Explanation and FAQCountry Risk PremiumsTo estimate the equity risk premium for a country, I start with a mature market premium and add an additional country risk premium, based upon the risk of the country in question.Use the look up table in the next worksheet, to look up the statistics for an individual country or region.Step 1: Estimating mature market risk premiumTo estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premiumLink to site:http://www.damodaran.comHistorical monthly ERP:http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xlsStep 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)Moody's ratings:http://www.moodys.com(You will have to register, but it is free. Look under sovereign ratings)Ratings to spreads:Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.CDS spreads:BloombergStep 3: Convert the default spread into a country risk premiumWith sovereign ratings default spreads, you have two choices:Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.With CDS spreads, I compute the base number in two stepsSubstep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a total equity risk premium lower than the US.Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.5, but you can change it to 1, if you wouldprefer not to scale the default spread.Step 4: Compute a total equity risk premiumAdd the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk premium.Step 5: Compute regional averages and regional weighted averagesFor the regional averages, I use a simple average of the total and country risk premiums by regionFor the weighted averages, I use the World Bank GDP estimates from the most recent year.http://www.data.worldbank.org/data-catalog/GDP-ranking-tableIf you are interested in a fuller explanation of these concepts, try these references:My paper on equity risk premiums:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2027211Campbell Harvey's country risk premium page:http://www.duke.edu/~charvey/Country_risk/couindex.htmWatch my lectures on country risk premiums:http://echo360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4vhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

http://www.damodaran.comhttp://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xlshttp://www.moodys.comhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2027211http://www.duke.edu/~charvey/Country_risk/couindex.htmhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4vhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

Country LookupTo look up the equity risk premium for a country, use this worksheetCountryFranceMoody's sovereign ratingAa1Local currencyS&P sovereign ratingAALocal currencyCDS spread1.06%Excess CDS spread (over US CDS)0.60%Country Risk Premium (Rating)0.60%Equity Risk Premium (Rating)5.60%Country Risk Premium (CDS)0.90%Equity Risk Premium (CDS)5.90%To look up the equity risk premium for a region, use this worksheetRegionWestern EuropeCountry Risk Premium (simple average))2.59%Total Equity Risk Premium (simple average)7.59%Country Risk Premium (GDP weighted)1.29%Total Equity Risk Premium (GDP weighted)6.29%

