/B BB/Stable/B BB-/Stable/B B+/Stable/B B+/Negative/B BB-/Stable/B BBB BBB BBB+ BBB+ BBB BBB BBB-
Kenya (Republic of) Nov. 19, 2010 B+/Stable/B Aug. 4, 2008 March 10, 2008 Feb. 4, 2008 Jan. 2, 2008 Sept. 8, 2006 B/Positive/B B/Stable/B B/Negative/B B+/Watch Neg/B BB-/Stable/B
B+/Stable/B B/Positive/B B/Stable/B B/Negative/B B+/Watch Neg/B B+/Stable/B
BBBBBBBBBB BB
Korea (Republic of) Nov. 3, 2005 A+/Stable/A-1 Nov. 1, 2005 July 27, 2005 Jul. 24, 2002 Nov. 13, 2001 Nov. 11, 1999 Jan. 25, 1999 Jan. 4, 1999 Feb. 18, 1998 Jan. 16, 1998 Dec. 22, 1997 Dec. 11, 1997 Nov. 25, 1997 Oct. 24, 1997 Aug. 6, 1997 May 3, 1995 Nov. 9, 1994 June 9, 1994 June 26, 1989 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Positive/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB-/Watch Dev/A-3 BBB-/Watch Neg/A-3 A-/Watch Neg/A-2 A+/Watch Neg/A-1 AA/Negative/A-1+
A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A-/Stable/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB-/Positive/A-3 BB+/Positive/B BB+/Stable/B B+/Watch Dev/C B+/Watch Neg/C BBB-/Watch Neg/A-3 A-/Watch Neg/A-2 A+/Negative/A-1 AA-/Negative/A-1+ AA-/Stable/A-1+ A+/Positive/A-1+ A+/Negative/A-1+ A+/Positive/A-1+
AAA
24
882903 | 300129047
Table 2
Oct. 1, 1988 Kuwait (State of) July 20, 2011 July 16, 2007 April 6, 2006 Nov. 1, 2005 April 4, 2002 Oct. 23, 1997 A+//A-1+
AA/Stable/A-1+ AA-/Stable/A-1+ A+/Stable/A-1+ A+/Stable/A-1+ A+/Stable/A-1+ A+/Stable/A-1+
AA/Stable/A-1+ AA-/Stable/A-1+ A+/Stable/A-1+ A+/Stable/A-1+ A+/Stable/A-1+ A/Stable/A-1
AA+ AA+ AA A+
Latvia (Republic of) March 9, 2011 BB+/Positive/B Dec. 7, 2010 Feb. 12, 2010 Aug. 10, 2009 June 8, 2009 Feb. 24, 2009 Nov. 10, 2008 Oct. 27, 2008 May 17, 2007 Feb. 19, 2007 Nov. 1, 2005 July 29, 2004 July 29, 2003 Aug. 20, 2002 Aug. 9, 2001 Jan. 16, 1997 BB+/Stable/B BB/Stable/B BB/Negative/B BB+/Watch Neg/B BB+/Negative/B BBB-/Watch Neg/A-3 BBB/Negative/A-3 BBB+/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2
BB+/Positive/B BB+/Stable/B BB/Stable/B BB/Negative/B BB+/Watch Neg/B BB+/Negative/B BBB-/Watch Neg/A-3 BBB/Negative/A-3 BBB+/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3
3 BBB+ 3 BBB+ 3 BBB 3 BBB 3 BBB 3 BBB AA A+ AA AA
Lebanon (Republic of) Jan. 18, 2011 B/Stable/B Dec. 22, 2009 Aug. 5, 2008 Jan. 31, 2008 Nov. 25, 2007 June 12, 2007 Sept. 11, 2006 July 13, 2006 Nov. 3, 2005 Nov. 1, 2005 Oct. 10, 2003 April 24, 2003 Dec. 18, 2002 April 10, 2002 Sept. 28, 2001 B/Positive/B B-/Stable/C CCC+/Stable/C B-/Watch Neg/C B-/Negative/C B-/Negative/C B-/Watch Neg/C B-/Stable/C B-/Stable/C B-/Stable/C B-/Positive/C B-/Stable/C B-/Negative/C B/Negative/B
B/Stable/B B/Positive/B B-/Stable/C CCC+/Stable/C B-/Watch Neg/C B-/Negative/C B-/Negative/C B-/Watch Neg/C B-/Stable/C B-/Stable/C B-/Stable/C B-/Positive/C B-/Stable/C B-/Negative/C B/Negative/B
4 BB4 BB4 B+ 4 B+ 4 B+ 4 B+ B+ B+ B+ B-
25
882903 | 300129047
Table 2
May 25, 2001 Sept. 18, 2000 June 16, 2000 June 7, 2000 Feb. 5, 1998 Feb. 26, 1997 B+/Negative/B BB-/Stable/B BB/Watch Neg/B* BB/Watch Neg/B BB/Negative/B BB/Stable/B B+/Negative/B B+/Stable/B BB-/Watch Neg/B* BB-/Watch Neg/B BB-/Negative/B BB-/Stable/B
Libya (Socialist Peoples Libyan Arab Jamahiriya) March 10, 2011 NR NR March 10, 2011 Feb. 22, 2011 March 18, 2009 BB/Negative/B BBB+/Watch Neg/A-2 A-/Stable/A-2 BB/Negative/B BBB+/Watch Neg/A-2 A-/Stable/A-2 BB BBB+ A-
Liechtenstein (Principality of) Nov. 1, 2005 AAA/Stable/A-1+ Dec. 2, 1996 AAA/Stable/A-1+
AAA
Lithuania (Republic of) Feb. 3, 2010 BBB/Stable/A-3 Aug. 17, 2009 Aug. 10, 2009 March 24, 2009 Feb. 24, 2009 Oct. 27, 2008 Jan. 30, 2008 Jan. 21, 2008 May 23, 2007 May 18, 2006 Dec. 5, 2005 Nov. 1, 2005 Feb. 1, 2005 Feb. 5, 2004 July 29, 2003 Feb. 17, 2003 April 22, 2002 June 9, 1997 BBB/Negative/A-3 BBB/Watch Neg/A-3 BBB/Negative/A-3 BBB+/Watch Neg/A-2 BBB+/Negative/A-2 A-/Negative/A-2 A/Watch Neg/A-1 A/Negative/A-1 A/Stable/A-1 A/Positive/A-1 A-/Positive/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2
BBB/Stable/A-3 BBB/Negative/A-3 BBB/Watch Neg/A-3 BBB/Negative/A-3 BBB+/Watch Neg/A-2 BBB+/NegativeA-2 A-/Negative/A-2 A/Watch Neg/A-1 A/NegativeA-1 A/Stable/A-1 A/Positive/A-1 A-/Positive/A-2 A-/Positive/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB/Stable/A-3 BBB-/Stable/A-3
A A A A A+ A+ AAAA AA AA AA AA
Luxembourg (Grand Duchy of) Nov. 1, 2005 AAA/Stable/A-1+ April 28, 1994 AAA/Stable/A-1+
AAA
Macedonia (Republic of) Sept. 21, 2009 BB+/Stable/B April 30, 2009 Dec. 1, 2008 June 12, 2007 BB+/Negative/B BBB-/Negative/A-3 BBB-/Stable/A-3
BB/Stable/B BB/Negative/B BB+/Negative/B BB+/Stable/B
3 BB+ 3 BB+ 2 BBB 2 BBB
26
882903 | 300129047
Table 2
