Country
|
Africa
|
Moody's rating
|
Rating-based Default Spread
|
Total Equity Risk Premium
|
Country Risk Premium
|
Sovereign CDS, net of US
|
Total Equity Risk Premium2
|
Country Risk Premium3
|
Abu Dhabi
|
Middle East
|
Aa2
|
0.42%
|
4.73%
|
0.49%
|
0.58%
|
4.91%
|
0.67%
|
Albania
|
Eastern Europe & Russia
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Andorra (Principality of)
|
Western Europe
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
NA
|
NA
|
NA
|
Angola
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
5.75%
|
10.92%
|
6.68%
|
Argentina
|
Central and South America
|
Ca
|
10.21%
|
16.11%
|
11.87%
|
23.13%
|
31.12%
|
26.88%
|
Armenia
|
Eastern Europe & Russia
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Aruba
|
Caribbean
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
NA
|
NA
|
NA
|
Australia
|
Australia & New Zealand
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.04%
|
4.29%
|
0.05%
|
Austria
|
Western Europe
|
Aa1
|
0.34%
|
4.63%
|
0.39%
|
0.00%
|
4.24%
|
0.00%
|
Azerbaijan
|
Eastern Europe & Russia
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
NA
|
NA
|
NA
|
Bahamas
|
Caribbean
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Bahrain
|
Middle East
|
B2
|
4.68%
|
9.68%
|
5.44%
|
3.21%
|
7.97%
|
3.73%
|
Bangladesh
|
Asia
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Barbados
|
Caribbean
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
Belarus
|
Eastern Europe & Russia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Belgium
|
Western Europe
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
0.02%
|
4.26%
|
0.02%
|
Belize
|
Central and South America
|
Caa3
|
8.51%
|
14.13%
|
9.89%
|
NA
|
NA
|
NA
|
Benin
|
Africa
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Bermuda
|
Caribbean
|
A2
|
0.72%
|
5.08%
|
0.84%
|
NA
|
NA
|
NA
|
Bolivia
|
Central and South America
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Bosnia and Herzegovina
|
Eastern Europe & Russia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Botswana
|
Africa
|
A3
|
1.02%
|
5.43%
|
1.19%
|
NA
|
NA
|
NA
|
Brazil
|
Central and South America
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
2.72%
|
7.40%
|
3.16%
|
Bulgaria
|
Eastern Europe & Russia
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
0.62%
|
4.96%
|
0.72%
|
Burkina Faso
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Cambodia
|
Asia
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Cameroon
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
3.37%
|
8.16%
|
3.92%
|
Canada
|
North America
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.09%
|
4.34%
|
0.10%
|
Cape Verde
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Cayman Islands
|
Caribbean
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
NA
|
NA
|
NA
|
Chile
|
Central and South America
|
A1
|
0.60%
|
4.94%
|
0.70%
|
1.06%
|
5.47%
|
1.23%
|
China
|
Asia
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.55%
|
4.88%
|
0.64%
|
Colombia
|
Central and South America
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
2.58%
|
7.24%
|
3.00%
|
Congo (Democratic Republic of)
|
Africa
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
Congo (Republic of)
|
Africa
|
Caa2
|
7.66%
|
13.14%
|
8.90%
|
NA
|
NA
|
NA
|
Cook Islands
|
Australia & New Zealand
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Costa Rica
|
Central and South America
|
B2
|
4.68%
|
9.68%
|
5.44%
|
3.73%
|
8.58%
|
4.34%
|
Côte d'Ivoire
|
Africa
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Croatia
|
Eastern Europe & Russia
|
Ba1
|
2.13%
|
6.71%
|
2.47%
|
0.92%
|
5.31%
|
1.07%
|
Cuba
|
Caribbean
|
Ca
|
10.21%
|
16.11%
|
11.87%
|
NA
|
NA
|
NA
|
Curacao
|
Caribbean
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
NA
|
NA
|
NA
|
Cyprus
|
Western Europe
|
Ba1
|
2.13%
|
6.71%
|
2.47%
|
0.55%
|
4.88%
|
0.64%
|
Czech Republic
|
Eastern Europe & Russia
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
0.28%
|
4.57%
|
0.33%
|
Denmark
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Dominican Republic
|
Caribbean
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Ecuador
|
Central and South America
|
Caa3
|
8.51%
|
14.13%
|
9.89%
|
7.38%
|
12.82%
|
8.58%
|
Egypt
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
5.55%
|
10.69%
|
6.45%
|
El Salvador
|
Central and South America
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
18.14%
|
25.32%
|
21.08%
|
Estonia
|
Eastern Europe & Russia
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.66%
|
5.01%
|
0.77%
|
Ethiopia
|
Africa
|
Caa2
|
7.66%
|
13.14%
|
8.90%
|
20.21%
|
