Cabecera Sovereign

Sovereign

Maximum credit quality

Excellent ability of the sovereign/ sub-sovereign government to fulfil its payment obligation in full and on time.

Very high level

It maintains a very high level of capacity to fulfil its credit obligations even in the event of changes in the economic environment.


High level

The company has strong capacity to meet its credit obligations. However, this rating may deteriorate in the event of moderately adverse changes in the financial environment.

Medium / High level

The sovereign/ sub-sovereign government has a high capacity to fulfil its credit obligations. However, this rating may deteriorate in the event of moderately adverse changes in the economic environment.

Average level

Adequate capacity to face its financial obligations.

Medium / Low level

Despite the fact that the ability to fulfil obligations payments is not problematic at present, this capacity may not last for a long period of time in unfavourable economic environments.

 

Low level

Low ability to cope with financial obligations. Dependence on favourable economic environments.

Poor credit quality

There is uncertainty about their ability to repay financial obligations. High probability of default in any of the payments. High sensitivity to changes in the economic environment.

 

Very poor credit quality

High risk of cessation or interruption of payments.

Quality closet to insolvency

Situation very close to insolvency. Very high risk of default.

 

Default situation

The sovereign/ sub-sovereign government is in default, with delays in payments, has been declared insolvent, is in a bankruptcy situation or, in the case of sub-sovereig government, has been intervened.