Our Approach

      Scope’s sovereign and public sector methodologies are based on quantitative and qualitative approaches, allowing the group to strike an appropriate balance between analytical consistency and acknowledgement of issuer-specific characteristics. We make clear when we use our own judgement in the assessment of credit risk. Our coverage includes five asset classes, each reflecting our emphasis on the value of holistic analytical approaches in evaluation of sovereign and public sector credit quality. Specifically, sovereign credit rating analysis includes assessment of other rated asset classes. Developments at the supranational and sub-sovereign levels, among GREs and social-housing providers, as well as at entities in other Scope-rated asset classes, can as well have an economic and/or fiscal impact on a sovereign rating.

      Our sovereign quantitative model embeds five-year forecasting, making the rating framework significantly forward looking. Analytical emphasis rests on structural rather than cyclical dynamics. We attach more weighting to flow than stock variables. We emphasise counter-cyclicality in ratings.

      First major agency to embed environment, social and governance (ESG) as a stand-alone sovereign rating methodological pillar, emphasising longer-run ESG risk with significant 25% weight in the quantitative model.

      Transparent communication to markets on sovereign quantitative-model ratings as well as precise analyst adjustments in rating actions – no “black box”.

      Public credit ratings on seven core European supranational entities.

      Our Research

      Scope sovereign and public sector research reflects market-leading outlooks on sovereign borrowers, sub-sovereign and government-related entities, and supranational institutions. Research studies provide deeper insight on specific subjects, while shorter commentaries and interviews inform market participants around the credit implications of latest political, economic, fiscal and monetary developments.

      Read latest research
      research_sovereign_public | Scope One
      Team Contacts

      Our diverse team of sovereign and public sector analysts is based in our Frankfurt, Berlin, Paris, Milan and Madrid offices.

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      Giacomo Barisone
      Head of Sovereign and Public Sector
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      Alvise Lennkh-Yunus
      Deputy Head
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      Florian Stapf
      Business Developement
      Additional information

      Scope's 2023 Sovereign and Public Sector Rating Calendar

      How We Are Different (Presentation)

      2023 Sovereign and Public Sector Rating Actions, Updated 24 March 2023

      Sovereign Ratings

      As of Apr 2, 2023* ( click on country name to visit issuer page )

      Europe Other Countries
      Austria AAA Stable
      Belgium AA- Stable
      Croatia BBB+ Stable
      Cyprus BBB Stable
      Estonia AA- Stable
      Finland AA+ Stable
      France AA Stable
      Germany AAA Stable
      Greece BB+ Positive
      Ireland AA- Positive
      Italy BBB+ Stable
      Latvia A- Positive
      Lithuania A Positive
      Luxembourg AAA Stable
      Malta A+ Stable
      Netherlands AAA Stable
      Portugal A- Stable
      Slovakia A+ Negative
      Slovenia A Stable
      Spain A- Stable
      Bulgaria BBB+ Stable
      Czech Republic AA Negative
      Denmark AAA Stable
      Hungary BBB Stable
      Poland A+ Negative
      Romania BBB- Stable
      Sweden AAA Stable
      Norway AAA Stable
      Switzerland AAA Stable
      United Kingdom AA Stable
      China A+
      Georgia BB
      Japan A
      Russia WD
      Serbia BB+
      South Africa BB+
      Turkey B-
      Ukraine CC
      United States AA

      *Foreign-currency long-term issuer rating

      Scope's sovereign ratings and ratings histories are also displayed on WikiratingFX Empire and Macrobond, among other platforms. Any Scope data shown on such platforms are subject to their respective terms and conditions. Particularly, the accuracy, correctness, and update frequency of information are solely subject to their terms and may vary to what is shown on Scope’s internet presence.

      Supranational Ratings

      As of Apr 2, 2023* ( click on supranational entity to visit issuer page )

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