Euromoney
Search Access our research
Home September 2003 Country risk

September 2003 Country risk

Debt in Access to Access to Discount Political Economic Debt default or Credit Access to short-term capital on Ranking Total score Risk Performance Indicators rescheduled Ratings bank finance finance markets forfaiting Sep-03 Mar-03 Country* 100 25 25 10 10 10 5 5 5 5 1 1 Luxembourg 99.36 24.67 25.00 10.00 10.00 10.00 5.00 5.00 […]

September 1, 2003

Debt in Access to Access to Discount
Political Economic Debt default or Credit Access to short-term capital on
Ranking Total score Risk Performance Indicators rescheduled Ratings bank finance finance markets forfaiting
Sep-03 Mar-03 Country* 100 25 25 10 10 10 5 5 5 5
1 1 Luxembourg 99.36 24.67 25.00 10.00 10.00 10.00 5.00 5.00 5.00 4.69
2 4 Norway 97.75 24.51 23.55 10.00 10.00 10.00 5.00 5.00 5.00 4.69
3 2 Switzerland 97.48 24.97 22.81 10.00 10.00 10.00 5.00 5.00 5.00 4.69
4 3 United States 96.64 24.95 21.69 10.00 10.00 10.00 5.00 5.00 5.00 5.00
5 5 Denmark 95.27 24.62 21.17 10.00 10.00 9.79 5.00 5.00 5.00 4.69
6 9 United Kingdom 93.93 25.00 19.24 10.00 10.00 10.00 5.00 5.00 5.00 4.69
7 10 Finland 93.82 24.59 19.54 10.00 10.00 10.00 5.00 5.00 5.00 4.69
8 7 Sweden 93.79 24.34 20.17 10.00 10.00 9.58 5.00 5.00 5.00 4.69
9 6 Netherlands 93.48 24.51 19.28 10.00 10.00 10.00 5.00 5.00 5.00 4.69
10 8 Austria 92.37 23.96 18.72 10.00 10.00 10.00 5.00 5.00 5.00 4.69
11 11 Ireland 92.27 23.60 19.03 10.00 10.00 10.00 5.00 5.00 5.00 4.63
12 13 Canada 92.11 24.64 17.98 10.00 10.00 9.79 5.00 5.00 5.00 4.69
13 16 Australia 91.72 23.88 18.36 10.00 10.00 9.79 5.00 5.00 5.00 4.69
14 14 France 91.11 23.85 17.57 10.00 10.00 10.00 5.00 5.00 5.00 4.69
15 15 Belgium 90.86 23.08 18.71 10.00 10.00 9.38 5.00 5.00 5.00 4.69
16 12 Germany 90.32 23.88 16.75 10.00 10.00 10.00 5.00 5.00 5.00 4.69
17 19 Japan 90.02 22.26 19.73 10.00 10.00 8.96 5.00 5.00 4.50 4.57
18 21 Singapore 89.11 23.47 17.38 10.00 10.00 10.00 5.00 5.00 3.75 4.51
19 17 Iceland 88.97 21.14 19.60 10.00 10.00 8.54 5.00 5.00 5.00 4.69
20 18 Spain 87.18 22.65 15.32 10.00 10.00 9.58 5.00 5.00 5.00 4.63
21 22 New Zealand 87.09 22.67 15.38 10.00 10.00 9.38 5.00 5.00 5.00 4.66
22 20 Italy 86.92 21.88 16.18 10.00 10.00 9.17 5.00 5.00 5.00 4.69
23 23 Portugal 84.33 21.58 13.98 10.00 10.00 9.17 5.00 5.00 5.00 4.60
