Ctryprem July 20

Country Risk Premiums
To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.
Step 1: Estimating mature market risk premium

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see th
Link to site: http://www.damodaran.com
Historical monthly ERP:http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign ratings)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by averag
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go int
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. S
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.
Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk prem
Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3550293
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3427
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
ium and add an additional country risk premium, based upon the risk of the country in question.
country or region.
ium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadshee
ne based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the coun
ok under sovereign ratings)
ass. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
reign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
m. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging P
vt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
DS spread, I subtracted out the US CDS spread from the CDS for other markets.
that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium eq
mber to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to 1,
3 to get a total equity risk premium.
ms by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
abstract_id=3550293
papers.cfm?abstract_id=3427863
tch?v=aIRPvY2SQ94
tch?v=D3IGn6tH03c
download the excel spreadsheet containing the implied premium
r is the CDS spread for the country (if one exists)
at the start of every year.
ate estimate.
viation to the BAML Emerging Public Bond index standard deviation
h a total equity risk premium equal to the US.

ate, but you can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Greece If you cannot find a country on this list, it is because that country do
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating B1 Local currency
S&P sovereign rating BB- Local currency
CDS spread 1.93%
Excess CDS spread (over US CDS) 1.67%
Country Default Spread (based on 5.28%

Country Risk Premium (Rating) 6.61%
Equity Risk Premium (Rating) 11.84%
Country Risk Premium (CDS) 2.09%

Equity Risk Premium (CDS) 7.32%
To look up the equity risk premium for a region, use this worksheet
Region Australia & New Zealand
Country Risk Premium (simple av 2.20%

Total Equity Risk Premium (simpl 7.43%
Country Risk Premium (GDP weig 0.00%

Total Equity Risk Premium (GDP 5.23%
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages
For countries not on the list above, try this frontier market list
Country Zimbabwe
PRS Score 51.30

ERP based on PRS Score 22.86%
y on this list, it is because that country does not have a sovereign rating
. Try the PRS worksheet in this spreadsheet for an alternate estimate.
e Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: Jul-20
Enter the current risk premium for a mature equity market 5.23%
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium? Yes
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets) 1.25
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
India Asia Baa3 2.58% 8.46%
Uzbekistan Eastern Europe & Russia B1 5.28% 11.84%
Venezuela Central and South America C 17.50% 27.14%
Vietnam Asia Ba3 4.22% 10.52%
Zambia Africa Ca 14.08% 22.86%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 55 22.86% 17.63% 14.08%
Brunei 80 6.48% 1.25% 1.00%
Gambia 63.5 14.79% 9.56% 7.63%
Guinea 54 22.86% 17.63% 14.08%
Guinea-Bissau 62 16.25% 11.02% 8.80%
Guyana 65 13.32% 8.09% 6.46%
Haiti 54.5 22.86% 17.63% 14.08%
Iran 58.5 18.46% 13.23% 10.57%
Korea, D.P.R. 50.3 22.86% 17.63% 14.08%
Liberia 53.5 22.86% 17.63% 14.08%
Libya 58.3 18.46% 13.23% 10.57%
Madagascar 63 14.79% 9.56% 7.63%
Malawi 57.8 18.46% 13.23% 10.57%
Myanmar 62.8 14.79% 9.56% 7.63%
Sierra Leone 59 18.46% 13.23% 10.57%
Somalia 50.5 22.86% 17.63% 14.08%
Sudan 36.3 27.14% 21.91% 17.50%
Syria 53.8 22.86% 17.63% 14.08%
Yemen, Republic 50 27.14% 21.91% 17.50%
Zimbabwe 51.3 22.86% 17.63% 14.08%
Rating Default spread in basis points

A1 83
A2 100
A3 141
Aa1 47
Aa2 58
Aa3 71
Aaa 0
B1 528
B2 646
B3 763
Ba1 293
Ba2 353
Ba3 422
Baa1 187
Baa2 223
Baa3 258
C 1750
Ca 1408
Caa1 880
Caa2 1057
Caa3 1173
NR NA
Updated July 1, 2020
Updated July 1, 2020
Sovereign CDS, net

Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
3.23% 1.43% 7.02% 1.79%
6.61% NA NA NA
21.91% NA NA NA
5.29% 2.02% 7.76% 2.53%
17.63% NA NA NA
Volatility
BAML Emerging Mkt Public Bond Spr 12.76% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 15.98% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.25
Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield Index:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years Period
Interval Daily Interval
DATE VALUE Effective dat
2015-07-01 4.89 Average = 4.32 In spread % 7/1/2015
2015-07-02 4.87 Std Dev = 0.551861644 In spread % 7/2/2015

