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Eurozone Sovereign Rating And Country T&C Assessment Histories

Publication date: 13-Jan-2012 17:07:54 EST

Standard & Poor's Ratings Services rates each of the 17 sovereign governments that belong to the European Economic And Monetary Union (EMU) and has transfer and convertibility (T&C) assessments for each country. The rating and assessment histories are shown below, with the top line for each sovereign showing the ratings and assessment as of Jan. 13, 2012. For a handful of sovereigns, the rating histories start on Jan. 1, 1975. For most, they start on the day Standard & Poor's first assigned a rating. For information on sovereign rating criteria, please see "Sovereign Government Rating Methodology And Assumptions," June 30, 2011.

The column second from the right shows sovereign foreign-currency recovery ratings. Standard & Poor's sovereign foreign-currency recovery ratings reflect its opinion on the extent to which a sovereign government will be able and willing to repay nonofficial foreign currency debtholders post-default. This opinion is expressed using a numerical scale where '1+' indicates the highest expectation of full recovery and '6' indicates an expectation of negligible recovery. Standard & Poor's has foreign currency recovery ratings on the debt issues of selected sovereigns with foreign currency ratings of 'BB+' or lower. For information on sovereign recovery rating criteria, please see "Criteria: Introduction Of Sovereign Recovery Ratings," RatingsDirect, June 14, 2007.

The right-most column below contains T&C assessments. The history begins in November 2005, at which time Standard & Poor's expanded its criteria for analyzing T&C risk. A T&C assessment is the rating associated with the likelihood of the sovereign restricting access to foreign exchange needed for debt service. For most countries, Standard & Poor's analysis concludes that this risk is less than the risk of sovereign default on foreign currency obligations; thus, most T&C assessments exceed the sovereign foreign currency rating. Foreign currency ratings of nonsovereign entities or transactions generally can exceed the sovereign rating if their stress-tested operating and financial characteristics support the higher rating. For more information about these nonsovereign issuers, please see "Corporate And Government Ratings That Exceed The Sovereign Rating," published monthly on RatingsDirect. For more information about the methodology for determining T&C assessments, see "Criteria For Determining Transfer And Convertibility Assessments," May 18, 2009, RatingsDirect.

If a sovereign, through membership in a monetary or currency union, has ceded monetary and exchange rate policy responsibility to a monetary authority that the sovereign does not solely control, the T&C assessment reflects the policies of the controlling monetary authority, vis-à-vis the exchange of its currency for other currencies in the context of debt service. The same applies if a sovereign uses as its local currency the currency of another sovereign. A T&C assessment may change sharply if a sovereign introduces a new local currency, by entering or exiting a monetary/currency union, or through some other means. This is because the new local currency, and in some cases the new monetary authority, may operate in very different monetary and exchange regimes. The T&C assessment does not reflect the likelihood of change in a country's local currency.

Eurozone Sovereign Rating And Country T&C Assessment Histories As Of Jan. 13, 2012
Sovereign/date Local-currency rating LT/Outlook/ST Foreign-currency rating LT/Outlook/ST Foreign-currency recovery rating Country T&C assessment

Austria (Republic of)

Jan. 13, 2012 AA+/Negative/A-1+ AA+/Negative/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
July 27, 1992 AAA/Stable/A-1+ AAA/Stable/A-1+
June 26, 1989 AAA/Stable/A-1+
Nov. 23, 1981 AAA/—/A-1+
July 9, 1975 AAA/—/A-1

Belgium (Kingdom of) (unsolicited)

Jan. 13, 2012 AA/Negative/A-1+ AA/Negative/A-1+ AAA*
Dec. 5, 2011 AA/Watch Neg/A-1+ AA/Watch Neg/A-1+ AAA*
Nov. 25, 2011 AA/Negative/A-1+ AA/Negative/A-1+ AAA*
Dec. 14, 2010 AA+/Negative/A-1+ AA+/Negative/A-1+ AAA*
Nov. 1, 2005 AA+/Stable/A-1+ AA+/Stable/A-1+ AAA*
May 6, 1998 AA+/Stable/A-1+ AA+/Stable/A-1+
Aug. 3, 1995 AAA/Stable/A-1+ AA+/Stable/A-1+
Nov. 26, 1992 AAA/Stable/NR AA+/Stable/A-1+
July 1, 1992 AA+/Stable/A-1+
June 26, 1989 AA+/Positive/A-1+
Oct. 26, 1988 AA+/—/A-1+

Cyprus (Republic of)

