Moody's Investors Service - Sovereign Ceilings for Foreign Currency Ratings

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Sovereign Ceilings for Foreign-Currency Ratings
as of Feb 05, 1998, 06:03 EST

	Bonds and Notes		Bank Deposits
	Long-Term	Short-Term[1]	Long-Term	Short-Term[1]
Alderny	Aaa	P-1	Aaa	P-1
Andorra	Aa2	P-1	Aa2	P-1
Argentina	Ba3	NP	B1	NP
Australia	Aa2	P-1	Aa2	P-1
Austria	Aaa	P-1	Aaa	P-1
Bahamas	A3	P-2	A3	P-2
Bahamas - Off Shore Banking Center	Aaa	P-1	Aaa	P-1
Bahrain	Ba1	NP	Ba2	NP
Bahrain - Off Shore Banking Center	A3	P-2	A3	P-2
Barbados	Ba1	NP	Ba2	NP
Belgium	Aa1	P-1	Aa1	P-1
Bermuda	Aa1	P-1	Aa1	P-1
Brazil	B1	NP	B2	NP
Bulgaria	B2	NP	B3	NP
Canada	Aa2	P-1	Aa2	P-1
Cayman Islands	Aa3	P-1	Aa3	-
Cayman Islands - Off Shore Banking Center	Aaa	P-1	Aaa	P-1
Chile	Baa1	P-2	Baa1	P-2
China	A3	P-2	Baa2	P-3
Colombia	Baa3	-	Ba1	NP
Costa Rica	Ba1	NP	Ba2	NP
Croatia	Baa3	P-3	Ba1	NP
Cyprus	A2	P-1	A2	P-1
Czech Republic	Baa1	P-2	Baa1	P-2
Denmark	Aa1	P-1	Aa1	P-1
Dominican Republic	B1	NP	B2	NP
Ecuador	B1	NP	B2	NP
Egypt	Ba1	NP	Ba2	NP
El Salvador	Baa3	P-3	Baa3	P-3
Estonia	Baa1	P-2	Baa1	P-2
Finland	Aa1	P-1	Aa1	P-1
France	Aaa	P-1	Aaa	P-1
Germany	Aaa	P-1	Aaa	P-1
Gibraltar	Aaa	P-1	Aaa	P-1
Greece	Baa1	P-2	Baa1	P-2
Guatemala	Ba2	NP	Ba3	NP
Guernsey	Aaa	P-1	Aaa	P-1
Hong Kong	A3	P-1**	A3	P-1**
Hungary	Baa3	P-3	Ba1	NP
Iceland	Aa3	P-1	Aa3	P-1
India	Baa3**	P-3**	Ba1**	NP
Indonesia	B2	NP	Caa1	NP
Ireland	Aa1	P-1	Aa1	P-1
Isle of Man	Aaa	P-1	Aaa	P-1
Israel	A3	P-2	A3	P-2
Italy	Aa3	P-1	Aa3	P-1
Japan	Aaa	P-1	Aaa	P-1
Jersey	Aaa	P-1	Aaa	P-1
Jordan	Ba3	NP	B1	NP
Kazakstan	Ba3	NP	B1	NP
Korea	Ba1**	NP	Caa1	NP
Kuwait	Baa1	P-2	Baa1	P-2
Latvia	Baa2	P-3	Baa3	P-3
Lebanon	B1	NP	B2	NP
Liechtenstein	Aaa	P-1	Aaa	P-1
Lithuania	Ba1	NP	Ba2	NP
Luxembourg	Aaa	P-1	Aaa	P-1
Macau	Baa1	P-2	Baa1	P-2
Malaysia	A2	P-2	Baa1	P-2
Malta	A2**	P-1**	A2**	P-1**
Mauritius	Baa2	P-2	Baa2	P-2
Mexico	Ba2	NP	B1	NP
Moldova	Ba2	NP	Ba3	NP
Monaco	Aaa	P-1	Aaa	P-1
Netherlands	Aaa	P-1	Aaa	P-1
New Zealand	Aa1	P-1	Aa1	P-1
Norway	Aaa	P-1	Aaa	P-1
Oman	Baa2	P-2	Baa2	P-2
Pakistan	B2	NP	B3**	NP
Panama	Baa1	P-2	Baa2	P-2
Panama - Off Shore Banking Center	Aa2	P-1	Aa2	P-1
Peru	B2	NP	B3	NP
Philippines	Ba1	NP	Ba2	NP
Poland	Baa3	-	Ba1	NP
Portugal	Aa3	P-1	Aa3	P-1
Qatar	Baa2	P-2	Baa2	P-2
Romania	Ba3	NP	B1	NP
Russia	Ba2**	NP	Ba3**	NP
San Marino	Aa3	P-1	Aa3	P-1
Sark	Aaa	P-1	Aaa	P-1
Saudi Arabia	Baa3	P-3	Baa3	P-3
Singapore	Aa1	P-1	Aa1	P-1
Slovakia	Baa3**	-	Ba1**	NP
Slovenia	A3	P-2	A3	P-2
South Africa	Baa3	-	Ba1	NP
Spain	Aa2	P-1	Aa2	P-1
Sweden	Aa3	P-1	Aa3	P-1
Switzerland	Aaa	P-1	Aaa	P-1
Taiwan	Aa3	P-1	Aa3	P-1
Thailand	Ba1	NP	B1	NP
Trinidad & Tobago	Ba1	NP	Ba2	NP
Tunisia	Baa3	-	Ba1	NP
Turkey	B1	NP	B2	NP
Turkmenistan	B2	NP	B3	NP
United Arab Emirates	A2	P-2	A2	P-2
United Kingdom	Aaa	P-1	Aaa	P-1
United States of America	Aaa	P-1	Aaa	P-1
Uruguay	Baa3	P-3	Baa3	P-3
Venezuela	Ba2	NP	Ba3	NP
Vietnam	Ba3	NP	B1	NP

[1]	Commercial Paper of Banks/Bank Holding Companies falls under the bank deposit ceiling.
*	Under review for possible upgrade.
**	Under review for possible downgrade.

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