(Refiles to fix table formatting)
By Marc Jones
LONDON, June 25 (Reuters) - Canada became the latest
country to be stripped of a prized 'triple A' sovereign credit
rating after Fitch downgraded it on Wednesday.
Below is a list of all the countries that still carry at
least one triple A grade as well as graphics showing the
steady decline of the top rating bracket over the last 15
years.
S&P Rating Fitch Rating Moody' Rating
Outloo Outloo s Outlook
k k
Austra Negati Austra Negati Austra Stable
lia ve lia ve lia
Canada Stable Denmar Stable Denmar Stable
k k
Denmar Stable German Stable German Stable
k y y
German Stable Luxemb Stable Luxemb Stable
y ourg ourg
Liecht Stable Nether Stable Nether Stable
enstei lands lands
n
Luxemb Stable Norway Stable New Stable
ourg Zealan
d
Nether Stable Singap Stable Norway Stable
lands ore
Norway Stable Sweden Stable Singap Stable
ore
Singap Stable Switze Stable Sweden Stable
ore rland
Sweden Stable United Stable Switze Stable
States rland
Switze Stable United Stable
rland States
Fitch now has the fewest ‘AAAs’ since 2003. After
Wednesday's downgrade of Canada, it now rates 10 sovereigns
‘AAA’, the fewest since 2003 and, at less than 10% of rated
sovereigns, the smallest ever share of the sovereign
portfolio.
From August 2004 until April 2009, there were between
16-19 'AAA' sovereigns, the highest number ever, and the
period of greatest 'AAA' stability. Historically, 18
sovereigns have had top grades with Fitch, while there were 19
on S&P global's list going into the 2008 financial crisis.
Japan was the first sovereign to lose its 'AAA' rating, in
1998 from Fitch and 2001 from S&P. Since then Austria,
Finland, France, Ireland, Spain, Britain, in the case of S&P
the United States and now Canada for Fitch have all followed
suit.
There have been few recent upgrades into the coveted
bracket. The Netherlands got its back from S&P in late 2015,
Australia also won its from Fitch in November 2011 though it
had earned it back as early as 2003 from S&P.
Canada, Netherlands, Sweden, Finland, Denmark, Australia
have all regained S&P ‘AAA’ ratings after losing them a
various points, though no country has even regained one
stripped by Fitch.
With the fall in the number of ‘AAA’ sovereigns, their
collective shares of global government debt and GDP have
declined as well.
Fitch estimated that at end-2006, prior to the onset of
the global financial crisis, ‘AAA’ sovereigns accounted for
nearly half of total government debt.
Analysts at ING estimate that it is now below 25%, while
S&P which no longer grades the U.S. - the world's biggest
government borrower - as triple A, calculated it to be around
7% last year.
(Reporting by Marc Jones; Editing by Hugh Lawson)
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