Jan. 13, 2012 BB+/Negative/B BB+/Negative/B 4 AAA*
Dec. 5, 2011 BBB/Watch Neg/A-3 BBB/Watch Neg/A-3 AAA*
Oct. 27, 2011 BBB/Watch Neg/A-3 BBB/Watch Neg/A-3 AAA*
Aug. 12, 2011 BBB+/Watch Neg/A-2 BBB+/Watch Neg/A-2 AAA*
July 29, 2011 BBB+/Negative/A-2 BBB+/Negative/A-2 AAA*
March 30, 2011 A-/Negative/A-2 A-/Negative/A-2 AAA*
Nov. 16, 2010 A/Negative/A-1 A/Negative/A-1 AAA*
July 21, 2010 A+/Watch Neg/A-1 A+/Watch Neg/A-1 AAA*
April 24, 2008 A+/Stable/A-1 A+/Stable/A-1 AAA*
July 10, 2007 A/Positive/A-1 A/Positive/A-1 AAA*
March 29, 2007 A/Positive/A-1 A/Positive/A-1 AA
Nov. 1, 2005 A/Stable/A-1 A/Stable/A-1 AA
Dec. 01, 2004 A/Stable/A-1 A/Stable/A-1
Feb. 19, 2004 A+/Negative/A-1 A/Stable/A-1
Aug. 12, 2003 A+/Stable/A-1 A/Stable/A-1
Dec. 3, 1999 AA-/Stable/A-1+ A/Stable/A-1
Nov. 9, 1998 AA/Stable/A-1+ A+/Stable/A-1
July 16, 1996 AA+/Stable/A-1+ AA-/Stable/A-1+
Feb. 14, 1994 AA-/Stable/A-1+
Aug. 26, 1991 NR/NM/A-1+

Estonia (Republic of)

Jan. 13, 2012 AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*
Dec. 5, 2011 AA-/Watch Neg/A-1+ AA-/Watch Neg/A-1+ AAA*
Aug. 9, 2011 AA-/Stable/A-1+ AA-/Stable/A-1+ AAA*
April 21, 2011 A/Positive/A-1 A/Positive/A-1 AAA*
June 10, 2010 A/Stable/A-1 A/Stable/A-1 AAA*
Feb. 11, 2010 A-/Stable/A-2 A-/Stable/A-2 AA-
Aug. 10, 2009 A-/Negative/A-2 A-/Negative/A-2 AA-
April 21, 2009 A/Negative/A-1 A/Negative/A-1 AA
Feb. 24, 2009 A/Watch Neg/A-1 A/Watch Neg/A-1 AA
July 2, 2007 A/Negative/A-1 A/Negative/A-1 AA
July 17, 2006 A/Stable/A-1 A/Stable/A-1 AA
Nov. 1, 2005 A/Positive/A-1 A/Positive/A-1 AA
July 21, 2005 A/Positive/A-1 A/Positive/A-1
Nov. 17, 2004 A/Stable/A-1 A/Stable/A-1
Dec. 18, 2003 A-/Positive/A-2 A-/Positive/A-2
Nov. 20, 2001 A-/Stable/A-2 A-/Stable/A-2
Dec. 21, 2000 A-/Positive/A-2 BBB+/Positive/A-2
Dec. 11, 1997 A-/Stable/A-2 BBB+/Stable/A-2

Finland (Republic of)

Jan. 13, 2012 AAA/Negative/A-1+ AAA/Negative/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
Feb. 1, 2002 AAA/Stable/A-1+ AAA/Stable/A-1+
Oct. 3, 2000 AA+/Positive/A-1+ AA+/Positive/A-1+
Sept. 1, 1999 AA+/Stable/A-1+ AA+/Stable/A-1+
May 6, 1998 AA/Positive/A-1+ AA/Positive/A-1+
Dec. 17, 1996 AAA/Stable/A-1+ AA/Stable/A-1+
Aug. 10, 1995 AAA/Stable/A-1+ AA-/Positive/A-1+
March 11, 1993 AAA/—/NR AA-/Stable/A-1+
Sept. 16, 1992 AAA/—/NR AA+/Negative/A-1+
March 3, 1992 AAA/—/NR AA+/Stable/A-1+
Dec. 18, 1990 AAA/Negative/A-1+
June 26, 1989 AAA/Stable/A-1+
Nov. 23, 1981 AAA/—/A-1+
Oct. 4, 1977 AAA/—/A-1

France (Republic of) (unsolicited)