ERPs by countryEstimating Country Risk PremiumsEnter the current risk premium for a mature equity market5.00%Updated January 1, 2014Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?YesIf yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)1.5CountryRegionLocal Currency RatingRating-based Default SpreadTotal Equity Risk PremiumCountry Risk PremiumCDS Default SpreadTotal Equity Risk PremiumCountry Risk PremiumHas to be sorted in ascending orderAbu DhabiMiddle EastAa20.50%5.75%0.75%1.00%5.81%0.81%RatingDefault spread in basis pointsAlbaniaEastern Europe & RussiaB14.50%11.75%6.75%NANANAA170AndorraWestern EuropeA31.20%6.80%1.80%NANANAA285AngolaAfricaBa33.60%10.40%5.40%NANANAA3120ArgentinaCentral and South AmericaB36.50%14.75%9.75%14.73%26.41%21.41%Aa140ArmeniaEastern Europe & RussiaBa23.00%9.50%4.50%NANANAAa250ArubaCaribbeanBaa11.60%7.40%2.40%NANANAAa360AustraliaAustralia & New ZealandAaa0.00%5.00%0.00%0.70%5.36%0.36%Aaa0AustriaWestern EuropeAaa0.00%5.00%0.00%0.74%5.42%0.42%B1450AzerbaijanEastern Europe & RussiaBaa32.20%8.30%3.30%NANANAB2550BahamasCaribbeanBaa11.60%7.40%2.40%NANANAB3650BahrainMiddle EastBaa21.90%7.85%2.85%2.97%8.77%3.77%Ba1250BangladeshAsiaBa33.60%10.40%5.40%NANANABa2300BarbadosCaribbeanBa12.50%8.75%3.75%NANANABa3360BelarusEastern Europe & RussiaB36.50%14.75%9.75%NANANABaa1160BelgiumWestern EuropeAa30.60%5.90%0.90%0.97%5.77%0.77%Baa2190BelizeCentral and South AmericaCaa29.00%18.50%13.50%NANANABaa3220BeninAfricaB25.50%13.25%8.25%NANANACaa1750BermudaCaribbeanAa30.60%5.90%0.90%NANANACaa2900BoliviaCentral and South AmericaBa33.60%10.40%5.40%NANANACaa31000Bosnia and HerzegovinaEastern Europe & RussiaB36.50%14.75%9.75%NANANANRNABotswanaAfricaA20.85%6.28%1.28%NANANABrazilCentral and South AmericaBaa21.90%7.85%2.85%2.53%8.11%3.11%BulgariaEastern Europe & RussiaBaa21.90%7.85%2.85%1.89%7.15%2.15%Burkina FasoAfricaB25.50%13.25%8.25%NANANACambodiaAsiaB25.50%13.25%8.25%NANANACameroonAfricaB25.50%13.25%8.25%NANANACanadaNorth AmericaAaa0.00%5.00%0.00%NANANACape VerdeAfricaB25.50%13.25%8.25%NANANACayman IslandsCaribbeanAa30.60%5.90%0.90%NANANAChileCentral and South AmericaAa30.60%5.90%0.90%1.08%5.93%0.93%ChinaAsiaAa30.60%5.90%0.90%1.33%6.31%1.31%ColombiaCentral and South AmericaBaa32.20%8.30%3.30%1.74%6.92%1.92%Cook IslandsAustralia & New ZealandB14.50%11.75%6.75%NANANACosta RicaCentral and South AmericaBaa32.20%8.30%3.30%3.43%9.46%4.46%CroatiaEastern Europe & RussiaBa12.50%8.75%3.75%3.97%10.27%5.27%CubaCaribbeanCaa17.50%16.25%11.25%NANANACuracaoCaribbeanB14.50%11.75%6.75%NANANACyprusWestern EuropeCaa310.00%20.00%15.00%NANANACzech RepublicEastern Europe & RussiaA10.70%6.05%1.05%1.07%5.92%0.92%Democratic Republic of CongoAfricaB36.50%14.75%9.75%NANANADenmarkWestern EuropeAaa0.00%5.00%0.00%0.54%5.12%0.12%Dominican RepublicCaribbeanB14.50%11.75%6.75%NANANAEcuadorCentral and South AmericaCaa17.50%16.25%11.25%NANANAEgyptAfricaCaa17.50%16.25%11.25%NANANAEl SalvadorCentral and South AmericaBa33.60%10.40%5.40%NANANAEstoniaEastern Europe & RussiaA10.70%6.05%1.05%0.89%5.65%0.65%FijiAsiaB14.50%11.75%6.75%NANANAFinlandWestern EuropeAaa0.00%5.00%0.00%0.48%5.03%0.03%FranceWestern EuropeAa10.40%5.60%0.60%1.06%5.90%0.90%GabonAfricaBa33.60%10.40%5.40%NANANAGeorgiaEastern Europe & RussiaBa33.60%10.40%5.40%NANANAGermanyWestern EuropeAaa0.00%5.00%0.00%0.56%5.15%0.15%GhanaAfricaB14.50%11.75%6.75%NANANAGreeceWestern EuropeCaa310.00%20.00%15.00%NANANAGuatemalaCentral and South AmericaBa12.50%8.75%3.75%NANANAHondurasCentral and South AmericaB25.50%13.25%8.25%NANANAHong KongAsiaAa10.40%5.60%0.60%0.91%5.68%0.68%HungaryEastern