24 24 Greece 80.69 19.85 13.57 10.00 10.00 8.13 5.00 5.00 5.00 4.14
25 26 Hong Kong 80.64 19.17 17.07 10.00 10.00 7.29 5.00 4.33 4.25 3.53
26 27 Taiwan 79.76 20.43 14.05 10.00 10.00 7.92 5.00 5.00 3.75 3.62
27 28 Qatar 78.48 17.17 18.39 10.00 10.00 6.88 5.00 4.33 3.00 3.71
28 29 Slovenia 76.14 19.82 11.59 10.00 10.00 7.71 5.00 4.00 4.15 3.87
29 30 Cyprus 73.95 18.40 13.61 10.00 10.00 7.08 5.00 4.33 1.75 3.77
30 31 Kuwait 73.87 17.74 14.45 10.00 10.00 7.50 5.00 4.33 1.25 3.59
31 25 Bermuda 73.21 20.65 8.61 10.00 10.00 8.96 5.00 5.00 5.00 0.00
32 32 Malta 72.67 19.66 13.69 9.82 10.00 6.67 0.00 4.33 5.00 3.50
33 33 United Arab Emirates 72.33 18.98 15.22 10.00 10.00 6.88 5.00 1.67 1.00 3.59
34 35 Bahamas 70.11 18.15 13.87 10.00 10.00 6.25 5.00 4.33 2.50 0.00
35 34 Hungary 68.79 18.04 9.60 8.42 10.00 6.67 5.00 3.50 3.75 3.80
36 39 Bahrain 68.45 15.94 11.53 10.00 10.00 5.63 5.00 4.33 2.50 3.53
37 36 Israel 68.01 17.03 12.26 10.00 10.00 6.46 5.00 4.00 0.25 3.01
38 38 Korea South 67.67 18.18 13.50 9.40 10.00 6.46 0.45 2.50 3.75 3.44
39 51 Barbados 67.40 19.09 12.11 10.00 10.00 5.63 5.00 3.33 2.25 0.00
40 43 Brunei 66.49 17.72 16.27 10.00 10.00 0.00 5.00 5.00 2.50 0.00
41 42 Chile 66.31 19.17 10.83 8.64 10.00 6.04 1.55 3.50 2.75 3.83
42 37 Czech Republic 66.11 18.37 9.65 9.23 10.00 6.67 1.05 3.33 4.19 3.62
43 40 Saudi Arabia 65.70 14.92 10.11 10.00 10.00 5.94 5.00 4.17 2.00 3.56
44 44 Estonia 64.53 17.91 10.90 9.13 10.00 6.67 1.09 2.44 2.88 3.53
45 41 Poland 64.02 17.00 8.91 9.12 10.00 6.04 1.40 3.33 4.19 4.02
46 48 Malaysia 62.13 17.25 10.11 9.34 10.00 5.63 0.42 3.17 3.00 3.22
47 50 Latvia 62.11 16.54 10.04 8.70 10.00 6.04 2.08 2.39 3.00 3.31
48 58 Lithuania 61.97 16.29 10.21 8.72 10.00 5.42 2.36 2.39 3.34 3.25
49 56 China 61.52 16.84 11.22 9.66 10.00 5.83 0.12 2.50 2.00 3.34
50 49 Oman 61.27 16.51 9.70 9.46 10.00 5.00 0.21 4.33 2.50 3.56
51 46 Mexico 61.14 16.87 9.68 9.05 10.00 4.69 0.77 3.33 3.00 3.74
52 55 Trinidad & Tobago 61.02 15.83 12.12 9.63 10.00 4.38 0.00 3.00 3.00 3.07
53 57 South Africa 60.38 16.07 9.12 9.48 10.00 5.00 0.38 3.33 3.50 3.50
54 47 Botswana 60.25 17.33 9.32 9.98 10.00 6.88 0.00 1.83 2.00 2.91
55 54 Thailand 59.51 16.57 9.63 8.79 10.00 4.38 1.19 3.33 2.25 3.37
56 52 Slovak Republic 59.11 15.72 9.52 8.86 10.00 5.42 0.50 2.22 3.59 3.28