Jan. 13, 2012 AA+/Negative/A-1+ AA+/Negative/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
July 27, 1992 AAA/Stable/A-1+ AAA/Stable/A-1+
June 26, 1989 AAA/Stable/A-1+
Nov. 23, 1981 AAA/—/A-1+
Jan. 1, 1981 AAA/—/A-1
June 25, 1975 AAA/—/NR

Germany (Federal Republic of) (unsolicited)

Jan. 13, 2012 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
July 27, 1992 AAA/Stable/A-1+ AAA/Stable/A-1+
June 26, 1989 AAA/Stable/A-1+
Aug. 17, 1983 AAA/—/A-1+

Greece (Hellenic Republic)

July 27, 2011 CC/Negative/C CC/Negative/C 4 AAA*
June 13, 2011 CCC/Negative/C CCC/Negative/C 4 AAA*
May 9, 2011 B/Watch Neg/C B/Watch Neg/C 4 AAA*
March 29, 2011 BB-/Watch Neg/B BB-/Watch Neg/B 4 AAA*
Dec. 2, 2010 BB+/Watch Neg/B BB+/Watch Neg/B 4 AAA*
April 27, 2010 BB+/Negative/B BB+/Negative/B 4 AAA*
March 16, 2010 BBB+/Negative/A-2 BBB+/Negative/A-2 AAA*
Dec. 16, 2009 BBB+/Watch Neg/A-2 BBB+/Watch Neg/A-2 AAA*
Dec. 7, 2009 A-/Watch Neg/A-2 A-/Watch Neg/A-2 AAA*
Jan. 14, 2009 A-/Stable/A-2 A-/Stable/A-2 AAA*
Jan. 9, 2009 A/Watch Neg/A-1 A/Watch Neg/A-1 AAA*
Nov. 1, 2005 A/Stable/A-1 A/Stable/A-1 AAA*
Nov. 17, 2004 A/Stable/A-1 A/Stable/A-1
Sept. 13, 2004 A+/Negative/A-1 A+/Negative/A-1
June 10, 2003 A+/Stable/A-1 A+/Stable/A-1
March 13, 2001 A/Positive/A-1 A/Positive/A-1
Nov. 24, 1999 A-/Positive/A-1 A-/Positive/A-1
Nov. 30, 1998 A-/Positive/A-1 BBB/Positive/A-3
March 26, 1997 A-/Positive/A-1 BBB-/Positive/A-3
March 8, 1994 BBB-/Stable/A-3
Jan. 13, 1993 BBB-/Positive/A-3
July 19, 1990 BBB-/Stable/A-3
March 1, 1990 BBB/Negative/A-2
June 26, 1989 BBB/Stable/A-2
Sept. 9, 1988 BBB/—/A-2

Ireland (Republic of)

Jan. 13, 2012 BBB+/Negative/A-2 BBB+/Negative/A-2 AAA*
Dec. 5, 2011 BBB+/Watch Neg/A-2 BBB+/Watch Neg/A-2 AAA*
April 1, 2011 BBB+/Stable/A-2 BBB+/Stable/A-2 AAA*
Feb. 2, 2011 A-/Watch Neg/A-2 A-/Watch Neg/A-2 AAA*
Nov. 23, 2010 A/Watch Neg/A-1 A/Watch Neg/A-1 AAA*
Aug. 24, 2010 AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*
June 8, 2009 AA/Negative/A-1+ AA/Negative/A-1+ AAA*
March 30, 2009 AA+/Negative/A-1+ AA+/Negative/A-1+ AAA*
Jan. 9, 2009 AAA/Negative/A-1+ AAA/Negative/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
Oct. 3, 2001 AAA/Stable/A-1+ AAA/Stable/A-1+
Oct. 3, 2000 AA+/Positive/A-1+ AA+/Positive/A-1+
May 6, 1998 AA+/Stable/A-1+ AA+/Stable/A-1+
May 3, 1995 AAA/Stable/A-1+ AA/Stable/A-1+
May 10, 1994 AAA/Stable/A-1+ AA-/Positive/A-1+
Jan. 21, 1993 AAA/Stable/A-1+ AA-/Stable/A-1+
Oct. 12, 1989 AA-/Stable/A-1+
June 26, 1989 A+/Positive/A-1+
Oct. 1, 1988 A+/—/A-1+
Nov. 7, 1986 NR/NM/A-1+

Italy (Republic of) (unsolicited)