Europe & RussiaBa12.50%8.75%3.75%3.08%8.93%3.93%IcelandWestern EuropeBaa32.20%8.30%3.30%2.19%7.60%2.60%IndiaAsiaBaa32.20%8.30%3.30%3.51%9.58%4.58%IndonesiaAsiaBaa32.20%8.30%3.30%3.19%9.10%4.10%IrelandWestern EuropeBa12.50%8.75%3.75%1.69%6.85%1.85%Isle of ManWestern EuropeAa10.40%5.60%0.60%NANANAIsraelMiddle EastA10.70%6.05%1.05%1.53%6.61%1.61%ItalyWestern EuropeBaa21.90%7.85%2.85%2.11%7.48%2.48%JamaicaCaribbeanCaa310.00%20.00%15.00%NANANAJapanAsiaAa30.60%5.90%0.90%0.79%5.50%0.50%JordanMiddle EastB14.50%11.75%6.75%NANANAKazakhstanEastern Europe & RussiaBaa21.90%7.85%2.85%2.26%7.70%2.70%KenyaAfricaB14.50%11.75%6.75%NANANAKoreaAsiaAa30.60%5.90%0.90%0.97%5.77%0.77%KuwaitMiddle EastAa20.50%5.75%0.75%NANANALatviaEastern Europe & RussiaBaa21.90%7.85%2.85%1.69%6.85%1.85%LebanonMiddle EastB14.50%11.75%6.75%4.38%10.88%5.88%LiechtensteinWestern EuropeAaa0.00%5.00%0.00%NANANALithuaniaEastern Europe & RussiaBaa11.60%7.40%2.40%1.77%6.97%1.97%LuxembourgWestern EuropeAaa0.00%5.00%0.00%NANANAMacaoAsiaAa30.60%5.90%0.90%NANANAMacedoniaEastern Europe & RussiaBa33.60%10.40%5.40%NANANAMalaysiaAsiaA31.20%6.80%1.80%1.65%6.79%1.79%MaltaWestern EuropeA31.20%6.80%1.80%NANANAMauritiusAsiaBaa11.60%7.40%2.40%NANANAMexicoCentral and South AmericaBaa11.60%7.40%2.40%1.49%6.55%1.55%MoldovaEastern Europe & RussiaB36.50%14.75%9.75%NANANAMongoliaAsiaB14.50%11.75%6.75%NANANAMontenegroEastern Europe & RussiaBa33.60%10.40%5.40%NANANAMontserratCaribbeanBaa32.20%8.30%3.30%NANANAMoroccoAfricaBa12.50%8.75%3.75%2.54%8.12%3.12%MozambiqueAfricaB14.50%11.75%6.75%NANANANamibiaAfricaBaa32.20%8.30%3.30%NANANANetherlandsWestern EuropeAaa0.00%5.00%0.00%0.74%5.42%0.42%New ZealandAustralia & New ZealandAaa0.00%5.00%0.00%0.80%5.51%0.51%NicaraguaCentral and South AmericaB36.50%14.75%9.75%NANANANigeriaAfricaBa33.60%10.40%5.40%NANANANorwayWestern EuropeAaa0.00%5.00%0.00%0.29%4.75%-0.26%OmanMiddle EastA10.70%6.05%1.05%NANANAPakistanAsiaCaa17.50%16.25%11.25%NANANAPanamaCentral and South AmericaBaa21.90%7.85%2.85%1.64%6.77%1.77%Papua New GuineaAsiaB14.50%11.75%6.75%NANANAParaguayCentral and South AmericaBa33.60%10.40%5.40%NANANAPeruCentral and South AmericaBaa21.90%7.85%2.85%1.88%7.13%2.13%PhilippinesAsiaBaa32.20%8.30%3.30%1.81%7.03%2.03%PolandEastern Europe & RussiaA20.85%6.28%1.28%1.28%6.23%1.23%PortugalWestern EuropeBa33.60%10.40%5.40%4.03%10.36%5.36%QatarMiddle EastAa20.50%5.75%0.75%1.03%5.86%0.86%Ras Al KaminahMiddle EastA20.85%6.28%1.28%NANANARepublic of the CongoAfricaBa33.60%10.40%5.40%NANANARomaniaEastern Europe & RussiaBaa32.20%8.30%3.30%2.61%8.23%3.23%RussiaEastern Europe & RussiaBaa11.60%7.40%2.40%2.21%7.63%2.63%RwandaAfricaB25.50%13.25%8.25%NANANASaudi ArabiaMiddle EastAa30.60%5.90%0.90%1.09%5.95%0.95%SenegalAfricaB14.50%11.75%6.75%0.90%5.66%0.66%SerbiaEastern Europe & RussiaB14.50%11.75%6.75%NANANASingaporeAsiaAaa0.00%5.00%0.00%NANANASlovakiaEastern Europe & RussiaA20.85%6.28%1.28%1.30%6.26%1.26%SloveniaEastern Europe & RussiaBa12.50%8.75%3.75%2.75%8.44%3.44%South AfricaAfricaBaa11.60%7.40%2.40%2.75%8.44%3.44%SpainWestern EuropeBaa32.20%8.30%3.30%1.96%7.25%2.25%Sri LankaAsiaB14.50%11.75%6.75%NANANASt. MaartenCaribbeanBaa11.60%7.40%2.40%NANANASt. Vincent & the GrenadinesCaribbeanB25.50%13.25%8.25%NANANASurinameCentral and South AmericaBa33.60%10.40%5.40%NANANASwedenWestern EuropeAaa0.00%5.00%0.00%0.39%4.90%-0.11%SwitzerlandWestern