57 59 Tunisia 57.74 14.81 9.28 8.99 10.00 5.00 0.39 3.33 2.50 3.44
58 60 Croatia 57.10 13.94 9.86 8.69 10.00 4.38 1.73 2.39 2.78 3.34
59 53 Mauritius 54.93 14.29 8.89 9.46 10.00 5.00 0.04 3.33 1.00 2.91
60 61 India 54.92 14.73 8.17 9.50 10.00 3.33 0.01 3.33 2.25 3.59
61 63 Costa Rica 54.82 14.79 9.84 9.40 10.00 3.33 0.00 3.00 2.00 2.45
62 62 Morocco 53.76 13.94 7.88 9.06 10.00 3.44 0.35 3.00 2.67 3.44
63 45 Macau 52.76 17.36 4.48 10.00 10.00 6.25 0.00 3.67 1.00 0.00
64 82 Antigua & Barbuda 52.47 10.68 13.96 10.00 10.00 0.00 5.00 2.83 0.00 0.00
65 64 Philippines 51.33 13.36 8.20 8.84 10.00 3.33 0.15 3.33 1.25 2.85
66 71 Bulgaria 50.71 12.10 8.60 8.68 10.00 3.54 0.40 2.06 2.60 2.73
67 67 Kazakhstan 50.32 10.87 7.40 8.42 9.73 3.33 4.52 2.21 1.84 1.99
68 66 Panama 49.77 12.16 7.57 8.65 10.00 4.17 1.48 3.17 0.00 2.58
69 75 Romania 49.76 11.88 8.49 9.14 10.00 2.29 0.88 2.31 2.00 2.76
70 68 El Salvador 49.31 11.53 7.94 9.44 10.00 3.96 0.09 3.33 0.50 2.52
71 65 Egypt 49.19 11.34 6.78 9.46 10.00 3.75 0.03 2.67 2.17 3.01
72 76 Russia 49.02 11.77 8.82 9.21 9.66 3.33 0.14 1.96 1.70 2.42
73 87 Grenada 48.18 12.57 11.27 9.01 10.00 2.50 0.00 2.33 0.50 0.00
74 73 Vietnam 47.75 11.86 8.04 9.43 10.00 2.29 0.00 2.25 1.25 2.64
75 79 Brazil 47.58 11.69 7.78 7.66 10.00 1.46 0.98 3.00 2.50 2.52
76 90 St Vincent & the Grenadines 47.33 14.35 11.22 8.93 10.00 0.00 0.00 2.33 0.50 0.00
77 77 Colombia 47.22 11.86 7.73 8.61 10.00 3.13 0.20 3.33 0.00 2.36
78 83 St Lucia 46.82 13.80 11.38 8.63 10.00 0.00 0.00 2.50 0.50 0.00
79 74 Peru 45.54 11.23 7.70 8.87 10.00 2.50 0.13 2.50 0.25 2.36
80 81 Turkey 45.24 10.90 6.96 8.19 10.00 1.25 0.90 3.33 1.25 2.45
81 70 Iran 45.08 11.06 7.10 9.86 10.00 1.88 0.00 1.67 1.00 2.52
82 78 Guatemala 44.60 10.30 7.76 9.43 10.00 2.81 0.00 2.83 0.00 1.47
83 85 Sri Lanka 44.32 12.27 7.12 9.15 10.00 0.00 0.13 2.67 0.50 2.48
84 80 Jordan 44.10 11.64 6.82 8.77 8.16 2.81 0.00 2.92 0.00 2.98
85 72 Dominican Republic 43.38 9.12 7.64 9.52 10.00 2.50 0.00 2.67 0.00 1.93
86 91 Jamaica 43.30 10.95 8.29 8.76 10.00 1.88 0.00 2.67 0.75 0.00
87 92 Azerbaijan 43.26 9.31 7.25 9.60 10.00 2.50 0.03 2.19 0.75 1.63
88 89 Algeria 41.29 11.58 6.10 9.15 10.00 0.00 0.00 2.50 0.00 1.96
89 100 Indonesia 40.05 8.98 6.74 8.39 9.52 0.83 0.30 1.83 1.25 2.21
90 69 Uruguay 39.80 6.71 6.90 8.52 10.00 0.63 0.02 3.67 0.75 2.61
