Cabecera Sovereign

Sovereign

Maximum creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category displays an excellent capacity to honour its financial commitments.

Very High creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category maintains an excellent capacity to honour its financial commitments even under adverse changes in the economic environment.


High creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category displays a high capacity to honour its financial commitments. However, this rating may deteriorate under adverse changes in the economic environment more so than the higher rated categories.

Medium to High creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category displays a more than adequate capacity to honour its financial commitments. However, this capacity is more likely to deteriorate under adverse changes in the economic environment than the higher rated categories.

Medium creditworthiness

This category is the first to incorporate speculative characteristics. A sovereign/sub-sovereign entity or issue rated in this category displays an adequate capacity to honour its financial commitments. However, this capacity has weaknesses and it is likely to deteriorate under adverse changes in the economic environment.

Medium to Low creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category may display the capacity to honour its financial commitments in the short-term however, adverse economic, financial or macroeconomic conditions will probably impair the issuer’s ability to meet its financial commitments.

 

Low creditworthiness

A sovereign/sub-sovereign entity or issue rated in this category currently is undergoing problems in honouring its financial commitments and therefore relies on favourable economic and financial conditions.

Very Low creditworthines

A sovereign/sub-sovereign entity or issue rated in this category displays uncertainty in honouring its financial obligations with a high probability of missing some of its payments.

 

Extremely Low creditworthiness.

A sovereign/sub-sovereign entity or issue rated in this category displays a high risk of interrupting payments.

Credit Quality close to default

A sovereign/sub-sovereign entity or issue rated in this category is close to default.

 

Default

A sovereign/sub-sovereign entity or issue is in default, has payment delays or has been declared insolvent.