EuropeAaa0.00%5.00%0.00%0.56%5.15%0.15%TaiwanAsiaAa30.60%5.90%0.90%NANANAThailandAsiaBaa11.60%7.40%2.40%1.86%7.10%2.10%Trinidad and TobagoCaribbeanBaa11.60%7.40%2.40%NANANATunisiaAfricaBa33.60%10.40%5.40%4.57%11.17%6.17%TurkeyWestern EuropeBaa32.20%8.30%3.30%2.89%8.65%3.65%UgandaAfricaB14.50%11.75%6.75%NANANAUkraineEastern Europe & RussiaCaa17.50%16.25%11.25%NANANAUnited Arab EmiratesMiddle EastAa20.50%5.75%0.75%2.88%8.63%3.63%United KingdomWestern EuropeAa10.40%5.60%0.60%0.57%5.17%0.17%United States of AmericaNorth AmericaAaa0.00%5.00%0.00%0.46%5.00%0.00%UruguayCentral and South AmericaBaa32.20%8.30%3.30%NANANAVenezuelaCentral and South AmericaCaa17.50%16.25%11.25%10.80%20.51%15.51%VietnamAsiaB25.50%13.25%8.25%3.35%9.34%4.34%ZambiaAfricaB14.50%11.75%6.75%NANANARatingDefault spread in basis pointsA170A285A3120Aa140Aa250Aa360Aaa0B1450B2550B3650Ba1250Ba2300Ba3360Baa1160Baa2190Baa3220Caa1750Caa2900Caa31000NRNA

Regional Simple AveragesValuesRow LabelsAverage of Adj. Default SpreadAverage of Country Risk PremiumAverage of Total Risk PremiumAfrica4.31%6.47%11.47%Asia2.54%3.81%8.81%Australia & New Zealand1.50%2.25%7.25%Caribbean3.61%5.41%10.41%Central and South America3.92%5.88%10.88%Eastern Europe & Russia3.23%4.84%9.84%Middle East1.56%2.35%7.35%North America0.00%0.00%5.00%Western Europe1.73%2.59%7.59%Grand Total2.93%4.39%9.39%

Regional Weighted AveragesCountryGDPLong-Term RatingAdj. Default SpreadTotal Risk PremiumCountry Risk PremiumRegionWeightWeight * TRPWeight * CRPAngola114.2Ba33.60%10.40%5.40%Africa8.93%0.93%0.48%Benin7.6B25.50%13.25%8.25%Africa0.59%0.08%0.05%Botswana14.4A20.85%6.28%1.28%Africa1.13%0.07%0.01%Burkina Faso10.4B25.50%13.25%8.25%Africa0.82%0.11%0.07%Cameroon25.0B25.50%13.25%8.25%Africa1.95%0.26%0.16%Cape Verde1.9B25.50%13.25%8.25%Africa0.15%0.02%0.01%Democratic Republic of Congo17.9B36.50%14.75%9.75%Africa1.40%0.21%0.14%Egypt84.5Caa17.50%16.25%11.25%Africa6.61%1.07%0.74%Gabon18.7Ba33.60%10.40%5.40%Africa1.46%0.15%0.08%Ghana40.7B14.50%11.75%6.75%Africa3.18%0.37%0.21%Kenya37.2B14.50%11.75%6.75%Africa2.91%0.34%0.20%Morocco96.7Ba12.50%8.75%3.75%Africa7.57%0.66%0.28%Mozambique14.6B14.50%11.75%6.75%Africa1.14%0.13%0.08%Namibia12.8Baa32.20%8.30%3.30%Africa1.00%0.08%0.03%Nigeria262.6Ba33.60%10.40%5.40%Africa20.54%2.14%1.11%Republic of the Congo13.7Ba33.60%10.40%5.40%Africa1.07%0.11%0.06%Rwanda7.1B25.50%13.25%8.25%Africa0.56%0.07%0.05%Senegal14.2B14.50%11.75%6.75%Africa1.11%0.13%0.07%South Africa384.3Baa11.60%7.40%2.40%Africa30.06%2.22%0.72%Tunisia45.7Ba33.60%10.40%5.40%Africa3.57%0.37%0.19%Uganda33.7B14.50%11.75%6.75%Africa2.63%0.31%0.18%Zambia20.7B14.50%11.75%6.75%Africa1.62%0.19%0.11%Africa1278.53.36%10.04%5.04%100.00%Bangladesh115.6Ba33.60%10.40%5.40%Asia0.57%0.06%0.03%Cambodia14.1B25.50%13.25%8.25%Asia0.07%0.01%0.01%China8227.1Aa30.60%5.90%0.90%Asia40.76%2.40%0.37%Fiji3.9B14.50%11.75%6.75%Asia0.02%0.00%0.00%Hong Kong263.3Aa10.40%5.60%0.60%Asia1.30%0.07%0.01%India1841.7Baa32.20%8.30%3.30%Asia9.12%0.76%0.30%Indonesia878.0Baa32.20%8.30%3.30%Asia4.35%0.36%0.14%Japan5959.7Aa30.60%5.90%0.90%Asia29.53%1.74%0.27%Korea1129.6Aa30.60%5.90%0.90%Asia5.60%0.33%0.05%Macao43.6Aa30.60%5.90%0.90%Asia0.22%0.01%0.00%Malaysia303.5A31.20%6.80%1.80%Asia1.50%0.10%0.03%Mauritius10.5Baa11.60%7.40%2.40%Asia0.05%0.00%0.00%Mongolia10.3B14.50%11.75%6.75%Asia0.05%0.01%0.00%Pakistan231.2Caa17.50%16.25%11.25%Asia1.15%0.19%0.13%Papua