91 96 Senegal 39.58 8.43 5.86 8.70 10.00 1.88 0.25 2.33 0.00 2.12
92 106 Seychelles 39.21 9.34 6.16 9.29 10.00 0.00 0.00 3.92 0.50 0.00
93 107 Honduras 39.19 8.60 7.15 8.72 9.23 1.25 0.39 2.50 0.00 1.35
94 113 Ukraine 39.03 8.05 7.79 9.40 8.77 1.46 0.73 1.83 1.00 0.00
95 116 Bhutan 38.43 10.79 6.34 9.14 10.00 0.00 0.00 2.17 0.00 0.00
96 122 Guyana 38.42 8.90 10.18 7.17 10.00 0.00 0.00 2.17 0.00 0.00
97 94 Bangladesh 38.35 9.12 5.23 9.43 10.00 0.00 0.00 2.67 0.00 1.90
98 98 Lebanon 38.09 7.69 5.94 7.75 10.00 0.83 0.24 2.33 1.00 2.30
99 102 Uganda 37.80 7.34 7.20 8.66 10.00 0.00 0.00 2.33 0.00 2.27
100 86 Bolivia 37.48 7.34 6.92 8.48 10.00 0.94 0.47 2.33 1.00 0.00
101 114 Dominica 37.39 9.09 7.51 8.45 10.00 0.00 0.00 2.33 0.00 0.00
102 95 Papua New Guinea 37.34 8.79 5.06 8.79 10.00 1.46 0.07 2.17 1.00 0.00
103 131 Mongolia 37.32 9.42 6.41 8.74 10.00 1.25 0.00 1.50 0.00 0.00
104 124 Nepal 37.20 9.99 5.49 9.38 10.00 0.00 0.00 2.33 0.00 0.00
105 108 Tanzania 37.01 7.64 5.81 8.74 9.83 0.00 0.00 2.42 0.00 2.58
106 111 Ecuador 36.24 7.64 6.68 8.46 9.98 0.00 0.55 1.58 0.50 0.86
107 84 Fiji 36.12 10.19 0.63 9.84 10.00 3.13 0.00 2.33 0.00 0.00
108 105 Kenya 36.11 8.05 5.43 9.01 9.49 0.00 0.00 2.25 0.00 1.87
109 103 Macedonia (FYR) 36.10 5.72 7.36 9.11 10.00 0.00 0.38 1.79 1.00 0.74
110 152 Bosnia-Herzegovina 35.56 6.82 5.95 8.86 10.00 0.00 0.05 1.67 0.00 2.21
111 148 Cambodia 35.03 7.80 6.95 9.11 10.00 0.00 0.00 1.17 0.00 0.00
112 101 Ghana 34.99 7.97 5.27 8.11 9.30 0.00 0.00 2.50 0.00 1.84
113 97 Paraguay 34.68 5.48 4.96 9.27 10.00 0.31 0.00 2.67 2.00 0.00
114 93 Venezuela 34.61 6.60 5.10 9.14 10.00 0.21 0.09 1.67 0.34 1.47
115 112 Samoa 34.56 13.06 0.42 8.75 10.00 0.00 0.00 2.33 0.00 0.00
116 104 Maldives 34.52 12.16 0.59 9.27 10.00 0.00 0.00 2.50 0.00 0.00
117 127 Albania 34.46 6.08 6.78 9.59 9.88 0.00 0.00 1.79 0.34 0.00
118 118 Tonga 34.41 12.16 0.44 9.31 10.00 0.00 0.00 2.50 0.00 0.00
119 115 Gabon 34.12 7.06 5.99 8.76 9.64 0.00 0.00 2.67 0.00 0.00
120 117 Uzbekistan 33.90 5.83 4.46 8.91 10.00 0.00 0.11 2.11 1.50 0.98
121 130 Armenia 33.78 6.54 5.81 9.17 10.00 0.00 0.00 2.00 0.25 0.00
122 109 Lesotho 33.73 7.37 4.63 8.91 10.00 0.00 0.00 2.83 0.00 0.00
123 119 Nigeria 33.48 6.57 5.45 8.93 9.08 0.00 0.00 2.00 0.00 1.44