April 6, 2006 Nov. 1, 2005 Aug. 23, 2005 July 30, 2004 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB/Positive/B BBB BB+
Madagascar (Republic of) May 11, 2009 NR/NM/NR March 18, 2009 Feb. 2, 2009 Nov. 1, 2005 May 25, 2004 Malaysia July 27, 2011 May 15, 2008 July 31, 2007 Nov. 3, 2005 Nov. 1, 2005 Oct. 8, 2003 Aug. 20, 2002 March 4, 2002 April 4, 2001 Sept. 1, 2000 Nov. 10, 1999 March 31, 1999 Sept. 15, 1998 July 24, 1998 April 17, 1998 Dec. 23, 1997 Sept. 25, 1997 Aug. 18, 1997 March 28, 1996 Dec. 29, 1994 Jan. 18, 1993 July 8, 1991 June 26, 1989 March 16, 1989 Mali (Republic of) July 3, 2008 Nov. 1, 2005 May 5, 2004 B-/Negative/B B/Negative/B B/Stable/B B/Stable/B
NR/NM/NR B-/Negative/B B/Negative/B B/Stable/B B/Stable/B BB B
A/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A-/Stable/A-2 A-/Negative/A-2 A+/Negative/A-1 AA-/Stable/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Positive/NR AA+/Stable/NR AA+/Stable/NR
A-/Stable/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Positive/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB+/ Negative /A-2 A-/Stable/A-2 A/Negative/A-1 A+/Negative/A-1+ A+/Stable/A-1+ A+/Positive/A-1+ A+/Stable/A-1+ A/Positive/A-1 A/Stable/A-1 A-/Positive/A-1 A-//A-1
A+ A+ A+ A+ A-
NR/NM/NR B/Stable/B B/Stable/B
NR/NM/NR B/Stable/B B/Stable/B BBB-
Malta (Republic of) July 10, 2007 A/Stable/A-1
A/Stable/A-1
AAA
27
882903 | 300129047
Table 2
Nov. 1, 2005 May 12, 2005 Aug. 22, 2003 May 2, 2000 March 10, 1999 June 19, 1998 May 6, 1996 March 14, 1994 Mexico (United Mexican States) July 28, 2011 A-/Stable/A-2 Dec. 14, 2009 May 11, 2009 Oct. 8, 2007 July 2, 2007 Nov. 3, 2005 Nov. 1, 2005 Jan. 31, 2005 Feb. 7, 2002 March 10, 2000 Sept. 2, 1999 Oct. 2, 1998 Sept. 2, 1997 Sept. 3, 1996 March 23, 1995 Feb. 10, 1995 Dec. 23, 1994 Nov. 18, 1993 Nov. 3, 1992 July 30, 1992 Mongolia Nov. 20, 2009 Dec. 19, 2008 Dec. 13, 2007 Dec. 22, 2006 Dec. 29, 2005 Nov. 3, 2005 Nov. 1, 2005 Sept. 6, 2002 June 14, 2001 Dec. 23, 1999 A/Stable/A-1 A+/Negative/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 A/Negative/A-1 A+/Watch Neg/A-1 AA-/Stable/A-1+ AA-/Stable/A-1+ A/Stable/A-1 A/Stable/A-1 A+/Stable/A-1 AA-/Stable/A-1+ AA-/Negative/A-1+ AA+/Negative/NR AA+/Stable/NR A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Negative/A-1 A+/Negative/A-1 A+/Stable/A-1+ A/Stable/NR AA
BBB/Stable/A-3 BBB/Stable/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BB+/Positive/B BB/Positive/B BB/Stable/B BB/Positive/B BB/Stable/B BB/Negative/NR BB/Stable/NR BB+/Watch Neg/NR BB+/Positive/NR BB+/Stable/NR BB+/Stable/NR
A A A+ A+ A A BBB
BB-/Stable/B BB-/Negative/B BB-/Stable/B B+/Positive/B B/Positive/B B/Stable/B B/Stable/B B/Stable/B B/Positive/B B/Stable/NR
BB-/Stable/B BB-/Negative/B BB-/Stable/B B+/Positive/B B/Positive/B B/Stable/B B/Stable/B B/Stable/B B/Positive/B B/Stable/NR
BB BB+ BB+ BB BBBBB
28
882903 | 300129047
Table 2
Montenegro (Republic of) March 31, 2010 BB/Negative/B April 14, 2008 March 27, 2007 Dec. 21, 2005 Nov. 1, 2005 Dec. 20, 2004 Montserrat June 4, 2010 Jan. 5, 2006 Nov. 1, 2005 Oct. 11, 2004 BB+/Negative/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Negative/B BB+/Negative/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B AAA AAA AAA AAA AAA
BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Positive/A-3 BBB-/Positive/A-3
BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Positive/A-3 BBB-/Positive/A-3
BBBBBBBBB-
Morocco (Kingdom of) July 13, 2011 BBB/Stable/A-2 March 23, 2010 April 11, 2008 June 18, 2007 March 26, 2007 April 6, 2006 Nov. 1, 2005 Aug. 9, 2005 March 8, 2004 Feb. 21, 2003 Nov. 2, 2001 March 2, 1998 BBB+/Stable/A-2 BBB/Stable/A-3 BBB/Positive/A-3 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Negative/A-3 BBB/Stable/A-3
BBB-/Stable/A-3 BBB-/Stable/A-3 BB+/Stable/B BB+/Positive/B BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Stable/B BB/Negative/B BB/Stable/B
BBB+ BBB+ 2 BBB 2 BBB BBB BBB BB+
Mozambique (Republic of) Dec. 21, 2007 B+/Stable/B April 6, 2006 Nov. 1, 2005 July 7, 2004 B/Positive/B B/Positive/B B/Positive/B
B+/Stable/B B/Positive/B B/Positive/B B/Positive/B
B+ B+ B
Netherlands (State of The) (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 June 26, 1989 New Zealand Nov. 21, 2010 May 28, 2009 Jan. 12, 2009 April 6, 2006 Nov. 1, 2005 March 6, 2001 AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+
AAA
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+
AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+
AAA AAA AAA AAA AA+
29
882903 | 300129047
Table 2
