The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Second Edition

Appendix 6.1

Table 6A.1. Sovereign Ratings by Country (Moody’s)

Country	Foreign	Local	Country	Foreign	Local	Country	Foreign	Local
Albania	B1	B2	Guatemala	Ba2	Ba1	Peru	Ba2	Baa3
Alderney	Aaa	Aaa	Guernsey	Aaa	Aaa	Philippines	B1	B1
Andorra	Aaa	Aaa	Honduras	B2	B2	Poland	A2	A2
Argentina	B3	B3	Hong Kong	Aa2	Aa2	Portugal	Aa2	Aa2
Armenia	Ba2	Ba2	Hungary	A2	A2	Qatar	Aa2	Aa2
Australia	Aaa	Aaa	Iceland	Aaa	Aaa	Romania	Baa3	Baa3
Austria	Aaa	Aaa	India	Baa3	Ba2	Russia	Baa2	Baa2
Azerbaijan	Ba1	Ba1	Indonesia	Ba3	Ba3	San Marino	Aaa	Aaa
Bahamas	A3	A1	Ireland	Aaa	Aaa	Sark	Aaa	Aaa
Bahrain	A2	A2	Isle of Man	Aaa	Aaa	Saudi Arabia	A1	A1
Barbados	Baa2	A3	Israel	A1	A1	Singapore	Aaa	Aaa
Belarus	B1	B1	Italy	Aa2	Aa2	Slovakia	A1	A1
Belgium	Aa1	Aa1	Jamaica	B1	Ba2	Slovenia	Aa2	Aa2
Belize	Caa1	Caa1	Japan	Aaa	A1	South Africa	Baa1	A2
Bermuda	Aa1	Aaa	Jersey	Aaa	Aaa	Spain	Aaa	Aaa
Bolivia	B3	B3	Jordan	Ba2	Baa3	St. Vincent & Grenadines ...