124 99 Syria 33.46 8.16 5.13 8.58 10.00 0.00 0.00 1.58 0.00 0.00
125 110 Swaziland 33.10 6.96 2.84 9.61 10.00 0.00 0.00 1.33 0.00 2.36
126 153 Laos 32.99 7.97 5.51 8.01 10.00 0.00 0.00 1.50 0.00 0.00
127 123 Yemen 32.95 6.96 4.75 9.29 9.83 0.00 0.00 2.13 0.00 0.00
128= 126 Mozambique 32.51 6.22 5.15 7.78 8.43 0.00 0.00 2.67 0.00 2.27
128= 120 Vanuatu 32.51 10.10 0.29 9.62 10.00 0.00 0.00 2.50 0.00 0.00
130 135 Gambia 32.19 7.34 4.49 8.24 10.00 0.63 0.00 1.50 0.00 0.00
131 121 Turkmenistan 32.16 6.16 4.51 9.34 10.00 0.63 0.11 1.17 0.00 0.25
132 88 Belize 32.03 8.11 0.88 8.02 10.00 2.19 0.00 2.83 0.00 0.00
133 128 Belarus 32.02 5.72 5.45 9.83 9.52 0.00 0.00 1.17 0.34 0.00
134 145 Pakistan 31.97 10.27 7.67 8.74 0.00 0.94 0.06 1.17 1.50 1.63
135 149 Equatorial Guinea 31.96 7.78 5.05 7.97 10.00 0.00 0.00 1.17 0.00 0.00
136 137 Yugoslavia (Fed. Republic) 31.50 4.74 5.67 8.81 9.61 0.00 0.00 2.00 0.67 0.00
137 134 Moldova 31.47 5.12 4.30 8.59 10.00 0.31 0.85 1.79 0.50 0.00
138 129 Cameroon 31.30 6.46 4.45 8.76 9.13 0.00 0.00 2.50 0.00 0.00
139 132 Malawi 31.26 4.96 5.61 7.59 9.95 0.00 0.00 1.50 0.00 1.66
140 133 Burkina Faso 31.02 6.46 3.48 8.89 9.86 0.00 0.00 2.33 0.00 0.00
141 147 Benin 30.94 6.41 3.68 8.94 9.66 0.00 0.00 2.25 0.00 0.00
142 140 Niger 30.49 5.37 2.99 8.74 9.47 0.00 0.00 2.17 1.75 0.00
143 138 Mali 30.40 6.22 3.74 8.28 10.00 0.00 0.00 2.17 0.00 0.00
144 166 Tajikistan 29.88 5.15 5.58 8.49 8.53 0.00 0.98 1.17 0.00 0.00
145 151 Cape Verde 29.61 6.00 4.30 9.00 8.99 0.00 0.00 1.33 0.00 0.00
146 146 Ethiopia 29.36 5.01 4.39 8.45 9.93 0.00 0.00 1.58 0.00 0.00
147 158 Djibouti 28.91 5.72 2.35 9.34 10.00 0.00 0.00 1.50 0.00 0.00
148 157 Kyrgyz Republic 28.09 6.00 4.37 7.94 8.48 0.00 0.14 1.17 0.00 0.00
149 150 Togo 28.06 5.31 3.31 8.34 9.93 0.00 0.00 1.17 0.00 0.00
150 142 Madagascar 27.96 5.39 3.71 7.57 9.78 0.00 0.00 1.50 0.00 0.00
151 164 Chad 27.69 4.65 3.51 8.48 9.88 0.00 0.00 1.17 0.00 0.00
152 154 Guinea 27.17 4.30 3.47 8.33 9.90 0.00 0.00 1.17 0.00 0.00
153 159 Angola 26.91 4.98 2.91 7.85 10.00 0.00 0.00 1.17 0.00 0.00
154= 167 Mauritania 26.71 5.31 3.49 6.89 9.86 0.00 0.00 1.17 0.00 0.00
154= 165 Congo 26.71 5.31 3.10 7.13 10.00 0.00 0.00 1.17 0.00 0.00
156 136 Côte d’Ivoire 26.56 3.34 3.14 8.31 9.93 0.00 0.00 1.83 0.00 0.00
157 141 Georgia 26.55 3.37 5.34 9.08 7.22 0.00 0.11 1.17 0.25 0.00