Sept. 10, 1998 Jan. 31, 1996 Nov. 2, 1995 Dec. 22, 1994 July 7, 1994 April 21, 1993 Aug. 1, 1992 Jan. 22, 1991 June 26, 1989 Nov. 2, 1986 Sept. 18, 1986 April 29, 1983 Nov. 1, 1976 Nigeria (Federal Republic of) Jan. 18, 2011 B+/Stable/B Aug. 21, 2009 March 27, 2009 Feb. 6, 2006 B+/Stable/B BB/Negative/B BB/Stable/B AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/NR AAA/Stable/NR AAA/Stable/NR AAA//NR AA+/Negative/A-1+ AA+/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA//A-1+ AA+//A-1+ AA+//NR AAA//NR
B+/Stable/B B+/Stable/B BB-/Negative/B BB-/Stable/B
4 B+ B+ BBBB-
Norway (Kingdom of) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 Nov. 21, 1990 Nov. 8, 1990 June 26, 1989 July 9, 1975 Oman (Sultanate of) July 20, 2011 A/Negative/A-1 March 7, 2011 Jan. 23, 2007 Sept. 18, 2006 April 6, 2006 Nov. 1, 2005 Nov. 22, 2004 Feb. 27, 2001 Dec. 10, 1999 March 18, 1999 Feb. 1, 1996 Pakistan (Islamic Republic of) August 24, 2009 B-/Stable/C Dec. 19, 2008 Nov. 14, 2008 CCC+/Developing/C CCC+/Developing/C A/Watch Neg/A-1 A/Stable/A-1 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB/Stable/A-3 BBB/Negative/A-3 AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/NR AAA/Negative/NR AAA//NR
AAA
A/Negative/A-1 A/Watch Neg/A-1 A/Stable/A-1 A-/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB/Stable/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB-/Stable/NR
AAAAAAA+ A BBB+
B-/Stable/C CCC+/Developing/C CCC/Developing/C
3 B3 B3 B-
30
882903 | 300129047
Table 2
Oct. 6, 2008 May 15, 2008 Nov. 6, 2007 July 10, 2007 June 12, 2007 Dec. 19, 2006 Dec. 28, 2005 Nov. 3, 2005 Nov. 1, 2005 Nov. 22, 2004 Dec. 2, 2003 Dec. 12, 2002 Dec. 21, 1999 July 9, 1999 Jan. 29, 1999 Dec. 3, 1998 Oct. 12, 1998 July 14, 1998 June 1, 1998 May 22, 1998 Jan. 14, 1998 Jan. 31, 1997 Aug. 3, 1995 Nov. 21, 1994 Panama (Republic of) July 21, 2011 BBB-/Positive/A-3 May 25, 2010 Nov. 9, 2009 Feb. 26, 2008 June 12, 2007 May 3, 2007 Nov. 1, 2005 Feb. 18, 2005 March 10, 2003 Nov. 20, 2001 July 6, 2000 Dec. 10, 1999 April 22, 1997 Jan. 22, 1997 Papua New Guinea (Independent State of) Sept. 13, 2007 BB-/Stable/B Dec. 7, 2005 B+/Stable/B BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB/Positive/NR BB/Positive/NR BB/Stable/NR BB/Stable/NR BB/Negative/NR BB/Stable/NR BB+/Stable/NR BB+/Negative/NR BB+/Stable/NR B-/Negative/C BB-/Negative/B BB/Negative/B BB/Stable/B BB/Positive/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Stable/B BB/Stable/B BB-/Positive/B BB-/Stable/B B+/Stable/B B/Stable/B CCC+/Negative/C B/Negative/B B+/Negative/B B+/Stable/B B+/Positive/B B+/Positive/B B+/Positive/B B+/Stable/B B+/Stable/B B+/Stable/B B/Positive/B B/Stable/B B-/Stable/B SD/NM/SD SD/NM/SD CC/Negative/C CCC-/Negative/C CCC/Watch Neg/C B-/Watch Neg/C B+/Watch Neg/B B+/Negative/B B+/Stable/B B+/Stable/NR B+/Positive/NR 3 B 3 BB3 BB 3 BB 3 BB BB BB BB B+
BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB/Positive/B BB/Positive/B BB/Stable/B BB/Stable/B BB/Negative/B BB/Stable/B BB+/Stable/B BB+/Negative/B BB+/Stable/B BB+/Stable/B
AAA AAA 3 AAA 3 AAA 3 AAA AAA AAA
B+/Stable/B B/Stable/B
BB BB-
31
882903 | 300129047
Table 2
Nov. 3, 2005 Nov. 1, 2005 Dec. 23, 2004 Dec. 17, 2003 Oct. 8, 2002 Aug. 6, 2001 March 21, 2001 June 29, 2000 Sept. 1, 1999 July 26, 1999 Jan. 25, 1999 B+/Positive/B B+/Positive/B B+/Positive/B B+/Stable/B BB-/Negative/B BB-/Stable/B BB/Negative/B BB/Stable/B BB/Negative/B BB/Watch Neg/B BB/Stable/B B/Positive/B B/Positive/B B/Positive/B B/Stable/C B/Negative/C B/Stable/C B+/Negative/B B+/Stable/B B+/Negative/B B+/Watch Neg/B B+/Stable/B BBB
Paraguay (Republic of) Aug. 23, 2010 B+/Positive/B June 8, 2007 April 6, 2006 Feb. 27, 2006 Nov. 1, 2005 July 26, 2004 April 27, 2004 Dec. 23, 2003 Feb. 13, 2003 Nov.27, 2002 June 25, 1999 Feb. 3, 1999 Nov. 19, 1998 Oct. 23, 1995 Peru (Republic of) Aug. 23, 2010 July 14, 2008 July 23, 2007 June 12, 2007 Nov. 20, 2006 Nov. 3, 2005 Nov. 1, 2005 July 11, 2005 June 8, 2004 July 2, 2002 Jan. 24, 2002 Oct. 31, 2000 Sept. 19, 2000 June 15, 2000 May 19, 2000 B/Stable/B B-/Positive/C B-/Positive/C B-/Stable/C B-/Stable/C CCC/Positive/C CCC/Watch Pos/C CCC/Negative/C B/Negative/C BB-/Negative/B BB+/Negative/B BBB-/Negative/A-3 BBB-/Stable/NR
B+/Positive/B B/Stable/B B-/Positive/C B-/Positive/C B-/Stable/C B-/Stable/C SD/NM/SD SD/NM/SD SD/NM/SD B-/Negative/C B/Negative/C B+/Negative/B BB-/Negative/B BB-/Stable/NR
BB BBB+ BB-
BBB+/Stable/A-2 BBB+/Stable/A-2 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Positive/B BB+/Positive/B BB+/Stable/B BB+/Stable/B BB+/Positive/B BB+/Stable/B BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Watch Neg/A-3
BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Positive/B BB/Positive/B BB/Stable/B BB-/Stable/B BB-/Positive/B BB-/Stable/B BB/Negative/B BB/Stable/B BB/Watch Neg/B