2015-07-03 4.87 CV = 12.7606% ! Std Dev/ Average 7/3/2015
2015-07-06 4.84 7/6/2015
2015-07-07 4.87 7/7/2015
2015-07-08 4.88 7/8/2015
2015-07-09 4.91 7/9/2015
2015-07-10 4.92 7/10/2015
2015-07-13 4.92 7/13/2015
2015-07-14 4.91 7/14/2015
2015-07-15 4.89 7/15/2015
2015-07-16 4.87 7/16/2015
2015-07-17 4.86 7/17/2015
2015-07-20 4.87 7/20/2015
2015-07-21 4.87 7/21/2015
2015-07-22 4.87 7/22/2015
2015-07-23 4.88 7/23/2015
2015-07-24 4.92 7/24/2015
2015-07-27 4.96 7/27/2015
2015-07-28 4.97 7/28/2015
2015-07-29 4.95 7/29/2015
2015-07-30 4.93 7/30/2015
2015-07-31 4.88 7/31/2015
2015-08-03 4.88 8/3/2015
2015-08-04 4.90 8/4/2015
2015-08-05 4.93 8/5/2015
2015-08-06 4.98 8/6/2015
2015-08-07 4.98 8/7/2015
2015-08-10 5.00 8/10/2015
2015-08-11 4.97 8/11/2015
2015-08-12 4.97 8/12/2015
2015-08-13 5.00 8/13/2015
2015-08-14 5.01 8/14/2015
2015-08-17 5.00 8/17/2015
2015-08-18 5.03 8/18/2015
2015-08-19 5.05 8/19/2015
2015-08-20 5.10 8/20/2015
2015-08-21 5.13 8/21/2015
2015-08-24 5.25 8/24/2015
2015-08-25 5.26 8/25/2015
2015-08-26 5.29 8/26/2015
2015-08-27 5.20 8/27/2015
2015-08-28 5.17 8/28/2015
2015-08-31 5.20 8/31/2015
2015-09-01 5.21 9/1/2015
2015-09-02 5.24 9/2/2015
2015-09-03 5.22 9/3/2015
2015-09-04 5.20 9/4/2015
2015-09-07 5.20 9/7/2015
2015-09-08 5.24 9/8/2015
2015-09-09 5.23 9/9/2015
2015-09-10 5.26 9/10/2015
2015-09-11 5.28 9/11/2015
2015-09-14 5.30 9/14/2015
2015-09-15 5.31 9/15/2015
2015-09-16 5.31 9/16/2015
2015-09-17 5.29 9/17/2015
2015-09-18 5.23 9/18/2015
2015-09-21 5.28 9/21/2015
2015-09-22 5.37 9/22/2015
2015-09-23 5.40 9/23/2015
2015-09-24 5.50 9/24/2015
2015-09-25 5.51 9/25/2015
2015-09-28 5.57 9/28/2015
2015-09-29 5.63 9/29/2015
2015-09-30 5.58 9/30/2015
2015-10-01 5.51 10/1/2015
2015-10-02 5.48 10/2/2015
2015-10-05 5.39 10/5/2015
2015-10-06 5.32 10/6/2015
2015-10-07 5.28 10/7/2015
2015-10-08 5.30 10/8/2015
2015-10-09 5.25 10/9/2015
2015-10-12 5.24 10/12/2015
2015-10-13 5.23 10/13/2015
2015-10-14 5.23 10/14/2015
2015-10-15 5.20 10/15/2015
2015-10-16 5.15 10/16/2015
2015-10-19 5.15 10/19/2015
2015-10-20 5.16 10/20/2015
2015-10-21 5.20 10/21/2015
2015-10-22 5.17 10/22/2015
2015-10-23 5.14 10/23/2015
2015-10-26 5.10 10/26/2015
2015-10-27 5.10 10/27/2015
2015-10-28 5.13 10/28/2015
2015-10-29 5.15 10/29/2015
2015-10-30 5.14 10/30/2015
2015-10-31 5.15 11/2/2015
2015-11-02 5.12 11/3/2015
2015-11-03 5.08 11/4/2015
2015-11-04 5.05 11/5/2015
2015-11-05 5.08 11/6/2015
2015-11-06 5.12 11/9/2015
2015-11-09 5.18 11/10/2015
2015-11-10 5.19 11/11/2015
2015-11-11 5.19 11/12/2015
2015-11-12 5.21 11/13/2015
2015-11-13 5.24 11/16/2015
2015-11-16 5.22 11/17/2015
2015-11-17 5.19 11/18/2015
2015-11-18 5.17 11/19/2015
2015-11-19 5.11 11/20/2015
2015-11-20 5.07 11/23/2015
2015-11-23 5.08 11/24/2015
2015-11-24 5.09 11/25/2015
2015-11-25 5.12 11/26/2015
2015-11-26 5.12 11/27/2015
2015-11-27 5.12 11/30/2015
2015-11-30 5.09 12/1/2015
2015-12-01 5.11 12/2/2015
2015-12-02 5.11 12/3/2015
2015-12-03 5.16 12/4/2015
2015-12-04 5.20 12/7/2015
2015-12-07 5.21 12/8/2015
2015-12-08 5.26 12/9/2015
2015-12-09 5.25 12/10/2015
2015-12-10 5.30 12/11/2015
2015-12-11 5.37 12/14/2015
2015-12-14 5.45 12/15/2015
2015-12-15 5.43 12/16/2015
2015-12-16 5.47 12/17/2015
2015-12-17 5.43 12/18/2015
2015-12-18 5.45 12/21/2015
2015-12-21 5.48 12/22/2015
2015-12-22 5.47 12/23/2015
2015-12-23 5.48 12/24/2015
2015-12-24 5.48 12/25/2015
2015-12-25 5.48 12/28/2015
2015-12-28 5.48 12/29/2015
2015-12-29 5.47 12/30/2015
2015-12-30 5.48 12/31/2015
2015-12-31 5.50 1/1/2016
2016-01-01 5.5 1/4/2016
2016-01-04 5.47 1/5/2016
2016-01-05 5.46 1/6/2016
2016-01-06 5.45 1/7/2016
2016-01-07 5.48 1/8/2016
2016-01-08 5.49 1/11/2016
2016-01-11 5.51 1/12/2016
2016-01-12 5.55 1/13/2016
2016-01-13 5.59 1/14/2016
2016-01-14 5.65 1/15/2016
2016-01-15 5.71 1/18/2016
2016-01-18 5.72 1/19/2016
2016-01-19 5.72 1/20/2016
2016-01-20 5.77 1/21/2016
2016-01-21 5.79 1/22/2016
2016-01-22 5.70 1/25/2016
2016-01-25 5.69 1/26/2016
2016-01-26 5.66 1/27/2016
2016-01-27 5.63 1/28/2016
2016-01-28 5.56 1/29/2016
2016-01-29 5.51 2/1/2016
2016-01-31 5.55 2/2/2016
2016-02-01 5.55 2/3/2016
2016-02-02 5.59 2/4/2016
2016-02-03 5.57 2/5/2016
2016-02-04 5.51 2/8/2016
2016-02-05 5.49 2/9/2016
2016-02-08 5.49 2/10/2016
2016-02-09 5.51 2/11/2016
2016-02-10 5.53 2/12/2016
2016-02-11 5.58 2/15/2016
2016-02-12 5.61 2/16/2016
2016-02-15 5.60 2/17/2016
2016-02-16 5.57 2/18/2016
2016-02-17 5.50 2/19/2016
2016-02-18 5.48 2/22/2016
2016-02-19 5.46 2/23/2016
2016-02-22 5.44 2/24/2016
2016-02-23 5.43 2/25/2016
2016-02-24 5.44 2/26/2016
2016-02-25 5.40 2/29/2016
2016-02-26 5.39 3/1/2016
2016-02-29 5.38 3/2/2016
2016-03-01 5.36 3/3/2016
2016-03-02 5.31 3/4/2016
2016-03-03 5.28 3/7/2016
2016-03-04 5.21 3/8/2016
2016-03-07 5.25 3/9/2016
2016-03-08 5.24 3/10/2016
2016-03-09 5.24 3/11/2016
2016-03-10 5.22 3/14/2016
2016-03-11 5.19 3/15/2016
2016-03-14 5.18 3/16/2016
2016-03-15 5.22 3/17/2016
2016-03-16 5.21 3/18/2016
2016-03-17 5.09 3/21/2016
2016-03-18 5.02 3/22/2016
2016-03-21 5.02 3/23/2016
2016-03-22 5.02 3/24/2016
2016-03-23 5.04 3/25/2016
2016-03-24 5.08 3/28/2016
2016-03-25 5.08 3/29/2016
2016-03-28 5.08 3/30/2016
2016-03-29 5.06 3/31/2016
2016-03-30 4.98 4/1/2016
2016-03-31 4.96 4/4/2016
2016-04-01 4.98 4/5/2016
2016-04-04 4.97 4/6/2016
2016-04-05 5.00 4/7/2016
2016-04-06 4.99 4/8/2016
2016-04-07 4.99 4/11/2016
2016-04-08 4.97 4/12/2016
2016-04-11 4.92 4/13/2016
2016-04-12 4.90 4/14/2016
2016-04-13 4.84 4/15/2016
2016-04-14 4.80 4/18/2016
2016-04-15 4.80 4/19/2016
2016-04-18 4.82 4/20/2016
2016-04-19 4.77 4/21/2016
2016-04-20 4.76 4/22/2016
2016-04-21 4.77 4/25/2016
2016-04-22 4.79 4/26/2016
2016-04-25 4.82 4/27/2016
2016-04-26 4.83 4/28/2016
2016-04-27 4.80 4/29/2016
2016-04-28 4.73 5/2/2016
2016-04-29 4.71 5/3/2016
2016-04-30 4.54 5/4/2016
2016-05-02 4.52 5/5/2016
2016-05-03 4.54 5/6/2016
2016-05-04 4.55 5/9/2016
2016-05-05 4.53 5/10/2016
2016-05-06 4.52 5/11/2016
2016-05-09 4.53 5/12/2016
2016-05-10 4.51 5/13/2016
2016-05-11 4.48 5/16/2016
2016-05-12 4.46 5/17/2016
2016-05-13 4.43 5/18/2016
2016-05-16 4.42 5/19/2016
2016-05-17 4.40 5/20/2016
2016-05-18 4.44 5/23/2016
2016-05-19 4.51 5/24/2016
2016-05-20 4.49 5/25/2016
2016-05-23 4.49 5/26/2016
2016-05-24 4.48 5/27/2016
2016-05-25 4.47 5/30/2016
2016-05-26 4.47 5/31/2016
2016-05-27 4.46 6/1/2016
2016-05-30 4.46 6/2/2016
2016-05-31 4.54 6/3/2016
2016-06-01 4.54 6/6/2016
2016-06-02 4.50 6/7/2016
2016-06-03 4.42 6/8/2016
2016-06-06 4.37 6/9/2016
2016-06-07 4.33 6/10/2016
2016-06-08 4.29 6/13/2016
2016-06-09 4.30 6/14/2016
2016-06-10 4.32 6/15/2016
2016-06-13 4.34 6/16/2016
2016-06-14 4.39 6/17/2016
2016-06-15 4.38 6/20/2016
2016-06-16 4.36 6/21/2016
2016-06-17 4.35 6/22/2016
2016-06-20 4.33 6/23/2016
2016-06-21 4.33 6/24/2016
2016-06-22 4.31 6/27/2016
2016-06-23 4.28 6/28/2016
2016-06-24 4.29 6/29/2016
2016-06-27 4.30 6/30/2016
2016-06-28 4.27 7/1/2016
2016-06-29 4.19 7/4/2016
2016-06-30 4.18 7/5/2016
2016-07-01 4.09 7/6/2016
2016-07-04 4.09 7/7/2016
2016-07-05 4.06 7/8/2016
2016-07-06 4.06 7/11/2016
2016-07-07 4.05 7/12/2016
2016-07-08 4.03 7/13/2016
2016-07-11 3.99 7/14/2016
2016-07-12 4.01 7/15/2016
2016-07-13 3.99 7/18/2016
2016-07-14 4.00 7/19/2016
2016-07-15 4.01 7/20/2016
2016-07-18 4.02 7/21/2016
2016-07-19 3.99 7/22/2016
2016-07-20 4.00 7/25/2016
2016-07-21 4.01 7/26/2016
2016-07-22 3.99 7/27/2016
2016-07-25 3.99 7/28/2016
2016-07-26 4.01 7/29/2016
2016-07-27 4.00 8/1/2016
2016-07-28 3.99 8/2/2016
2016-07-29 3.97 8/3/2016
2016-07-31 4.01 8/4/2016
2016-08-01 4.00 8/5/2016
2016-08-02 4.03 8/8/2016
2016-08-03 4.06 8/9/2016
2016-08-04 4.01 8/10/2016
2016-08-05 3.98 8/11/2016
2016-08-08 3.96 8/12/2016
2016-08-09 3.94 8/15/2016
2016-08-10 3.89 8/16/2016
2016-08-11 3.89 8/17/2016
2016-08-12 3.88 8/18/2016
2016-08-15 3.85 8/19/2016
2016-08-16 3.83 8/22/2016
2016-08-17 3.85 8/23/2016
2016-08-18 3.81 8/24/2016
2016-08-19 3.82 8/25/2016
2016-08-22 3.84 8/26/2016
2016-08-23 3.83 8/29/2016
2016-08-24 3.84 8/30/2016
2016-08-25 3.86 8/31/2016
2016-08-26 3.86 9/1/2016
2016-08-29 3.87 9/2/2016
2016-08-30 3.85 9/5/2016
2016-08-31 3.89 9/6/2016
2016-09-01 3.91 9/7/2016
2016-09-02 3.90 9/8/2016
2016-09-05 3.90 9/9/2016
2016-09-06 3.86 9/12/2016
2016-09-07 3.80 9/13/2016
2016-09-08 3.80 9/14/2016
2016-09-09 3.87 9/15/2016
2016-09-12 3.94 9/16/2016
2016-09-13 3.93 9/19/2016
2016-09-14 3.96 9/20/2016
2016-09-15 3.96 9/21/2016
2016-09-16 3.96 9/22/2016
2016-09-19 3.96 9/23/2016
2016-09-20 3.94 9/26/2016
2016-09-21 3.91 9/27/2016
2016-09-22 3.83 9/28/2016
2016-09-23 3.84 9/29/2016
2016-09-26 3.86 9/30/2016
2016-09-27 3.84 10/3/2016
2016-09-28 3.83 10/4/2016
2016-09-29 3.81 10/5/2016
2016-09-30 3.82 10/6/2016
2016-10-03 3.83 10/7/2016
2016-10-04 3.84 10/10/2016
2016-10-05 3.86 10/11/2016
2016-10-06 3.87 10/12/2016
2016-10-07 3.88 10/13/2016
2016-10-10 3.88 10/14/2016
2016-10-11 3.89 10/17/2016
2016-10-12 3.90 10/18/2016
2016-10-13 3.89 10/19/2016
2016-10-14 3.89 10/20/2016
2016-10-17 3.91 10/21/2016
2016-10-18 3.91 10/24/2016
2016-10-19 3.89 10/25/2016
2016-10-20 3.88 10/26/2016
2016-10-21 3.88 10/27/2016
2016-10-24 3.85 10/28/2016
2016-10-25 3.85 10/31/2016
2016-10-26 3.92 11/1/2016
2016-10-27 3.93 11/2/2016
2016-10-28 3.94 11/3/2016
2016-10-31 3.95 11/4/2016
2016-11-01 4.00 11/7/2016
2016-11-02 4.01 11/8/2016
2016-11-03 4.00 11/9/2016
2016-11-04 4.01 11/10/2016
2016-11-07 3.99 11/11/2016
2016-11-08 3.97 11/14/2016
2016-11-09 4.06 11/15/2016
2016-11-10 4.19 11/16/2016
2016-11-11 4.20 11/17/2016
2016-11-14 4.47 11/18/2016
2016-11-15 4.39 11/21/2016
2016-11-16 4.39 11/22/2016
2016-11-17 4.37 11/23/2016
2016-11-18 4.45 11/24/2016
2016-11-21 4.45 11/25/2016
2016-11-22 4.43 11/28/2016
2016-11-23 4.45 11/29/2016
2016-11-24 4.45 11/30/2016
2016-11-25 4.48 12/1/2016
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2018-12-17 4.93 1/1/2019
2018-12-18 4.92 1/2/2019
2018-12-19 4.92 1/3/2019
2018-12-20 4.92 1/4/2019
2018-12-21 4.95 1/7/2019
2018-12-24 4.94 1/8/2019
2018-12-25 4.94 1/9/2019
2018-12-26 4.93 1/10/2019
2018-12-27 4.93 1/11/2019
2018-12-28 4.92 1/14/2019
2018-12-31 4.92 1/15/2019
2019-01-01 4.92 1/16/2019
2019-01-02 4.90 1/17/2019
2019-01-03 4.85 1/18/2019
2019-01-04 4.82 1/21/2019
2019-01-07 4.80 1/22/2019
2019-01-08 4.81 1/23/2019
2019-01-09 4.79 1/24/2019
2019-01-10 4.78 1/25/2019
2019-01-11 4.78 1/28/2019
2019-01-14 4.77 1/29/2019
2019-01-15 4.75 1/30/2019
2019-01-16 4.73 1/31/2019
2019-01-17 4.70 2/1/2019
2019-01-18 4.69 2/4/2019
2019-01-21 4.69 2/5/2019
2019-01-22 4.67 2/6/2019
2019-01-23 4.65 2/7/2019
2019-01-24 4.62 2/8/2019
2019-01-25 4.62 2/11/2019
2019-01-28 4.60 2/12/2019
2019-01-29 4.61 2/13/2019
2019-01-30 4.62 2/14/2019
2019-01-31 4.58 2/15/2019
2019-02-01 4.55 2/18/2019
2019-02-04 4.56 2/19/2019
2019-02-05 4.53 2/20/2019
2019-02-06 4.52 2/21/2019
2019-02-07 4.53 2/22/2019
2019-02-08 4.52 2/25/2019
2019-02-11 4.52 2/26/2019
2019-02-12 4.52 2/27/2019
2019-02-13 4.53 2/28/2019
2019-02-14 4.52 3/1/2019
2019-02-15 4.50 3/4/2019
2019-02-18 4.50 3/5/2019
2019-02-19 4.49 3/6/2019
2019-02-20 4.47 3/7/2019
2019-02-21 4.50 3/8/2019
2019-02-22 4.48 3/11/2019
2019-02-25 4.47 3/12/2019
2019-02-26 4.46 3/13/2019
2019-02-27 4.45 3/14/2019
2019-02-28 4.47 3/15/2019
2019-03-01 4.50 3/18/2019
2019-03-04 4.50 3/19/2019
2019-03-05 4.50 3/20/2019
2019-03-06 4.48 3/21/2019
2019-03-07 4.47 3/22/2019
2019-03-08 4.46 3/25/2019
2019-03-11 4.44 3/26/2019
2019-03-12 4.42 3/27/2019
2019-03-13 4.40 3/28/2019
2019-03-14 4.39 3/29/2019
2019-03-15 4.37 4/1/2019
2019-03-18 4.34 4/2/2019
2019-03-19 4.33 4/3/2019
2019-03-20 4.32 4/4/2019
2019-03-21 4.26 4/5/2019
2019-03-22 4.25 4/8/2019
2019-03-25 4.23 4/9/2019
2019-03-26 4.21 4/10/2019
2019-03-27 4.19 4/11/2019
2019-03-28 4.20 4/12/2019
2019-03-29 4.21 4/15/2019
2019-03-31 4.24 4/16/2019
2019-04-01 4.26 4/17/2019
2019-04-02 4.26 4/18/2019
2019-04-03 4.27 4/19/2019
2019-04-04 4.26 4/22/2019
2019-04-05 4.26 4/23/2019
2019-04-08 4.26 4/24/2019
2019-04-09 4.25 4/25/2019
2019-04-10 4.24 4/26/2019
2019-04-11 4.25 4/29/2019
2019-04-12 4.27 4/30/2019
2019-04-15 4.28 5/1/2019
2019-04-16 4.29 5/2/2019
2019-04-17 4.29 5/3/2019
2019-04-18 4.27 5/6/2019
2019-04-19 4.27 5/7/2019
2019-04-22 4.27 5/8/2019
2019-04-23 4.26 5/9/2019
2019-04-24 4.24 5/10/2019
2019-04-25 4.26 5/13/2019
2019-04-26 4.24 5/14/2019
2019-04-29 4.23 5/15/2019
2019-04-30 4.22 5/16/2019
2019-05-01 4.22 5/17/2019
2019-05-02 4.25 5/20/2019
2019-05-03 4.24 5/21/2019
2019-05-06 4.23 5/22/2019
2019-05-07 4.22 5/23/2019
2019-05-08 4.21 5/24/2019
2019-05-09 4.20 5/27/2019
2019-05-10 4.20 5/28/2019
2019-05-13 4.18 5/29/2019
2019-05-14 4.18 5/30/2019
2019-05-15 4.17 5/31/2019
2019-05-16 4.16 6/3/2019
2019-05-17 4.17 6/4/2019
2019-05-20 4.18 6/5/2019
2019-05-21 4.17 6/6/2019
2019-05-22 4.16 6/7/2019
2019-05-23 4.14 6/10/2019
2019-05-24 4.12 6/11/2019
2019-05-27 4.12 6/12/2019
2019-05-28 4.10 6/13/2019
2019-05-29 4.09 6/14/2019
2019-05-30 4.09 6/17/2019
2019-05-31 4.08 6/18/2019
2019-06-03 4.03 6/19/2019
2019-06-04 4.03 6/20/2019
2019-06-05 4.01 6/21/2019
2019-06-06 4.01 6/24/2019
2019-06-07 4.02 6/25/2019
2019-06-10 4.00 6/26/2019
2019-06-11 3.99 6/27/2019
2019-06-12 3.97 6/28/2019
2019-06-13 3.96 7/1/2019
2019-06-14 3.95 7/2/2019
2019-06-17 3.97 7/3/2019
2019-06-18 3.92 7/4/2019
2019-06-19 3.91 7/5/2019
2019-06-20 3.82 7/8/2019
2019-06-21 3.85 7/9/2019
2019-06-24 3.84 7/10/2019
2019-06-25 3.84 7/11/2019
2019-06-26 3.85 7/12/2019
2019-06-27 3.85 7/15/2019
2019-06-28 3.82 7/16/2019
2019-06-30 3.83 7/17/2019
2019-07-01 3.81 7/18/2019
2019-07-02 3.79 7/19/2019
2019-07-03 3.79 7/22/2019
2019-07-04 3.76 7/23/2019
2019-07-05 3.77 7/24/2019
2019-07-08 3.78 7/25/2019
2019-07-09 3.81 7/26/2019
2019-07-10 3.82 7/29/2019
2019-07-11 3.79 7/30/2019
2019-07-12 3.80 7/31/2019
2019-07-15 3.79 8/1/2019
2019-07-16 3.78 8/2/2019
2019-07-17 3.78 8/5/2019
2019-07-18 3.77 8/6/2019
2019-07-19 3.76 8/7/2019
2019-07-22 3.76 8/8/2019
2019-07-23 3.77 8/9/2019
2019-07-24 3.75 8/12/2019
2019-07-25 3.74 8/13/2019
2019-07-26 3.76 8/14/2019
2019-07-29 3.74 8/15/2019
2019-07-30 3.73 8/16/2019
2019-07-31 3.75 8/19/2019
2019-08-01 3.75 8/20/2019
2019-08-02 3.72 8/21/2019
2019-08-05 3.68 8/22/2019
2019-08-06 3.69 8/23/2019
2019-08-07 3.64 8/26/2019
2019-08-08 3.64 8/27/2019
2019-08-09 3.63 8/28/2019
2019-08-12 3.73 8/29/2019
2019-08-13 3.76 8/30/2019
2019-08-14 3.78 9/2/2019
2019-08-15 3.74 9/3/2019
2019-08-16 3.71 9/4/2019
2019-08-19 3.74 9/5/2019
2019-08-20 3.72 9/6/2019
2019-08-21 3.72 9/9/2019
2019-08-22 3.72 9/10/2019
2019-08-23 3.74 9/11/2019
2019-08-26 3.69 9/12/2019
2019-08-27 3.70 9/13/2019
2019-08-28 3.70 9/16/2019
2019-08-29 3.71 9/17/2019
2019-08-30 3.69 9/18/2019
2019-08-31 3.70 9/19/2019
2019-09-02 3.70 9/20/2019
2019-09-03 3.67 9/23/2019
2019-09-04 3.64 9/24/2019
2019-09-05 3.65 9/25/2019
2019-09-06 3.67 9/26/2019
2019-09-09 3.68 9/27/2019
2019-09-10 3.71 9/30/2019
2019-09-11 3.74 10/1/2019
2019-09-12 3.73 10/2/2019
2019-09-13 3.77 10/3/2019
2019-09-16 3.77 10/4/2019
2019-09-17 3.76 10/7/2019
2019-09-18 3.74 10/8/2019
2019-09-19 3.73 10/9/2019
2019-09-20 3.71 10/10/2019
2019-09-23 3.67 10/11/2019
2019-09-24 3.68 10/14/2019
2019-09-25 3.69 10/15/2019
2019-09-26 3.69 10/16/2019
2019-09-27 3.69 10/17/2019
2019-09-30 3.73 10/18/2019
2019-10-01 3.73 10/21/2019
2019-10-02 3.70 10/22/2019
2019-10-03 3.67 10/23/2019
2019-10-04 3.62 10/24/2019
2019-10-07 3.62 10/25/2019
2019-10-08 3.64 10/28/2019
2019-10-09 3.64 10/29/2019
2019-10-10 3.66 10/30/2019
2019-10-11 3.69 10/31/2019
2019-10-14 3.69 11/1/2019
2019-10-15 3.70 11/4/2019
2019-10-16 3.71 11/5/2019
2019-10-17 3.71 11/6/2019
2019-10-18 3.70 11/7/2019
2019-10-21 3.71 11/8/2019
2019-10-22 3.69 11/11/2019
2019-10-23 3.68 11/12/2019
2019-10-24 3.68 11/13/2019
2019-10-25 3.68 11/14/2019
2019-10-28 3.70 11/15/2019
2019-10-29 3.69 11/18/2019
2019-10-30 3.70 11/19/2019
2019-10-31 3.69 11/20/2019
2019-11-01 3.66 11/21/2019
2019-11-04 3.68 11/22/2019
2019-11-05 3.71 11/25/2019
2019-11-06 3.71 11/26/2019
2019-11-07 3.73 11/27/2019
2019-11-08 3.76 11/28/2019
2019-11-11 3.75 11/29/2019
2019-11-12 3.76 12/2/2019
2019-11-13 3.75 12/3/2019
2019-11-14 3.72 12/4/2019
2019-11-15 3.71 12/5/2019
2019-11-18 3.72 12/6/2019
2019-11-19 3.72 12/9/2019
2019-11-20 3.69 12/10/2019
2019-11-21 3.69 12/11/2019
2019-11-22 3.70 12/12/2019
2019-11-25 3.69 12/13/2019
2019-11-26 3.68 12/16/2019
2019-11-27 3.69 12/17/2019
2019-11-28 3.69 12/18/2019
2019-11-29 3.69 12/19/2019
2019-11-30 3.72 12/20/2019
2019-12-02 3.75 12/23/2019
2019-12-03 3.73 12/24/2019
2019-12-04 3.70 12/25/2019
2019-12-05 3.72 12/26/2019
2019-12-06 3.73 12/27/2019
2019-12-09 3.73 12/30/2019
2019-12-10 3.73 12/31/2019
2019-12-11 3.72 1/1/2020
2019-12-12 3.71 1/2/2020
2019-12-13 3.70 1/3/2020
2019-12-16 3.67 1/6/2020
2019-12-17 3.66 1/7/2020
2019-12-18 3.65 1/8/2020
2019-12-19 3.67 1/9/2020
2019-12-20 3.67 1/10/2020
2019-12-23 3.66 1/13/2020
2019-12-24 3.66 1/14/2020
2019-12-25 3.66 1/15/2020
2019-12-26 3.65 1/16/2020
2019-12-27 3.64 1/17/2020
2019-12-30 3.64 1/20/2020
2019-12-31 3.65 1/21/2020
2020-01-01 3.65 1/22/2020
2020-01-02 3.66 1/23/2020
2020-01-03 3.62 1/24/2020
2020-01-06 3.60 1/27/2020
2020-01-07 3.61 1/28/2020
2020-01-08 3.61 1/29/2020
2020-01-09 3.61 1/30/2020
2020-01-10 3.60 1/31/2020
2020-01-13 3.59 2/3/2020
2020-01-14 3.58 2/4/2020
2020-01-15 3.55 2/5/2020
2020-01-16 3.54 2/6/2020
2020-01-17 3.54 2/7/2020
2020-01-20 3.53 2/10/2020
2020-01-21 3.51 2/11/2020
2020-01-22 3.49 2/12/2020
2020-01-23 3.48 2/13/2020
2020-01-24 3.48 2/14/2020
2020-01-27 3.45 2/17/2020
2020-01-28 3.43 2/18/2020
2020-01-29 3.42 2/19/2020
2020-01-30 3.40 2/20/2020
2020-01-31 3.43 2/21/2020
2020-02-03 3.41 2/24/2020
2020-02-04 3.44 2/25/2020
2020-02-05 3.44 2/26/2020
2020-02-06 3.44 2/27/2020
2020-02-07 3.42 2/28/2020
2020-02-10 3.40 3/2/2020
2020-02-11 3.40 3/3/2020
2020-02-12 3.40 3/4/2020
2020-02-13 3.39 3/5/2020
2020-02-14 3.38 3/6/2020
2020-02-17 3.38 3/9/2020
2020-02-18 3.36 3/10/2020
2020-02-19 3.36 3/11/2020
2020-02-20 3.34 3/12/2020
2020-02-21 3.32 3/13/2020
2020-02-24 3.29 3/16/2020
2020-02-25 3.30 3/17/2020
2020-02-26 3.31 3/18/2020
2020-02-27 3.35 3/19/2020
2020-02-28 3.37 3/20/2020
2020-02-29 3.35 3/23/2020
2020-03-02 3.30 3/24/2020
2020-03-03 3.26 3/25/2020
2020-03-04 3.15 3/26/2020
2020-03-05 3.18 3/27/2020
2020-03-06 3.15 3/30/2020
2020-03-09 3.39 3/31/2020
2020-03-10 3.53 4/1/2020
2020-03-11 3.64 4/2/2020
2020-03-12 3.90 4/3/2020
2020-03-13 4.03 4/6/2020
2020-03-16 4.19 4/7/2020
2020-03-17 4.35 4/8/2020
2020-03-18 4.84 4/9/2020
2020-03-19 5.09 4/10/2020
2020-03-20 5.09 4/13/2020
2020-03-23 5.20 4/14/2020
2020-03-24 5.23 4/15/2020
2020-03-25 5.16 4/16/2020
2020-03-26 4.93 4/17/2020
2020-03-27 4.92 4/20/2020
2020-03-30 4.93 4/21/2020
2020-03-31 4.93 4/22/2020
2020-04-01 4.97 4/23/2020
2020-04-02 4.96 4/24/2020
2020-04-03 4.92 4/27/2020
2020-04-06 4.97 4/28/2020
2020-04-07 4.96 4/29/2020
2020-04-08 4.94 4/30/2020
2020-04-09 4.84 5/1/2020
2020-04-10 4.84 5/4/2020
2020-04-13 4.78 5/5/2020
2020-04-14 4.70 5/6/2020
2020-04-15 4.69 5/7/2020
2020-04-16 4.67 5/8/2020
2020-04-17 4.63 5/11/2020
2020-04-20 4.65 5/12/2020
2020-04-21 4.68 5/13/2020
2020-04-22 4.69 5/14/2020
2020-04-23 4.69 5/15/2020
2020-04-24 4.70 5/18/2020
2020-04-27 4.72 5/19/2020
2020-04-28 4.69 5/20/2020
2020-04-29 4.61 5/21/2020
2020-04-30 4.51 5/22/2020
2020-05-01 4.50 5/25/2020
2020-05-04 4.50 5/26/2020
2020-05-05 4.47 5/27/2020
2020-05-06 4.48 5/28/2020
2020-05-07 4.45 5/29/2020
2020-05-08 4.40 6/1/2020
2020-05-11 4.39 6/2/2020
2020-05-12 4.35 6/3/2020
2020-05-13 4.35 6/4/2020
2020-05-14 4.36 6/5/2020
2020-05-15 4.31 6/8/2020
2020-05-18 4.25 6/9/2020
2020-05-19 4.22 6/10/2020
2020-05-20 4.14 6/11/2020
2020-05-21 4.05 6/12/2020
2020-05-22 4.06 6/15/2020
2020-05-25 4.05 6/16/2020
2020-05-26 4.01 6/17/2020
2020-05-27 3.99 6/18/2020
2020-05-28 3.98 6/19/2020
2020-05-29 3.98 6/22/2020
2020-05-31 3.99 6/23/2020
2020-06-01 3.96 6/24/2020
2020-06-02 3.93 6/25/2020
2020-06-03 3.88 6/26/2020
2020-06-04 3.87 6/29/2020
2020-06-05 3.82 6/30/2020
2020-06-08 3.76 7/1/2020
2020-06-09 3.74
2020-06-10 3.73
2020-06-11 3.75
2020-06-12 3.76
2020-06-15 3.79
2020-06-16 3.74
2020-06-17 3.75
2020-06-18 3.74
2020-06-19 3.72
2020-06-22 3.72
2020-06-23 3.71
2020-06-24 3.72
2020-06-25 3.72
2020-06-26 3.71
2020-06-29 3.71
2020-06-30 3.62
2020-07-01 3.62
S&P Emerging BMI Index
S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Five years
Daily
S&P
Emerging
BMI (US
Dollar) Gross
Total Return Return
Daily Std
254.87 Deviation = 0.99%
Annualized
Std
254.63 -0.09% Deviation= 15.98%
252.61 -0.79%
247.27 -2.11%
243.38 -1.57%
236.45 -2.85%
241.2 2.01%
244.88 1.53%
247.67 1.14%
247.77 0.04%
246.38 -0.56%
247.62 0.50%
247.97 0.14%
246.6 -0.55%
247.41 0.33%
244.8 -1.05%
243.23 -0.64%
239.8 -1.41%
233.89 -2.46%
233.12 -0.33%
235.41 0.98%
234.41 -0.42%
236.18 0.76%
233.46 -1.15%
233.9 0.19%
234.26 0.15%
232.69 -0.67%
232.92 0.10%
233.92 0.43%
231.21 -1.16%
226.51 -2.03%
226.94 0.19%
227.09 0.07%
225.12 -0.87%
222.92 -0.98%
220.73 -0.98%
217.73 -1.36%
213.05 -2.15%
201.18 -5.57%
205.47 2.13%
204.62 -0.41%
212.12 3.67%
213.28 0.55%
212.87 -0.19%
208.14 -2.22%
207.16 -0.47%
208.91 0.84%
205.43 -1.67%
203.07 -1.15%
206.5 1.69%
210.74 2.05%
209.15 -0.75%
209.03 -0.06%
210.22 0.57%
210.07 -0.07%
213.81 1.78%
214.58 0.36%
214.69 0.05%
211.94 -1.28%
209.42 -1.19%
205.75 -1.75%
204.15 -0.78%
205.3 0.56%
203 -1.12%
201.72 -0.63%
205.37 1.81%
206.3 0.45%
209.16 1.39%
213.7 2.17%
215.04 0.63%
220.25 2.42%
219.2 -0.48%
222.3 1.41%
223.71 0.63%
220.94 -1.24%
219.63 -0.59%
223.36 1.70%
223.83 0.21%
224.1 0.12%
223.65 -0.20%
221.81 -0.82%
222.25 0.20%
224.72 1.11%
224.97 0.11%
223.96 -0.45%
223.52 -0.20%
220.1 -1.53%
220.74 0.29%
221.2 0.21%
223.57 1.07%
225.66 0.93%
224.8 -0.38%
222.21 -1.15%
219.93 -1.03%
217.67 -1.03%
217.61 -0.03%
217.83 0.10%
214.55 -1.51%
213.69 -0.40%
216.02 1.09%
215.67 -0.16%
219.11 1.60%
220.9 0.82%
220.29 -0.28%
219.29 -0.45%
218.33 -0.44%
218.51 0.08%
215.71 -1.28%
214.01 -0.79%
216.34 1.09%
216 -0.16%
215.48 -0.24%
213.87 -0.75%
213.28 -0.28%
210.15 -1.47%
209.71 -0.21%
208 -0.82%
203.2 -2.31%
202.97 -0.11%
205.43 1.21%
207.72 1.11%
210.2 1.19%
208.12 -0.99%
208.51 0.19%
209 0.24%
211.27 1.09%
211.51 0.11%
211.63 0.06%
210.84 -0.37%
211.01 0.08%
209.09 -0.91%
209.85 0.36%
209.96 0.05%
203.33 -3.16%
203.45 0.06%
201.43 -0.99%
195.34 -3.02%
195.54 0.10%
191.16 -2.24%
191.04 -0.06%
191.86 0.43%
190.61 -0.65%
186.54 -2.14%
184.94 -0.86%
187.75 1.52%
182.42 -2.84%
181.33 -0.60%
186.42 2.81%
187.54 0.60%
185.95 -0.85%
187.21 0.68%
188.76 0.83%
194.1 2.83%
194.05 -0.03%
190.82 -1.66%
189.11 -0.90%
193.17 2.15%
192.91 -0.13%
191.32 -0.82%
190.07 -0.65%
190.27 0.11%
186.09 -2.20%
186.06 -0.02%
189.98 2.11%
191.31 0.70%
192.85 0.80%
195.34 1.29%
194.3 -0.53%
196.99 1.38%
195.39 -0.81%
193.36 -1.04%
192.69 -0.35%
194.24 0.80%
194.49 0.13%
198.33 1.97%
202.16 1.93%
204.56 1.19%
207.64 1.51%
208.73 0.52%
207.03 -0.81%
207.3 0.13%
207.35 0.02%
209.98 1.27%
210.46 0.23%
206.82 -1.73%
207.26 0.21%
213.48 3.00%
215.89 1.13%
216.79 0.42%
216.74 -0.02%
214.51 -1.03%
212.6 -0.89%
212.37 -0.11%
212.36 0.00%
212.54 0.08%
217.53 2.35%
218.34 0.37%
216.41 -0.88%
216.2 -0.10%
213 -1.48%
212.04 -0.45%
211.81 -0.11%
214.06 1.06%
216.04 0.92%
217.63 0.74%
221.53 1.79%
221.62 0.04%
221.58 -0.02%
221.01 -0.26%
223.24 1.01%
222.57 -0.30%
223.1 0.24%
221.16 -0.87%
219.54 -0.73%
220.47 0.42%
220.54 0.03%
220.91 0.17%
220.23 -0.31%
219.03 -0.54%
214.98 -1.85%
213.19 -0.83%
212.2 -0.46%
210.96 -0.58%
209.95 -0.48%
211.63 0.80%
211.86 0.11%
211.32 -0.25%
208.95 -1.12%
209.72 0.37%
210.66 0.45%
208.99 -0.79%
205.68 -1.58%
206.74 0.52%
207.18 0.21%
207.79 0.29%
209.96 1.04%
211.06 0.52%
212.58 0.72%
212.77 0.09%
212.6 -0.08%
212.49 -0.05%
212.85 0.17%
214.8 0.92%
216.91 0.98%
219.43 1.16%
220.82 0.63%
219.37 -0.66%
216.03 -1.52%
212.74 -1.52%
211.05 -0.79%
212.59 0.73%
210.36 -1.05%
212.22 0.88%
215.62 1.60%
216.57 0.44%
217.35 0.36%
219.1 0.81%
212.22 -3.14%
209.46 -1.30%
212.22 1.32%
216.38 1.96%
219.27 1.34%
220.19 0.42%
221.38 0.54%
218.54 -1.28%
216.21 -1.07%
217.66 0.67%
218.53 0.40%
222.59 1.86%
224.74 0.97%
225.06 0.14%
227.41 1.04%
227.5 0.04%
228.12 0.27%
227.57 -0.24%
228.56 0.44%
228.56 0.00%
228.24 -0.14%
228.12 -0.05%
228.2 0.04%
229.14 0.41%
229.4 0.11%
228.89 -0.22%
230.66 0.77%
229.48 -0.51%
227.86 -0.71%
229.77 0.84%
232.05 0.99%
234.5 1.06%
235.44 0.40%
235.96 0.22%
237.29 0.56%
238.1 0.34%
239.76 0.70%
239.46 -0.13%
238.31 -0.48%
239.96 0.69%
238.43 -0.64%
237.05 -0.58%
237.16 0.05%
234.93 -0.94%
235.14 0.09%
236.28 0.48%
234.94 -0.57%
235.7 0.32%
234.35 -0.57%
233.94 -0.17%
236.09 0.92%
238.02 0.82%
241.75 1.57%
242.19 0.18%
242.58 0.16%
238.36 -1.74%
234.01 -1.82%
232.77 -0.53%
232.67 -0.04%
233.88 0.52%
232.97 -0.39%
235.91 1.26%
236.04 0.06%
237.78 0.74%
241.26 1.46%
240.34 -0.38%
237.22 -1.30%
238.18 0.40%
238.74 0.24%
238.49 -0.10%
236.49 -0.84%
238.96 1.04%
240.08 0.47%
240.2 0.05%
240.29 0.04%
239.8 -0.20%
240.58 0.33%
237.9 -1.11%
237.05 -0.36%
234.2 -1.20%
235.91 0.73%
235.15 -0.32%
238.66 1.49%
239.76 0.46%
239.9 0.06%
239.8 -0.04%
241.39 0.66%
241.56 0.07%
239.82 -0.72%
238.52 -0.54%
237.98 -0.23%
238.46 0.20%
237.63 -0.35%
234.63 -1.26%
232.78 -0.79%
231.48 -0.56%
235.28 1.64%
236.97 0.72%
231.89 -2.14%
230.4 -0.64%
223.81 -2.86%
221.58 -1.00%
222.12 0.24%
223.39 0.57%
223.45 0.03%
222.88 -0.26%
223.7 0.37%
225.76 0.92%
225.09 -0.30%
224.34 -0.33%
225.39 0.47%
227.09 0.75%
225.93 -0.51%
226.96 0.46%
225.51 -0.64%
224.41 -0.49%
224.81 0.18%
226.43 0.72%
228.06 0.72%
230.37 1.01%
230.29 -0.03%
228.75 -0.67%
229.97 0.53%
228.72 -0.54%
225.15 -1.56%
224.59 -0.25%
223.14 -0.65%
223.06 -0.04%
223.36 0.13%
221.07 -1.03%
221.09 0.01%
221.09 0.00%
221.76 0.30%
223.94 0.98%
225.88 0.87%
227.2 0.58%
227.1 -0.04%
228.36 0.55%
229.35 0.43%
232.01 1.16%
231.8 -0.09%
231.25 -0.24%
233 0.76%
232.79 -0.09%
235.15 1.01%
235.01 -0.06%
233.55 -0.62%
234.81 0.54%
235.52 0.30%
234.76 -0.32%
234.4 -0.15%
236.72 0.99%
238.67 0.82%
239.48 0.34%
240.14 0.28%
240.07 -0.03%
239.29 -0.32%
238.78 -0.21%
239.76 0.41%
240.41 0.27%
241.59 0.49%
242.39 0.33%
241.88 -0.21%
242.82 0.39%
244.01 0.49%
245.32 0.54%
246.93 0.66%
246.33 -0.24%
248.43 0.85%
249.45 0.41%
247.88 -0.63%
249.14 0.51%
249.31 0.07%
250.61 0.52%
250.88 0.11%
248.65 -0.89%
248.09 -0.23%
246.83 -0.51%
247.47 0.26%
246.65 -0.33%
246.06 -0.24%
247.03 0.39%
247.14 0.04%
246.48 -0.27%
243.6 -1.17%
244.26 0.27%
246.84 1.06%
247.2 0.15%
248.18 0.40%
253.13 1.99%
253.52 0.15%
255.07 0.61%
254.72 -0.14%
253.22 -0.59%
253.65 0.17%
254.15 0.20%
252.92 -0.48%
254.12 0.47%
254.5 0.15%
254.18 -0.13%
251.6 -1.02%
253.29 0.67%
253.62 0.13%
254.92 0.51%
253.83 -0.43%
253.47 -0.14%
252.94 -0.21%
252.35 -0.23%
253.04 0.27%
253.64 0.24%
253.06 -0.23%
253.89 0.33%
252.55 -0.53%
251.38 -0.46%
252.69 0.52%
253.13 0.17%
255.3 0.86%
257.85 1.00%
257.64 -0.08%
256.94 -0.27%
256.82 -0.05%
257.31 0.19%
259.01 0.66%
258.26 -0.29%
256.4 -0.72%
255.71 -0.27%
256.45 0.29%
257.71 0.49%
259.65 0.75%
260.28 0.24%
260.95 0.26%
263.1 0.82%
264.05 0.36%
262.31 -0.66%
256.58 -2.18%
258.86 0.89%
260.16 0.50%
260.23 0.03%
260.38 0.06%
262.36 0.76%
263.09 0.28%
262.58 -0.19%
262.13 -0.17%
260.52 -0.61%
261.45 0.36%
262.81 0.52%
263.39 0.22%
262.94 -0.17%
263.4 0.17%
264.14 0.28%
263.55 -0.22%
261.63 -0.73%
261.76 0.05%
262.55 0.30%
259.94 -0.99%
260.2 0.10%
262.45 0.86%
260.97 -0.56%
261.15 0.07%
261.29 0.05%
261.84 0.21%
263.62 0.68%
262.77 -0.32%
261.96 -0.31%
262.23 0.10%
261.76 -0.18%
262.77 0.39%
261.25 -0.58%
261.86 0.23%
261.22 -0.24%
260.44 -0.30%
261.99 0.60%
263.91 0.73%
267.02 1.18%
269.3 0.85%
270.89 0.59%
271.74 0.31%
272.02 0.10%
273.86 0.68%
273.57 -0.11%
273.3 -0.10%
274.21 0.33%
273.91 -0.11%
274.43 0.19%
275.86 0.52%
275.51 -0.13%
276.23 0.26%
276.94 0.26%
277.22 0.10%
276.63 -0.21%
277.35 0.26%
279.56 0.80%
280.21 0.23%
278.4 -0.65%
274.82 -1.29%
271.97 -1.04%
274.46 0.92%
274.16 -0.11%
276.16 0.73%
276.57 0.15%
275.69 -0.32%
276.78 0.40%
278.81 0.73%
279.57 0.27%
281.25 0.60%
282.22 0.34%
282.35 0.05%
281.46 -0.32%
283.31 0.66%
283.92 0.22%
285.18 0.44%
283.84 -0.47%
284.52 0.24%
284.36 -0.06%
285.67 0.46%
285.84 0.06%
287.94 0.73%
288.56 0.22%
287.86 -0.24%
287.83 -0.01%
288.35 0.18%
290.07 0.60%
289.28 -0.27%
289.8 0.18%
288.88 -0.32%
287.35 -0.53%
282.53 -1.68%
281 -0.54%
280.57 -0.15%
279.42 -0.41%
281.86 0.87%
282.26 0.14%
286.05 1.34%
287.55 0.52%
287.94 0.14%
288 0.02%
287.21 -0.27%
289.38 0.76%
289.82 0.15%
290.86 0.36%
292.15 0.44%
293.65 0.51%
291.76 -0.64%
292.02 0.09%
289.76 -0.77%
290.23 0.16%
289.1 -0.39%
288.41 -0.24%
288.73 0.11%
287.48 -0.43%
287.54 0.02%
288.61 0.37%
288.99 0.13%
290.7 0.59%
290.44 -0.09%
289.86 -0.20%
291.35 0.51%
291.91 0.19%
292.04 0.04%
291.84 -0.07%
290.57 -0.44%
289.26 -0.45%
287.89 -0.47%
285.74 -0.75%
288.81 1.07%
291.7 1.00%
291.89 0.07%
295.54 1.25%
296.69 0.39%
295.74 -0.32%
296.29 0.19%
294.92 -0.46%
295.09 0.06%
293.57 -0.52%
289.61 -1.35%
288.08 -0.53%
289.14 0.37%
287.84 -0.45%
284.09 -1.30%
283.88 -0.07%
286.56 0.94%
289.06 0.87%
286.97 -0.72%
288.51 0.54%
289.33 0.28%
288.87 -0.16%
292.2 1.15%
292.49 0.10%
292.94 0.15%
294.49 0.53%
295.97 0.50%
295.95 -0.01%
295.59 -0.12%
296.96 0.46%
298.8 0.62%
300.34 0.52%
300.16 -0.06%
305.17 1.67%
306.92 0.57%
309.71 0.91%
311.49 0.57%
312.86 0.44%
312.63 -0.07%
311.47 -0.37%
311.67 0.06%
314 0.75%
314.42 0.13%
315.63 0.38%
317.53 0.60%
318.77 0.39%
320.28 0.47%
322.78 0.78%
325.54 0.86%
327.77 0.69%
328.18 0.13%
330.88 0.82%
328.97 -0.58%
324.38 -1.40%
326.03 0.51%
324.76 -0.39%
320.61 -1.28%
315.41 -1.62%
306.3 -2.89%
306.58 0.09%
303.69 -0.94%
299.01 -1.54%
301.33 0.78%
303.83 0.83%
308.75 1.62%
313.55 1.55%
312.73 -0.26%
312.32 -0.13%
311.25 -0.34%
315.44 1.35%
313.77 -0.53%
317.37 1.15%
318.49 0.35%
315.76 -0.86%
312.22 -1.12%
311.47 -0.24%
309.06 -0.77%
307.72 -0.43%
311.29 1.16%
309.49 -0.58%
310.54 0.34%
313.28 0.88%
316.83 1.13%
316.91 0.03%
315.51 -0.44%
314.89 -0.20%
313.88 -0.32%
311.68 -0.70%
312.77 0.35%
313.02 0.08%
309.34 -1.18%
304.42 -1.59%
306.98 0.84%
307.34 0.12%
301.98 -1.74%
303.4 0.47%
303.75 0.12%
303.35 -0.13%
303.69 0.11%
300.43 -1.07%
302.97 0.85%
302.49 -0.16%
302.18 -0.10%
305.4 1.07%
305.6 0.07%
306.08 0.16%
304.18 -0.62%
302.32 -0.61%
302.36 0.01%
304.91 0.84%
306.54 0.53%
302.93 -1.18%
300.1 -0.93%
299.71 -0.13%
296.04 -1.22%
296.43 0.13%
299.12 0.91%
300.81 0.56%
300.24 -0.19%
297.97 -0.76%
294.48 -1.17%
294.58 0.03%
295.38 0.27%
296.07 0.23%
296.71 0.22%
299.32 0.88%
301.21 0.63%
302.49 0.42%
298.13 -1.44%
299.37 0.42%
296.98 -0.80%
294.82 -0.73%
294.6 -0.07%
296.25 0.56%
293 -1.10%
293.65 0.22%
294.05 0.14%
294.26 0.07%
291.57 -0.91%
289.42 -0.74%
291.29 0.65%
293.39 0.72%
297.25 1.32%
296.11 -0.38%
297.91 0.61%
297.45 -0.15%
294.32 -1.05%
295.3 0.33%
295.76 0.16%
294.23 -0.52%
292.61 -0.55%
290 -0.89%
288.54 -0.50%
283.18 -1.86%
284.98 0.64%
281.92 -1.07%
283.43 0.54%
279.12 -1.52%
278.17 -0.34%
273.79 -1.57%
272.86 -0.34%
278.66 2.13%
276.97 -0.61%
276.34 -0.23%
275.95 -0.14%
275.42 -0.19%
276.74 0.48%
280.78 1.46%
280.99 0.07%
278.19 -1.00%
280.21 0.73%
280.97 0.27%
279.62 -0.48%
279.92 0.11%
279.49 -0.15%
277.18 -0.83%
279.6 0.87%
279.78 0.06%
283.12 1.19%
285.36 0.79%
284.99 -0.13%
285.8 0.28%
285.23 -0.20%
284.45 -0.27%
284.25 -0.07%
279.7 -1.60%
281.25 0.55%
280.52 -0.26%
282.64 0.76%
282.29 -0.12%
281.86 -0.15%
278.02 -1.36%
272.9 -1.84%
272.54 -0.13%
267.17 -1.97%
267.08 -0.03%
267.17 0.03%
270.04 1.07%
272.32 0.84%
273.72 0.51%
272.95 -0.28%
273.19 0.09%
278.09 1.79%
278.17 0.03%
277.8 -0.13%
274.1 -1.33%
273.7 -0.15%
271.41 -0.84%
269.06 -0.87%
264.64 -1.64%
263.86 -0.29%
265.2 0.51%
261.57 -1.37%
259.38 -0.84%
259.97 0.23%
263.45 1.34%
265.69 0.85%
263.02 -1.00%
263.51 0.19%
266.34 1.07%
267.5 0.44%
271.01 1.31%
268.17 -1.05%
268.01 -0.06%
269.22 0.45%
270.15 0.35%
269.33 -0.30%
269.01 -0.12%
266.46 -0.95%
266.85 0.15%
260.81 -2.26%
257.9 -1.12%
256.75 -0.45%
256.09 -0.26%
254.23 -0.73%
247.4 -2.69%
253.49 2.46%
251.9 -0.63%
255.35 1.37%
254.48 -0.34%
251.58 -1.14%
251.23 -0.14%
254 1.10%
249.04 -1.95%
247.05 -0.80%
246.57 -0.19%
244.58 -0.81%
243.42 -0.47%
243.45 0.01%
248.62 2.12%
253.36 1.91%
258.59 2.06%
257.86 -0.28%
257.55 -0.12%
259.49 0.75%
257.87 -0.62%
253.73 -1.61%
251 -1.08%
251.24 0.10%
252.22 0.39%
255.27 1.21%
256.94 0.65%
257.48 0.21%
253.56 -1.52%
254.73 0.46%
254.85 0.05%
253.18 -0.66%
254.75 0.62%
255.45 0.27%
258.45 1.17%
260.19 0.67%
259.87 -0.12%
264.88 1.93%
264.15 -0.28%
261.27 -1.09%
255.46 -2.22%
256.07 0.24%
251.09 -1.94%
251.83 0.29%
255.38 1.41%
256.96 0.62%
254.06 -1.13%
252.85 -0.48%
251.73 -0.44%
252.69 0.38%
251.11 -0.63%
249.83 -0.51%
248.75 -0.43%
247.97 -0.31%
248.35 0.15%
248.88 0.21%
251.56 1.08%
252.6 0.41%
252.74 0.06%
250.55 -0.87%
249.51 -0.42%
253.63 1.65%
256.59 1.17%
256.27 -0.12%
260.38 1.60%
261.42 0.40%
261.73 0.12%
259.89 -0.70%
262.46 0.99%
263.41 0.36%
263.2 -0.08%
265.39 0.83%
265.61 0.08%
263.61 -0.75%
263.86 0.09%
265.69 0.69%
268.05 0.89%
266.67 -0.51%
266.91 0.09%
268.29 0.52%
272.09 1.42%
272.5 0.15%
271.94 -0.21%
272.94 0.37%
272.06 -0.32%
270.48 -0.58%
269.61 -0.32%
269.19 -0.16%
270.82 0.61%
270.64 -0.07%
269.57 -0.40%
267.96 -0.60%
269.2 0.46%
269.65 0.17%
272.34 1.00%
272.91 0.21%
275.04 0.78%
277.46 0.88%
276.59 -0.31%
275.53 -0.38%
273.74 -0.65%
274.06 0.12%
274.85 0.29%
275.89 0.38%
276.21 0.12%
272.92 -1.19%
270.15 -1.01%
273.23 1.14%
275.61 0.87%
275.86 0.09%
275.32 -0.20%
277.61 0.83%
280.8 1.15%
281.22 0.15%
280.43 -0.28%
280.19 -0.09%
277.12 -1.10%
274.82 -0.83%
275.76 0.34%
274.21 -0.56%
274.86 0.24%
278 1.14%
280.93 1.05%
281.16 0.08%
282.96 0.64%
283.08 0.04%
284.28 0.42%
285.17 0.31%
286.48 0.46%
286.99 0.18%
284.81 -0.76%
285.02 0.07%
284.02 -0.35%
285.97 0.69%
286.76 0.28%
286.14 -0.22%
286.22 0.03%
285.32 -0.31%
285.35 0.01%
284.65 -0.25%
282.86 -0.63%
283.43 0.20%
283.82 0.14%
283.5 -0.11%
283.86 0.13%
283.27 -0.21%
284.84 0.55%
278.99 -2.05%
277.66 -0.48%
276.15 -0.54%
271.4 -1.72%
272.59 0.44%
268.06 -1.66%
267.71 -0.13%
268.06 0.13%
267.48 -0.22%
263.87 -1.35%
263.5 -0.14%
264.78 0.49%
264.58 -0.08%
260.69 -1.47%
261.87 0.45%
262.64 0.29%
262.7 0.02%
262.56 -0.05%
264.84 0.87%
265.76 0.35%
267.73 0.74%
267.11 -0.23%
266.9 -0.08%
266.24 -0.25%
267.62 0.52%
271.12 1.31%
273.54 0.89%
272.01 -0.56%
271.24 -0.28%
269.28 -0.72%
268.17 -0.41%
271.48 1.23%
274.57 1.14%
278.46 1.42%
278.42 -0.01%
278.24 -0.06%
276.15 -0.75%
277.05 0.33%
278.94 0.68%
278.97 0.01%
281.63 0.95%
281.95 0.11%
281.64 -0.11%
282.85 0.43%
281.57 -0.45%
278.7 -1.02%
277.64 -0.38%
279.33 0.61%
280.61 0.46%
279.48 -0.40%
281.27 0.64%
281.73 0.16%
280.62 -0.39%
279.81 -0.29%
280.6 0.28%
279.47 -0.40%
279.62 0.05%
279.79 0.06%
279.55 -0.09%
278.28 -0.45%
277.91 -0.13%
276.75 -0.42%
275.61 -0.41%
272.25 -1.22%
266.96 -1.94%
259.26 -2.88%
259.7 0.17%
259.92 0.08%
263.26 1.29%
262.2 -0.40%
260.67 -0.58%
259.14 -0.59%
257.42 -0.66%
256.93 -0.19%
258.93 0.78%
260.91 0.76%
260.98 0.03%
261.77 0.30%
259.97 -0.69%
259.38 -0.23%
256.7 -1.03%
257.5 0.31%
257.56 0.02%
259.07 0.59%
262.46 1.31%
262.46 0.00%
259.61 -1.09%
263.96 1.68%
266.69 1.03%
267.9 0.45%
268.11 0.08%
267.36 -0.28%
269.79 0.91%
271.57 0.66%
272.89 0.49%
272.42 -0.17%
270.17 -0.83%
270.78 0.23%
269.13 -0.61%
270.74 0.60%
269.63 -0.41%
268.47 -0.43%
267.12 -0.50%
267.94 0.31%
266.29 -0.62%
265.49 -0.30%
264.6 -0.34%
263.05 -0.59%
263.95 0.34%
264.87 0.35%
264.13 -0.28%
263.49 -0.24%
263.48 0.00%
264.78 0.49%
268.27 1.32%
269.52 0.47%
269.86 0.13%
270.82 0.36%
272.41 0.59%
271.68 -0.27%
272.54 0.32%
273.53 0.36%
272.89 -0.23%
274.54 0.60%
274.25 -0.11%
276.13 0.69%
276.03 -0.04%
275.8 -0.08%
275.7 -0.04%
277.63 0.70%
280.93 1.19%
282.23 0.46%
281.51 -0.26%
282.97 0.52%
280.78 -0.77%
277.89 -1.03%
278.21 0.12%
275.4 -1.01%
274.89 -0.19%
276.23 0.49%
277.09 0.31%
278.66 0.57%
277.68 -0.35%
276.3 -0.50%
277.19 0.32%
278.32 0.41%
277.04 -0.46%
278.33 0.47%
277.95 -0.14%
275.92 -0.73%
275.92 0.00%
275.33 -0.21%
275.61 0.10%
277.2 0.58%
278.57 0.49%
278.99 0.15%
278.4 -0.21%
280.7 0.83%
283.26 0.91%
286.54 1.16%
287.16 0.22%
290.24 1.07%
292.02 0.61%
291.46 -0.19%
291.4 -0.02%
292.49 0.37%
292.07 -0.14%
292.12 0.02%
292.59 0.16%
294.52 0.66%
294.86 0.12%
294.06 -0.27%
294.1 0.01%
298.23 1.40%
297.17 -0.36%
294.22 -0.99%
294.75 0.18%
293.61 -0.39%
297.82 1.43%
298.82 0.34%
301.32 0.84%
301.23 -0.03%
300.07 -0.39%
300.6 0.18%
302.11 0.50%
301.43 -0.23%
296.95 -1.49%
298.18 0.41%
295.55 -0.88%
294.84 -0.24%
290.14 -1.59%
291.15 0.35%
289.81 -0.46%
283.4 -2.21%
281.29 -0.74%
279.9 -0.49%
285.89 2.14%
287.12 0.43%
289.37 0.78%
286.84 -0.87%
285.51 -0.46%
288.64 1.10%
291.18 0.88%
290.33 -0.29%
290.05 -0.10%
290.75 0.24%
288.17 -0.89%
290.33 0.75%
288.73 -0.55%
286.59 -0.74%
280.14 -2.25%
279.68 -0.16%
276.6 -1.10%
273.07 -1.28%
266.59 -2.37%
268.94 0.88%
272.01 1.14%
273.49 0.54%
273.31 -0.07%
266.81 -2.38%
249.58 -6.46%
253.81 1.69%
249.68 -1.63%
232.06 -7.06%
234.96 1.25%
218.98 -6.80%
217.76 -0.56%
207.3 -4.80%
203.35 -1.91%
211.43 3.97%
199.71 -5.54%
209.4 4.85%
217.72 3.97%
222.85 2.36%
219.58 -1.47%
216.78 -1.28%
220.78 1.85%
216.35 -2.01%
218.73 1.10%
216.77 -0.90%
221.78 2.31%
228.48 3.02%
227.95 -0.23%
231.52 1.57%
231.6 0.03%
230.69 -0.39%
233.98 1.43%
231.54 -1.04%
230.99 -0.24%
234.23 1.40%
234.47 0.10%
228.79 -2.42%
231.59 1.22%
232.52 0.40%
229.45 -1.32%
233.3 1.68%
235.31 0.86%
239.9 1.95%
241.39 0.62%
239.2 -0.91%
232.15 -2.95%
234.39 0.96%
234.83 0.19%
234.54 -0.12%
238.3 1.60%
239.36 0.44%
237.97 -0.58%
237.79 -0.08%
235.7 -0.88%
235.82 0.05%
238.72 1.23%
241.44 1.14%
243.25 0.75%
242.92 -0.14%
236.81 -2.52%
238.6 0.76%
242.35 1.57%
242.7 0.14%
242.42 -0.12%
243.9 0.61%
249.33 2.23%
253.66 1.74%
258.21 1.79%
258.38 0.07%
261.85 1.34%
263.39 0.59%
263.62 0.09%
264.12 0.19%
259.01 -1.93%
258.13 -0.34%
254.1 -1.56%
259.01 1.93%
260.51 0.58%
260.85 0.13%
262.5 0.63%
262.77 0.10%
266.4 1.38%
264.46 -0.73%
263.75 -0.27%
261.81 -0.74%
261.11 -0.27%
261.23 0.05%
262.85 0.62%
Data
Region Average - Adj. Default SpreaAverage - Country Risk Premi Average - Equity Risk Premi
Africa 6.38% 7.98% 13.21%
Asia 3.32% 4.16% 9.39%
Australia & New Zealand 1.76% 2.20% 7.43%
Caribbean 4.07% 5.10% 10.33%
Central and South America 5.24% 6.56% 11.79%
Eastern Europe & Russia 3.87% 4.85% 10.08%
Middle East 3.55% 4.45% 9.68%
North America 0.00% 0.00% 5.23%
Western Europe 1.20% 1.50% 6.73%
Total Result 3.85% 4.82% 10.05%
Average - Corporate Tax Rate
28.26%
24.28%
28.81%
17.78%
27.88%
16.14%
18.85%
25.75%
19.65%
22.27%
Country GDP (in billions) in 2018Moody's rating Adj. Default SpreadEquity Risk Premiu
Angola 105.75 B3 7.63% 14.79%
Benin 10.35 B2 6.46% 13.32%
Botswana 18.62 A2 1.00% 6.48%
Burkina Faso 14.12 B2 6.46% 13.32%
Cameroon 38.68 B2 6.46% 13.32%
Cape Verde 1.90 B2 6.46% 13.32%
Congo (Democratic Rep 47.23 Caa1 8.80% 16.25%
Congo (Republic of) 11.26 Caa2 10.57% 18.46%
Côte d'Ivoire 43.01 Ba3 4.22% 10.52%
Egypt 250.89 B2 6.46% 13.32%
Ethiopia 84.36 B2 6.46% 13.32%
Gabon 16.85 Caa1 8.80% 16.25%
Ghana 65.56 B3 7.63% 14.79%
Kenya 87.91 B2 6.46% 13.32%
Mali 17.16 B3 7.63% 14.79%
Morocco 117.92 Ba1 2.93% 8.90%
Mozambique 14.72 Caa2 10.57% 18.46%
Namibia 14.52 Ba2 3.53% 9.64%
Niger 9.29 B3 7.63% 14.79%
Nigeria 397.27 B2 6.46% 13.32%
Rwanda 9.51 B2 6.46% 13.32%
Senegal 24.13 Ba3 4.22% 10.52%
South Africa 368.29 Ba1 2.93% 8.90%
Swaziland 4.71 B2 6.46% 13.32%
Tanzania 58.00 B1 5.28% 11.84%
Togo 5.36 B3 7.63% 14.79%
Tunisia 39.87 B2 6.46% 13.32%
Uganda 27.46 B2 6.46% 13.32%
Zambia 26.72 Ca 14.08% 22.86%
Africa 1931.42 5.74% 12.42%
Bangladesh 274.02 Ba3 4.22% 10.52%
Cambodia 24.54 B2 6.46% 13.32%
China 13608.15 A1 0.83% 6.26%
Fiji 5.54 Ba3 4.22% 10.52%
Hong Kong 362.68 Aa3 0.71% 6.12%
India 2718.73 Baa3 2.58% 8.46%
Indonesia 1042.17 Baa2 2.23% 8.03%
Japan 4971.32 A1 0.83% 6.26%
Korea 1619.42 Aa2 0.58% 5.96%
Laos 17.95 B3 1.41% 6.99%
Macao 55.08 Aa3 0.71% 6.12%
Malaysia 358.58 A3 1.41% 6.99%
Maldives 5.33 B3 7.63% 14.79%
Mauritius 14.22 Baa1 1.87% 7.58%
Mongolia 13.07 B3 7.63% 14.79%
Pakistan 314.59 B3 7.63% 14.79%
Papua New Guinea 23.50 B2 6.46% 13.32%
Philippines 330.91 Baa2 2.23% 8.03%
Singapore 364.16 Aaa 0.00% 5.23%
Solomon Islands 1.40 B3 7.63% 14.79%
Sri Lanka 88.90 B2 6.46% 13.32%
Taiwan 646.00 Aa3 0.71% 6.12%
Thailand 504.99 Baa1 1.87% 7.58%
Vietnam 245.21 Ba3 4.22% 10.52%
Asia 27610.476665811 1.24% 6.78%
Australia 1433.90 Aaa 0.00% 5.23%
Cook Islands 1.20 B1 5.28% 11.84%
New Zealand 204.92 Aaa 0.00% 5.23%
Australia & New Zeala 1640.0282663695 0.00% 5.23%
Aruba 2.70 Baa1 1.87% 7.58%
Bahamas 12.42 Ba2 3.53% 9.64%
Barbados 5.15 Caa1 8.80% 16.25%
Bermuda 5.57 A2 1.00% 6.48%
Cayman Islands 5.14 Aa3 0.71% 6.12%
Cuba 100.02 Caa2 10.57% 18.46%
Curacao 3.13 Baa2 2.23% 8.03%
Dominican Republic 85.56 Ba3 4.22% 10.52%
Jamaica 15.71 B2 6.46% 13.32%
Montserrat 1.50 Baa3 2.58% 8.46%
St. Maarten 1.50 Baa3 2.58% 8.46%
St. Vincent & the Gren 0.92 B3 7.63% 14.79%
Trinidad and Tobago 23.81 Ba1 2.93% 8.90%
Turks and Caicos Islan 1.02 Baa1 1.87% 7.58%
Caribbean 264.15626857142 6.50% 13.37%
Argentina 519.87 Ca 14.08% 22.86%
Belize 1.87 Caa1 8.80% 16.25%
Bolivia 40.29 B1 5.28% 11.84%
Brazil 1868.63 Ba2 3.53% 9.64%
Chile 298.23 A1 0.83% 6.26%
Colombia 331.05 Baa2 2.23% 8.03%
Costa Rica 60.13 B2 6.46% 13.32%
Ecuador 108.40 Caa3 11.73% 19.92%
El Salvador 26.06 B3 7.63% 14.79%
Guatemala 78.46 Ba1 2.93% 8.90%
Honduras 23.97 B1 5.28% 11.84%
Mexico 1220.70 Baa1 1.87% 7.58%
Nicaragua 13.12 B3 7.63% 14.79%
Panama 65.06 Baa1 1.87% 7.58%
Paraguay 40.50 Ba1 2.93% 8.90%
Peru 222.04 A3 1.41% 6.99%
Suriname 3.59 B3 7.63% 14.79%
Uruguay 59.60 Baa2 2.23% 8.03%
Venezuela 100.00 C 17.50% 27.14%
Central and South Ame5081.5521230454 4.37% 10.70%
Albania 15.10 B1 5.28% 11.84%
Armenia 12.43 Ba3 4.22% 10.52%
Azerbaijan 46.94 Ba2 3.53% 9.64%
Belarus 59.66 B3 7.63% 14.79%
Bosnia and Herzegovin 20.16 B3 7.63% 14.79%
Bulgaria 65.13 Baa2 2.23% 8.03%
Croatia 60.97 Ba2 3.53% 9.64%
Czech Republic 245.23 Aa3 0.71% 6.12%
Estonia 30.73 A1 0.83% 6.26%
Georgia 17.60 Ba2 3.53% 9.64%
Hungary 157.88 Baa3 2.58% 8.46%
Kazakhstan 179.34 Baa3 2.58% 8.46%
Kyrgyzstan 8.09 B2 6.46% 13.32%
Latvia 34.41 A3 1.41% 6.99%
Lithuania 53.43 A3 1.41% 6.99%
Macedonia 12.67 Ba3 4.22% 10.52%
Moldova 11.44 B3 7.63% 14.79%
Montenegro 5.50 B1 5.28% 11.84%
Poland 585.66 A2 1.00% 6.48%
Romania 239.55 Baa3 2.58% 8.46%
Russia 1657.55 Baa3 2.58% 8.46%
Serbia 50.60 Ba3 4.22% 10.52%
Slovakia 105.90 A2 1.00% 6.48%
Slovenia 54.01 Baa1 1.87% 7.58%
Tajikistan 7.52 B3 7.63% 14.79%
Ukraine 130.83 B3 7.63% 14.79%
Uzbekistan 50.50 B1 5.28% 11.84%
Eastern Europe & Russ 3918.87 2.54% 8.42%
Abu Dhabi 253.00 Aa2 0.58% 5.96%
Bahrain 37.75 B2 6.46% 13.32%
Iraq 224.23 Caa1 8.80% 16.25%
Israel 370.59 A1 0.83% 6.26%
Jordan 42.23 B1 5.28% 11.84%
Kuwait 140.65 Aa2 0.58% 5.96%
Lebanon 56.64 Ca 14.08% 22.86%
Oman 79.28 Ba3 4.22% 10.52%
Qatar 191.36 Aa3 0.71% 6.12%
Ras Al Khaimah (Emira 5.20 A2 1.00% 6.48%
Saudi Arabia 786.52 A1 0.83% 6.26%
Sharjah 5.00 Baa2 2.23% 8.03%
United Arab Emirates 414.18 Aa2 0.58% 5.96%
Middle East 2606.617585102 1.98% 7.70%
Canada 1713.34 Aaa 0.00% 5.23%
United States 20544.34 Aaa 0.00% 5.23%
North America 22257.685161814 0.00% 5.23%
Andorra (Principality o 3.24 Baa2 2.23% 8.03%
Austria 455.29 Aa1 0.47% 5.81%
Belgium 542.76 Aa3 0.71% 6.12%
Cyprus 24.96 Ba2 3.53% 9.64%
Denmark 355.68 Aaa 0.00% 5.23%
Finland 276.74 Aa1 0.47% 5.81%
France 2777.54 Aa2 0.58% 5.96%
Germany 3947.62 Aaa 0.00% 5.23%
Greece 218.03 B1 5.28% 11.84%
Guernsey (States of) 0.50 Aa3 0.71% 6.12%
Iceland 25.88 A2 1.00% 6.48%
Ireland 382.49 A2 1.00% 6.48%
Isle of Man 6.77 Aa2 0.58% 5.96%
Italy 2083.86 Baa3 2.58% 8.46%
Jersey (States of) 1.00 Aa3 0.71% 6.12%
Liechtenstein 6.21 Aaa 0.00% 5.23%
Luxembourg 70.89 Aaa 0.00% 5.23%
Malta 14.55 A2 1.00% 6.48%
Netherlands 913.66 Aaa 0.00% 5.23%
Norway 434.17 Aaa 0.00% 5.23%
Portugal 240.67 Baa3 2.58% 8.46%
Spain 1419.04 Baa1 1.87% 7.58%
Sweden 556.09 Aaa 0.00% 5.23%
Switzerland 705.14 Aaa 0.00% 5.23%
Turkey 771.35 B1 5.28% 11.84%
United Kingdom 2855.30 Aa2 0.58% 5.96%
Western Europe 19089.42074047 0.96% 6.44%
Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 12.42% 7.19% 5.74% 28.49%
Asia 6.78% 1.55% 1.24% 26.12%
Australia & New Zealand 5.23% 0.00% 0.00% 29.75%
Caribbean 13.37% 8.14% 6.50% 23.88%
Central and South America 10.70% 5.47% 4.37% 31.02%
Eastern Europe & Russia 8.42% 3.19% 2.54% 18.36%
Middle East 7.70% 2.47% 1.98% 27.37%
North America 5.23% 0.00% 0.00% 25.12%
Western Europe 6.44% 1.21% 0.96% 25.04%
Global 6.76% 1.53% 1.22% 25.70%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.26% 3.22% 27.74%
Australia, NZ & Canada 5.23% 0.00% 28.09%
Latin America & Caribbean 10.83% 3.39% 27.15%
Japan 6.26% 0.83% 30.62%
US 5.23% 0.00% 25.00%
Europe 6.44% 0.96% 22.62%
Emerging Markets 7.99% 1.49% 26.16%
Small Asia (No India, China & 7.59% 1.23% 20.00%
India 8.46% 2.58% 30.00%
China 6.26% 0.83% 25.00%
Global 6.76% 1.22% 25.70%
Country Risk Premium Corporate Tax Rate Region GDP Weight
9.56% 30.00% Africa 5.48%
8.09% 30.00% Africa 0.54%
1.25% 22.00% Africa 0.96%
8.09% 28.00% Africa 0.73%
8.09% 33.00% Africa 2.00%
8.09% 0.00% Africa 0.10%
11.02% 35.00% Africa 2.45%
13.23% 32.36% Africa 0.58%
5.29% 25.00% Africa 2.23%
8.09% 22.50% Africa 12.99%
8.09% 30.00% Africa 4.37%
11.02% 30.00% Africa 0.87%
9.56% 25.00% Africa 3.39%
8.09% 30.00% Africa 4.55%
9.56% 28.24% Africa 0.89%
3.67% 31.00% Africa 6.11%
13.23% 32.00% Africa 0.76%
4.41% 32.00% Africa 0.75%
9.56% 32.36% Africa 0.48%
8.09% 30.00% Africa 20.57%
8.09% 30.00% Africa 0.49%
5.29% 30.00% Africa 1.25%
3.67% 28.00% Africa 19.07%
8.09% 27.50% Africa 0.24%
6.61% 30.00% Africa 3.00%
9.56% 32.36% Africa 0.28%
8.09% 25.00% Africa 2.06%
8.09% 30.00% Africa 1.42%
17.63% 35.00% Africa 1.38%
7.19% 28.49% 100.00%
5.29% 25.00% Asia 0.99%
8.09% 20.00% Asia 0.09%
1.03% 25.00% Asia 49.29%
5.29% 20.00% Asia 0.02%
0.89% 16.50% Asia 1.31%
3.23% 30.00% Asia 9.85%
2.80% 25.00% Asia 3.77%
1.03% 30.62% Asia 18.01%
0.73% 25.00% Asia 5.87%
1.76% 30.19% Asia 0.07%
0.89% 12.00% Asia 0.20%
1.76% 24.00% Asia 1.30%
9.56% 30.19% Asia 0.02%
2.35% 15.00% Asia 0.05%
9.56% 25.00% Asia 0.05%
9.56% 30.00% Asia 1.14%
8.09% 30.00% Asia 0.09%
2.80% 30.00% Asia 1.20%
0.00% 17.00% Asia 1.32%
9.56% 30.00% Asia 0.01%
8.09% 28.00% Asia 0.32%
0.89% 20.00% Asia 2.34%
2.35% 20.00% Asia 1.83%
5.29% 20.00% Asia 0.89%
1.55% 26.12% 100.00%
0.00% 30.00% Australia & New Zealand 87.43%
0.00% 29.75% 100.00%
2.35% 25.00% Caribbean 1.02%
4.41% 0.00% Caribbean 4.70%
11.02% 5.50% Caribbean 1.95%
1.25% 0.00% Caribbean 2.11%
0.89% 0.00% Caribbean 1.95%
13.23% 27.24% Caribbean 37.87%
2.80% 22.00% Caribbean 1.18%
5.29% 27.00% Caribbean 32.39%
8.09% 25.00% Caribbean 5.95%
3.23% 27.24% Caribbean 0.57%
3.23% 35.00% Caribbean 0.57%
9.56% 30.00% Caribbean 0.35%
3.67% 25.00% Caribbean 9.01%
2.35% 0.00% Caribbean 0.39%
8.14% 23.88% 100.00%
17.63% 30.00% Central and South America 10.23%
5.47% 31.02% 100.00%
6.61% 15.00% Eastern Europe & Russia 0.39%
3.19% 18.36% 100.00%
0.73% 55.00% Middle East 9.71%
8.09% 0.00% Middle East 1.45%
11.02% 15.00% Middle East 8.60%
1.03% 23.00% Middle East 14.22%
6.61% 20.00% Middle East 1.62%
0.73% 15.00% Middle East 5.40%
17.63% 17.00% Middle East 2.17%
5.29% 15.00% Middle East 3.04%
0.89% 10.00% Middle East 7.34%
1.25% 0.00% Middle East 0.20%
1.03% 20.00% Middle East 30.17%
2.80% 0.00% Middle East 0.19%
0.73% 55.00% Middle East 15.89%
2.47% 27.37% 100.00%
0.00% 26.50% North America 7.70%
0.00% 25.00% North America 92.30%
0.00% 25.12%
2.80% 10.00% Western Europe 0.02%
0.58% 25.00% Western Europe 2.39%
0.89% 29.00% Western Europe 2.84%
4.41% 12.50% Western Europe 0.13%
0.00% 22.00% Western Europe 1.86%
0.58% 20.00% Western Europe 1.45%
0.73% 31.00% Western Europe 14.55%
0.00% 30.00% Western Europe 20.68%
6.61% 28.00% Western Europe 1.14%
0.89% 0.00% Western Europe 0.00%
1.25% 20.00% Western Europe 0.14%
1.25% 12.50% Western Europe 2.00%
3.23% 24.00% Western Europe 10.92%
0.00% 12.50% Western Europe 0.03%
0.00% 26.01% Western Europe 0.37%
1.25% 35.00% Western Europe 0.08%
0.00% 25.00% Western Europe 4.79%
0.00% 22.00% Western Europe 2.27%
3.23% 21.00% Western Europe 1.26%
2.35% 25.00% Western Europe 7.43%
0.00% 21.40% Western Europe 2.91%
0.00% 18.00% Western Europe 3.69%
6.61% 22.00% Western Europe 4.04%
0.73% 19.00% Western Europe 14.96%
1.21% 25.04% 100.00%
Total GDP Weight Weight *ERP Weight*CRP