New Guinea15.7B14.50%11.75%6.75%Asia0.08%0.01%0.01%Philippines250.3Baa32.20%8.30%3.30%Asia1.24%0.10%0.04%Singapore274.7Aaa0.00%5.00%0.00%Asia1.36%0.07%0.00%Sri Lanka59.4B14.50%11.75%6.75%Asia0.29%0.03%0.02%Taiwan44.0Aa30.60%5.90%0.90%Asia0.22%0.01%0.00%Thailand365.6Baa11.60%7.40%2.40%Asia1.81%0.13%0.04%Vietnam141.7B25.50%13.25%8.25%Asia0.70%0.09%0.06%Asia20183.31.00%6.51%1.51%Australia1520.6Aaa0.00%5.00%0.00%Australia & New Zealand91.52%4.58%0.00%Cook Islands1.2B14.50%11.75%6.75%Australia & New Zealand0.07%0.01%0.00%New Zealand139.8Aaa0.00%5.00%0.00%Australia & New Zealand8.41%0.42%0.00%Australia & New Zealand1661.60.00%5.00%0.00%Aruba2.6Baa11.60%7.40%2.40%Caribbean1.37%0.10%0.03%Bahamas8.1Baa11.60%7.40%2.40%Caribbean4.33%0.32%0.10%Barbados3.7Ba12.50%8.75%3.75%Caribbean1.96%0.17%0.07%Bermuda5.6Aa30.60%5.90%0.90%Caribbean2.96%0.17%0.03%Cayman Islands4.0Aa30.60%5.90%0.90%Caribbean2.13%0.13%0.02%Cuba60.8Caa17.50%16.25%11.25%Caribbean32.33%5.25%3.64%Curacao1.0B14.50%11.75%6.75%Caribbean0.53%0.06%0.04%Dominican Republic59.0B14.50%11.75%6.75%Caribbean31.35%3.68%2.12%Jamaica14.8Caa310.00%20.00%15.00%Caribbean7.89%1.58%1.18%Montserrat1.5Baa32.20%8.30%3.30%Caribbean0.80%0.07%0.03%St. Maarten1.5Baa11.60%7.40%2.40%Caribbean0.80%0.06%0.02%St. Vincent & the Grenadines1.5B25.50%13.25%8.25%Caribbean0.80%0.11%0.07%Trinidad and Tobago24.0Baa11.60%7.40%2.40%Caribbean12.75%0.94%0.31%Caribbean188.15.10%12.65%7.65%Argentina474.9B36.50%14.75%9.75%Central and South America9.19%1.36%0.90%Belize1.4Caa29.00%18.50%13.50%Central and South America0.03%0.01%0.00%Bolivia27.0Ba33.60%10.40%5.40%Central and South America0.52%0.05%0.03%Brazil2252.7Baa21.90%7.85%2.85%Central and South America43.61%3.42%1.24%Chile268.3Aa30.60%5.90%0.90%Central and South America5.19%0.31%0.05%Colombia369.8Baa32.20%8.30%3.30%Central and South America7.16%0.59%0.24%Costa Rica45.1Baa32.20%8.30%3.30%Central and South America0.87%0.07%0.03%Ecuador84.5Caa17.50%16.25%11.25%Central and South America1.64%0.27%0.18%El Salvador23.8Ba33.60%10.40%5.40%Central and South America0.46%0.05%0.02%Guatemala50.8Ba12.50%8.75%3.75%Central and South America0.98%0.09%0.04%Honduras18.0B25.50%13.25%8.25%Central and South America0.35%0.05%0.03%Mexico1177.3Baa11.60%7.40%2.40%Central and South America22.79%1.69%0.55%Nicaragua10.5B36.50%14.75%9.75%Central and South America0.20%0.03%0.02%Panama36.3Baa21.90%7.85%2.85%Central and South America0.70%0.06%0.02%Paraguay25.5Ba33.60%10.40%5.40%Central and South America0.49%0.05%0.03%Peru197.1Baa21.90%7.85%2.85%Central and South America3.82%0.30%0.11%Suriname4.7Ba33.60%10.40%5.40%Central and South America0.09%0.01%0.00%Uruguay49.1Baa32.20%8.30%3.30%Central and South America0.95%0.08%0.03%Venezuela49.1Caa17.50%16.25%11.25%Central and South America0.95%0.15%0.11%Central and South America5165.92.42%8.62%3.62%Albania13.1B14.50%11.75%6.75%Eastern Europe & Russia0.33%0.04%0.02%Armenia9.9Ba23.00%9.50%4.50%Eastern Europe & Russia0.25%0.02%0.01%Azerbaijan67.2Baa32.20%8.30%3.30%Eastern Europe & Russia1.70%0.14%0.06%Belarus63.3B36.50%14.75%9.75%Eastern Europe & Russia1.60%0.24%0.16%Bosnia and Herzegovina17.0B36.50%14.75%9.75%Eastern Europe & Russia0.43%0.06%0.04%Bulgaria51.0Baa21.90%7.85%2.85%Eastern Europe & Russia1.29%0.10%0.04%Croatia56.4Ba12.50%8.75%3.75%Eastern