BBB+ BBB+ 3 BBB 3 BBB BBB BBBBB
32
882903 | 300129047
Table 2
Dec. 18, 1997 BBB-/Stable/A-3 BB/Stable/B Philippines (Republic of) Nov. 12, 2010 BB+/Stable/B June 12, 2007 Feb. 9, 2006 Nov. 3, 2005 Nov. 1, 2005 July 11, 2005 January 17, 2005 July 29, 2004 April 24, 2003 Oct. 28, 2002 April 4, 2002 Oct. 19, 2000 Jan. 6, 1999 Feb. 23, 1998 Sept. 25, 1997 Feb. 21, 1997 May 30, 1995 March 23, 1995 Nov. 2, 1994 July 2, 1993 Poland (Republic of) Oct. 27, 2008 A/Stable/A-1 Feb. 21, 2008 March 29, 2007 April 24, 2006 Nov. 1, 2005 March 22, 2005 Oct. 7, 2004 Nov. 5, 2003 June 23, 2003 July 31, 2002 Aug. 22, 2001 April 12, 2001 May 15, 2000 June 10, 1999 June 3, 1997 April 10, 1996 June 1, 1995 A/Stable/A-1 A/Stable/A-1 A-/Stable/A-2 A-/Positive/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Negative/A-2 A/Negative/A-1 A/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Positive/A-1 A-/Stable/A-1 BB+/Stable/B BB+/Stable/B BB+/Negative/B BB+/Negative/B BB+/Negative/B BB+/Stable/B BBB-/Stable/A-3 BBB/Stable/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 A-/Stable/A-1 A-/Positive/A-1 BBB+/Positive/A-2 BBB/Positive/A-2 BBB/Positive/NR
BB/Stable/B BB-/Stable/B BB-/Stable/B BB-/Negative/B BB-/Negative/B BB-/Negative/B BB-/Stable/B BB/Stable/B BB/Stable/B BB+/Negative/B BB+/Stable/B BB+/Negative/B BB+/Stable/B BB+/Negative/B BB+/Stable/B BB+/Positive/NR BB/Positive/NR BB-/Positive/NR BB-/Positive/NR BB-/Stable/NR
3 BB+ 3 BB+ BB+ BB+ BB-
A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB/Positive/A-3 BBB-/Positive/A-3 BBB-/Stable/NR BB/Positive/NR
A+ A+ A+ A+ A+
33
882903 | 300129047
Table 2
Portugal (Republic of) March 29, 2011 BBB-/Negative/A-3 March 24, 2011 Nov. 30, 2010 April 27, 2010 Dec. 7, 2009 Jan. 21, 2009 Jan. 13, 2009 Nov. 1, 2005 June 27, 2005 Oct. 29, 2004 Dec. 15, 1998 May 6, 1998 Oct. 6, 1997 May 27, 1993 Oct. 25, 1991 June 26, 1989 Oct. 1, 1988 Qatar (State of) July 5, 2010 March 6, 2007 April 6, 2005 Nov. 1, 2005 Sept. 13, 2005 June 21, 2004 July 15, 2003 May 13, 2002 March 9, 2001 Jan. 5, 1999 Feb. 1, 1996 Ras Al Khaimah (Emirate of) Jan. 23, 2008 A/Stable/A-1 Romania (Republic of) March 9, 2010 BBB-/Stable/A-3 Oct. 5, 2009 Oct. 27, 2008 Nov. 5, 2007 April 5, 2007 Sept. 5, 2006 Nov. 1, 2005 Sept. 6, 2005 BBB-/Negative/A-3 BBB-/Negative/A-3 BBB/Negative/A-3 BBB/Stable/A-3 BBB/Positive/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Watch Neg/A-2 A-/Watch Neg/A-2 A-/Negative/A-2 A+/Negative/A-1 A+/Stable/A-1 AA-/Watch Neg/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ BBB-/Negative/A-3 BBB/Watch Neg/A-2 A-/Watch Neg/A-2 A-/Negative/A-2 A+/Negative/A-1 A+/Stable/A-1 AA-/Watch Neg/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA-/Positive/A-1+ AA-/Positive/A-1+ AA-/Stable/A-1+ A+/Stable/A-1+ A/Positive/A-1 A//A-1 AAA AAA AAA AAA AAA AAA AAA AAA
AA/Stable/A-1+ AA-/Stable/A-1+ A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Positive/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Positive/A-2 BBB+/Stable/A-2
AA/Stable/A-1+ AA-/Stable/A-1+ A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Positive/A-1 A+/Stable/A-1 A-/Positive/A-1 BBB+/Positive/A-2 BBB/Stable/A-3 BBB/Stable/NR
AA+ AA+ AA A+
A/Stable/A-1
AA+
BB+/Stable/B BB+/Negative/B BB+/Negative/B BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3
3 BBB+ 3 BBB+ BBB+ AAAA-
34
882903 | 300129047
Table 2
Feb.1, 2005 Sept. 14, 2004 Sept. 17, 2003 Feb. 27, 2003 April 19, 2002 June 7, 2001 March 5, 2001 Aug. 4, 2000 April 1, 1999 Oct. 19, 1998 May 20, 1998 Jan. 23, 1998 April 30, 1997 March 6, 1996 BBB-/Positive/A-3 BBB-/Stable/B BB+/Positive/B BB/Positive/B BB-/Positive/B B+/Positive/B B/Positive/C B/Stable/C B/Negative/C B+/Negative/B BB/Stable/B BBB-/Watch Neg/A-3 BBB-/Stable/A-3 BBB-/Stable/NR BB+/Positive/B BB+/Stable/B BB/Positive/B BB-/Positive/B B+/Positive/B B/Positive/B B-/Positive/C B-/Stable/C B-/Negative/C B-/Negative/C B+/Stable/B BB-/Watch Neg/B BB-/Stable/B BB-/Stable/NR
Russian Federation (The) Dec. 21, 2009 BBB+/Stable/A-2 Dec. 8, 2008 Oct. 23, 2008 Sept. 19, 2008 March 11, 2008 Sept. 4, 2006 Dec. 15, 2005 Nov. 3, 2005 Nov. 1, 2005 Jan. 31, 2005 Jan. 27, 2004 Dec. 5, 2002 July 26, 2002 Feb. 22, 2002 Dec. 19, 2001 Oct. 4, 2001 June 28, 2001 Dec. 8, 2000 July 27, 2000 Feb. 15, 2000 May 7, 1999 Jan. 27, 1999 Sept. 16, 1998 Aug. 17, 1998 Aug. 13, 1998 June 9, 1998 May 27, 1998 BBB+/Negative/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Stable/A-3 BB+/Stable/B BB-/Stable/B B+/Positive/B B+/Stable/B B/Positive/B B/Stable/B B-/Stable/C B-/Stable/C CCC+/Positive/C CCC/Stable/C