1931.42234928991 2.29% 0.28% 0.16%
27610.4766658108 32.71% 2.22% 0.51%
1640.02826636947 1.94% 0.10% 0.00%
264.156268571415 0.31% 0.04% 0.03%
5081.55212304536 6.02% 0.64% 0.33%
3918.86981308963 4.64% 0.39% 0.15%
2606.61758510203 3.09% 0.24% 0.08%
22257.6851618135 26.37% 1.38% 0.00%
19089.42074047 22.62% 1.46% 0.27%
84400.2289735622
Weight*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.42% 0.81% 0.52% 1.64%
0.03% 0.07% 0.04% 0.16%
0.01% 0.06% 0.01% 0.21%
0.05% 0.10% 0.06% 0.20%
0.13% 0.27% 0.16% 0.66%
0.01% 0.01% 0.01% 0.00%
0.22% 0.40% 0.27% 0.86%
0.06% 0.11% 0.08% 0.19%
0.09% 0.23% 0.12% 0.56%
0.84% 1.73% 1.05% 2.92%
0.28% 0.58% 0.35% 1.31%
0.08% 0.14% 0.10% 0.26%
0.26% 0.50% 0.32% 0.85%
0.29% 0.61% 0.37% 1.37%
0.07% 0.13% 0.08% 0.25%
0.18% 0.54% 0.22% 1.89%
0.08% 0.14% 0.10% 0.24%
0.03% 0.07% 0.03% 0.24%
0.04% 0.07% 0.05% 0.16%
1.33% 2.74% 1.66% 6.17%
0.03% 0.07% 0.04% 0.15%
0.05% 0.13% 0.07% 0.37%
0.56% 1.70% 0.70% 5.34%
0.02% 0.03% 0.02% 0.07%
0.16% 0.36% 0.20% 0.90%
0.02% 0.04% 0.03% 0.09%
0.13% 0.27% 0.17% 0.52%
0.09% 0.19% 0.11% 0.43%
0.19% 0.32% 0.24% 0.48%
0.04% 0.10% 0.05% 0.25%