Jan. 13, 2012 BBB+/Negative/A-2 BBB+/Negative/A-2 AAA*
Dec. 5, 2011 A/Watch Neg/A-1 A/Watch Neg/A-1 AAA*
Sept. 19, 2011 A/Negative/A-1 A/Negative/A-1 AAA*
May 20, 2011 A+/Negative/A-1+ A+/Negative/A-1+ AAA*
Oct. 19, 2006 A+/Stable/A-1+ A+/Stable/A-1+ AAA*
Nov. 1, 2005 AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*
Aug. 8, 2005 AA-/Negative/A-1+ AA-/Negative/A-1+
July 7, 2004 AA-/Stable/A-1+ AA-/Stable/A-1+
Jan. 15, 2003 AA/Negative/A-1+ AA/Negative/A-1+
May 6, 1998 AA/Stable/A-1+ AA/Stable/A-1+
May 3, 1996 AAA/Stable/A-1+ AA/Negative/A-1+
Feb. 15, 1995 AAA/Stable/NR AA/Negative/A-1+
March 2, 1993 AA/Stable/A-1+
May 6, 1992 AA+/Negative/A-1+
May 30, 1991 AA+/Stable/A-1+
June 26, 1989 AA+/Positive/A-1+
Nov. 30, 1988 AA+/—/A-1+

Luxembourg (Grand Duchy of)

Jan. 13, 2012 AAA/Negative/A-1+ AAA/Negative/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
April 28, 1994 AAA/Stable/A-1+ AAA/Stable/A-1+

Malta (Republic of)

Jan. 13, 2012 A-/Negative/A-2 A-/Negative/A-2 AAA*
Dec. 5, 2011 A/Watch Neg/A-1 A/Watch Neg/A-1 AAA*
July 10, 2007 A/Stable/A-1 A/Stable/A-1 AAA*
Nov. 1, 2005 A/Stable/A-1 A/Stable/A-1 AA
May 12, 2005 A/Stable/A-1 A/Stable/A-1
Aug. 22, 2003 A+/Stable/A-1 A/Stable/A-1
May 2, 2000 AA-/Stable/A-1+ A/Stable/A-1
March 10, 1999 AA-/Negative/A-1+ A/Negative/A-1
June 19, 1998 AA+/Negative/NR A+/Negative/A-1
May 6, 1996 AA+/Stable/NR A+/Stable/A-1+
March 14, 1994 A/Stable/NR

Netherlands (Kingdom of The) (unsolicited)

Jan. 13, 2012 AAA/Negative/A-1+ AAA/Negative/A-1+ AAA*
Dec. 5, 2011 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
July 27, 1992 AAA/Stable/A-1+ AAA/Stable/A-1+
June 26, 1989 AAA/Stable/A-1+

Portugal (Republic of)

Jan. 13, 2012 BB/Negative/B BB/Negative/B 4 AAA*
Dec. 5, 2011 BBB-/Watch Neg/A-3 BBB-/Watch Neg/A-3 AAA*
March 29, 2011 BBB-/Negative/A-3 BBB-/Negative/A-3 AAA*
March 24, 2011 BBB/Watch Neg/A-2 BBB/Watch Neg/A-2 AAA*
Nov. 30, 2010 A-/Watch Neg/A-2 A-/Watch Neg/A-2 AAA*
April 27, 2010 A-/Negative/A-2 A-/Negative/A-2 AAA*
Dec. 7, 2009 A+/Negative/A-1 A+/Negative/A-1 AAA*
Jan. 21, 2009 A+/Stable/A-1 A+/Stable/A-1 AAA*
Jan. 13, 2009 AA-/Watch Neg/A-1+ AA-/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AA-/Stable/A-1+ AA-/Stable/A-1+ AAA*
June 27, 2005 AA-/Stable/A-1+ AA-/Stable/A-1+
Oct. 29, 2004 AA/Negative/A-1+ AA/Negative/A-1+
Dec. 15, 1998 AA/Stable/A-1+ AA/Stable/A-1+
May 6, 1998 AA-/Positive/A-1+ AA-/Positive/A-1+
Oct. 6, 1997 AAA/Stable/A-1+ AA-/Positive/A-1+
May 27, 1993 AAA/Stable/A-1+ AA-/Stable/A-1+
Oct. 25, 1991 A+/Stable/A-1+
June 26, 1989 A/Positive/A-1
Oct. 1, 1988 A/—/A-1

