Source Issuer Rating
Scope Spain A-
Scope China A+
OECD Myanmar 7
OECD Sri Lanka 7
Scope United Kingdom AA
RP - 2021-05-18
2020 EU rating market shares

RP - 2021-03-14
Planned Sovereign Rating Updates

RP - 2021-02-17
Upcoming Sovereign Rating Reviews

Sovereign Rating Calendar


Date of last update: February 17th, 2021

While 30 CRAs are currently registered or certified with ESMA, 15 CRAs are active in the broader Sovereign market, which includes also the Sub-Sovereign level. JCRA from Japan and Egan-Jones Rating Company from the US are both rating sovereigns - these two are certified with ESMA and do not publish sovereign calendars. 

The 13 remaining CRAs registered with ESMA or the UK FCA: ACRA Europe (formerly European Rating Agency), Axesor Rating ("Axesor"), Bulgarian Credit Rating Agency ("BCRA"), Capital Intelligence ("CI"), Creditreform Rating AG ("CRAG"), DBRS, the Economist Intelligence Unit ("EIU"), ExpertRA, Fitchratings ("Fitch"), Kroll Bond Rating Agency - Europe ("KBRA"), Moodys Investors Services ("Moodys"), Scope Ratings ("Scope") and Standard and Poors ("S&P).

Legal background

The last amendment of the EU Regulation on Credit Rating Agencies ("CRA III"or "CRA Regulation" going forward) entered into force on June 20th, 2013. CRA III introduced a number of specific requirements in the Sovereign market:

- review of sovereign ratings every 6 months

- publication of a calendar by the end of each year for rating actions on sovereigns during the next year.

A "Sovereign rating is defined in Article 3 (1) v of the CRA Regulation. “sovereign rating” means:

(i) a credit rating where the entity rated is a State or a regional or local authority of a State;

(ii) a credit rating where the issuer of the debt or financial obligation, debt security or other financial instrument is a State or a regional or local authority of a State, or a special purpose vehicle of a State or of a regional or local authority;

(iii) a credit rating where the issuer is an international financial institution established by two or more States which has the purpose of mobilising funding and providing financial assistance for the benefit of the members of that international financial institution which are experiencing or threatened by severe financing problems; 

Article 8a "Sovereign ratings" of the CRA Regulation introducces the Sovereign Calendar:

3. A credit rating agency shall, taking into consideration the second subparagraph of Article 8(5), publish on its website and submit to ESMA on an annual basis, in accordance with point 3 of Part III of Section D of Annex I, a calendar at the end of December for the following 12 months, setting a maximum of three dates for the publication of unsolicited sovereign ratings and related rating outlooks and setting the dates for the publication of solicited sovereign ratings and related rating outlooks. Such dates shall be set on a Friday.

4. Deviation of the publication of sovereign ratings or related rating outlooks from the calendar shall only be possible where necessary for the credit rating agency to comply with its obligations under Article 8(2), Article 10(1) and Article 11(1) and shall be accompanied by a detailed explanation of the reasons for the deviation from the announced calendar.

According to Article 3 (1) x , “unsolicited sovereign rating” mean (...) a sovereign rating assigned by a credit rating agency other than upon request; "

According to Article 8 (5), ‘Sovereign ratings shall be reviewed at least every six months.’;


the graph below sumaarizes the number of rating actions scheduled during 2021. As can be seen, a cnostant flow of information on sovereigns will be available during the year.

Number of Sovereign rating reviews during 2021

The map below shows the number of rating agencies having announced rating dates on EU Member States and the United Kingdom. 

Scheduled updates

We have reviewed the information published by the above ESMA or UK FCA registered Credit Rating Agencies with respect to the requirement to publish a calendar of rating actions relating to Sovereign ratings.. Note further  that the calendar is subject to change as CRAs may deviate from the published calendar. Additionally, some CRAs mention that they update their calendars on a quarterly basis. The table below summarizes scheduled sovereign rating reviews for the next 3 weeks (based on our research dated December 2020):  

July 2nd, 2021

July 9th, 2021

July 16th, 2021


Estonia: Scope
Germany: Scope
Iceland: EIU
Poland: EIU
Portugal: Axesor
Serbia: BCRA, EIU
United States: Scope

Armenia: ExpertRA
Bahrain: EIU
Belarus: EIU, ExpertRA
China: Scope
Cyprus: EIU
Kuwait: EIU
Lithuania: Fitch, Scope
Malta: DBRS
Netherlands: EIU
Russia: Fitch
South Korea: EIU
Turkmenistan: EIU
United Arab Emirates: CI
United States: EIU
Zimbabwe: EIU

Andorra: S&P
Cyprus: Scope
EFSF: Fitch
ESM: Fitch
Finland: CRAG, Moodys
Greece: EIU, Fitch

Guernsey: S&P
Hungary: Scope
Ireland: DBRS
Jersey: S&P
Kuwait: S&P
Netherlands: DBRS, Scope
Poland: Scope
Russia: S&P
Slovenia: CRAG
Spain: CRAG, Scope
Syria: EIU