27.73%
|
23.49%
|
Fiji
|
Asia
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Finland
|
Western Europe
|
Aa1
|
0.34%
|
4.63%
|
0.39%
|
0.01%
|
4.25%
|
0.01%
|
France
|
Western Europe
|
Aa2
|
0.42%
|
4.73%
|
0.49%
|
0.15%
|
4.41%
|
0.17%
|
Gabon
|
Africa
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
Georgia
|
Eastern Europe & Russia
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
NA
|
NA
|
NA
|
Germany
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Ghana
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Greece
|
Western Europe
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
1.50%
|
5.98%
|
1.74%
|
Guatemala
|
Central and South America
|
Ba1
|
2.13%
|
6.71%
|
2.47%
|
NA
|
NA
|
NA
|
Guernsey (States of)
|
Western Europe
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
NA
|
NA
|
NA
|
Honduras
|
Central and South America
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Hong Kong
|
Asia
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
0.22%
|
4.50%
|
0.26%
|
Hungary
|
Eastern Europe & Russia
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
0.50%
|
4.82%
|
0.58%
|
Iceland
|
Western Europe
|
A2
|
0.72%
|
5.08%
|
0.84%
|
0.54%
|
4.87%
|
0.63%
|
India
|
Asia
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
1.25%
|
5.69%
|
1.45%
|
Indonesia
|
Asia
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
1.17%
|
5.60%
|
1.36%
|
Iraq
|
Middle East
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
5.44%
|
10.56%
|
6.32%
|
Ireland
|
Western Europe
|
A2
|
0.72%
|
5.08%
|
0.84%
|
0.08%
|
4.33%
|
0.09%
|
Isle of Man
|
Western Europe
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
NA
|
NA
|
NA
|
Israel
|
Middle East
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.53%
|
4.86%
|
0.62%
|
Italy
|
Western Europe
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
1.22%
|
5.66%
|
1.42%
|
Jamaica
|
Caribbean
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Japan
|
Asia
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.14%
|
4.40%
|
0.16%
|
Jersey (States of)
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
NA
|
NA
|
NA
|
Jordan
|
Middle East
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Kazakhstan
|
Eastern Europe & Russia
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
0.80%
|
5.17%
|
0.93%
|
Kenya
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
4.25%
|
9.18%
|
4.94%
|
Korea
|
Asia
|
Aa2
|
0.42%
|
4.73%
|
0.49%
|
0.16%
|
4.43%
|
0.19%
|
Kuwait
|
Middle East
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.67%
|
5.02%
|
0.78%
|
Kyrgyzstan
|
Eastern Europe & Russia
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Laos
|
Asia
|
Caa2
|
7.66%
|
13.14%
|
8.90%
|
NA
|
NA
|
NA
|
Latvia
|
Eastern Europe & Russia
|
A3
|
1.02%
|
5.43%
|
1.19%
|
0.55%
|
4.88%
|
0.64%
|
Lebanon
|
Middle East
|
C
|
17.50%
|
24.58%
|
20.34%
|
NA
|
NA
|
NA
|
Liechtenstein
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
NA
|
NA
|
NA
|
Lithuania
|
Eastern Europe & Russia
|
A2
|
0.72%
|
5.08%
|
0.84%
|
0.60%
|
4.94%
|
0.70%
|
Luxembourg
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
NA
|
NA
|
NA
|
Macao
|
Asia
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
NA
|
NA
|
NA
|
Macedonia
|
Eastern Europe & Russia
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Malaysia
|
Asia
|
A3
|
1.02%
|
5.43%
|
1.19%
|
0.62%
|
4.96%
|
0.72%
|
Maldives
|
Asia
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
Mali
|
Africa
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
Malta
|
Western Europe
|
A2
|
0.72%
|
5.08%
|
0.84%
|
NA
|
NA
|
NA
|
Mauritius
|
Africa
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
NA
|
NA
|
NA
|
Mexico
|
Central and South America
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
1.39%
|
5.86%
|
1.62%
|
Moldova
|
Eastern Europe & Russia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Mongolia
|
Asia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Montenegro
|
Eastern Europe & Russia
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Montserrat
|
Caribbean
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
NA
|
NA
|
NA
|
Morocco
|
Africa
|
Ba1
|
2.13%
|
6.71%
|
2.47%
|
1.13%
|
5.55%
|
1.31%
|
Mozambique
|
Africa
|
Caa2
|
7.66%
|
13.14%
|
8.90%
|
NA
|
NA
|
NA
|
Namibia
|
Africa
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
NA
|
NA
|
NA
|
Netherlands
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
New Zealand
|
Australia & New Zealand
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.02%
|
4.26%
|
0.02%
|
Nicaragua
|
Central and South America
|
B3
|
5.53%
|
10.67%
|
6.43%
|
4.17%
|