0.01% 0.01% 0.01% 0.02%
0.41% 3.09% 0.51% 12.32%
0.00% 0.00% 0.00% 0.00%
0.01% 0.08% 0.01% 0.22%
0.25% 0.83% 0.32% 2.95%
0.08% 0.30% 0.11% 0.94%
0.15% 1.13% 0.19% 5.51%
0.03% 0.35% 0.04% 1.47%
0.00% 0.00% 0.00% 0.02%
0.00% 0.01% 0.00% 0.02%
0.02% 0.09% 0.02% 0.31%
0.00% 0.00% 0.00% 0.01%
0.00% 0.00% 0.00% 0.01%
0.00% 0.01% 0.00% 0.01%
0.09% 0.17% 0.11% 0.34%
0.01% 0.01% 0.01% 0.03%
0.03% 0.10% 0.03% 0.36%
0.00% 0.07% 0.00% 0.22%
0.00% 0.00% 0.00% 0.00%
0.02% 0.04% 0.03% 0.09%
0.02% 0.14% 0.02% 0.47%
0.03% 0.14% 0.04% 0.37%
0.04% 0.09% 0.05% 0.18%
0.00% 4.57% 0.00% 26.23%

0.00% 0.01% 0.00% 0.02%
0.00% 0.65% 0.00% 3.50%
0.02% 0.08% 0.02% 0.26%

0.17% 0.45% 0.21% 0.00%
0.17% 0.32% 0.21% 0.11%
0.02% 0.14% 0.03% 0.00%
0.01% 0.12% 0.02% 0.00%
4.00% 6.99% 5.01% 10.31%
0.03% 0.10% 0.03% 0.26%
1.37% 3.41% 1.71% 8.74%
0.38% 0.79% 0.48% 1.49%
0.01% 0.05% 0.02% 0.15%
0.01% 0.05% 0.02% 0.20%
0.03% 0.05% 0.03% 0.10%
0.26% 0.80% 0.33% 2.25%
0.01% 0.03% 0.01% 0.00%
8.14%
1.44% 2.34% 1.80% 3.07%
0.00% 0.01% 0.00% 0.01%
0.04% 0.09% 0.05% 0.20%
1.30% 3.55% 1.62% 12.50%
0.05% 0.37% 0.06% 1.58%
0.15% 0.52% 0.18% 2.15%
0.08% 0.16% 0.10% 0.35%
0.25% 0.42% 0.31% 0.53%
0.04% 0.08% 0.05% 0.15%
0.05% 0.14% 0.06% 0.39%
0.02% 0.06% 0.03% 0.12%
0.45% 1.82% 0.56% 7.21%
0.02% 0.04% 0.02% 0.08%
0.02% 0.10% 0.03% 0.32%
0.02% 0.07% 0.03% 0.08%
0.06% 0.31% 0.08% 1.29%
0.01% 0.01% 0.01% 0.03%
0.03% 0.09% 0.03% 0.29%
0.34% 0.53% 0.43% 0.67%
0.02% 0.05% 0.03% 0.06%

0.01% 0.03% 0.02% 0.06%
0.04% 0.12% 0.05% 0.24%
0.12% 0.23% 0.15% 0.27%
0.04% 0.08% 0.05% 0.05%
0.04% 0.13% 0.05% 0.17%
0.05% 0.15% 0.07% 0.28%
0.04% 0.38% 0.06% 1.19%
0.01% 0.05% 0.01% 0.16%
0.02% 0.04% 0.02% 0.07%
0.10% 0.34% 0.13% 0.36%
0.12% 0.39% 0.15% 0.92%
0.01% 0.03% 0.02% 0.02%
0.01% 0.06% 0.02% 0.18%
0.02% 0.10% 0.02% 0.20%
0.01% 0.03% 0.02% 0.03%
0.02% 0.04% 0.03% 0.04%
0.01% 0.02% 0.01% 0.01%
0.15% 0.97% 0.19% 2.84%
0.16% 0.52% 0.20% 0.98%
1.09% 3.58% 1.37% 8.46%
0.05% 0.14% 0.07% 0.19%
0.03% 0.18% 0.03% 0.57%
0.03% 0.10% 0.03% 0.26%
0.01% 0.03% 0.02% 0.06%
0.25% 0.49% 0.32% 0.60%
0.07% 0.15% 0.09% 0.10%
0.06% 0.58% 0.07% 5.34%
0.09% 0.19% 0.12% 0.00%
0.76% 1.40% 0.95% 1.29%
0.12% 0.89% 0.15% 3.27%
0.09% 0.19% 0.11% 0.32%
0.03% 0.32% 0.04% 0.81%
0.31% 0.50% 0.38% 0.37%
0.13% 0.32% 0.16% 0.46%
0.05% 0.45% 0.07% 0.73%
0.00% 0.01% 0.00% 0.00%
0.25% 1.89% 0.31% 6.03%
0.00% 0.02% 0.01% 0.00%
0.09% 0.95% 0.12% 8.74%
0.00% 0.40% 0.00% 2.04%

0.00% 4.83% 0.00% 23.08%
0.00% 0.00% 0.00% 0.00%

0.01% 0.14% 0.01% 0.60%
0.02% 0.17% 0.03% 0.82%
0.00% 0.01% 0.01% 0.02%
0.00% 0.10% 0.00% 0.41%
0.01% 0.08% 0.01% 0.29%
0.08% 0.87% 0.11% 4.51%
0.00% 1.08% 0.00% 6.20%
0.06% 0.14% 0.08% 0.32%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.03%
0.02% 0.13% 0.02% 0.25%
0.00% 0.00% 0.00% 0.00%
0.28% 0.92% 0.35% 2.62%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.02% 0.00% 0.10%
0.00% 0.00% 0.00% 0.03%
0.00% 0.25% 0.00% 1.20%
0.00% 0.12% 0.00% 0.50%
0.03% 0.11% 0.04% 0.26%
0.14% 0.56% 0.17% 1.86%
0.00% 0.15% 0.00% 0.62%
0.00% 0.19% 0.00% 0.66%
0.21% 0.48% 0.27% 0.89%
0.09% 0.89% 0.11% 2.84%
Weight*Default Spread Weight* Tax Rate

