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      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
      Deputy Head
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      Florian Stapf
      Business Developement
      Additional information

      Scope's 2022 Sovereign and Public Sector Rating Calendar

      How We Are Different (Presentation)

      2022 Sovereign and Public Sector Rating Actions, Updated 18 March 2022

      Sovereign Ratings

      As of May 25, 2024* (click on country name to visit issuer page)

      Europe Other Countries
      EURO Area NON-EURO AREA EU
      Austria AA+
      Stable
      Belgium AA-
      Negative
      Croatia BBB+
      Positive
      Cyprus BBB+
      Stable
      Estonia A+
      Stable
      Finland AA+
      Stable
      France AA
      Negative
      Germany AAA
      Stable
      Greece BBB-
      Stable
      Ireland AA-
      Positive
      Italy BBB+
      Stable
      Latvia A-
      Stable
      Lithuania A
      Stable
      Luxembourg AAA
      Stable
      Malta A+
      Stable
      Netherlands AAA
      Stable
      Portugal A-
      Stable
      Slovakia A
      Stable
      Slovenia A
      Stable
      Spain A-
      Positive
      Bulgaria BBB+
      Positive
      Czech Republic AA-
      Stable
      Denmark AAA
      Stable
      Hungary BBB
      Stable
      Poland A
      Stable
      Romania BBB-
      Stable
      Sweden AAA
      Stable
      OTHER WESTERN EUROPE
      Norway AAA
      Stable
      Switzerland AAA
      Stable
      United Kingdom AA
      Stable
      OTHER EUROPE
      Georgia BB
      Stable
      Serbia BB+
      Stable
      Turkey B-
      Positive
      Ukraine C
      Negative
      AFRICA
      Egypt B-
      Stable
      Morocco BB+
      Stable
      South Africa BB
      Stable
      REST OF THE WORLD
      China A
      Stable
      Japan A
      Stable
      United States AA
      Negative

      *Foreign-currency long-term issuer rating

      Scope’s sovereign ratings and ratings histories are also displayed on WikiratingFX Empire and Macrobond, among other platforms.

      Supranational Ratings

      As of May 25, 2024* (click on supranational entity to visit issuer page)

      Visit ScopeOne for Scope Ratings’ full analytical research
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