COUNTRY RISK ASSESSMENT MAP 2ND QUARTER 2017

BUSINESS DEFAULTING RISK A1 A2 A3 A4 B C D E

160 COUNTRIES VERY LOW LOW QUITE ACCEPTABLE ACCEPTABLE SIGNIFICANT HIGH VERY HIGH EXTREME

UNDER THE
MAGNIFYING GROENLAND
(DENMARK)

GLASS ICELAND

NORWAY
FINLAND
B
RUSSIA
SWEDEN

A UNIQUE METHODOLOGY
ESTONIA

LATVIA
UNITED KINGDOM
CANADA LITHUANIA

Macroeconomic expertise in assessing country risk IRELAND

POLAND
BELARUS

BELGIUM
GERMANY

Comprehension of the business environment

CZECH
REPUBLIC UKRAINE
KAZAKHSTAN
SLOVAKIA

FRANCE
A2
AUSTRIA
HUNGARY
MONGOLIA
C
SWITZERLAND

Microeconomic data collected over 70 years

SLOVENIA
ROMANIA
BOSNIA SERBIA

ITALY
UZBEKISTAN

of payment experience
BULGARIA

A3 SPAIN
GEORGIA

ARMENIA AZERBAIJAN
KYRGYZSTAN NORTH
UNITED STATES PORTUGAL GREECE
KOREA
TURKEY TURKMENISTAN
TAJIKISTAN JAPAN
SOUTH
MALTA KOREA
CYPRUS SYRIA
TUNISIA LEBANON
ISRAEL IRAN AFGHANISTAN
MOROCCO ALGERIA PALESTINIAN IRAQ
ICELAND TERRITORIES
JORDAN CHINA
FINLAND
C PAKISTAN NEPAL
NORWAY KUWAIT
LIBYA
A4
BAHRAIN
EGYPT
MEXICO QATAR
TAIWAN
CUBA
SWEDEN INDIA
ESTONIA B DOMINICAN
REPUBLIC
SAUDI
ARABIA
OMAN MYANMAR HONG KONG
RUSSIA LAOS
JAMAICA MAURITANIA
BANGLADESH
LATVIA BELIZE MALI NIGER
DENMARK HONDURAS HAITI ERITREA
LITHUANIA SENEGAL CHAD YEMEN UNITED THAILAND PHILIPPINES
CABO VERDE SUDAN
ARAB
GUATEMALA NICARAGUA BURKINA EMIRATES
NETHERLANDS EL SALVADOR
BELARUS FASO DJIBOUTI
VIETNAM
IRELAND UNITED TRINIDAD AND TOBAGO GUINEA BENIN
GUINEA-BISSAU CAMBODIA
KINGDOM POLAND
C
COSTA RICA NIGERIA
GERMANY VENEZUELA GUYANA IVORY
COAST
CENTRAL SOUTH ETHIOPIA SRI LANKA
PANAMA SURINAME SIERRA LEONE AFRICAN SUDAN
BELGIUM REPUBLIC MALAYSIA
LUXEMBOURG FRENCH
CZECH UKRAINE GUYANA CAMEROON MALDIVES
REPUBLIC COLOMBIA LIBERIA GHANA TOGO
SLOVAKIA SINGAPORE
UGANDA
SAO TOME
MOLDOVA & PRINCIPE KENYA
FRANCE CONGO
SWITZERLAND AUSTRIA HUNGARY GABON INDONESIA
ECUADOR EQUATORIAL GUINEA RWANDA
SLOVENIA
CROATIA
ROMANIA
E
DR CONGO
BURUNDI

BOSNIA
PERU
SERBIA BRAZIL
TANZANIA PAPUA
ITALY
BULGARIA NEW GUINEA
MONTENEGRO
TIMOR-LESTE

A3
MACEDONIA

ALBANIA ANGOLA

MALAWI
SPAIN GREECE ZAMBIA
PORTUGAL
TURKEY
BOLIVIA
ZIMBABWE MADAGASCAR

A2
NAMIBIA MAURITIUS A4
MALTA
PARAGUAY
B BOTSWANA
MOZAMBIQUE ILE DE LA RUNION

CYPRUS
AUSTRALIA
CHILE

SOUTH
AFRICA
ARGENTINA LESOTHO

URUGUAY

UPGRADES
DOWNGRADES
NEW ZEALAND

JAMAICA B PORTUGAL A3 RUSSIA B SPAIN A2 UZBEKISTAN C EL SALVADOR C NAMIBIA B QATAR A4

Country concluded the E

 uropean Commissions Russian economy T
 he economy could T he economic growth O  utlook has The country slipped into M  easures imposed
first review of an IMF decision to end the recovers from grow faster in 2017 remains dynamic and deteriorated rapidly technical recession in by Gulf states
stand-by arrangement disciplinary process for downturn: investment than anticipated will be supported by on account of the 4Q 2016. The outlook against Qatar may
in April, having achieved its excessive budget and industrial (+2.9 %). The recovery the implementation of worsening political for 2017 is lackluster, in exacerbate its external
its primary fiscal surplus production increase, stand-off. spite of a recovery in vulnerabilities and
deficit marks a turning is partly linked to infrastructure projects.
target and completed point, even if debt retail sales are stable, strong exports. The more favorable Increasing tension the mining sector, as could put pressure on
initial reforms. burden is a problem. supported by lower commodity prices will be between the two government spending its economic growth
C
 onsumption should powers has raised are lower and monetary
Positive real GDP inflation. The corporate a tailwind to exports. (reduction of regional
A
 fter + 1.4% in 2016, remain supported by government debt policy tightens.
growth has been profits rose by 5% yoy trade, corporate
the GDP is expected strong labor market. T he economic reform payment risks.
recorded in in Q1 2017, especially in The economic profitability damaged)
to increase by +2% in move under the new
7 consecutive quarters. mining and quarrying, headwinds in South and accounts.
2017 and +1.7% in 2018. President is likely Africa, Namibias main
Investor confidence is at electricity gas steam If the situation
Export contribution will and real estate. to be positive for commercial partner, worsens, it may
an all-time high. investment and business
remain strong. are also likely to have a destabilize nonresident
environment. negative impact. deposits.