Europe & Russia1.43%0.12%0.05%Czech Republic195.7A10.70%6.05%1.05%Eastern Europe & Russia4.95%0.30%0.05%Estonia21.9A10.70%6.05%1.05%Eastern Europe & Russia0.55%0.03%0.01%Georgia15.8Ba33.60%10.40%5.40%Eastern Europe & Russia0.40%0.04%0.02%Hungary125.5Ba12.50%8.75%3.75%Eastern Europe & Russia3.17%0.28%0.12%Kazakhstan201.7Baa21.90%7.85%2.85%Eastern Europe & Russia5.10%0.40%0.15%Latvia28.4Baa21.90%7.85%2.85%Eastern Europe & Russia0.72%0.06%0.02%Lithuania42.2Baa11.60%7.40%2.40%Eastern Europe & Russia1.07%0.08%0.03%Macedonia9.7Ba33.60%10.40%5.40%Eastern Europe & Russia0.24%0.03%0.01%Moldova7.3B36.50%14.75%9.75%Eastern Europe & Russia0.18%0.03%0.02%Montenegro4.2Ba33.60%10.40%5.40%Eastern Europe & Russia0.11%0.01%0.01%Poland489.8A20.85%6.28%1.28%Eastern Europe & Russia12.38%0.78%0.16%Romania169.4Baa32.20%8.30%3.30%Eastern Europe & Russia4.28%0.36%0.14%Russia2014.8Baa11.60%7.40%2.40%Eastern Europe & Russia50.94%3.77%1.22%Serbia37.5B14.50%11.75%6.75%Eastern Europe & Russia0.95%0.11%0.06%Slovakia91.6A20.85%6.28%1.28%Eastern Europe & Russia2.32%0.15%0.03%Slovenia45.5Ba12.50%8.75%3.75%Eastern Europe & Russia1.15%0.10%0.04%Ukraine176.3Caa17.50%16.25%11.25%Eastern Europe & Russia4.46%0.72%0.50%Eastern Europe & Russia3955.21.98%7.96%2.96%Abu Dhabi15.0Aa20.50%5.75%0.75%Middle East0.87%0.05%0.01%Bahrain22.9Baa21.90%7.85%2.85%Middle East1.34%0.10%0.04%Israel242.9A10.70%6.05%1.05%Middle East14.13%0.86%0.15%Jordan31.2B14.50%11.75%6.75%Middle East1.82%0.21%0.12%Kuwait176.6Aa20.50%5.75%0.75%Middle East10.27%0.59%0.08%Lebanon42.9B14.50%11.75%6.75%Middle East2.50%0.29%0.17%Oman71.8A10.70%6.05%1.05%Middle East4.18%0.25%0.04%Qatar173.0Aa20.50%5.75%0.75%Middle East10.06%0.58%0.08%Ras Al Kaminah5.2A20.85%6.28%1.28%Middle East0.30%0.02%0.00%Saudi Arabia576.8Aa30.60%5.90%0.90%Middle East33.56%1.98%0.30%United Arab Emirates360.2Aa20.50%5.75%0.75%Middle East20.96%1.21%0.16%Middle East1718.70.76%6.14%1.14%Canada1821.4Aaa0.00%5.00%0.00%North America10.40%0.52%0.00%United States of America15684.8Aaa0.00%5.00%0.00%North America89.60%4.48%0.00%North America17506.20.00%5.00%0.00%Andorra4.5A31.20%6.80%1.80%Western Europe0.00026060180.00%0.00%Austria399.6Aaa0.00%5.00%0.00%Western Europe0.02314427370.12%0.00%Belgium483.7Aa30.60%5.90%0.90%Western Europe0.02801231450.17%0.03%Cyprus23.0Caa310.00%20.00%15.00%Western Europe0.00133086420.03%0.02%Denmark314.2Aaa0.00%5.00%0.00%Western Europe0.01819822610.09%0.00%Finland250.0Aaa0.00%5.00%0.00%Western Europe0.01447926530.07%0.00%France2612.9Aa10.40%5.60%0.60%Western Europe0.15131568850.85%0.09%Germany3399.6Aaa0.00%5.00%0.00%Western Europe0.19687530390.98%0.00%Greece249.1Caa310.00%20.00%15.00%Western Europe0.01442569710.29%0.22%Iceland13.7Baa32.20%8.30%3.30%Western Europe0.00079089740.01%0.00%Ireland210.3Ba12.50%8.75%3.75%Western Europe0.0121805840.11%0.05%Isle of Man1.4Aa10.40%5.60%0.60%Western Europe0.00008107610.00%0.00%Italy2013.3Baa21.90%7.85%2.85%Western Europe0.11659108350.92%0.33%Liechtenstein10.5Aaa0.00%5.00%0.00%Western Europe0.00060807080.00%0.00%Luxembourg57.1Aaa0.00%5.00%0.00%Western Europe0.00330773120.02%0.00%Malta8.7A31.20%6.80%1.80%Western Europe0.00050510410.00%0.00%Netherlands772.2Aaa0.00%5.00%0.00%Western Europe0.04472082520.22%0.00%Norway499.7Aaa0.00%5.00%0.00%Western Europe0.02893646630.14%0.00%Portugal212.5Ba33.60%10.40%5.40%Western