158 161 Sudan 26.43 3.92 3.04 8.31 10.00 0.00 0.00 1.17 0.00 0.00
159 144 Zambia 26.32 4.52 3.58 7.18 9.52 0.00 0.36 1.17 0.00 0.00
160 163 Central African Republic 26.20 2.90 3.75 8.76 9.95 0.00 0.00 0.83 0.00 0.00
161 169 Eritrea 25.98 3.40 2.70 8.72 10.00 0.00 0.00 1.17 0.00 0.00
162 155 Argentina 25.78 3.26 7.39 7.75 4.15 0.21 0.02 3.00 0.00 0.00
163 170 Burundi 25.04 3.67 2.97 7.23 10.00 0.00 0.00 1.17 0.00 0.00
164 160 Suriname 24.96 6.68 6.49 0.00 10.00 0.63 0.00 1.17 0.00 0.00
165 156 Namibia 24.46 9.61 7.99 0.00 0.00 0.00 0.00 2.50 1.75 2.61
166 125 Haiti 24.37 3.72 0.11 9.36 10.00 0.00 0.00 1.17 0.00 0.00
167= 139 Nicaragua 24.17 4.93 5.02 1.42 9.28 0.00 1.53 2.00 0.00 0.00
167= 171 Rwanda 24.17 2.49 1.84 8.43 9.90 0.00 0.00 1.50 0.00 0.00
169 172 Guinea-Bissau 22.95 6.02 3.17 4.20 8.38 0.00 0.00 1.17 0.00 0.00
170 162 Zimbabwe 22.57 1.64 0.76 9.33 10.00 0.00 0.00 0.83 0.00 0.00
171 173 Sierra Leone 22.20 2.57 2.04 5.58 8.84 0.00 0.00 1.17 2.00 0.00
172 168 Libya 21.92 11.28 5.76 0.00 0.00 0.00 0.00 2.33 0.00 2.55
173 143 Solomon Islands 21.73 9.42 0.14 0.00 10.00 0.00 0.00 2.17 0.00 0.00
174 175 Sao Tome & Principe 21.67 3.61 4.84 0.00 9.88 0.00 0.00 1.33 2.00 0.00
175 174 Myanmar 20.41 4.79 3.44 0.00 10.00 0.00 0.00 1.17 0.00 1.01
176 179 Dem. Rep. of the Congo (Zaire) 18.36 2.60 4.59 0.00 10.00 0.00 0.00 1.17 0.00 0.00
177 176 New Caledonia 18.22 13.53 4.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00
178 177 Micronesia (Fed. States) 13.92 10.79 0.63 0.00 0.00 0.00 0.00 2.50 0.00 0.00
179 182 Somalia 13.18 1.86 0.15 0.00 10.00 0.00 0.00 1.17 0.00 0.00
180 181 Cuba 11.96 1.89 8.90 0.00 0.00 0.00 0.00 1.17 0.00 0.00
181 180 Liberia 11.57 0.74 0.00 0.00 10.00 0.00 0.00 0.83 0.00 0.00
182 178 Marshall Islands 10.66 8.52 0.64 0.00 0.00 0.00 0.00 1.50 0.00 0.00
183 185 Afghanistan 7.81 2.71 0.68 0.00 0.00 0.00 0.00 0.83 0.00 3.59
184 183 Iraq 4.28 0.74 2.71 0.00 0.00 0.00 0.00 0.83 0.00 0.00
185 184 Korea North 3.26 0.00 2.09 0.00 0.00 0.00 0.00 1.17 0.00 0.00
Tags Surveys and Awards

Related

Redefining treasury: FX moves from back office to boardroom

Sponsored by HSBC

Markets

The world’s best for markets 2026: BNP Paribas
Markets

The world’s best fixed income house 2026: Citi
Markets

The world’s best sales and trading team 2026: State Street