0.13% 0.65%
0.41% 8.54%
0.00% 0.58%
0.02% 0.07%
0.26% 1.87%
0.12% 0.85%
0.06% 0.85%
0.00% 6.62%
0.22% 5.66%
Country GDP (in billions) in 2018
Moody's ratingSovereign CDSAdj. Default Spr
Abu Dhabi 253.00 Aa2 0.97% 0.58%
Albania 15.10 B1 NA 5.28%
Andorra (Principality 3.24 Baa2 NA 2.23%
Angola 105.75 B3 10.46% 7.63%
Argentina 519.87 Ca NA 14.08%
Armenia 12.43 Ba3 NA 4.22%
Aruba 2.70 Baa1 NA 1.87%
Australia 1433.90 Aaa 0.32% 0.00%
Austria 455.29 Aa1 0.22% 0.47%
Azerbaijan 46.94 Ba2 NA 3.53%
Bahamas 12.42 Ba2 NA 3.53%
Bahrain 37.75 B2 4.11% 6.46%
Bangladesh 274.02 Ba3 NA 4.22%
Barbados 5.15 Caa1 NA 8.80%
Belarus 59.66 B3 NA 7.63%
Belgium 542.76 Aa3 0.31% 0.71%
Belize 1.87 Caa1 NA 8.80%
Benin 10.35 B2 NA 6.46%
Bermuda 5.57 A2 NA 1.00%
Bolivia 40.29 B1 NA 5.28%
Bosnia and Herzegovi 20.16 B3 NA 7.63%
Botswana 18.62 A2 NA 1.00%
Brazil 1868.63 Ba2 3.01% 3.53%
Bulgaria 65.13 Baa2 0.91% 2.23%
Burkina Faso 14.12 B2 NA 6.46%
Cambodia 24.54 B2 NA 6.46%
Cameroon 38.68 B2 8.41% 6.46%
Canada 1713.34 Aaa 0.37% 0.00%
Cape Verde 1.90 B2 NA 6.46%
Cayman Islands 5.14 Aa3 NA 0.71%
Chile 298.23 A1 1.27% 0.83%
China 13608.15 A1 0.80% 0.83%
Colombia 331.05 Baa2 2.02% 2.23%
Congo (Democratic Re 47.23 Caa1 NA 8.80%
Congo (Republic of) 11.26 Caa2 NA 10.57%
Cook Islands 1.20 B1 NA 5.28%
Costa Rica 60.13 B2 5.64% 6.46%
Côte d'Ivoire 43.01 Ba3 NA 4.22%
Croatia 60.97 Ba2 1.08% 3.53%
Cuba 100.02 Caa2 NA 10.57%
Curacao 3.13 Baa2 NA 2.23%
Cyprus 24.96 Ba2 1.18% 3.53%
Czech Republic 245.23 Aa3 0.55% 0.71%
Denmark 355.68 Aaa 0.21% 0.00%
Dominican Republic 85.56 Ba3 NA 4.22%
Ecuador 108.40 Caa3 NA 11.73%
Egypt 250.89 B2 6.40% 6.46%
El Salvador 26.06 B3 8.43% 7.63%
Estonia 30.73 A1 0.70% 0.83%
Ethiopia 84.36 B2 NA 6.46%
Fiji 5.54 Ba3 NA 4.22%
Finland 276.74 Aa1 0.27% 0.47%
France 2777.54 Aa2 0.38% 0.58%
Gabon 16.85 Caa1 NA 8.80%
Georgia 17.60 Ba2 NA 3.53%
Germany 3947.62 Aaa 0.26% 0.00%
Ghana 65.56 B3 NA 7.63%
Greece 218.03 B1 1.93% 5.28%
Guatemala 78.46 Ba1 NA 2.93%
Guernsey (States of) 0.50 Aa3 NA 0.71%
Honduras 23.97 B1 NA 5.28%
Hong Kong 362.68 Aa3 0.76% 0.71%
Hungary 157.88 Baa3 1.11% 2.58%
Iceland 25.88 A2 0.98% 1.00%
India 2718.73 Baa3 1.69% 2.58%
Indonesia 1042.17 Baa2 1.87% 2.23%
Iraq 224.23 Caa1 8.59% 8.80%
Ireland 382.49 A2 0.43% 1.00%
Isle of Man 6.77 Aa2 NA 0.58%
Israel 370.59 A1 0.86% 0.83%
Italy 2083.86 Baa3 1.97% 2.58%
Jamaica 15.71 B2 NA 6.46%
Japan 4971.32 A1 0.29% 0.83%
Jersey (States of) 1.00 Aa3 NA 0.71%
Jordan 42.23 B1 NA 5.28%
Kazakhstan 179.34 Baa3 1.57% 2.58%
Kenya 87.91 B2 6.21% 6.46%
Korea 1619.42 Aa2 0.45% 0.58%
Kuwait 140.65 Aa2 1.14% 0.58%
Kyrgyzstan 8.09 B2 NA 6.46%
Laos 17.95 B3 NA 1.41%
Latvia 34.41 A3 0.97% 1.41%
Lebanon 56.64 Ca NA 14.08%
Liechtenstein 6.21 Aaa NA 0.00%
Lithuania 53.43 A3 0.89% 1.41%
Luxembourg 70.89 Aaa NA 0.00%
Macao 55.08 Aa3 NA 0.71%
Macedonia 12.67 Ba3 NA 4.22%
Malaysia 358.58 A3 1.11% 1.41%
Maldives 5.33 B3 NA 7.63%
Mali 17.16 B3 NA 7.63%
Malta 14.55 A2 NA 1.00%
Mauritius 14.22 Baa1 NA 1.87%
Mexico 1220.70 Baa1 2.03% 1.87%
Moldova 11.44 B3 NA 7.63%
Mongolia 13.07 B3 NA 7.63%
Montenegro 5.50 B1 NA 5.28%
Montserrat 1.50 Baa3 NA 2.58%
Morocco 117.92 Ba1 1.77% 2.93%
Mozambique 14.72 Caa2 NA 10.57%
Namibia 14.52 Ba2 NA 3.53%
Netherlands 913.66 Aaa 0.22% 0.00%
New Zealand 204.92 Aaa 0.34% 0.00%
Nicaragua 13.12 B3 NA 7.63%
Niger 9.29 B3 NA 7.63%
Nigeria 397.27 B2 6.32% 6.46%
Norway 434.17 Aaa 0.25% 0.00%
Oman 79.28 Ba3 5.10% 4.22%
Pakistan 314.59 B3 5.64% 7.63%
Panama 65.06 Baa1 1.51% 1.87%
Papua New Guinea 23.50 B2 NA 6.46%
Paraguay 40.50 Ba1 NA 2.93%
Peru 222.04 A3 1.31% 1.41%
Philippines 330.91 Baa2 0.99% 2.23%
Poland 585.66 A2 0.90% 1.00%
Portugal 240.67 Baa3 0.92% 2.58%
Qatar 191.36 Aa3 0.98% 0.71%
Ras Al Khaimah (Emir 5.20 A2 NA 1.00%
Romania 239.55 Baa3 1.87% 2.58%
Russia 1657.55 Baa3 1.52% 2.58%
Rwanda 9.51 B2 6.96% 6.46%
Saudi Arabia 786.52 A1 1.34% 0.83%
Senegal 24.13 Ba3 4.91% 4.22%
Serbia 50.60 Ba3 1.58% 4.22%
Sharjah 5.00 Baa2 NA 2.23%
Singapore 364.16 Aaa NA 0.00%
Slovakia 105.90 A2 0.78% 1.00%
Slovenia 54.01 Baa1 1.16% 1.87%
Solomon Islands 1.40 B3 NA 7.63%
South Africa 368.29 Ba1 3.45% 2.93%
Spain 1419.04 Baa1 1.05% 1.87%
Sri Lanka 88.90 B2 NA 6.46%
St. Maarten 1.50 Baa3 NA 2.58%
St. Vincent & the Gre 0.92 B3 NA 7.63%
Suriname 3.59 B3 NA 7.63%
Swaziland 4.71 B2 NA 6.46%
Sweden 556.09 Aaa 0.23% 0.00%
Switzerland 705.14 Aaa 0.20% 0.00%
Taiwan 646.00 Aa3 NA 0.71%
Tajikistan 7.52 B3 NA 7.63%
Tanzania 58.00 B1 NA 5.28%
Thailand 504.99 Baa1 0.73% 1.87%
Togo 5.36 B3 NA 7.63%
Trinidad and Tobago 23.81 Ba1 NA 2.93%
Tunisia 39.87 B2 8.34% 6.46%
Turkey 771.35 B1 4.84% 5.28%
Turks and Caicos Isla 1.02 Baa1 NA 1.87%
Uganda 27.46 B2 NA 6.46%
Ukraine 130.83 B3 5.65% 7.63%
United Arab Emirates 414.18 Aa2 NA 0.58%
United Kingdom 2855.30 Aa2 0.42% 0.58%
United States 20544.34 Aaa 0.26% 0.00%
Uruguay 59.60 Baa2 1.43% 2.23%
Uzbekistan 50.50 B1 NA 5.28%
Venezuela 100.00 C NA 17.50%
Vietnam 245.21 Ba3 2.28% 4.22%
Zambia 26.72 Ca NA 14.08%
Equity Risk Pre
Country Risk Premium
Corporate Tax RateRegion
5.96% 0.73% 55.00% Middle East
11.84% 6.61% 15.00% Eastern Europe & Russia
8.03% 2.80% 10.00% Western Europe
14.79% 9.56% 30.00% Africa
22.86% 17.63% 30.00% Central and South America
7.58% 2.35% 25.00% Caribbean
5.23% 0.00% 30.00% Australia & New Zealand
5.81% 0.58% 25.00% Western Europe
9.64% 4.41% 0.00% Caribbean
13.32% 8.09% 0.00% Middle East
10.52% 5.29% 25.00% Asia
16.25% 11.02% 5.50% Caribbean
6.12% 0.89% 29.00% Western Europe
13.32% 8.09% 30.00% Africa
6.48% 1.25% 0.00% Caribbean
6.48% 1.25% 22.00% Africa
13.32% 8.09% 28.00% Africa
13.32% 8.09% 20.00% Asia
13.32% 8.09% 33.00% Africa
5.23% 0.00% 26.50% North America
13.32% 8.09% 0.00% Africa
6.12% 0.89% 0.00% Caribbean
6.26% 1.03% 25.00% Asia
16.25% 11.02% 35.00% Africa
18.46% 13.23% 32.36% Africa
10.52% 5.29% 25.00% Africa
18.46% 13.23% 27.24% Caribbean
8.03% 2.80% 22.00% Caribbean
9.64% 4.41% 12.50% Western Europe
5.23% 0.00% 22.00% Western Europe
10.52% 5.29% 27.00% Caribbean
13.32% 8.09% 22.50% Africa
13.32% 8.09% 30.00% Africa
10.52% 5.29% 20.00% Asia
5.81% 0.58% 20.00% Western Europe
5.96% 0.73% 31.00% Western Europe
16.25% 11.02% 30.00% Africa
5.23% 0.00% 30.00% Western Europe
14.79% 9.56% 25.00% Africa
11.84% 6.61% 28.00% Western Europe
6.12% 0.89% 0.00% Western Europe
6.12% 0.89% 16.50% Asia
6.48% 1.25% 20.00% Western Europe
8.46% 3.23% 30.00% Asia
8.03% 2.80% 25.00% Asia
16.25% 11.02% 15.00% Middle East
6.48% 1.25% 12.50% Western Europe
6.26% 1.03% 23.00% Middle East
8.46% 3.23% 24.00% Western Europe
13.32% 8.09% 25.00% Caribbean
6.26% 1.03% 30.62% Asia
11.84% 6.61% 20.00% Middle East
13.32% 8.09% 30.00% Africa
5.96% 0.73% 25.00% Asia
5.96% 0.73% 15.00% Middle East
6.99% 1.76% 30.19% Asia
22.86% 17.63% 17.00% Middle East
5.23% 0.00% 12.50% Western Europe
5.23% 0.00% 26.01% Western Europe
6.12% 0.89% 12.00% Asia
6.99% 1.76% 24.00% Asia
14.79% 9.56% 30.19% Asia
14.79% 9.56% 28.24% Africa
6.48% 1.25% 35.00% Western Europe
7.58% 2.35% 15.00% Asia
14.79% 9.56% 25.00% Asia
8.46% 3.23% 27.24% Caribbean
8.90% 3.67% 31.00% Africa
18.46% 13.23% 32.00% Africa
9.64% 4.41% 32.00% Africa
5.23% 0.00% 25.00% Western Europe
14.79% 9.56% 32.36% Africa
13.32% 8.09% 30.00% Africa
5.23% 0.00% 22.00% Western Europe
10.52% 5.29% 15.00% Middle East
14.79% 9.56% 30.00% Asia
13.32% 8.09% 30.00% Asia
8.03% 2.80% 30.00% Asia
8.46% 3.23% 21.00% Western Europe
6.12% 0.89% 10.00% Middle East
6.48% 1.25% 0.00% Middle East
13.32% 8.09% 30.00% Africa
6.26% 1.03% 20.00% Middle East
10.52% 5.29% 30.00% Africa
8.03% 2.80% 0.00% Middle East
5.23% 0.00% 17.00% Asia
14.79% 9.56% 30.00% Asia
8.90% 3.67% 28.00% Africa
7.58% 2.35% 25.00% Western Europe
13.32% 8.09% 28.00% Asia
8.46% 3.23% 35.00% Caribbean
14.79% 9.56% 30.00% Caribbean
13.32% 8.09% 27.50% Africa
5.23% 0.00% 21.40% Western Europe
5.23% 0.00% 18.00% Western Europe
6.12% 0.89% 20.00% Asia
11.84% 6.61% 30.00% Africa
7.58% 2.35% 20.00% Asia
14.79% 9.56% 32.36% Africa
8.90% 3.67% 25.00% Caribbean
13.32% 8.09% 25.00% Africa
11.84% 6.61% 22.00% Western Europe
7.58% 2.35% 0.00% Caribbean
13.32% 8.09% 30.00% Africa
5.96% 0.73% 55.00% Middle East
5.96% 0.73% 19.00% Western Europe
5.23% 0.00% 25.00% North America
10.52% 5.29% 20.00% Asia
22.86% 17.63% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of BBB Baa2 S&P: These are the S&P sovereign local currency rating
Angola CCC+ B3 Moody's: These are the Moody's local currency rating
Argentina SD Ca In red: These are countries where S&P has a rating
Armenia NA Ba3 Moody's equivalent rating for these countries.
Aruba BBB+ Baa1 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba2 A+ A1
Bahamas BB Ba2 AA Aa2
Bahrain B+ B2 AA- Aa3
Bangladesh BB- Ba3 AA+ Aa1
Barbados B- Caa1 AAA Aaa
Belarus B B3 B B2
Belgium AA Aa3 B- B3
Belize CCC Caa1 B+ B1
Benin B+ B2 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia B+ B1 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana BBB+ A2 BBB- Baa3
Brazil BB- Ba2 BBB+ Baa1
Bulgaria BBB Baa2 C C2
Burkina Faso B B2 C- C3
Cambodia NA B2 C+ C1
Cameroon B- B2 CC Ca2
Canada AAA Aaa CC- Ca3
Cape Verde B B2 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile A+ A1 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BBB- Baa2
Congo (Democratic Repu CCC+ Caa1
Congo (Republic of) B- Caa2
Cook Islands B+ B1
Costa Rica B+ B2
Côte d'Ivoire NA Ba3
Croatia BBB- Ba2
Cuba NA Caa2
Curacao BBB Baa2
Cyprus BBB- Ba2
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador SD Caa3
Egypt B B2
El Salvador B- B3
Estonia AA- A1
Ethiopia B B2
Fiji BB- Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana B B3
Greece BB- B1
Guatemala BB- Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB Baa3
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA- A2
Isle of Man NA Aa2
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea AA Aa2
Kuwait AA- Aa2
Kyrgyzstan NA B2
Laos NA B3
Latvia A+ A3
Lebanon SD Ca
Liechtenstein AAA Aaa
Lithuania A+ A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NA B3
Mali NA B3
Malta A- A2
Mauritius NA Baa1
Mexico BBB Baa1
Moldova NA B3
Mongolia B B3
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CCC+ Caa2
Namibia NA Ba2
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B- B3
Niger NA B3
Nigeria B- B2
Norway AAA Aaa
Oman BB- Ba3
Pakistan B- B3
Panama BBB+ Baa1
Papua New Guinea B- B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirat A A2
Romania BBB- Baa3
Russia BBB- Baa3
Rwanda B+ B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB+ Ba3
Sharjah BBB Baa2
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- Baa1
Solomon Islands NA B3
South Africa BB- Ba1
Spain A Baa1
Sri Lanka B B2
St. Maarten NA Baa3
St. Vincent & the Gren NA B3
Suriname CCC+ B3
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Tanzania NA B1
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba1
Tunisia NA B2
Turkey B+ B1
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine B B3
United Arab Emirates NA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB Baa2
Uzbekistan BB- B1
Venezuela SD C
Vietnam BB Ba3
Zambia CCC Ca
GOVERNMENT BOND RATINGS
In local currency
e the S&P sovereign local currency ratings
e are the Moody's local currency rating
are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
ivalent rating for these countries.
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic ofAfrica
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of CongoAfrica
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Laos Asia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Mali Africa
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Niger Africa
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Togo Africa
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Uzbekistan Eastern Europe & Russia
Venezuela Central and South America
Vietnam Asia
Zambia Africa
CDS CDS
Country Moody's Spread Spread CDS % Country
rating Change
Rating Default Spread (4/1/Updated Default Spread (7/1/20)
(4/1/20) (7/1/20)
A1 104 83 Abu Dhabi Aa2 1.60% 0.97% -39.24% Abu Dhabi
A2 126 100 Algeria NA 1.53% 1.30% -14.89% Algeria
A3 178 141 Angola B3 7.27% 10.46% 43.88% Angola
Aa1 59 47 Australia Aaa 0.60% 0.32% -46.31% Australia
Aa2 74 58 Austria Aa1 0.36% 0.22% -38.58% Austria
Aa3 90 71 Bahrain B2 4.90% 4.11% -16.17% Bahrain
Aaa 0 0 Belgium Aa3 0.60% 0.31% -48.66% Belgium
B1 668 528 Brazil Ba2 3.47% 3.01% -13.24% Brazil
B2 816 646 Bulgaria Baa2 0.91% 0.91% -0.50% Bulgaria
B3 965 763 Cameroon B2 5.28% 8.41% 59.35% Cameroon
Ba1 371 293 Canada Aaa 0.49% 0.37% -24.64% Canada
Ba2 445 353 Chile A1 1.75% 1.27% -27.22% Chile
Ba3 534 422 China A1 1.01% 0.80% -21.07% China
Baa1 237 187 Colombia Baa2 2.94% 2.02% -31.25% Colombia
Baa2 282 223 Costa Rica B1 5.58% 5.64% 1.15% Costa Rica
Baa3 326 258 Croatia Ba2 1.20% 1.08% -10.00% Croatia
Ca 1779 1408 Cyprus Ba2 1.39% 1.18% -14.98% Cyprus
Caa1 1112 880 Czech Republic A1 0.73% 0.55% -24.72% Czech Repu
Caa2 1335 1057 Denmark Aaa 0.31% 0.21% -31.15% Denmark
Caa3 1482 1173 Dubai Aa2 3.38% 2.12% -37.26% Dubai
NR NA NA Egypt B2 6.83% 6.40% -6.32% Egypt
El Salvador B3 7.81% 8.43% 8.00% El Salvador
Estonia A1 0.85% 0.70% -17.16% Estonia
Finland Aa1 0.36% 0.27% -24.37% Finland
France Aa2 0.61% 0.38% -38.17% France
Germany Aaa 0.36% 0.26% -28.16% Germany
Greece B1 2.32% 1.93% -16.77% Greece
Guatemala Ba1 4.27% 3.67% -14.02% Guatamela
Hong Kong Aa2 0.66% 0.76% 15.38% Hong Kong
Hungary Baa3 1.19% 1.11% -6.59% Hungary
Iceland A3 0.99% 0.98% -1.12% Iceland
India Baa2 3.01% 1.69% -43.89% India
Indonesia Baa2 3.10% 1.87% -39.65% Indonesia
Iraq Caa1 9.97% 8.59% -13.83% Iraq
Ireland A2 0.68% 0.43% -36.41% Ireland
Israel A1 1.10% 0.86% -22.14% Israel
Italy Baa3 2.30% 1.97% -14.25% Italy
Japan A1 0.79% 0.29% -63.24% Japan
Kazakhstan Baa3 1.77% 1.57% -11.45% Kazakhstan
Kenya B2 7.29% 6.21% -14.85% Kenya
Korea Aa2 0.69% 0.45% -34.65% Korea
Kuwait Aa2 1.77% 1.14% -35.65% Kuwait
Latvia A3 1.03% 0.97% -6.04% Latvia
Lithuania A3 0.94% 0.89% -5.73% Lithuania
Malaysia A3 1.77% 1.11% -37.11% Malaysia
Mexico A3 3.00% 2.03% -32.37% Mexico
Morocco Ba1 2.81% 1.77% -37.02% Morocco
Netherlands Aaa 0.34% 0.22% -34.50% Netherland
New Zealand Aaa 0.66% 0.34% -48.27% New Zeala
Nigeria B2 9.98% 6.32% -36.69% Nigeria
Norway Aaa 0.33% 0.25% -24.97% Norway
Oman Ba1 7.09% 5.10% -28.10% Oman
Pakistan B3 6.93% 5.64% -18.66% Pakistan
Panama Baa1 1.83% 1.51% -17.54% Panama
Peru A3 1.71% 1.31% -23.31% Peru
Philippines Baa2 1.81% 0.99% -45.43% Philippines
Poland A2 0.95% 0.90% -5.03% Poland
Portugal Baa3 1.31% 0.92% -29.90% Portugal
Qatar Aa3 1.83% 0.98% -46.43% Qatar
Romania Baa3 1.71% 1.87% 9.60% Romania
Russia Baa3 2.75% 1.52% -44.69% Russia
Rwanda B2 8.13% 6.96% -14.41% Rwanda
Saudi Arabia A1 2.32% 1.34% -42.16% Saudi Arab
Senegal Ba3 5.67% 4.91% -13.47% Senegal
Serbia Ba3 1.39% 1.58% 13.66% Serbia
Slovakia A2 0.83% 0.78% -5.76% Slovakia
Slovenia Baa1 1.34% 1.16% -13.37% Slovenia
South Africa Baa3 4.73% 3.45% -27.07% South Afri
Spain Baa1 1.43% 1.05% -26.79% Spain
Sweden Aaa 0.32% 0.23% -28.37% Sweden
Switzerland Aaa 0.23% 0.20% -14.68% Switzerlan
Thailand Baa1 1.21% 0.73% -39.72% Thailand
Tunisia B2 5.83% 8.34% 43.02% Tunisia
Turkey B1 5.40% 4.84% -10.43% Turkey
Ukraine Caa1 8.49% 5.65% -33.43% Ukraine
United Kingdom Aa2 0.58% 0.42% -27.49% United Ki
United States Aaa 0.40% 0.26% -34.33% United Sta
Uruguay Baa2 2.22% 1.43% -35.59% Uruguay
Vietnam Ba3 3.28% 2.28% -30.51% Vietnam
Average -20.86%
Median -24.64%
7/1/2020
0.97%
1.30%
10.46%
0.32%
0.22%
4.11%
0.31%
3.01%
0.91%
8.41%
0.37%
1.27%
0.80%
2.02%
5.64%
1.08%
1.18%
0.55%
0.21%
2.12%
6.40%
8.43%
0.70%
0.27%
0.38%
0.26%
1.93%
3.67%
0.76%
1.11%
0.98%
1.69%
1.87%
8.59%
0.43%
0.86%
1.97%
0.29%
1.57%
6.21%
0.45%
1.14%
0.97%
0.89%
1.11%
2.03%
1.77%
0.22%
0.34%
6.32%
0.25%
5.10%
5.64%
1.51%
1.31%
0.99%
0.90%
0.92%
0.98%
1.87%
1.52%
6.96%
1.34%
4.91%
1.58%
0.78%
1.16%
3.45%
1.05%
0.23%
0.20%
0.73%
8.34%
4.84%
5.65%
0.42%
0.26%
1.43%
2.28%
CDS Spread
Country Moody's rating (4/1/20) CDS Spread adj for US
Updated: January 2020
Abu Dhabi Aa2 0.97% 0.71%
Albania B1 NA NA
Andorra (Principality of Baa2 NA NA
Angola B3 10.46% 10.20%
Argentina Ca NA NA
Armenia Ba3 NA NA
Aruba Baa1 NA NA
Australia Aaa 0.32% 0.06%
Austria Aa1 0.22% 0.00%
Azerbaijan Ba2 NA NA
Bahamas Ba2 NA NA
Bahrain B2 4.11% 3.85%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus B3 NA NA
Belgium Aa3 0.31% 0.05%
Belize Caa1 NA NA
Benin B2 NA NA
Bermuda A2 NA NA
Bolivia B1 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A2 NA NA
Brazil Ba2 3.01% 2.75%
Bulgaria Baa2 0.91% 0.65%
Burkina Faso B2 NA NA
Cambodia B2 NA NA
Cameroon B2 8.41% 8.15%
Canada Aaa 0.37% 0.11%
Cape Verde B2 NA NA
Cayman Islands Aa3 NA NA
Chile A1 1.27% 1.01%
China A1 0.80% 0.54%
Colombia Baa2 2.02% 1.76%
Congo (Democratic Repu Caa1 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B2 5.64% 5.38%
Côte d'Ivoire Ba3 NA NA
Croatia Ba2 1.08% 0.82%
Cuba Caa2 NA NA
Curacao Baa2 NA NA
Cyprus Ba2 1.18% 0.92%
Czech Republic Aa3 0.55% 0.29%
Denmark Aaa 0.21% 0.00%
Dominican Republic Ba3 NA NA
Ecuador Caa3 NA NA
Egypt B2 6.40% 6.14%
El Salvador B3 8.43% 8.17%
Estonia A1 0.70% 0.44%
Ethiopia B2 NA NA
Fiji Ba3 NA NA
Finland Aa1 0.27% 0.01%
France Aa2 0.38% 0.12%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.26% 0.00%
Ghana B3 NA NA
Greece B1 1.93% 1.67%
Guatemala Ba1 NA NA
Guernsey (States of) Aa3 NA NA
Honduras B1 NA NA
Hong Kong Aa3 0.76% 0.50%
Hungary Baa3 1.11% 0.85%
Iceland A2 0.98% 0.72%
India Baa3 1.69% 1.43%
Indonesia Baa2 1.87% 1.61%
Iraq Caa1 8.59% 8.33%
Ireland A2 0.43% 0.17%
Isle of Man Aa2 NA NA
Israel A1 0.86% 0.60%
Italy Baa3 1.97% 1.71%
Jamaica B2 NA NA
Japan A1 0.29% 0.03%
Jersey (States of) Aa3 NA NA
Jordan B1 NA NA
Kazakhstan Baa3 1.57% 1.31%
Kenya B2 6.21% 5.95%
Korea Aa2 0.45% 0.19%
Kuwait Aa2 1.14% 0.88%
Kyrgyzstan B2 NA NA
Laos B3 NA NA
Latvia A3 0.97% 0.71%
Lebanon Ca NA NA
Liechtenstein Aaa NA NA
Lithuania A3 0.89% 0.63%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 1.11% 0.85%
Maldives B3 NA NA
Mali B3 NA NA
Malta A2 NA NA
Mauritius Baa1 NA NA
Mexico Baa1 2.03% 1.77%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 1.77% 1.51%
Mozambique Caa2 NA NA
Namibia Ba2 NA NA
Netherlands Aaa 0.22% 0.00%
New Zealand Aaa 0.34% 0.08%
Nicaragua B3 NA NA
Niger B3 NA NA
Nigeria B2 6.32% 6.06%
Norway Aaa 0.25% 0.00%
Oman Ba3 5.10% 4.84%
Pakistan B3 5.64% 5.38%
Panama Baa1 1.51% 1.25%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru A3 1.31% 1.05%
Philippines Baa2 0.99% 0.73%
Poland A2 0.90% 0.64%
Portugal Baa3 0.92% 0.66%
Qatar Aa3 0.98% 0.72%
Ras Al Khaimah (Emirat A2 NA NA
Romania Baa3 1.87% 1.61%
Russia Baa3 1.52% 1.26%
Rwanda B2 6.96% 6.70%
Saudi Arabia A1 1.34% 1.08%
Senegal Ba3 4.91% 4.65%
Serbia Ba3 1.58% 1.32%
Sharjah Baa2 NA NA
Singapore Aaa NA NA
Slovakia A2 0.78% 0.52%
Slovenia Baa1 1.16% 0.90%
Solomon Islands B3 NA NA
South Africa Ba1 3.45% 3.19%
Spain Baa1 1.05% 0.79%
Sri Lanka B2 NA NA
St. Maarten Baa3 NA NA
St. Vincent & the Gren B3 NA NA
Suriname B3 NA NA
Swaziland B2 NA NA
Sweden Aaa 0.23% 0.00%
Switzerland Aaa 0.20% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B1 NA NA
Thailand Baa1 0.73% 0.47%
Togo B3 NA NA
Trinidad and Tobago Ba1 NA NA
Tunisia B2 8.34% 8.08%
Turkey B1 4.84% 4.58%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine B3 5.65% 5.39%
United Arab Emirates Aa2 NA NA
United Kingdom Aa2 0.42% 0.16%
United States Aaa 0.26% 0.00%
Uruguay Baa2 1.43% 1.17%
Uzbekistan B1 NA NA
Venezuela C NA NA
Vietnam Ba3 2.28% 2.02%
Zambia Ca NA NA
Updated: January 2020
CDS
Spread
Country 7/1/2020 net of US 4/1/2020
Abu Dhabi 0.97% 0.71% 1.60%
Algeria 1.30% 1.04% 1.53%
Angola 10.46% 10.20% 21.27%
Argentina NA #VALUE! NA
Australia 0.32% 0.06% 0.60%
Austria 0.22% 0.00% 0.36%
Bahrain 4.11% 3.85% 4.90%
Belgium 0.31% 0.05% 0.60%
Brazil 3.01% 2.75% 3.47%
Bulgaria 0.91% 0.65% 0.91%
Cameroon 8.41% 8.15% 5.28%
Canada 0.37% 0.11% 0.49%
Chile 1.27% 1.01% 1.75%
China 0.80% 0.54% 1.01%
Colombia 2.02% 1.76% 2.94%
Costa Rica 5.64% 5.38% 5.58%
Croatia 1.08% 0.82% 1.20%
Cyprus 1.18% 0.92% 1.39%
Czech Republic 0.55% 0.29% 0.73%
Denmark 0.21% 0.00% 0.31%
Dubai 2.12% 1.86% 3.38%
Egypt 6.40% 6.14% 6.83%
El Salvador 8.43% 8.17% 7.81%
Estonia 0.70% 0.44% 0.85%
Finland 0.27% 0.01% 0.36%
France 0.38% 0.12% 0.61%
Germany 0.26% 0.00% 0.36%
Greece 1.93% 1.67% 2.32%
Guatamela 3.67% 3.41% 4.27%
Hong Kong 0.76% 0.50% 0.66%
Hungary 1.11% 0.85% 1.19%
Iceland 0.98% 0.72% 0.99%
India 1.69% 1.43% 3.01%
Indonesia 1.87% 1.61% 3.10%
Iraq 8.59% 8.33% 9.97%
Ireland 0.43% 0.17% 0.68%
Israel 0.86% 0.60% 1.10%
Italy 1.97% 1.71% 2.30%
Japan 0.29% 0.03% 0.79%
Kazakhstan 1.57% 1.31% 1.77%
Kenya 6.21% 5.95% 7.29%
Korea 0.45% 0.19% 0.69%
Kuwait 1.14% 0.88% 1.77%
Latvia 0.97% 0.71% 1.03%
Lebanon NA NA NA
Lithuania 0.89% 0.63% 0.94%
Malaysia 1.11% 0.85% 1.77%
Mexico 2.03% 1.77% 3.00%
Morocco 1.77% 1.51% 2.81%
Netherlands 0.22% 0.00% 0.34%
New Zealand 0.34% 0.08% 0.66%
Nigeria 6.32% 6.06% 9.98%
Norway 0.25% 0.00% 0.33%
Oman 5.10% 4.84% 7.09%
Pakistan 5.64% 5.38% 6.93%
Panama 1.51% 1.25% 1.83%
Peru 1.31% 1.05% 1.71%
Philippines 0.99% 0.73% 1.81%
Poland 0.90% 0.64% 0.95%
Portugal 0.92% 0.66% 1.31%
Qatar 0.98% 0.72% 1.83%
Romania 1.87% 1.61% 1.71%
Russia 1.52% 1.26% 2.75%
Rwanda 6.96% 6.70% 8.13%
Saudi Arabia 1.34% 1.08% 2.32%
Senegal 4.91% 4.65% 5.67%
Serbia 1.58% 1.32% 1.39%
Slovakia 0.78% 0.52% 0.83%
Slovenia 1.16% 0.90% 1.34%
South Africa 3.45% 3.19% 4.73%
Spain 1.05% 0.79% 1.43%
Sweden 0.23% 0.00% 0.32%
Switzerland 0.20% 0.00% 0.23%
Thailand 0.73% 0.47% 1.21%
Tunisia 8.34% 8.08% 5.83%
Turkey 4.84% 4.58% 5.40%
Ukraine 5.65% 5.39% 8.49%
United Kingdom 0.42% 0.16% 0.58%
United States 0.26% 0.00% 0.40%
Uruguay 1.43% 1.17% 2.22%
Venezuela NA NA NA
Vietnam 2.28% 2.02% 3.28%
Zambia NA NA 15.65%
Updating Sequence
1. Relative Risk Worksheet
2. Sovereign Ratings
3. CDS Worksheet
4. Default Spreads
5. PRS Worksheet
6. Country GDP
7. Country tax rates
8. Regional Weighted averages
Date: Feb-20
Std deviation in Equities
Country
(weekly) sBond sEquity/ sBond s (CDS)
Algeria NA NA NA 0.32%
Angola NA NA NA 0.32%
Argentina 65.92% 47.70% 1.38 1.16%
Bahrain 7.99% NA NA 0.28%
Bangladesh 14.34% 9.23% 1.55 NA
Bosnia 14.56% NA NA NA
Botswana 3.37% NA NA NA
Brazil 19.83% 14.28% 1.39 0.41%
Bulgaria 9.32% 7.05% 1.32 0.32%
Cameroon NA NA NA 0.28%
Chile 18.41% 12.33% 1.49 0.30%
China 22.31% 12.33% 1.81 0.37%
Colombia 12.58% 14.15% 0.89 0.48%
Costa Rica 5.25% 6.74% 0.78 0.28%
Croatia 9.19% 7.15% 1.29 0.42%
Cyprus 13.07% 15.66% 0.83 0.50%
Czech Repub 11.37% 12.15% 0.94 0.30%
Egypt 17.34% NA NA 0.26%
El Salvador NA NA NA 0.31%
Estonia 7.25% NA NA 0.19%
Ghana 12.54% NA NA BNA
Greece 23.72% 13.71% 1.73 0.44%
Guatamela NA NA NA 0.27%
Hungary 15.73% 14.02% 1.12 0.22%
Iceland 14.69% 17.12% 0.86 0.46%
India 14.72% 8.01% 1.84 0.30%
Indonesia 12.59% 10.77% 1.17 0.40%
Ireland 16.90% 8.53% 1.98 0.73%
Iraq NA NA NA 0.33%
Israel 13.50% 10.06% 1.34 0.25%
Italy 16.96% 12.15% 1.40 0.39%
Jamaica 11.60% NA NA NA
Jordan 6.19% nA NA NA
Kazakhasta 11.93% NA NA 0.32%
Kenya 11.08% NA NA 0.34%
Korea 15.29% 18.54% 0.82 0.55%
Kuwait 18.74% NA NA 0.33%
Laos 19.67% NA NA NA
Latvia 12.85% 8.85% 1.45 0.21%
Lebanon 18.05% 15.66% 1.15 2.89%
Lithuania 7.10% NA NA 0.22%
Macedonia 11.71% NA NA NA
Malaysia 8.74% 12.22% 0.72 0.51%
Malta 8.15% NA NA
Mauritius 5.21% NA NA
Mexico 15.24% 5.94% 2.57 0.44%
Mongolia 11.37% NA NA
Montenegr 9.55% NA NA
Morocco 8.86% NA NA 0.39%
Namibia 17.87% NA NA NA
Nigeria 13.03% NA NA 0.40%
Oman 7.83% NA NA 0.41%
Pakistan 19.87% 10.18% 1.95 0.30%
Palestine 5.42% NA NA NA
Panama 2.92% NA NA 0.26%
Peru 11.14% 8.30% 1.34 0.26%
Philippines 15.95% 7.86% 2.03 0.49%
Poland 15.39% 18.25% 0.84 0.21%
Portugal 12.95% 16.55% 0.78 0.49%
Qatar 13.27% NA NA 0.33%
Romania 12.75% 9.71% 1.31 0.25%
Russia 13.33% 10.01% 1.33 0.39%
Rwanda NA NA NA 0.34%
Saudi Arabi 15.73% NA NA 0.37%
Senegal NA NA NA 0.40%
Serbia 7.39% 10.11% 0.73 0.30%
Singapore 10.75% NA NA NA
Slovakia 13.13% 12.86% 1.02 0.32%
Slovenia 9.40% 14.49% 0.65 0.17%
South Afric 15.64% 9.86% 1.59 0.33%
Spain 14.34% 14.56% 0.98 0.32%
Sri Lanka 9.41% NA NA NA
Taiwan 12.49% 21.66% 0.58 NA
Tanzania 24.74% 15.48% 1.60 NA
Thailand 13.49% 17.26% 0.78 0.43%
Tunisia 5.69% NA NA 0.06%
Turkey 22.15% 15.67% 1.41 0.41%
UAE 15.37% NA NA
Ukraine 10.88% 18.80% 0.58 0.40%
Uruguay NA NA NA 0.39%
US 14.32% NA NA NA
Venezuela 75.94% 56.66% 1.34 NA
Vietnam 12.17% NA NA 0.30%
Zambia NA NA NA 0.54%
Average 1.25
Median 1.32
CDS CV(CDS) sEquity/ sCDS
1.13% 28.32% NA
5.84% 5.48% NA
37.63% 3.08% 21.38
2.53% 11.07% 0.72
NA NA NA
NA NA NA
NA NA NA
2.10% 19.52% 1.02
0.68% 47.06% 0.20
5.02% 5.58% NA
1.04% 28.85% 0.64
0.87% 42.53% 0.52
1.65% 29.09% 0.43
3.49% 8.02% 0.65
0.83% 50.60% 0.18
1.21% 41.32% 0.32
0.54% 55.56% 0.20
3.73% 6.97% 2.49
3.91% 7.93% NA
0.71% 26.76% 0.27
NA NA NA
2.51% 17.53% 1.35
2.30% 11.74% NA
0.77% 28.57% 0.55
0.85% 54.12% 0.27
1.41% 21.28% 0.69
1.66% 24.10% 0.52
0.36% 202.78% 0.08
5.06% 6.52% NA
0.82% 30.49% 0.44
2.06% 18.93% 0.90
NA NA NA
NA NA NA
1.07% 29.91% 0.40
4.65% 7.31% 1.52
0.57% 96.49% 0.16
0.90% 36.67% 0.51
NA NA NA
0.86% 24.42% 0.53
205.43% 1.41% 12.83
0.78% 28.21% 0.25
NA NA NA
0.97% 52.58% 0.17
NA NA NA
NA NA NA
1.71% 25.73% 0.59
NA NA NA
NA NA NA
1.45% 26.90% 0.33
NA NA NA
3.65% 10.96% 1.19
3.83% 10.70% 0.73
4.26% 7.04% 2.82
NA NA NA
1.09% 23.85% 0.12
1.09% 23.85% 0.47
1.03% 47.57% 0.34
0.79% 26.58% 0.58
0.83% 59.04% 0.22
0.93% 35.48% 0.37
1.24% 20.16% 0.63
1.41% 27.66% 0.48
3.64% 9.34% NA
1.23% 30.08% 0.52
3.31% 12.08% NA
1.21% 24.79% 0.30
NA NA NA
0.68% 47.06% 0.28
1.10% 15.45% 0.61
3.02% 10.93% 1.43
0.82% 39.02% 0.37
NA NA NA
NA NA NA
NA NA NA
0.65% 66.15% 0.20
4.00% 1.50% 3.79
3.99% 10.28% 2.16
NA NA NA
4.52% 8.85% 1.23
1.73% 22.54% NA
NA NA NA
NA NA NA
1.78% 16.85% 0.72
13.23% 4.08% NA
1.33
0.52
GDP (in billions) in
Country 2018 GDP in 2017
Abu Dhabi 253 #N/A #N/A
Albania 15.10 13.04 SourceWorld Bank 15.10
Andorra (Principality of) 3.24 3.01 Year 2018 3.24
Angola 105.75 124.21 105.75
Argentina 519.87 637.59 519.87
Armenia 12.43 11.54 12.43
Aruba 2.70 3 2.70
Australia 1433.90 1323.42 1433.90
Austria 455.29 416.6 455.29
Azerbaijan 46.94 40.75 46.94
Bahamas 12.42 12.16 12.42
Bahrain 37.75 35.31 37.75
Bangladesh 274.02 249.72 274.02
Barbados 5.15 4.8 5.15
Belarus 59.66 54.44 59.66
Belgium 542.76 492.68 542.76
Belize 1.87 1.84 1.87
Benin 10.35 9.27 10.35
Bermuda 5.57 6.2 5.57
Bolivia 40.29 37.51 40.29
Bosnia and Herzegovina 20.16 18.17 20.16
Botswana 18.62 17.41 18.62
Brazil 1868.63 2055.51 1868.63
Bulgaria 65.13 56.83 65.13
Burkina Faso 14.12 12.87 14.12
Cambodia 24.54 22.16 24.54
Cameroon 38.68 34.80 38.68
Canada 1713.34 1653.04 1713.34
Cape Verde 1.90 1.9 1713.34
Cayman Islands 5.14 3.2
Chile 298.23 277.08 298.23
China 13608.15 12237.70 13608.15
Colombia 331.05 309.19 331.05
Congo (Democratic Repub 47.23 37.24 37.24
Congo (Republic of) 11.26 8.72 8.72
Cook Islands 1.20 1.2
Costa Rica 60.13 60.13 60.13
Côte d'Ivoire 43.01 43.01 43.01
Croatia 60.97 60.97 60.97
Cuba 100.02 81.6 100.02
Curacao 3.13 1.0 3.13
Cyprus 24.96 24.96 24.96
Czech Republic 245.23 245.23 245.23
Denmark 355.68 355.68 355.68
Dominican Republic 85.56 85.56 85.56
Ecuador 108.40 108.40 108.40
Egypt 250.89 235.37
El Salvador 26.06 26.06 26.06
Estonia 30.73 30.73 30.73
Ethiopia 84.36 84.36 84.36
Fiji 5.54 5.54 5.54
Finland 276.74 276.74 276.74
France 2777.54 2777.54 2777.54
Gabon 16.85 16.85 16.85
Georgia 17.60 17.60 17.60
Germany 3947.62 3947.62 3947.62
Ghana 65.56 65.56 65.56
Greece 218.03 218.03 218.03
Guatemala 78.46 78.46 78.46
Guernsey (States of) 0.50 0.5 78.46
Honduras 23.97 23.97 23.97
Hong Kong 362.68 341.45 341.45
Hungary 157.88 157.88 157.88
Iceland 25.88 25.88 25.88
India 2718.73 2718.73 2718.73
Indonesia 1042.17 1042.17 1042.17
Iraq 224.23 224.23 224.23
Ireland 382.49 382.49 382.49
Isle of Man 6.77 7.4 6.77
Israel 370.59 370.59 370.59
Italy 2083.86 2083.86 2083.86
Jamaica 15.71 15.71 15.71
Japan 4971.32 4971.32 4971.32
Jersey (States of) 1.00 1
Jordan 42.23 42.23 42.23
Kazakhstan 179.34 179.34 179.34
Kenya 87.91 87.91 87.91
Korea 1619.42 1530.75 1530.75
Kuwait 140.65 140.65 140.65
Kyrgyzstan 8.09 8.09 8.09
Laos 17.95
Latvia 34.41 34.41 34.41
Lebanon 56.64 56.64 56.64
Liechtenstein 6.21 6.7 6.21
Lithuania 53.43 53.43 53.43
Luxembourg 70.89 70.89 70.89
Macao 55.08 55.08 55.08
Macedonia 12.67 55.08 55.08
Malaysia 358.58 358.58 358.58
Maldives 5.33 5.33 5.33
Mali 17.16 15.29 14.55
Malta 14.55 14.55 14.22
Mauritius 14.22 14.22 1220.70
Mexico 1220.70 1220.70 11.44
Moldova 11.44 11.44 13.07
Mongolia 13.07 13.07 5.50
Montenegro 5.50 5.50 5.50
Montserrat 1.50 1.5 117.92
Morocco 117.92 117.92 14.72
Mozambique 14.72 14.72 14.52
Namibia 14.52 14.52 913.66
Netherlands 913.66 913.66 204.92
New Zealand 204.92 204.92 13.12
Nicaragua 13.12 13.12 397.27
Niger 9.29 434.17
Nigeria 397.27 397.27 79.28
Norway 434.17 434.17 314.59
Oman 79.28 79.28 65.06
Pakistan 314.59 314.59 23.50
Panama 65.06 65.06 40.50
Papua New Guinea 23.50 23.50 222.04
Paraguay 40.50 40.50 330.91
Peru 222.04 222.04 585.66
Philippines 330.91 330.91 240.67
Poland 585.66 585.66 191.36
Portugal 240.67 240.67 191.36
Qatar 191.36 191.36 239.55
Ras Al Khaimah (Emirate 5.20 5.2 1657.55
Romania 239.55 239.55 9.51
Russia 1657.55 1657.55 786.52
Rwanda 9.51 9.51 24.13
Saudi Arabia 786.52 786.52 50.60
Senegal 24.13 24.13 1.59
Serbia 50.60 50.60 364.16
Sharjah 5.00 5 105.90
Singapore 364.16 364.16 54.01
Slovakia 105.90 105.90 1.40
Slovenia 54.01 54.01 368.29
Solomon Islands 1.40 1.40 1419.04
South Africa 368.29 368.29 88.90
Spain 1419.04 1419.04 1.92
Sri Lanka 88.90 88.90 0.00
St. Maarten 1.50 1.5 3.59
St. Vincent & the Grenad 0.92 0.8 3.59
Suriname 3.59 3.59 556.09
Swaziland 4.71 3.72 705.14
Sweden 556.09 556.09 0.00
Switzerland 705.14 705.14 7.52
Taiwan 646.00 970.9 58.00
Tajikistan 7.52 7.52 504.99
Tanzania 58.00 58.00 23.81
Thailand 504.99 504.99 39.87
Togo 5.36 4.81 771.35
Trinidad and Tobago 23.81 23.81 1.02
Tunisia 39.87 39.87 27.46
Turkey 771.35 771.35 130.83
Turks and Caicos Islands 1.02 1.5 414.18
Uganda 27.46 27.46 2855.30
Ukraine 130.83 130.83 20544.34
United Arab Emirates 414.18 414.18 59.60
United Kingdom 2855.30 2855.30 0.91
United States of America 20544.34 20544.34 245.21
Uruguay 59.60 59.60 26.72
Uzbekistan 50.50 48.72
Venezuela 100.00 250
Vietnam 245.21 245.21
Zambia 26.72 26.72
Country Name GDP in 2018
Afghanistan 19.36
Albania 15.10
Algeria 173.76
American Samoa 0.64
Andorra (Principality of) 3.24
Angola 105.75
Antigua and Barbuda 1.61
Arab World 2774.31
Argentina 519.87
Armenia 12.43
Aruba 2.70
Australia 1433.90
Austria 455.29
Azerbaijan 46.94
Bahamas 12.42
Bahrain 37.75
Bangladesh 274.02
Barbados 5.15
Belarus 59.66
Belgium 542.76
Belize 1.87
Benin 10.35
Bermuda 5.57
Bhutan 2.53
Bolivia 40.29
Bosnia and Herzegovina 20.16
Botswana 18.62
Brazil 1868.63
British Virgin Islands 0.00
Brunei Darussalam 13.57
Bulgaria 65.13
Burkina Faso 14.12
Burundi 3.04
Cabo Verde 1.98
Cambodia 24.54
Cameroon 38.68
Canada 1713.34
Caribbean small states 73.52
Cayman Islands 5.14
Central African Republic 2.22
Central Europe and the Baltics 1632.91
Chad 11.27
Channel Islands 11.51
Chile 298.23
China 13608.15
Colombia 331.05
Comoros 1.18
Congo (Democratic Republic of) 47.23
Congo (Republic of) 11.26
Costa Rica 60.13
Côte d'Ivoire 43.01
Croatia 60.97
Cuba 100.02
Curacao 3.13
Cyprus 24.96
Czech Republic 245.23
Denmark 355.68
Djibouti 2.96
Dominica 0.55
Dominican Republic 85.56
Early-demographic dividend 11638.15
East Asia & Pacific 25942.41
East Asia & Pacific (excluding high income) 16284.46
East Asia & Pacific (IDA & IBRD countries) 16253.26
Ecuador 108.40
Egypt 250.89
El Salvador 26.06
Equatorial Guinea 13.43
Eritrea 2.61
Estonia 30.73
Eswatini 4.71
Ethiopia 84.36
Euro area 13646.59
Europe & Central Asia 23068.40
Europe & Central Asia (excluding high income) 3410.70
Europe & Central Asia (IDA & IBRD countries) 4057.33
European Union 18768.08
Faroe Islands 2.69
Fiji 5.54
Finland 276.74
Fragile and conflict affected situations 841.43
France 2777.54
French Polynesia 0.00
Gabon 16.85
Gambia, The 1.63
Georgia 17.60
Germany 3947.62
Ghana 65.56
Gibraltar 0.00
Greece 218.03
Greenland 2.71
Grenada 1.19
Guam 5.92
Guatemala 78.46
Guinea 10.91
Guinea-Bissau 1.46
Guyana 3.88
Haiti 9.66
Heavily indebted poor countries (HIPC) 729.22
High income 54205.74
Honduras 23.97
Hong Kong 362.68
Hungary 157.88
IBRD only 30473.24
Iceland 25.88
IDA & IBRD total 32694.49
IDA blend 993.78
IDA only 1235.90
IDA total 2229.56
India 2718.73
Indonesia 1042.17
Iran, Islamic Rep. 454.01
Iraq 224.23
Ireland 382.49
Isle of Man 6.77
Israel 370.59
Italy 2083.86
Jamaica 15.71
Japan 4971.32
Jordan 42.23
Kazakhstan 179.34
Kenya 87.91
Kiribati 0.19
Korea, Dem. People’s Rep. 0.00
Korea, Rep. 1619.42
Kosovo 7.94
Kuwait 140.65
Kyrgyzstan 8.09
Laos 17.95
Late-demographic dividend 22183.24
Latin America & Caribbean 5800.58
Latin America & Caribbean (excluding high inco 5204.64
Latin America & the Caribbean (IDA & IBRD coun 5559.76
Latvia 34.41
Least developed countries: UN classification 1064.73
Lebanon 56.64
Lesotho 2.74
Liberia 3.26
Libya 48.36
Liechtenstein 6.21
Lithuania 53.43
Low & middle income 31735.69
Low income 588.23
Lower middle income 6702.15
Luxembourg 70.89
Macao 55.08
Madagascar 13.85
Malawi 7.06
Malaysia 358.58
Maldives 5.33
Mali 17.16
Malta 14.55
Marshall Islands 0.22
Mauritania 5.23
Mauritius 14.22
Mexico 1220.70
Micronesia, Fed. Sts. 0.40
Middle East & North Africa 3610.54
Middle East & North Africa (excluding high inco 1439.62
Middle East & North Africa (IDA & IBRD countri 0.00
Middle income 31149.55
Moldova 11.44
Monaco 7.18
Mongolia 13.07
Montenegro 5.50
Morocco 117.92
Mozambique 14.72
Myanmar 71.21
Namibia 14.52
Nauru 0.13
Nepal 29.04
Netherlands 913.66
New Caledonia 0.00
New Zealand 204.92
Nicaragua 13.12
Niger 9.29
Nigeria 397.27
North America 22264.35
North Macedonia 12.67
Northern Mariana Islands 1.32
Norway 434.17
Not classified 0.00
OECD members 52676.22
Oman 79.28
Other small states 452.39
Pacific island small states 10.38
Pakistan 314.59
Palau 0.28
Panama 65.06
Papua New Guinea 23.50
Paraguay 40.50
Peru 222.04
Philippines 330.91
Poland 585.66
Portugal 240.67
Post-demographic dividend 50090.29
Pre-demographic dividend 1321.57
Puerto Rico 101.13
Qatar 191.36
Romania 239.55
Russia 1657.55
Rwanda 9.51
Samoa 0.82
San Marino 1.63
Sao Tome and Principe 0.42
Saudi Arabia 786.52
Senegal 24.13
Serbia 50.60
Seychelles 1.59
Sierra Leone 4.09
Singapore 364.16
Sint Maarten (Dutch part) 0.00
Slovakia 105.90
Slovenia 54.01
Small states 536.23
Solomon Islands 1.40
Somalia 4.72
South Africa 368.29
South Asia 3452.51
South Asia (IDA & IBRD) 3452.51
South Sudan 12.00
Spain 1419.04
Sri Lanka 88.90
St. Kitts and Nevis 1.01
St. Lucia 1.92
St. Martin (French part) 0.00
St. Vincent and the Grenadines 0.81
Sub-Saharan Africa 1709.95
Sub-Saharan Africa (excluding high income) 1708.36
Sub-Saharan Africa (IDA & IBRD countries) 1709.95
Sudan 40.85
Suriname 3.59
Sweden 556.09
Switzerland 705.14
Syrian Arab Republic 0.00
Tajikistan 7.52
Tanzania 58.00
Thailand 504.99
Timor-Leste 2.58
Togo 5.36
Tonga 0.45
Trinidad and Tobago 23.81
Tunisia 39.87
Turkey 771.35
Turkmenistan 40.76
Turks and Caicos Islands 1.02
Tuvalu 0.04
Uganda 27.46
Ukraine 130.83
United Arab Emirates 414.18
United Kingdom 2855.30
United States of America 20544.34
Upper middle income 24446.13
Uruguay 59.60
Uzbekistan 50.50
Vanuatu 0.91
Venezuela, RB 0.00
Vietnam 245.21
Virgin Islands (U.S.) 0.00
West Bank and Gaza 14.62
World 85909.82
Yemen, Rep. 26.91
Zambia 26.72
Zimbabwe 31.00
Country S&P Rating
Moody's Rating Country FC
Abu Dhabi AA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB NA
Angola CCC+ B3 Angola B3
Argentina SD Ca Argentina Ca
Armenia NA Ba3 Armenia Ba3
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba2 Azerbaijan Ba2
Bahamas BB Ba2 Bahamas Ba2
Bahrain B+ B2 Bahrain B2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados B- Caa1 Barbados Caa1
Belarus B B3 Belarus B3
Belgium AA Aa3 Belgium Aa3
Belize CCC Caa1 Belize Caa1
Benin B+ B2 Benin B2
Bermuda A+ A2 Bermuda A2
Bolivia B+ B1 Bolivia B1
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana BBB+ A2 Botswana A2
Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB Baa2 Bulgaria Baa2
Burkina Faso B NA
Cambodia NA B2 Cambodia B2
Cameroon B- B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B NA
Cayman Islands NA Aa3 Cayman Islands Aa3
Chile A+ A1 Chile A1
China A+ A1 China A1
Colombia BBB- Baa2 Colombia Baa2
Congo (Democratic Republ CCC+ Caa1 Congo (Democratic Republi Caa1
Congo (Republic of) B- Caa2 Congo (Republic of) Caa2
Cook Islands B+ NA
Costa Rica B+ B2 Costa Rica B2
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BBB- Ba2 Croatia Ba2
Cuba NA Caa2 Cuba Caa2
Curacao BBB NA
Cyprus BBB- Ba2 Cyprus Ba2
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador SD Caa3 Ecuador Caa3
Egypt B B2 Egypt B2
El Salvador B- B3 El Salvador B3
Estonia AA- A1 Estonia A1
Ethiopia B B2 Ethiopia B2
Fiji BB- Ba3 Fiji Ba3
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon NA Caa1 Gabon Caa1
Georgia BB Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana B B3 Ghana B3
Greece BB- B1 Greece B1
Guatemala BB- Ba1 Guatemala Ba1
Guernsey (States of) AA- NA Guernsey (Channel Islands) -
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa3 Hong Kong Aa3
Hungary BBB Baa3 Hungary Baa3
Iceland A A2 Iceland A2
India BBB- Baa3 India Baa3
Indonesia BBB Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland AA- A2 Ireland A2
Isle of Man NA Aa2 Isle of Man Aa2
Israel AA- A1 Israel A1
Italy BBB Baa3 Italy Baa3
Jamaica B+ B2 Jamaica B2
Japan A+ A1 Japan A1
Jersey (States of) AA- NA Jersey (Channel Islands) -
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa3 Kazakhstan Baa3
Kenya B+ B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait AA- Aa2 Kuwait Aa2
Kyrgyzstan NA B2 Kyrgyz Republic B2
Laos NA B3 Laos B3
Latvia A+ A3 Latvia A3
Lebanon SD Ca Lebanon Ca
Liechtenstein AAA NA Liechtenstein -
Lithuania A+ A3 Lithuania A3
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA Macedonia
Malaysia A- A3 Malaysia A3
Maldives NA B3 Maldives B3
Mali NA B3 Mali B3
Malta A- A2 Malta A2
Mauritius NA Baa1 Mauritius Baa1
Mexico BBB Baa1 Mexico Baa1
Moldova NA B3 Moldova B3
Mongolia B B3 Mongolia B3
Montenegro B+ B1 Montenegro B1
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco Ba1
Mozambique CCC+ Caa2 Mozambique Caa2
Namibia NA Ba2 Namibia Ba2
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA Aaa New Zealand Aaa
Nicaragua B- B3 Nicaragua B3
Niger NA B3 Niger B3
Nigeria B- B2 Nigeria B2
Norway AAA Aaa Norway Aaa
Oman BB- Ba3 Oman Ba3
Pakistan B- B3 Pakistan B3
Panama BBB+ Baa1 Panama Baa1
Papua New Guinea B- B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru BBB+ A3 Peru A3
Philippines BBB+ Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB Baa3 Portugal Baa3
Qatar AA- Aa3 Qatar Aa3
Ras Al Khaimah (Emirate A NA
Romania BBB- Baa3 Romania Baa3
Russia BBB- Baa3 Russia Baa3
Rwanda B+ B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1
Senegal B+ Ba3 Senegal Ba3
Serbia BB+ Ba3 Serbia Ba3
Sharjah BBB Baa2 Sharjah Baa2
Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia AA- Baa1 Slovenia Baa1
Solomon Islands NA B3 Solomon Islands B3
South Africa BB- Ba1 South Africa Ba1
Spain A Baa1 Spain Baa1
Sri Lanka B B2 Sri Lanka B2
St. Maarten NA Baa3 Sint Maarten Baa3
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname CCC+ B3 Suriname B3
Swaziland NA B2 eSwatini B2
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA- Aa3 Taiwan Aa3
Tajikistan B- B3 Tajikistan B3
Tanzania NA B1 Tanzania B1
Thailand BBB+ Baa1 Thailand Baa1
Togo B B3 Togo B3
Trinidad and Tobago BBB- Ba1 Trinidad and Tobago Ba1
Tunisia NA B2 Tunisia B2
Turkey B+ B1 Turkey B1
Turks and Caicos Islands BBB+ NA
Uganda B B2 Uganda B2
Ukraine B B3 Ukraine B3
United Arab Emirates NA Aa2 United Arab Emirates Aa2
United Kingdom AA Aa2 United Kingdom Aa2
United States AA+ Aaa United States of America Aaa
Uruguay BBB Baa2 Uruguay Baa2
Uzbekistan BB- B1 Uzbekistan B1
Venezuela SD C Venezuela C
Vietnam BB Ba3 Vietnam Ba3
Zambia CCC Ca Zambia Ca
LC Country Local currency ratings (LT/outlook/ST)
Aa2 Abu Dhabi AA
B1 Albania B+
Andorra BBB
B3 Angola CCC+
Ca Argentina SD
Ba3
Aruba BBB+
Aaa Australia AAA
Aa1 Austria AA+
Ba2 Azerbaijan BB+
Ba2 Bahamas BB
B2 Bahrain B+
Ba3 Bangladesh BB-
Caa1 Barbados B-
B3 Belarus B
Aa3 Belgium AA
Caa1 Belize CCC
B2 Benin B+
A2 Bermuda A+
B1 Bolivia B+
B3 Bosnia and HerzegoB
A2 Botswana BBB+
Ba2 Brazil BB-
Baa2 Bulgaria BBB
Burkina Faso B
B2
B2 Cameroon B-
Aaa Canada AAA
Cape Verde B
Aa3
A1 Chile A+
A1 China A+
Baa2 Colombia BBB-
Caa1 Congo (DRC) CCC+
Caa2 Congo-Brazzaville B-
Cook Islands B+
B2 Costa Rica B+
Ba3
Ba2 Croatia BBB-
Caa2
Curacao BBB
Ba2 Cyprus BBB-
Aa3 Czech Republic AA-
Aaa Denmark AAA
Ba3 Dominican RepubliBB-
Caa3 Ecuador SD
B2 Egypt B
B3 El Salvador B-
A1 Estonia AA-
B2 Ethiopia B
Ba3 Fiji BB-
Aa1 Finland AA+
Aa2 France AA
Caa1
Ba2 Georgia BB
Aaa Germany AAA
B3 Ghana B
B1 Greece BB-
Ba1 Guatemala BB-
NA Guernsey AA-
B1 Honduras BB-
Aa3 Hong Kong AA+
Baa3 Hungary BBB
A2 Iceland A
Baa3 India BBB-
Baa2 Indonesia BBB
Caa1 Iraq B-
A2 Ireland AA-
Aa2
A1 Israel AA-
Baa3 Italy BBB
B2 Jamaica B+
A1 Japan A+
NA Jersey AA-
B1 Jordan B+
Baa3 Kazakhstan BBB-
B2 Kenya B+
Aa2 Korea AA
Aa2 Kuwait AA-
B2
B3
A3 Latvia A+
Ca Lebanon SD
NA Liechtenstein AAA
A3 Lithuania A+
Aaa Luxembourg AAA
Aa3
North Macedonia BB-
A3 Malaysia A-
B3
B3
A2 Malta A-
Baa1
Baa1 Mexico BBB
B3
B3 Mongolia B
B1 Montenegro B+
Montserrat BBB-
Ba1 Morocco BBB-
Caa2 Mozambique CCC+
Ba2
Aaa Netherlands AAA
Aaa New Zealand AA
B3 Nicaragua B-
B3
B2 Nigeria B-
Aaa Norway AAA
Ba3 Oman BB-
B3 Pakistan B-
Baa1 Panama BBB+
B2 Papua New Guinea B-
Ba1 Paraguay BB
A3 Peru BBB+
Baa2 Philippines BBB+
A2 Poland A-
Baa3 Portugal BBB
Aa3 Qatar AA-
Ras Al Khaimah A
Baa3 Romania BBB-
Baa3 Russia BBB-
B2 Rwanda B+
A1 Saudi Arabia A-
Ba3 Senegal B+
Ba3 Serbia BB+
Baa2 Sharjah BBB
Aaa Singapore AAA
A2 Slovakia A+
Baa1 Slovenia AA-
B3
Ba1 South Africa BB-
Baa1 Spain A
B2 Sri Lanka B
Baa3
B3
B3 Suriname CCC+
B2
Aaa Sweden AAA
Aaa Switzerland AAA
Aa3 Taiwan AA-
B3 Tajikistan B-
B1
Baa1 Thailand BBB+
B3 Togo B
Ba1 Trinidad and TobagBBB-
B2
B1 Turkey B+
Turks and Caicos BBB+
B2 Uganda B
B3 Ukraine B
Aa2
Aa2 United Kingdom AA Uruguay
Aaa United States AA+
Baa2 Uruguay BBB
B1 Uzbekistan BB-
C Venezuela SD
Ba3 Vietnam BB
Ca Zambia CCC
Baa2 Baa2
Country Country Tax Rate
Abu Dhabi Abu Dhabi 55.00%
Albania Albania 15.00%
Andorra (Principality of) Andorra (Principality of) 10.00%
Angola Angola 30.00%
Argentina Argentina 30.00%
Armenia Armenia 20.00%
Aruba Aruba 25.00%
Australia Australia 30.00%
Austria Austria 25.00%
Azerbaijan Azerbaijan 20.00%
Bahamas Bahamas 0.00%
Bahrain Bahrain 0.00%
Bangladesh Bangladesh 25.00%
Barbados Barbados 5.50%
Belarus Belarus 18.00%
Belgium Belgium 29.00%
Belize Belize 32.36%
Benin Benin 30.00%
Bermuda Bermuda 0.00%
Bolivia Bolivia 25.00%
Bosnia and Herzegovina Bosnia and Herzegovina 10.00%
Botswana Botswana 22.00%
Brazil Brazil 34.00%
Bulgaria Bulgaria 10.00%
Burkina Faso Burkina Faso 28.00%
Cambodia Cambodia 20.00%
Cameroon Cameroon 33.00%
Canada Canada 26.50%
Cape Verde Cape Verde 0.00%
Cayman Islands Cayman Islands 0.00%
Chile Chile 27.00%
China China 25.00%
Colombia Colombia 33.00%
Congo (Democratic Republ Congo (Democratic Republic of 35.00%
Congo (Republic of) Congo (Republic of) 32.36%
Cook Islands Cook Islands 28.43%
Costa Rica Costa Rica 30.00%
Côte d'Ivoire Côte d'Ivoire 25.00%
Croatia Croatia 18.00%
Cuba Cuba 27.24%
Curacao Curacao 22.00%
Cyprus Cyprus 12.50%
Czech Republic Czech Republic 19.00%
Denmark Denmark 22.00%
Dominican Republic Dominican Republic 27.00%
Ecuador Ecuador 25.00%
Egypt Egypt 22.50%
El Salvador El Salvador 30.00%
Estonia Estonia 20.00%
Ethiopia Ethiopia 30.00%
Fiji Fiji 20.00%
Finland Finland 20.00%
France France 31.00%
Gabon Gabon 30.00%
Georgia Georgia 15.00%
Germany Germany 30.00%
Ghana Ghana 25.00%
Greece Greece 28.00%
Guatemala Guatemala 25.00%
Guernsey (States of) Guernsey (States of) 0.00%
Honduras Honduras 25.00%
Hong Kong Hong Kong 16.50%
Hungary Hungary 9.00%
Iceland Iceland 20.00%
India India 30.00%
Indonesia Iraq 25.00%
Iraq Iraq 15.00%
Ireland Ireland 12.50%
Isle of Man Isle of Man 0.00%
Israel Israel 23.00%
Italy Italy 24.00%
Jamaica Jamaica 25.00%
Japan Japan 30.62%
Jersey (States of) Jersey (States of) 0.00%
Jordan Jordan 20.00%
Kazakhstan Kazakhstan 20.00%
Kenya Kenya 30.00%
Korea Korea 25.00%
Kuwait Kuwait 15.00%
Kyrgyzstan Kyrgyzstan 10.00%
Laos Laos 30.19%
Latvia Latvia 20.00%
Lebanon Lebanon 17.00%
Liechtenstein Liechtenstein 12.50%
Lithuania Lithuania 15.00%
Luxembourg Luxembourg 26.01%
Macao Macao 12.00%
Macedonia Macedonia 10.00%
Malaysia Malaysia 24.00%
Maldives Maldives 30.19%
Mali Mali 28.24%
Malta Malta 35.00%
Mauritius Mauritius 15.00%
Mexico Mexico 30.00%
Moldova Moldova 12.00%
Mongolia Mongolia 25.00%
Montenegro Montenegro 9.00%
Montserrat Montserrat 27.24%
Morocco Morocco 31.00%
Mozambique Mozambique 32.00%
Namibia Namibia 32.00%
Netherlands Netherlands 25.00%
New Zealand New Zealand 28.00%
Nicaragua Nicaragua 30.00%
Niger Niger 32.36%
Nigeria Nigeria 30.00%
Norway Norway 22.00%
Oman Oman 15.00%
Pakistan Pakistan 30.00%
Panama Panama 25.00%
Papua New Guinea Papua New Guinea 30.00%
Paraguay Paraguay 10.00%
Peru Peru 29.50%
Philippines Philippines 30.00%
Poland Poland 19.00%
Portugal Portugal 21.00%
Qatar Qatar 10.00%
Ras Al Khaimah (Emirate Ras Al Khaimah (Emirate of) 0.00%
Romania Romania 16.00%
Russia Russia 20.00%
Rwanda Rwanda 30.00%
Saudi Arabia Saudi Arabia 20.00%
Senegal Senegal 30.00%
Serbia Serbia 15.00%
Sharjah Sharjah 0.00%
Singapore Singapore 17.00%
Slovakia Slovakia 21.00%
Slovenia Slovenia 19.00%
Solomon Islands Solomon Islands 30.00%
South Africa South Africa 28.00%
Spain Spain 25.00%
Sri Lanka Sri Lanka 28.00%
St. Maarten St. Maarten 35.00%
St. Vincent & the GrenadSt. Vincent & the Grenadines 30.00%
Suriname Suriname 36.00%
Swaziland Swaziland 27.50%
Sweden Sweden 21.40%
Switzerland Switzerland 18.00%
Taiwan Taiwan 20.00%
Tajikistan Tajikistan 30.19%
Tanzania Tanzania 30.00%
Thailand Thailand 20.00%
Togo Togo 32.36%
Trinidad and Tobago Trinidad and Tobago 25.00%
Tunisia Tunisia 25.00%
Turkey Turkey 22.00%
Turks and Caicos Islands Turks and Caicos Islands 0.00%
Uganda Uganda 30.00%
Ukraine Ukraine 18.00%
United Arab Emirates United Arab Emirates 55.00%
United Kingdom United Kingdom 19.00%
United States United States 25.00%
Uruguay Uruguay 25.00%
Uzbekistan Uzbekistan 7.50%
Venezuela Venezuela 34.00%
Vietnam Vietnam 20.00%
Zambia Zambia 35.00%
Country 2019.00 Africa average 32.36%
Afghanistan 20.00 Americas average 31.29%
Albania 15.00 Asia average 30.19%
Algeria 26.00 EU average 27.95%
Andorra 10.00 Europe average 26.72%
Angola 30.00 Global average 29.42%
Anguilla 0.00 Latin America avera 30.81%
Antigua and Barbuda 25.00 North America avera 35.30%
Argentina 30.00 Oceania average 30.20%
Armenia 20.00 OECD average 30.08%
Aruba 25.00 South America avera 30.81%
Australia 30.00
Austria 25.00
Azerbaijan 20.00
Bahamas 0.00
Bahrain 0.00
Bangladesh 25.00
Barbados 5.50
Belarus 18.00
Belgium 29.00
Benin 30.00
Bermuda 0.00
Bolivia 25.00
Bonaire, Saint Eustatius 25.00
Bosnia and Herzegovina 10.00
Botswana 22.00
Brazil 34.00
Brunei Darussalam 18.50
Bulgaria 10.00
Burkina Faso 28.00
Burundi 30.00
Cambodia 20.00
Cameroon 33.00
Canada 26.50
Cayman Islands 0.00
Chile 27.00
China 25.00
Colombia 33.00
Congo (Democratic Republi 35.00
Costa Rica 30.00
Croatia 18.00
Curacao 22.00
Cyprus 12.50
Czech Republic 19.00
Denmark 22.00
Djibouti 25.00
Dominica 25.00
Dominican Republic 27.00
Ecuador 25.00
Egypt 22.50
El Salvador 30.00
Estonia 20.00
Ethiopia 30.00
Fiji 20.00
Finland 20.00
France 31.00
Gabon 30.00
Gambia 31.00
Georgia 15.00
Germany 30.00
Ghana 25.00
Gibraltar 10.00
Greece 28.00
Grenada 28.00
Guatemala 25.00
Guernsey 0.00
Honduras 25.00
Hong Kong SAR 16.50
Hungary 9.00
Iceland 20.00
India 30.00
Indonesia 25.00
Iraq 15.00
Ireland 12.50
Isle of Man 0.00
Israel 23.00
Italy 24.00
Ivory Coast 25.00
Jamaica 25.00
Japan 30.62
Jersey 0.00
Jordan 20.00
Kazakhstan 20.00
Kenya 30.00
Korea, Republic of 25.00
Kuwait 15.00
Kyrgyzstan 10.00
Latvia 20.00
Lebanon 17.00
Libya 20.00
Liechtenstein 12.50
Lithuania 15.00
Luxembourg 26.01
Macau 12.00
Macedonia 10.00
Madagascar 20.00
Malawi 30.00
Malaysia 24.00
Malta 35.00
Mauritius 15.00
Mexico 30.00
Moldova 12.00
Monaco 33.00
Mongolia 25.00
Montenegro 9.00
Morocco 31.00
Mozambique 32.00
Myanmar 25.00
Namibia 32.00
Netherlands 25.00
New Zealand 28.00
Nicaragua 30.00
Nigeria 30.00
Norway 22.00
Oman 15.00
Pakistan 30.00
Palestinian Territory 15.00
Panama 25.00
Papua New Guinea 30.00
Paraguay 10.00
Peru 29.50
Philippines 30.00
Poland 19.00
Portugal 21.00
Qatar 10.00
Romania 16.00
Russia 20.00
Rwanda 30.00
Saint Kitts and Nevis 33.00
Saint Lucia 30.00
Saint Vincent and the Gre 30.00
Samoa 27.00
Saudi Arabia 20.00
Senegal 30.00
Serbia 15.00
Sierra Leone 30.00
Singapore 17.00
Sint Maarten (Dutch part) 35.00
Slovakia 21.00
Slovenia 19.00
Solomon Islands 30.00
South Africa 28.00
Spain 25.00
Sri Lanka 28.00
St Maarten 35.00
Sudan 35.00
Suriname 36.00
Swaziland 27.50
Sweden 21.40
Switzerland 18.00
Syria 28.00
Taiwan 20.00
Tanzania 30.00
Thailand 20.00
Trinidad and Tobago 25.00
Tunisia 25.00
Turkey 22.00
Turkmenistan 20.00
Turks and Caicos Islands 0.00
Uganda 30.00
Ukraine 18.00
United Arab Emirates 55.00
United Kingdom 19.00
United States 27.00
Uruguay 25.00
Uzbekistan 7.50
Vanuatu 0.00
Venezuela 34.00
Vietnam 20.00
Yemen 20.00
Zambia 35.00
Zimbabwe 25.00
Country PRS Score Total Equity Risk P Rating-based Defaul Final ERP
Abu Dhabi #N/A 5.96% 0.58% 5.96%
Albania 63.00 11.84% 5.28% 11.84%
Andorra (Principality of) #N/A 8.03% 2.23% 8.03%
Angola 50.50 14.79% 7.63% 14.79%
Argentina 60.80 22.86% 14.08% 22.86%
Armenia 63.50 10.52% 4.22% 10.52%
Aruba #N/A 7.58% 1.87% 7.58%
Australia 74.00 5.23% 0.00% 5.23%
Austria 75.30 5.81% 0.47% 5.81%
Azerbaijan 63.50 9.64% 3.53% 9.64%
Bahamas 70.50 9.64% 3.53% 9.64%
Bahrain 61.50 13.32% 6.46% 13.32%
Bangladesh 64.30 10.52% 4.22% 10.52%
Barbados #N/A 16.25% 8.80% 16.25%
Belarus 59.50 14.79% 7.63% 14.79%
Belgium 71.80 6.12% 0.71% 6.12%
Belize #N/A 16.25% 8.80% 16.25%
Benin #N/A 13.32% 6.46% 13.32%
Bermuda #N/A 6.48% 1.00% 6.48%
Bolivia 61.80 11.84% 5.28% 11.84%
Bosnia and Herzegovina #N/A 14.79% 7.63% 14.79%
Botswana 72.00 6.48% 1.00% 6.48%
Brazil 62.30 9.64% 3.53% 9.64%
Bulgaria 71.50 8.03% 2.23% 8.03%
Burkina Faso 61.30 13.32% 6.46% 13.32%
Cambodia #N/A 13.32% 6.46% 13.32%
Cameroon 56.80 13.32% 6.46% 13.32%
Canada 76.80 5.23% 0.00% 5.23%
Cape Verde #N/A 13.32% 6.46% 13.32%
Cayman Islands #N/A 6.12% 0.71% 6.12%
Chile 67.80 6.26% 0.83% 6.26%
China #N/A 6.26% 0.83% 6.26%
Colombia 63.00 8.03% 2.23% 8.03%
Congo (Democratic Republ #N/A 16.25% 8.80% 16.25%
Congo (Republic of) #N/A 18.46% 10.57% 18.46%
Cook Islands #N/A 11.84% 5.28% 11.84%
Costa Rica 69.30 13.32% 6.46% 13.32%
Côte d'Ivoire #N/A 10.52% 4.22% 10.52%
Croatia 68.30 9.64% 3.53% 9.64%
Cuba 69.50 18.46% 10.57% 18.46%
Curacao #N/A 8.03% 2.23% 8.03%
Cyprus 70.30 9.64% 3.53% 9.64%
Czech Republic 74.00 6.12% 0.71% 6.12%
Denmark 78.80 5.23% 0.00% 5.23%
Dominican Republic 68.00 10.52% 4.22% 10.52%
Ecuador 57.50 19.92% 11.73% 19.92%
Egypt 62.80 13.32% 6.46% 13.32%
El Salvador 65.80 14.79% 7.63% 14.79%
Estonia 68.50 6.26% 0.83% 6.26%
Ethiopia 60.00 13.32% 6.46% 13.32%
Fiji #N/A 10.52% 4.22% 10.52%
Finland 76.80 5.81% 0.47% 5.81%
France 69.80 5.96% 0.58% 5.96%
Gabon 63.00 16.25% 8.80% 16.25%
Georgia #N/A 9.64% 3.53% 9.64%
Germany 79.00 5.23% 0.00% 5.23%
Ghana 66.00 14.79% 7.63% 14.79%
Greece 65.30 11.84% 5.28% 11.84%
Guatemala 70.00 8.90% 2.93% 8.90%
Guernsey (States of) #N/A 6.12% 0.71% 6.12%
Honduras 65.00 11.84% 5.28% 11.84%
Hong Kong 74.80 6.12% 0.71% 6.12%
Hungary 72.00 8.46% 2.58% 8.46%
Iceland 77.30 6.48% 1.00% 6.48%
India 67.30 8.46% 2.58% 8.46%
Indonesia 63.80 8.03% 2.23% 8.03%
Iraq 52.50 16.25% 8.80% 16.25%
Ireland 76.00 6.48% 1.00% 6.48%
Isle of Man #N/A 5.96% 0.58% 5.96%
Israel 69.50 6.26% 0.83% 6.26%
Italy 70.50 8.46% 2.58% 8.46%
Jamaica 67.00 13.32% 6.46% 13.32%
Japan 79.00 6.26% 0.83% 6.26%
Jersey (States of) #N/A 6.12% 0.71% 6.12%
Jordan 61.30 11.84% 5.28% 11.84%
Kazakhstan 66.80 8.46% 2.58% 8.46%
Kenya 60.30 13.32% 6.46% 13.32%
Korea #N/A 5.96% 0.58% 5.96%
Kuwait 68.80 5.96% 0.58% 5.96%
Kyrgyzstan #N/A 13.32% 6.46% 13.32%
Latvia 69.00 6.99% 1.41% 6.99%
Lebanon 51.30 22.86% 14.08% 22.86%
Liechtenstein #N/A 5.23% 0.00% 5.23%
Lithuania 69.80 6.99% 1.41% 6.99%
Luxembourg 82.50 5.23% 0.00% 5.23%
Macao #N/A 6.12% 0.71% 6.12%
Macedonia #N/A 10.52% 4.22% 10.52%
Malaysia 71.80 6.99% 1.41% 6.99%
Maldives #N/A 14.79% 7.63% 14.79%
Mali 60.00 14.79% 7.63% 14.79%
Malta 73.80 6.48% 1.00% 6.48%
Mauritius #N/A 7.58% 1.87% 7.58%
Mexico 63.30 7.58% 1.87% 7.58%
Moldova 63.50 14.79% 7.63% 14.79%
Mongolia 59.50 14.79% 7.63% 14.79%
Montenegro #N/A 11.84% 5.28% 11.84%
Montserrat #N/A 8.46% 2.58% 8.46%
Morocco 64.00 8.90% 2.93% 8.90%
Mozambique 50.50 18.46% 10.57% 18.46%
Namibia 68.00 9.64% 3.53% 9.64%
Netherlands 76.50 5.23% 0.00% 5.23%
New Zealand 79.50 5.23% 0.00% 5.23%
Nicaragua 60.80 14.79% 7.63% 14.79%
Niger 53.80 14.79% 7.63% 14.79%
Nigeria 57.00 13.32% 6.46% 13.32%
Norway 79.50 5.23% 0.00% 5.23%
Oman 65.50 10.52% 4.22% 10.52%
Pakistan 55.00 14.79% 7.63% 14.79%
Panama 70.00 7.58% 1.87% 7.58%
Papua New Guinea 63.30 13.32% 6.46% 13.32%
Paraguay 64.00 8.90% 2.93% 8.90%
Peru 70.50 6.99% 1.41% 6.99%
Philippines 72.80 8.03% 2.23% 8.03%
Poland 73.00 6.48% 1.00% 6.48%
Portugal 73.30 8.46% 2.58% 8.46%
Qatar 70.80 6.12% 0.71% 6.12%
Ras Al Khaimah (Emirate #N/A 6.48% 1.00% 6.48%
Romania 67.30 8.46% 2.58% 8.46%
Russia 65.80 8.46% 2.58% 8.46%
Rwanda #N/A 13.32% 6.46% 13.32%
Saudi Arabia 69.30 6.26% 0.83% 6.26%
Senegal 62.00 10.52% 4.22% 10.52%
Serbia #N/A 10.52% 4.22% 10.52%
Sharjah #N/A 8.03% 2.23% 8.03%
Singapore 81.50 5.23% 0.00% 5.23%
Slovakia 69.00 6.48% 1.00% 6.48%
Slovenia 69.80 7.58% 1.87% 7.58%
Solomon Islands #N/A 14.79% 7.63% 14.79%
South Africa 63.50 8.90% 2.93% 8.90%
Spain 68.50 7.58% 1.87% 7.58%
Sri Lanka 59.50 13.32% 6.46% 13.32%
St. Maarten #N/A 8.46% 2.58% 8.46%
St. Vincent & the Grenad #N/A 14.79% 7.63% 14.79%
Suriname 58.00 14.79% 7.63% 14.79%
Swaziland #N/A 13.32% 6.46% 13.32%
Sweden 80.30 5.23% 0.00% 5.23%
Switzerland 82.30 5.23% 0.00% 5.23%
Taiwan 81.80 6.12% 0.71% 6.12%
Tajikistan #N/A 14.79% 7.63% 14.79%
Tanzania 64.30 11.84% 5.28% 11.84%
Thailand 65.80 7.58% 1.87% 7.58%
Togo 61.80 14.79% 7.63% 14.79%
Trinidad and Tobago #N/A 8.90% 2.93% 8.90%
Tunisia 61.00 13.32% 6.46% 13.32%
Turkey 57.80 11.84% 5.28% 11.84%
Turks and Caicos Islands #N/A 7.58% 1.87% 7.58%
Uganda 61.80 13.32% 6.46% 13.32%
Ukraine 62.80 14.79% 7.63% 14.79%
United Arab Emirates 74.30 5.96% 0.58% 5.96%
United Kingdom 72.30 5.96% 0.58% 5.96%
United States 70.30 5.23% 0.00% 5.23%
Uruguay 68.80 8.03% 2.23% 8.03%
Uzbekistan #N/A 11.84% 5.28% 11.84%
Venezuela 41.50 27.14% 17.50% 27.14%
Vietnam 69.80 10.52% 4.22% 10.52%
Zambia 55.80 22.86% 14.08% 22.86%
Algeria 55.00 14.08% 22.86%