9.09%
|
4.85%
|
Niger
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Nigeria
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
5.34%
|
10.45%
|
6.21%
|
Norway
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Oman
|
Middle East
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
3.00%
|
7.73%
|
3.49%
|
Pakistan
|
Asia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
3.48%
|
8.28%
|
4.04%
|
Panama
|
Central and South America
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
1.07%
|
5.48%
|
1.24%
|
Papua New Guinea
|
Asia
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Paraguay
|
Central and South America
|
Ba1
|
2.13%
|
6.71%
|
2.47%
|
NA
|
NA
|
NA
|
Peru
|
Central and South America
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
1.12%
|
5.54%
|
1.30%
|
Philippines
|
Asia
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
0.73%
|
5.09%
|
0.85%
|
Poland
|
Eastern Europe & Russia
|
A2
|
0.72%
|
5.08%
|
0.84%
|
0.49%
|
4.81%
|
0.57%
|
Portugal
|
Western Europe
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
0.37%
|
4.67%
|
0.43%
|
Qatar
|
Middle East
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
0.55%
|
4.88%
|
0.64%
|
Ras Al Khaimah (Emirate of)
|
Middle East
|
A3
|
1.02%
|
5.43%
|
1.19%
|
NA
|
NA
|
NA
|
Romania
|
Eastern Europe & Russia
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
1.05%
|
5.46%
|
1.22%
|
Russia
|
Eastern Europe & Russia
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
1.51%
|
6.00%
|
1.76%
|
Rwanda
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
3.17%
|
7.92%
|
3.68%
|
Saudi Arabia
|
Middle East
|
A1
|
0.60%
|
4.94%
|
0.70%
|
0.69%
|
5.04%
|
0.80%
|
Senegal
|
Africa
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
2.47%
|
7.11%
|
2.87%
|
Serbia
|
Eastern Europe & Russia
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
1.18%
|
5.61%
|
1.37%
|
Sharjah
|
Middle East
|
Baa3
|
1.87%
|
6.42%
|
2.18%
|
NA
|
NA
|
NA
|
Singapore
|
Asia
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
NA
|
NA
|
NA
|
Slovakia
|
Eastern Europe & Russia
|
A2
|
0.72%
|
5.08%
|
0.84%
|
0.44%
|
4.75%
|
0.51%
|
Slovenia
|
Eastern Europe & Russia
|
A3
|
1.02%
|
5.43%
|
1.19%
|
0.68%
|
5.03%
|
0.79%
|
Solomon Islands
|
Asia
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
NA
|
NA
|
NA
|
South Africa
|
Africa
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
2.66%
|
7.33%
|
3.09%
|
Spain
|
Western Europe
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
0.41%
|
4.72%
|
0.48%
|
Sri Lanka
|
Asia
|
Caa2
|
7.66%
|
13.14%
|
8.90%
|
19.50%
|
26.90%
|
22.66%
|
St. Maarten
|
Caribbean
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
NA
|
NA
|
NA
|
St. Vincent & the Grenadines
|
Caribbean
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Suriname
|
Central and South America
|
Caa3
|
8.51%
|
14.13%
|
9.89%
|
NA
|
NA
|
NA
|
Swaziland
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Sweden
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Switzerland
|
Western Europe
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Taiwan
|
Asia
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
NA
|
NA
|
NA
|
Tajikistan
|
Eastern Europe & Russia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Tanzania
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Thailand
|
Asia
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
0.33%
|
4.62%
|
0.38%
|
Togo
|
Africa
|
B3
|
5.53%
|
10.67%
|
6.43%
|
NA
|
NA
|
NA
|
Trinidad and Tobago
|
Caribbean
|
Ba2
|
2.56%
|
7.21%
|
2.97%
|
NA
|
NA
|
NA
|
Tunisia
|
Africa
|
Caa1
|
6.38%
|
11.65%
|
7.41%
|
8.63%
|
14.27%
|
10.03%
|
Turkey
|
Western Europe
|
B2
|
4.68%
|
9.68%
|
5.44%
|
5.32%
|
10.42%
|
6.18%
|
Turks and Caicos Islands
|
Caribbean
|
Baa1
|
1.36%
|
5.82%
|
1.58%
|
NA
|
NA
|
NA
|
Uganda
|
Africa
|
B2
|
4.68%
|
9.68%
|
5.44%
|
NA
|
NA
|
NA
|
Ukraine
|
Eastern Europe & Russia
|
B3
|
5.53%
|
10.67%
|
6.43%
|
5.98%
|
11.19%
|
6.95%
|
United Arab Emirates
|
Middle East
|
Aa2
|
0.42%
|
4.73%
|
0.49%
|
NA
|
NA
|
NA
|
United Kingdom
|
Western Europe
|
Aa3
|
0.51%
|
4.84%
|
0.60%
|
0.00%
|
4.24%
|
0.00%
|
United States
|
North America
|
Aaa
|
0.00%
|
4.24%
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
Uruguay
|
Central and South America
|
Baa2
|
1.62%
|
6.12%
|
1.88%
|
1.27%
|
5.72%
|
1.48%
|
Uzbekistan
|
Eastern Europe & Russia
|
B1
|
3.83%
|
8.69%
|
4.45%
|
NA
|
NA
|
NA
|
Venezuela
|
Central and South America
|
C
|
17.50%
|
24.58%
|
20.34%
|
NA
|
NA
|
NA
|
Vietnam
|
Asia
|
Ba3
|
3.06%
|
7.80%
|
3.56%
|
1.37%
|
5.83%
|
1.59%
|
Zambia
|
Africa
|
Ca
|
10.21%
|
16.11%
|
11.87%
|
NA
|
NA
|
NA
|