BBB/Stable/A-3 BBB/Negative/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB/Stable/A-2 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB-/Stable/A-3 BB+/Stable/B BB/Stable/B BB-/Stable/B B+/Positive/B B+/Stable/B B/Positive/B B/Stable/B B-/Stable/C SD/NM/SD SD/NM/SD SD/NM/SD SD/NM/SD CCC-/Negative/C CCC/Negative/C B-/Negative/C B+/Stable/B BB-/Watch Neg/B
BBB BBB BBB+ AAABBB+ BBB BBB-
35
882903 | 300129047
Table 2
Dec. 19, 1997 Oct. 4, 1996 Saudi Arabia (Kingdom of) July 16, 2007 AA-/Stable/A-1+ April 6, 2006 April 5, 2006 Jan. 5, 2006 Nov. 1, 2005 July 14, 2003 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 BB-/Negative/B BB-/Stable/B
AA-/Stable/A-1+ A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1
AA+ AA A+ A A
Senegal (Republic of) May 27, 2010 B+/Negative/B Dec. 8, 2009 May 26, 2009 July 27, 2006 Nov. 1, 2005 Dec. 18, 2000 B+/Stable/B B+/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B
B+/Negative/B B+/Stable/B B+/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B
4 BBB4 BBBBBBBBBBBB-
Serbia (Republic of) March 16, 2011 BB/Stable/B Dec. 1, 2009 March 11, 2008 July 10, 2007 June 12, 2007 Feb. 28, 2006 Nov. 1, 2005 July 18, 2005 Nov. 1, 2004 BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Positive/B BB-/Positive/B BB-/Stable/B BB-/Stable/B B+/Stable/B
BB/Stable/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Positive/B BB-/Positive/B BB-/Stable/B BB-/Stable/B B+/Stable/B
4 BB 4 BB4 BB4 BB4 BBBBBB-
Seychelles (Republic of) Aug. 17, 2009 NR/NR Oct. 1, 2008 Aug. 7, 2008 Aug. 1, 2008 Nov. 2, 2007 Sept. 15, 2006 B/Negative/B B/Negative/B B+/Watch Neg/B B+/Negative/B B+/Stable/B
NR/NR SD/NM/SD SD/NM/SD CCC/Watch Neg/C B/Negative/B B/Stable/B
NR 4 BBB B B
Singapore (Republic of) (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ March 6, 1995 Sept. 6, 1991 June 26, 1989 May 24, 1989 Slovak Republic Nov. 27, 2008 AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA//A-1+
AAA
A+/Stable/A-1
A+/Stable/A-1
AAA
36
882903 | 300129047
Table 2
March 3, 2008 Dec. 19, 2005 Nov. 1, 2005 Dec. 13, 2004 March 2, 2004 Dec. 19, 2002 Oct. 30, 2001 Nov. 9, 2000 Nov. 12, 1999 Sept. 17, 1998 April 7, 1998 June 24, 1997 April 11, 1996 April 5, 1995 Feb. 15, 1994 Slovenia (Republic of) Dec. 22, 2010 AA/Negative/A-1+ May 16, 2006 Nov. 1, 2005 May 13, 2004 March 26, 2003 Oct. 23, 2002 Jan. 15, 1998 May 8, 1996 AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/NR A/Positive/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Negative/A-2 A/Negative/A-1 A/Stable/A-1 A/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Positive/A-2 BBB+/Positive/A-2 BBB/Positive/A-3 BBB-/Positive/A-3 BB+/Positive/B BB+/Stable/B BB+/Negative/B BBB-/Negative/A-3 BBB-/Stable/A-3 BBB-/Stable/NR BB+/Stable/NR BB-/Stable/NR AA+ AA AA
AA/Negative/A-1+ AA/Stable/A-1+ AA-/Stable/A-1+ AA-/Stable/A-1+ A+/Positive/A-1+ A/Positive/A-1 A/Stable/A-1 A/Stable/NR
AAA AAA AA
South Africa (Republic of) Jan. 25, 2011 A/Stable/A-1 Nov. 11, 2008 Nov. 3, 2005 Nov. 1, 2005 Aug. 1, 2005 May 7, 2003 Nov. 12, 2002 Feb. 25, 2000 March 6, 1998 Nov. 20, 1995 Oct. 3, 1994 Spain (Kingdom of) April 28, 2010 AA/Negative/A-1+ Dec. 9, 2009 Jan. 19, 2009 Jan. 12, 2009 AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Watch Neg/A-1+ A+/Negative/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Stable/A-2 BBB+/Stable/A-2 BBB+/Positive/NR
BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB/Stable/A-3 BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Stable/B BB+/Positive/NR BB/Positive/NR
A A A BBB+
AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Watch Neg/A-1+
AAA AAA AAA AAA
37
882903 | 300129047
Table 2
Nov. 1, 2005 Dec. 13, 2004 July 30, 2003 March 31, 1999 May. 6, 1998 Feb. 6, 1996 Dec. 11, 1992 June 26, 1989 Aug. 1, 1988 Jan. 3, 1984 Sri Lanka (Democratic Socialist Republic of) July 19, 2011 BB-/Stable/B Sept. 14, 2010 Oct. 15, 2009 Aug. 25, 2009 May 21, 2009 Dec. 15, 2008 Feb. 15, 2008 Oct. 8, 2007 Aug. 8, 2007 April 27, 2006 April 6, 2006 Dec. 8, 2005 BB-/Stable/B B+/Positive/B B+/Stable/B B+/Negative/B B+/Stable/B BB-/Negative/B BB-/Stable/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Stable/B AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Positive/A-1+ AA/Positive/A-1+ AA//A-1+ NR/MN/A-1+ AAA
B+/Positive/B B+/Stable/B B/Positive/B B/Stable/B B/Negative/B B/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B
4 B+ 4 B+ 4 B+ 4 B+ 4 B+ 4 B+ 4 BB4 BBBBBBBBB+
Suriname (The Republic of) March 18, 2011 BB-/Stable/B Dec. 22, 2009 Nov. 16, 2007 Dec. 11, 2006 April 6, 2006 Nov. 9, 2005 Nov. 1, 2005 July 28, 2003 May 29, 2002 Jan. 11, 2002 Jan. 31, 2001 Nov. 17, 1999 BB-/Positive/B BB-/Stable/B B+/Positive/B B/Stable/B B/Stable/B B/Stable/NR B/Stable/NR B/Stable/NR B/Stable/NR B/Watch Neg/NR B/Stable/NR
