Source Issuer Rating
Scope Greece BB+
Scope Austria AAA
Scope Georgia BB
Scope Italy BBB+
Scope Spain A-
RP - 2021-09-30
Scheduled Sovereign rating reviews during October 2021

RP - 2021-09-01
September Sovereign Rating Updates

RP - 2021-08-02
August Sovereign Rating Updates

Sovereign Rating Calendar


Date of last update: September 30th, 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from Japan and Egan-Jones Rating Company from the US are both rating sovereigns - these two are certified with ESMA and do not publish sovereign calendars.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 September 2021 (based on our research dated December 2020):  

October 1st

October 8th


October 15th

October 22nd

October 29th


Austria: EIU
Belarus: Moodys
Bulgaria: Moodys
Estonia: EIU
European Union: Scope
France: S&P
Georgia: ExpertRA
Montenegro: S&P
Oman: S&P
Poland: S&P
San Marino: Fitch
Serbia: EIU
Sri Lanka: EIU
St.Helena: S&P

Austria: CRAG
Bahrain: CI, EIU
Belarus: EIU
Cameroon: S&P
Canada: EIU
Cyprus: EIU
Denmark: EIU
Germany: CRAG, EIU
Iceland: EIU
Kuwait: EIU
Slovenia: Moodys
Ukraine: Moodys
Uzbekistan: Fitch
Zimbabwe: EIU

Bulgaria: BCRA
El Salvador: EIU
Equatorial Guinea: EIU
France: DBRS
Ireland: CRAG
Malta: Scope
Moldova: ExpertRA
Romania: Moodys, S&P
Saudi Arabia: EIU
Slovakia: CRAG
Syria: EIU
Tunisia: EIU
Turkey: EIU
Turkmenistan: EIU
United Kingdom: Moodys

Austria: Fitch
Belgium: EIU
Benin: S&P
Congo: Moodys
Cyprus: DBRS
Czech Republic: EIU
Egypt: S&P
Finland: Fitch
Greece: S&P
Iran: CI
Israel: Moodys
Italy: S&P
Malaysia: EIU
Morocco: S&P
Netherlands: Fitch
Portugal: KBRA
Ras Al Khaimah: S&P
Romania: Fitch, Scope
Sharjah: S&P
Togo: S&P
Turkey: S&P
United Arab Emirates: EIU
United Kingdom: EIU, S&P
Zambia: Moodys

Botswana: Moodys
Czech Republic: S&P
Germany: Fitch
Italy: DBRS
Norway: Moodys
Poland: Moodys
Russia: Scope
Slovakia: Fitch

The sovereign rating actions published by Scope are now available at this site