Europe0.01230353020.13%0.07%Spain1349.4Baa32.20%8.30%3.30%Western Europe0.07814294260.65%0.26%Sweden525.7Aaa0.00%5.00%0.00%Western Europe0.03044650870.15%0.00%Switzerland632.2Aaa0.00%5.00%0.00%Western Europe0.03661130390.18%0.00%Turkey789.3Baa32.20%8.30%3.30%Western Europe0.0457070580.38%0.15%United Kingdom2435.2Aa10.40%5.60%0.60%Western Europe0.1410245830.79%0.08%Western Europe17267.70.86%6.29%1.29%RegionWeighted Average: TRPWeighted Average: CRPWeighted Average: Default SpreadsAfrica10.04%5.04%3.36%Asia6.51%1.51%1.00%Australia & New Zealand5.00%0.00%0.00%Caribbean12.65%7.65%5.10%Central and South America8.62%3.62%2.42%Eastern Europe & Russia7.96%2.96%1.98%Middle East6.14%1.14%0.76%North America5.00%0.00%0.00%Western Europe6.29%1.29%0.86%Global6.35%1.35%0.90%

Regional breakdownCountryGDPLong-Term RatingAdj. Default SpreadTotal Risk PremiumCountry Risk PremiumRegionAbu Dhabi15.0Aa20.50%5.75%0.75%Middle EastAlbania13.1B14.50%11.75%6.75%Eastern Europe & RussiaAndorra4.5A31.20%6.80%1.80%Western EuropeAngola114.2Ba33.60%10.40%5.40%AfricaArgentina474.9B36.50%14.75%9.75%Central and South AmericaArmenia9.9Ba23.00%9.50%4.50%Eastern Europe & RussiaAruba2.6Baa11.60%7.40%2.40%CaribbeanAustralia1520.6Aaa0.00%5.00%0.00%Australia & New ZealandAustria399.6Aaa0.00%5.00%0.00%Western EuropeAzerbaijan67.2Baa32.20%8.30%3.30%Eastern Europe & RussiaBahamas8.1Baa11.60%7.40%2.40%CaribbeanBahrain22.9Baa21.90%7.85%2.85%Middle EastBangladesh115.6Ba33.60%10.40%5.40%AsiaBarbados3.7Ba12.50%8.75%3.75%CaribbeanBelarus63.3B36.50%14.75%9.75%Eastern Europe & RussiaBelgium483.7Aa30.60%5.90%0.90%Western EuropeBelize1.4Caa29.00%18.50%13.50%Central and South AmericaBenin7.6B25.50%13.25%8.25%AfricaBermuda5.6Aa30.60%5.90%0.90%CaribbeanBolivia27.0Ba33.60%10.40%5.40%Central and South AmericaBosnia and Herzegovina17.0B36.50%14.75%9.75%Eastern Europe & RussiaBotswana14.4A20.85%6.28%1.28%AfricaBrazil2252.7Baa21.90%7.85%2.85%Central and South AmericaBulgaria51.0Baa21.90%7.85%2.85%Eastern Europe & RussiaBurkina Faso10.4B25.50%13.25%8.25%AfricaCambodia14.1B25.50%13.25%8.25%AsiaCameroon25.0B25.50%13.25%8.25%AfricaCanada1821.4Aaa0.00%5.00%0.00%North AmericaCape Verde1.9B25.50%13.25%8.25%AfricaCayman Islands4.0Aa30.60%5.90%0.90%CaribbeanChile268.3Aa30.60%5.90%0.90%Central and South AmericaChina8227.1Aa30.60%5.90%0.90%AsiaColombia369.8Baa32.20%8.30%3.30%Central and South AmericaCook Islands1.2B14.50%11.75%6.75%Australia & New ZealandCosta Rica45.1Baa32.20%8.30%3.30%Central and South AmericaCroatia56.4Ba12.50%8.75%3.75%Eastern Europe & RussiaCuba60.8Caa17.50%16.25%11.25%CaribbeanCuracao1.0B14.50%11.75%6.75%CaribbeanCyprus23.0Caa310.00%20.00%15.00%Western EuropeCzech Republic195.7A10.70%6.05%1.05%Eastern Europe & RussiaDemocratic Republic of Congo17.9B36.50%14.75%9.75%AfricaDenmark314.2Aaa0.00%5.00%0.00%Western EuropeDominican Republic59.0B14.50%11.75%6.75%CaribbeanEcuador84.5Caa17.50%16.25%11.25%Central and South AmericaEgypt84.5Caa17.50%16.25%11.25%AfricaEl Salvador23.8Ba33.60%10.40%5.40%Central and South AmericaEstonia21.9A10.70%6.05%1.05%Eastern Europe & RussiaFiji3.9B14.50%11.75%6.75%AsiaFinland250.0Aaa0.00%5.00%0.00%Western EuropeFrance2612.9Aa10.40%5.60%0.60%Western EuropeGabon18.7Ba33.60%10.40%5.40%AfricaGeorgia15.8Ba33.60%10.40%5.40%Eastern Europe & RussiaGermany3399.6Aaa0.00%5.00%0.00%Western