B+/Positive/B B+/Positive/B B+/Stable/B B/Positive/B B-/Positive/B B-/Positive/B B-/Stable/NR B-/Stable/NR B-/Positive/NR B-/Stable/NR B-/Watch Neg/NR B-/Stable/NR
BBBBBBB+ B BB-
Sweden (Kingdom of) Nov. 1, 2005 AAA/Stable/A-1+ Feb. 16, 2004 July 24, 2000 April 18, 1997 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+
AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+ AA+/Stable/A-1+
AAA
38
882903 | 300129047
Table 2
Jan. 12, 1995 Aug. 10, 1993 March 22, 1993 Oct. 31, 1990 June 26, 1989 April 1, 1986 Oct. 27, 1977 Swiss Confederation (unsolicited) Nov. 1, 2005 AAA/Stable/A-1+ July 27, 1992 June 26, 1989 Oct. 1, 1988 Taiwan (Republic of China) (unsolicited) June 10, 2010 AA-/Stable/A-1+ April 14, 2009 April 11, 2008 Nov. 3, 2005 Nov. 1, 2005 Nov. 30, 2004 Dec. 17, 2002 July 26, 2001 Dec. 6, 2000 June 24, 1998 Aug. 2, 1991 June 26, 1989 April 20, 1989 Thailand (Kingdom of) Dec. 9, 2010 A-/Stable/A-2 April 14, 2009 Dec. 1, 2008 Oct. 31, 2006 Sept. 19, 2006 Nov. 3, 2005 Nov. 1, 2005 Aug. 26, 2004 Oct. 8, 2003 Aug. 20, 2002 May 5, 1999 Jan. 8, 1998 Oct. 24, 1997 Sept. 3, 1997 A-/Negative/A-2 A/Negative/A-1 A/Stable/A-1 A/Watch Neg/A-1/Watch Neg A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Positive/A-1 A-/Positive/A-2 A-/Stable/A-2 A-/Negative/A-2 A/Negative/A-1 AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA// A-1+ AAA//NR
AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+
AAA
AA-/Stable/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Negative/A-1+ AA-/Stable/A-1+ AA/Negative/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA/Positive/A-1+ AA//A-1+
AA+ AA+ AA+ AA+ AA-
BBB+/Stable/A-2 BBB+/Negative/A-2 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB+/Watch Neg/A-2/Watch Neg BBB+/Stable/A-2 BBB+/Stable/A-2 BBB+/Stable/A-2 BBB/Positive/A-2 BBB-/Positive/A-3 BBB-/Stable/A-3 BBB-/Negative/A-3 BBB/Negative/A-3 A-/Negative/A-1
A A A A A A BBB+
39
882903 | 300129047
Table 2
Aug. 1, 1997 May 2, 1996 Dec. 29, 1994 Dec. 8, 1992 May 19, 1992 Feb. 26, 1991 June 26, 1989 Trinidad and Tobago (Republic of) Sept. 14, 2009 A+/Stable/A-1 Feb. 3, 2009 Aug. 15, 2008 Sept. 27, 2007 April 6, 2006 Nov. 1, 2005 July 21, 2005 June 16, 2004 April 2, 2003 Feb. 26, 2002 Sept. 13, 1999 July 2, 1998 March 14, 1996 A+/Watch Neg/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A-/Stable/A-2 BBB+/Positive/A-2 BBB+/Stable/A-2 BBB+/Positive/A-2 BBB+/Positive/NR AA/Watch Neg/NR AA/Stable/NR A/Watch Neg/A-1 A/Stable/A-1 A/Stable/A-1 A-/Stable/A-1 A-/Watch Neg/A-1 A-/Stable/A-1 A-/Positive/A-1
A/Stable/A-1 A/Watch Neg/A-1 A/Stable/A-1 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2 BBB+/Positive/A-2 BBB/Stable/A-2 BBB-/Positive/A-3 BBB-/Stable/A-3 BB+/Positive/B BB+/Positive/NR
AA AA AA AAAAA-
Tunisia (Republic of) July 28, 2011 BBB/Negative/A-3 March 16, 2011 Jan. 18, 2011 April 1, 2009 April 6, 2006 Nov. 1, 2005 March 21, 2000 April 10, 1997 BBB/Stable/A-3 BBB+/Watch Neg/A-2 A-/Stable/A-2 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1 A/Stable/A-1
BBB-/Negative/A-3 BBB-/Stable/A-3 BBB/Watch Neg/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB/Stable/A-3 BBB-/Stable/A-3
BBB BBB AAABBB
Turkey (Republic of) Feb. 19, 2010 BB+/Positive/B Sept. 17, 2009 Nov. 13, 2008 July 31, 2008 April 3, 2008 June 12, 2007 Jun. 27, 2006 Jan. 23, 2006 Nov. 3, 2005 Nov. 1, 2005 BB/Stable/B BB/Negative/B BB/Stable/B BB/Negative/B BB/Stable/B BB/Stable/B BB/Positive/B BB/Stable/B BB/Stable/B
BB/Positive/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B
3 BBB3 BB+ 3 BB+ 3 BB+ 3 BB+ 3 BB+ BB+ BB+ BB+ BB-
40
882903 | 300129047
Table 2
Aug. 17, 2004 March 8, 2004 Oct. 16, 2003 July 28, 2003 Nov. 7, 2002 July 9, 2002 June 26, 2002 Jan. 29, 2002 Nov. 30, 2001 July 11, 2001 April 27, 2001 April 16, 2001 Feb. 23, 2001 Feb. 21, 2001 Dec. 5, 2000 April 25, 2000 Dec. 10, 1999 Jan. 21, 1999 Aug. 10, 1998 Dec. 13, 1996 July 17, 1996 Oct. 18, 1995 July 24, 1995 Aug. 16, 1994 April 29, 1994 March 22, 1994 Jan. 14, 1994 May 3, 1993 May 4, 1992 Uganda (Republic of) Dec. 9, 2008 B+/Stable/B Ukraine July 29, 2010 July 22, 2010 May 17, 2010 March 11, 2010 Oct. 30, 2009 July 31, 2009 Feb. 25, 2009 Feb. 16, 2009 Oct. 24, 2008 Oct. 15, 2008 BB/Stable/B BB-/Positive/B B+/Stable/B B/Stable/B B-/Stable/C B-/Negative/C B-/Stable/C B-/Positive/C B-/Stable/C B-/Negative/C B-/Stable/C B-/Watch Neg/C B/Watch Neg/C B+/Watch Neg/B B+/Stable/B B+/Positive/B BB-/Stable/B B+/Positive/B B+/Stable/B B/Stable/B B-/Stable/C B-/Negative/C B-/Stable/C B-/Positive/C B-/Stable/C B-/Negative/C B-/Stable/C B-/Watch Neg/C B/Watch Neg/C B+/Watch Neg/B B+/Stable/B B+/Positive/B B/Positive/B B/Stable/B B/Positive/B B/Stable/B B+/Watch Neg/B B+/Stable/NR B+/Positive/NR B+/Stable/NR B+/Watch Neg/NR BB/Watch Neg/NR BBB-/Negative/NR BBB/Negative/NR BBB/Stable/NR