Brunei 80.00 1.00% 6.48%
Gambia 63.50 7.63% 14.79%
Guinea 54.00 14.08% 22.86%
Guinea-Bissau 62.00 8.80% 16.25%
Guyana 65.00 6.46% 13.32%
Haiti 54.50 14.08% 22.86%
Iran 58.50 10.57% 18.46%
Korea, D.P.R. 50.30 14.08% 22.86%
Liberia 53.50 14.08% 22.86%
Libya 58.30 10.57% 18.46%
Madagascar 63.00 7.63% 14.79%
Malawi 57.80 10.57% 18.46%
Myanmar 62.80 7.63% 14.79%
Sierra Leone 59.00 10.57% 18.46%
Somalia 50.50 14.08% 22.86%
Sudan 36.30 17.50% 27.14%
Syria 53.80 14.08% 22.86%
Yemen, Republic 50.00 17.50% 27.14%
Zimbabwe 51.30 14.08% 22.86%
Tax Rate CRP PRS Score
55.00% 0.73% More than Less than ERP CRP
15.00% 6.61% 0 50.000 27.14% 17.50%
10.00% 2.80% 50.001 55.000 22.86% 14.08%
30.00% 9.56% 55.001 57.000 19.92% 11.73%
30.00% 17.63% 57.001 60.000 18.46% 10.57%
20.00% 5.29% 60.001 62.000 16.25% 8.80%
25.00% 2.35% 62.001 64.000 14.79% 7.63%
30.00% 0.00% 64.001 66.000 13.32% 6.46%
25.00% 0.58% 66.001 68.000 11.84% 5.28%
20.00% 4.41% 68.001 69.000 10.52% 4.22%
0.00% 4.41% 69.001 72.000 9.64% 3.53%
0.00% 8.09% 72.001 74.000 8.03% 2.23%
25.00% 5.29% 74.001 76.000 7.58% 1.87%
5.50% 11.02% 76.001 80.000 6.48% 1.00%
18.00% 9.56% 80.001 82.500 6.12% 0.71%
29.00% 0.89% 82.501 85.000 5.81% 0.47%
32.36% 11.02% 85.001 90.000 5.23% 0.00%
30.00% 8.09%
0.00% 1.25% Rating Updated Default Spread (7/1/20)
25.00% 6.61% Aaa 0.00%
10.00% 9.56% Aa1 0.47%
22.00% 1.25% Aa2 0.58%
34.00% 4.41% Aa3 0.71%
10.00% 2.80% A1 0.83%
28.00% 8.09% A2 1.00%
20.00% 8.09% A3 1.41%
33.00% 8.09% Baa1 1.87%
26.50% 0.00% Baa2 2.23%
0.00% 8.09% Baa3 2.58%
0.00% 0.89% Ba1 2.93%
27.00% 1.03% Ba2 3.53%
25.00% 1.03% Ba3 4.22%
33.00% 2.80% B1 5.28%
35.00% 11.02% B2 6.46%
32.36% 13.23% B3 7.63%
28.43% 6.61% Caa1 8.80%
30.00% 8.09% Caa2 10.57%
25.00% 5.29% Caa3 11.73%
18.00% 4.41% Ca 14.08%
27.24% 13.23% C 17.50%
22.00% 2.80%
12.50% 4.41%
19.00% 0.89%
22.00% 0.00%
27.00% 5.29%
25.00% 14.69%
22.50% 8.09%
30.00% 9.56%
20.00% 1.03%
30.00% 8.09%
20.00% 5.29%
20.00% 0.58%
31.00% 0.73%
30.00% 11.02%
15.00% 4.41%
30.00% 0.00%
25.00% 9.56%
28.00% 6.61%
25.00% 3.67%
0.00% 0.89%
25.00% 6.61%
16.50% 0.89%
9.00% 3.23%
20.00% 1.25%
30.00% 3.23%
25.00% 2.80%
15.00% 11.02%
12.50% 1.25%
0.00% 0.73%
23.00% 1.03%
24.00% 3.23%
25.00% 8.09%
30.62% 1.03%
0.00% 0.89%
20.00% 6.61%
20.00% 3.23%
30.00% 8.09%
25.00% 0.73%
15.00% 0.73%
10.00% 8.09%
20.00% 1.76%
17.00% 17.63%
12.50% 0.00%
15.00% 1.76%
26.01% 0.00%
12.00% 0.89%
10.00% 5.29%
24.00% 1.76%
30.19% 9.56%
28.24% 9.56%
35.00% 1.25%
15.00% 2.35%
30.00% 2.35%
12.00% 9.56%
25.00% 9.56%
9.00% 6.61%
27.24% 3.23%
31.00% 3.67%
32.00% 13.23%
32.00% 4.41%
25.00% 0.00%
28.00% 0.00%
30.00% 9.56%
32.36% 9.56%
30.00% 8.09%
22.00% 0.00%
15.00% 5.29%
30.00% 9.56%
25.00% 2.35%
30.00% 8.09%
10.00% 3.67%
29.50% 1.76%
30.00% 2.80%
19.00% 1.25%
21.00% 3.23%
10.00% 0.89%
0.00% 1.25%
16.00% 3.23%
20.00% 3.23%
30.00% 8.09%
20.00% 1.03%
30.00% 5.29%
15.00% 5.29%
0.00% 2.80%
17.00% 0.00%
21.00% 1.25%
19.00% 2.35%
30.00% 9.56%
28.00% 3.67%
25.00% 2.35%
28.00% 8.09%
35.00% 3.23%
30.00% 9.56%
36.00% 9.56%
27.50% 8.09%
21.40% 0.00%
18.00% 0.00%
20.00% 0.89%
30.19% 9.56%
30.00% 6.61%
20.00% 2.35%
32.36% 9.56%
25.00% 3.67%
25.00% 8.09%
22.00% 6.61%
0.00% 2.35%
30.00% 8.09%
18.00% 9.56%
55.00% 0.73%
19.00% 0.73%
25.00% 0.00%
25.00% 2.80%
7.50% 6.61%
34.00% 21.91%
20.00% 5.29%
35.00% 17.63%
Row Labels Average of Corporate Tax Rate