Slovak Republic

Jan. 13, 2012 A/Stable/A-1 A/Stable/A-1 AAA*
Dec. 5, 2011 A+/Watch Neg/A-1 A+/Watch Neg/A-1 AAA*
Aug. 24, 2011 A+/Positive/A-1 A+/Positive/A-1 AAA*
Nov. 27, 2008 A+/Stable/A-1 A+/Stable/A-1 AAA*
March 3, 2008 A/Positive/A-1 A/Positive/A-1 AA+
Dec. 19, 2005 A/Stable/A-1 A/Stable/A-1 AA
Nov. 1, 2005 A-/Positive/A-2 A-/Positive/A-2 AA
Dec. 13, 2004 A-/Positive/A-2 A-/Positive/A-2
March 2, 2004 A-/Stable/A-2 BBB+/Positive/A-2
Dec. 19, 2002 A-/Stable/A-2 BBB/Positive/A-3
Oct. 30, 2001 A-/Stable/A-2 BBB-/Positive/A-3
Nov. 9, 2000 BBB+/Positive/A-2 BB+/Positive/B
Nov. 12, 1999 BBB+/Stable/A-2 BB+/Stable/B
Sept. 17, 1998 BBB+/Negative/A-2 BB+/Negative/B
April 7, 1998 A/Negative/A-1 BBB-/Negative/A-3
June 24, 1997 A/Stable/A-1 BBB-/Stable/A-3
April 11, 1996 A/Stable/A-1 BBB-/Stable/NR
April 5, 1995 BB+/Stable/NR
Feb. 15, 1994 BB-/Stable/NR

Slovenia (Republic of)

Jan. 13, 2012 A+/Negative/A-1 A+/Negative/A-1 AAA*
Dec. 5, 2011 AA-/Watch Neg/A-1+ AA-/Watch Neg/A-1+ AAA*
Oct. 19, 2011 AA-/Stable/A-1+ AA-/Stable/A-1+ AAA*
Dec. 22, 2010 AA/Negative/A-1+ AA/Negative/A-1+ AAA*
May 16, 2006 AA/Stable/A-1+ AA/Stable/A-1+ AAA*
Nov. 1, 2005 AA/Stable/A-1+ AA-/Stable/A-1+ AA
May 13, 2004 AA/Stable/A-1+ AA-/Stable/A-1+
March 26, 2003 AA/Stable/A-1+ A+/Positive/A-1+
Oct. 23, 2002 AA/Stable/A-1+ A/Positive/A-1
Jan. 15, 1998 AA/Stable/A-1+ A/Stable/A-1
May 8, 1996 AA/Stable/NR A/Stable/NR

Spain (Kingdom of)

Jan. 13, 2012 A/Negative/A-1 A/Negative/A-1 AAA*
Dec. 5, 2011 AA-/Watch Neg/A-1+ AA-/Watch Neg/A-1+ AAA*
Oct. 13, 2011 AA-/Negative/A-1+ AA-/Negative/A-1+ AAA*
April 28, 2010 AA/Negative/A-1+ AA/Negative/A-1+ AAA*
Dec. 9, 2009 AA+/Negative/A-1+ AA+/Negative/A-1+ AAA*
Jan. 19, 2009 AA+/Stable/A-1+ AA+/Stable/A-1+ AAA*
Jan. 12, 2009 AAA/Watch Neg/A-1+ AAA/Watch Neg/A-1+ AAA*
Nov. 1, 2005 AAA/Stable/A-1+ AAA/Stable/A-1+ AAA*
Dec. 13, 2004 AAA/Stable/A-1+ AAA/Stable/A-1+
July 30, 2003 AA+/Positive/A-1+ AA+/Positive/A-1+
March 31, 1999 AA+/Stable/A-1+ AA+/Stable/A-1+
May. 6, 1998 AA/Positive/A-1+ AA/Positive/A-1+
Feb. 6, 1996 AAA/Stable/A-1+ AA/Stable/A-1+
Dec. 11, 1992 AAA/Stable/A-1+ AA/Positive/A-1+
June 26, 1989 AA/Positive/A-1+
Aug. 1, 1988 AA/—/A-1+
Jan. 3, 1984 NR/MN/A-1+
*Because these T&C assessments are for countries that are members of a monetary union, the assessment shown is based on Standard & Poor’s analysis of the monetary authority of the monetary union. Thus, for EMU members, the T&C assessments reflect our view of the extremely low likelihood of the European Central Bank restricting nonsovereign access to foreign exchange needed for debt service.
Primary Credit Analyst:Marie Cavanaugh, New York (1) 212-438-7343;
marie_cavanaugh@standardandpoors.com
Secondary Contacts:YeeFarn Phua, Singapore (65) 6239-6341;
yeefarn_phua@standardandpoors.com
Benjamin Young, London (44) 20-7176-3574;
benjamin_young@standardandpoors.com

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