B+/Stable/B
BB
BB-/Stable/B B+/Watch Pos/B B+/Stable/B B/Positive/B B-/Stable/C B-/Positive/C B-/Negative/C B+/Watch Neg/B B+/Negative/B BB-/Watch Neg/B
B+/Stable/B B/Watch Pos/B B/Stable/B B-/Positive/C CCC+/Stable/C CCC+/Positive/C CCC+/Negative/C B/Watch Neg/B B/Negative/B B+/Watch Neg/B
4 B+ 4 B 4 B 4 B4 CCC+ 4 CCC+ 4 CCC+ 4 B+ 4 B+ 4 BB-
41
882903 | 300129047
Table 2
June 12, 2008 June 12, 2007 April 5, 2007 April 6, 2006 Nov. 1, 2005 May 11, 2005 July 20, 2004 Oct. 28, 2003 May 20, 2003 Nov. 12, 2002 Dec. 21, 2001 BB-/Stable/B BB/Negative/B BB/Negative/B BB/Stable/B BB/Stable/B BB/Stable/B B+/Stable/B B/Positive/B B/Stable/B B/Negative/B B/Stable/B B+/Stable/B BB-/Negative/B BB-/Negative/B BB-/Stable/B BB-/Stable/B BB-/Stable/B B+/Stable/B B/Positive/B B/Stable/B B/Negative/B B/Stable/B 4 BB4 BB BB BB BB-
United Kingdom (unsolicited) Oct. 26, 2010 AAA/Stable/A-1+ May 21, 2009 Nov. 1, 2005 Aug. 3, 1995 Oct. 6, 1993 June 26, 1989 Nov. 20, 1984 April 28, 1978 United States of America (unsolicited) July 14, 2011 AAA/Watch Neg/A-1+ April 18, 2011 Nov. 1, 2005 July 27, 1992 Sept. 25, 1991 Jan. 1, 1981 Jan. 1, 1975 Uruguay (Oriental Republic of) July 25, 2011 BB+/Stable/B Sept. 6, 2010 July 22, 2008 June 12, 2007 May 3, 2007 Sept. 28, 2006 April 6, 2006 Jan. 9, 2006 Nov. 1, 2005 July 21, 2004 June 2, 2003 May 16, 2003 BB/Stable/B BB-/Stable/B B+/PositiveB B+/PositiveB B+/Stable/B B/Positive/B B/Positive/B B/Stable/B B/Stable/B B-/Stable/C CC/Stable/C AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+
AAA/Stable/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//NR
AAA AAA AAA
AAA/Watch Neg/A-1+ AAA/Negative/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1
AAA AAA AAA
BB+/Stable/B BB/Stable/B BB-/Stable/B B+/Positive/B B+/Positive/B B+/Stable/B B/Positive/B B/Positive/B B/Stable/B B/Stable/B B-/Stable/C SD/NM/SD
2 BBB 2 BBB2 BB+ 2 BB+ BB+ BB+ BB B B
42
882903 | 300129047
Table 2
April 10, 2003 Feb. 11, 2003 Nov. 21, 2002 July 26, 2002 May 14, 2002 Feb. 14, 2002 Jan. 11, 2002 June 18, 1997 Nov. 22, 1995 Feb. 14, 1994 Venezuela (Bolivarian Republic of) Jan. 11, 2010 BB-/Stable/B Dec. 10, 2008 June 12, 2007 Jan. 11, 2007 Oct. 4, 2006 Feb. 3, 2006 Nov. 1, 2005 Aug. 12, 2005 March 3, 2005 Jan. 18, 2005 Aug. 25, 2004 July 30, 2003 April 16, 2003 Dec. 13, 2002 Sept. 23, 2002 March 18, 2002 Feb. 11, 2002 Dec. 21, 1999 Aug. 31, 1998 June 5, 1997 Jan. 24, 1997 June 26, 1996 Feb. 23, 1996 Nov. 21, 1995 July 27, 1994 June 16, 1994 March 4, 1994 April 5, 1993 Nov. 4, 1992 July 24, 1991 Nov. 1, 1990 BB-/Negative/B BB-/Stable/B BB-/Stable/B BB-/Positive/B BB-/Stable/B B+/Stable/B B+/Stable/B B/Stable/B B/Stable/B B/Stable/B B-/Stable/C CC/Negative/C CCC/Negative/C B-/Negative/C B/Negative/B BB-/Negative/B BBB-/Negative/A-3 BBB+/Negative/A-2 BBB+/Stable/A-2 BBB/Stable/A-2 CC/Negative/C CCC/Negative/C B-/Negative/C B/Negative/B BB-/Negative/B BB+/Negative/B BBB-/Negative/A-3 BBB-/Stable/A-3 BB+/Stable/NR BB+/Stable/NR
BB-/Stable/B BB-/Negative/B BB-/Stable/B BB-/Stable/B BB-/Positive/B BB-/Stable/B B+/Stable/B B+/Stable/B B/Stable/B SD/NM/SD B/Stable/B B-/Stable/C CCC+/Stable/C CCC+/Negative/C B-/Negative/C B/Negative/B B/Watch Neg/B B/Stable/B B+/Negative/B B+/Stable/B B/Positive/C B/Stable/C B/Negative/C B+/Watch Neg/B B+/Negative/B BB-/Watch Neg/B BB-/Stable/B BB/Negative/B BB/Stable/B BB/Positive/B B+/Positive/B
4 BB4 BB4 BBBBBBBBB+
43
882903 | 300129047
Table 2
June 26, 1989 Jan. 17, 1989 March 28, 1983 Feb. 11, 1983 Aug. 13, 1982 Oct. 5, 1977 B+/Negative/B B+//B BB/--/NR A-/--/NR AA/--/NR AAA/--/NR
Venezuela's foreign-currency defaults in 1983-1988 and 1990 are not captured in the ratings. At the time, Standard & Poors rated debt issues, but not issuers; there was no default on rated debt.
Vietnam (Socialist Republic of) Dec. 23, 2010 BB/Negative/B May 2, 2008 June 12, 2007 Sept. 7, 2006 Nov. 3, 2005 Nov. 1, 2005 Oct. 18, 2005 May 28, 2002 BB+/Negative/B BB+/Stable/B BB+/Stable/B BB/Positive/B BB/Positive/B BB/Positive/B BB/Stable/B
BB-/Negative/B BB/Negative/B BB/Stable/B BB/Stable/B BB-/Positive/B BB-/Positive/B BB-/Positive/B BB-/Stable/B
3 BB 3 BB+ 3 BB+ BB+ BB BB-
Zambia (Republic of) March 22, 2011 B+/Stable/B
B+/Stable/B
B+
NMNot meaningful. Rating outlooks were introduced by Standard & Poors in June 1989. In 1981, Standard & Poors added a plus (+) sign to A-1 rated short-term issuers with extremely strong capacity to meet financial commitments.
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August 3, 2011