26.00% 17.63% Africa 29.15%
18.50% 1.25% Asia 23.10%
31.00% 9.56% Australia & New Zeala 19.33%
29.15% 17.63% Caribbean 18.64%
29.15% 11.02% Central and South Ame 27.93%
18.64% 8.09% Eastern Europe & Russ 16.69%
18.64% 17.63% Middle East 20.23%
20.23% 13.23% North America 25.75%
23.10% 17.63% Western Europe 20.02%
29.15% 17.63%
20.00% 13.23%
20.00% 9.56%
30.00% 13.23%
25.00% 9.56%
30.00% 13.23%
29.15% 17.63%
35.00% 21.91%
28.00% 17.63%
20.00% 21.91%
25.00% 17.63%
Country PRS Score
Albania 63.0
Below Ca Algeria 55.0
Ca Angola 50.5
Caa3 Argentina 60.8
Caa2 Armenia 63.5
Caa1 Australia 74.0
B3 Austria 75.3
B2 Azerbaijan 63.5
B1 Bahamas 70.5
Ba3 Bahrain 61.5
Ba2 Banglades 64.3
Baa2 Belarus 59.5
Baa1 Belgium 71.8
A2 Bolivia 61.8
Aa3 Botswana 72.0
Aa1 Brazil 62.3
Aaa Brunei 80.0
Bulgaria 71.5
Burkina Fa 61.3
Cameroon 56.8
Canada 76.8
Chile 67.8
China, Peo 70.0
Colombia 63.0
Congo, De 52.5
Congo, Rep 62.3
Costa Rica 69.3
Cote d'Ivoi 61.5
Croatia 68.3
Cuba 69.5
Cyprus 70.3
Czech Repu 74.0
Denmark 78.8
Dominican 68.0
Ecuador 57.5
Egypt 62.8
El Salvador 65.8
Estonia 68.5
Ethiopia 60.0
Finland 76.8
France 69.8
Gabon 63.0
Gambia 63.5
Germany 79.0
Ghana 66.0
Greece 65.3
Guatemala 70.0
Guinea 54.0
Guinea-Biss 62.0
Guyana 65.0
Haiti 54.5
Honduras 65.0
Hong Kong 74.8
Hungary 72.0
Iceland 77.3
India 67.3
Indonesia 63.8
Iran 58.5
Iraq 52.5
Ireland 76.0
Israel 69.5
Italy 70.5
Jamaica 67.0
Japan 79.0
Jordan 61.3
Kazakhstan 66.8
Kenya 60.3
Korea, D.P.R 50.3
Korea, Repub 80.3
Kuwait 68.8
Latvia 69.0
Lebanon 51.3
Liberia 53.5
Libya 58.3
Lithuania 69.8
Luxembourg 82.5
Madagascar 63.0
Malawi 57.8
Malaysia 71.8
Mali 60.0
Malta 73.8
Mexico 63.3
Moldova 63.5
Mongolia 59.5
Morocco 64.0
Mozambique 50.5
Myanmar 62.8
Namibia 68.0
Netherlands 76.5
New Zealand 79.5
Nicaragua 60.8
Niger 53.8
Nigeria 57.0
Norway 79.5
Oman 65.5
Pakistan 55.0
Panama 70.0
Papua New G 63.3
Paraguay 64.0
Peru 70.5
Philippines 72.8
Poland 73.0
Portugal 73.3
Qatar 70.8
Romania 67.3
Russia 65.8
Saudi Arabia 69.3
Senegal 62.0
Serbia 65.5
Sierra Leone 59.0
Singapore 81.5
Slovakia 69.0
Slovenia 69.8
Somalia 50.5
South Africa 63.5
Spain 68.5
Sri Lanka 59.5
Sudan 36.3
Suriname 58.0
Sweden 80.3
Switzerland 82.3
Syria 53.8
Taiwan 81.8
Tanzania 64.3
Thailand 65.8
Togo 61.8
Trinidad & 68.8
Tunisia 61.0
Turkey 57.8
Uganda 61.8
Ukraine 62.8
United Arab 74.3
United King 72.3
United State 70.3
Uruguay 68.8
Venezuela 41.5
Vietnam 69.8
Yemen, Repu 50.0
Zambia 55.8
Zimbabwe 51.3
Corporate Tax Rate