Sovereign Rating And Country T&C Assessment Histories

Sovereign Rating And Country T&C Assessment Histories

Sovereign Rating And Country T&C Assessment Histories

July 2011 Rating, Outlook, And T&C Assessment Changes

Bosnia and Herzegovina Cyprus

Outlook revised to negative from stable Ratings lowered to BBB+/Negative/A-2

July 28, 2011 July 29, 2011

Sovereign Rating And Country T&C Assessment Histories

July 2011 Rating, Outlook, And T&C Assessment Changes (cont.)

Sovereign Rating And Country T&C Assessment Histories

Sovereign Rating And Country T&C Assessment Histories

AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1

BBB+/Stable/A-2 A-/Negative/A-2 A-/Stable/A-2 A-/Positive/A-2 A-/Stable/A-2 A-/Stable/A-2 A-/Stable/A-2

BBB BBB A AAA A-

Sovereign Rating And Country T&C Assessment Histories

BBB BBB+ BBB+ AAABBB+ BBB+

B/Watch Neg/B B/Negative/B B+/Negative/B B+/Negative/B B+/Stable/B

AA+/Negative/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Stable/A-1+ AA+/Positive/A-1+ AA+//A-1+

Sovereign Rating And Country T&C Assessment Histories

B/Stable/B B/Positive/B B/Stable/B B/Negative/B B+/Stable/B B+/Stable/B

AA/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+

AA/Stable/A-1+ AA/Negative/A-1+ AA/Stable/A-1+ AA/Positive/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/A-1+ AA/Stable/NR

AAA AAA AAA AAA AAA AA

B+/Negative/B B+/Stable/B B+/Stable/B

Botswana (Republic of) Feb. 15, 2010 A/Stable/A-1

Sovereign Rating And Country T&C Assessment Histories

BBB+ BBB+ 3 BBB BBB BBBBBBBB+ BB+ BB-

Sovereign Rating And Country T&C Assessment Histories

B/Stable/B B/Positive/B B/Stable/B B/Stable/B

B/Stable/B B/Positive/B B/Stable/B B/Stable/B

B/Stable/B B-/Stable/C CCC/Stable/C CCC/Stable/C B/Stable/B

Cameroon's local-currency default in 2004 is not captured in the ratings.

AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+

AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Stable/A-1+ AA+/Negative/A-1+ AA+/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1 AAA//NR

B+/Stable/B B+/Negative/B B+/Stable/B

Sovereign Rating And Country T&C Assessment Histories

BBB+ 2 BBB 2 BBB BBB BBBBBBBB

BB-/Negative/B BB/Negative/B BB/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B BB-/Watch Neg/B

BB-/Negative/B BB/Negative/B BB/Stable/B BB-/Positive/B BB-/Stable/B BB-/Stable/B BB-/Watch Neg/B

AAA AAA AA+ AA+ AA+

Sovereign Rating And Country T&C Assessment Histories

2 BBB2 BBB2 BBBBBBBB

AAA AAA AAA AAA AAA AAA AA AA

Sovereign Rating And Country T&C Assessment Histories

A+/Stable/A-1 A+/Stable/A-1 A/Positive/A-1 A/Stable/A-1 A/Stable/A-1 A+/Stable/A-1 AA-/Stable/A-1+ AA/Stable/A-1+

3 BB 3 BB3 BB3 BB3 BB3 BB3 BBBBBBB

Sovereign Rating And Country T&C Assessment Histories

4 B4 CCC+ 5 CCC5, 6 CCC5, 6 CCC4 B4 CCC+ CCC+ BCCC+

3 BB+ 3 BB+ 3 BBBBBBBB+

Sovereign Rating And Country T&C Assessment Histories

BB-/Stable/B BB/Stable/B BB+/Negative/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB+/Stable/B BB/Positive/B

3 AAA 3 AAA 3 AAA 3 AAA AAA

AAA AAA AAAAAA AA AA AA AA

AAA/Stable/A-1+ AAA/Stable/A-1+ AA+/Positive/A-1+

Sovereign Rating And Country T&C Assessment Histories

AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+ AAA//A-1 AAA//NR

AAA/Stable/A-1+ AAA/Stable/A-1+ AAA/Stable/A-1+ AAA//A-1+

B/Stable/B B+/Negative/B B+/Stable/B B+/Stable/B

Sovereign Rating And Country T&C Assessment Histories

4 BBB3 BBB3 BBBBBBBBBBBB-

Guatemala (Republic of) Nov. 18, 2008 BB+/Stable/B

Sovereign Rating And Country T&C Assessment Histories