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Country Risk Premiums

Step 1: Estimating mature market risk premium

Step 3: Convert the default spread into a country risk premium

Step 4: Compute a total equity risk premium

Step 5: Compute regional averages and regional weighted averages

3 to get a total equity risk premium.

r is the CDS spread for the country (if one exists)

at the start of every year.

viation to the BAML Emerging Public Bond index standard deviation

h a total equity risk premium equal to the US.

Country Default Spread (based on 5.28%

Country Risk Premium (CDS) 2.09%

Country Risk Premium (simple av 2.20%

Country Risk Premium (GDP weig 0.00%

PRS Score 51.30

e Regional Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Rating Default spread in basis points

Updated July 1, 2020

Sovereign CDS, net

DATE VALUE Effective dat

2015-07-01 4.89 Average = 4.32 In spread % 7/1/2015

2015-07-02 4.87 Std Dev = 0.551861644 In spread % 7/2/2015

Region Weighted Average: TRP Weighted Average: CRP

For updating industry average spreadsheets

Total GDP Weight Weight *ERP Weight*CRP

0.04% 0.10% 0.05% 0.25%

0.00% 4.57% 0.00% 26.23%

0.02% 0.08% 0.02% 0.26%

0.02% 0.05% 0.03% 0.06%

0.00% 0.40% 0.00% 2.04%

0.00% 0.00% 0.00% 0.00%

Weight*Default Spread Weight* Tax Rate

Algeria 55.00 14.08% 22.86%

Row Labels Average of Corporate Tax Rate

Corporate Tax Rate

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Total GDP Weight Weight ERP WeightCRP

WeightDefault Spread Weight Tax Rate