EuropeGhana40.7B14.50%11.75%6.75%AfricaGreece249.1Caa310.00%20.00%15.00%Western EuropeGuatemala50.8Ba12.50%8.75%3.75%Central and South AmericaHonduras18.0B25.50%13.25%8.25%Central and South AmericaHong Kong263.3Aa10.40%5.60%0.60%AsiaHungary125.5Ba12.50%8.75%3.75%Eastern Europe & RussiaIceland13.7Baa32.20%8.30%3.30%Western EuropeIndia1841.7Baa32.20%8.30%3.30%AsiaIndonesia878.0Baa32.20%8.30%3.30%AsiaIreland210.3Ba12.50%8.75%3.75%Western EuropeIsle of Man1.4Aa10.40%5.60%0.60%Western EuropeIsrael242.9A10.70%6.05%1.05%Middle EastItaly2013.3Baa21.90%7.85%2.85%Western EuropeJamaica14.8Caa310.00%20.00%15.00%CaribbeanJapan5959.7Aa30.60%5.90%0.90%AsiaJordan31.2B14.50%11.75%6.75%Middle EastKazakhstan201.7Baa21.90%7.85%2.85%Eastern Europe & RussiaKenya37.2B14.50%11.75%6.75%AfricaKorea1129.6Aa30.60%5.90%0.90%AsiaKuwait176.6Aa20.50%5.75%0.75%Middle EastLatvia28.4Baa21.90%7.85%2.85%Eastern Europe & RussiaLebanon42.9B14.50%11.75%6.75%Middle EastLiechtenstein10.5Aaa0.00%5.00%0.00%Western EuropeLithuania42.2Baa11.60%7.40%2.40%Eastern Europe & RussiaLuxembourg57.1Aaa0.00%5.00%0.00%Western EuropeMacao43.6Aa30.60%5.90%0.90%AsiaMacedonia9.7Ba33.60%10.40%5.40%Eastern Europe & RussiaMalaysia303.5A31.20%6.80%1.80%AsiaMalta8.7A31.20%6.80%1.80%Western EuropeMauritius10.5Baa11.60%7.40%2.40%AsiaMexico1177.3Baa11.60%7.40%2.40%Central and South AmericaMoldova7.3B36.50%14.75%9.75%Eastern Europe & RussiaMongolia10.3B14.50%11.75%6.75%AsiaMontenegro4.2Ba33.60%10.40%5.40%Eastern Europe & RussiaMontserrat1.5Baa32.20%8.30%3.30%CaribbeanMorocco96.7Ba12.50%8.75%3.75%AfricaMozambique14.6B14.50%11.75%6.75%AfricaNamibia12.8Baa32.20%8.30%3.30%AfricaNetherlands772.2Aaa0.00%5.00%0.00%Western EuropeNew Zealand139.8Aaa0.00%5.00%0.00%Australia & New ZealandNicaragua10.5B36.50%14.75%9.75%Central and South AmericaNigeria262.6Ba33.60%10.40%5.40%AfricaNorway499.7Aaa0.00%5.00%0.00%Western EuropeOman71.8A10.70%6.05%1.05%Middle EastPakistan231.2Caa17.50%16.25%11.25%AsiaPanama36.3Baa21.90%7.85%2.85%Central and South AmericaPapua New Guinea15.7B14.50%11.75%6.75%AsiaParaguay25.5Ba33.60%10.40%5.40%Central and South AmericaPeru197.1Baa21.90%7.85%2.85%Central and South AmericaPhilippines250.3Baa32.20%8.30%3.30%AsiaPoland489.8A20.85%6.28%1.28%Eastern Europe & RussiaPortugal212.5Ba33.60%10.40%5.40%Western EuropeQatar173.0Aa20.50%5.75%0.75%Middle EastRas Al Kaminah5.2A20.85%6.28%1.28%Middle EastRepublic of the Congo13.7Ba33.60%10.40%5.40%AfricaRomania169.4Baa32.20%8.30%3.30%Eastern Europe & RussiaRussia2014.8Baa11.60%7.40%2.40%Eastern Europe & RussiaRwanda7.1B25.50%13.25%8.25%AfricaSaudi Arabia576.8Aa30.60%5.90%0.90%Middle EastSenegal14.2B14.50%11.75%6.75%AfricaSerbia37.5B14.50%11.75%6.75%Eastern Europe & RussiaSingapore274.7Aaa0.00%5.00%0.00%AsiaSlovakia91.6A20.85%6.28%1.28%Eastern Europe & RussiaSlovenia45.5Ba12.50%8.75%3.75%Eastern Europe & RussiaSouth Africa384.3Baa11.60%7.40%2.40%AfricaSpain1349.4Baa32.20%8.30%3.30%Western EuropeSri Lanka59.4B14.50%11.75%6.75%AsiaSt. Maarten1.5Baa11.60%7.40%2.40%CaribbeanSt. Vincent & the Grenadines1.5B25.50%13.25%8.25%CaribbeanSuriname4.7Ba33.60%10.40%5.40%Central and South AmericaSweden525.7Aaa0.00%5.00%0.00%Western EuropeSwitzerland632.2Aaa0.00%5.00%0.00%Western EuropeTaiwan44.0Aa30.60%5.90%0.90%AsiaThailand365.6Baa11.60%7.40%2.40%AsiaTrinidad and Tobago24.0Baa11.60%7.40%2.40%CaribbeanTunisia45.7Ba33.60%10.40%5.40%AfricaTurkey789.3Baa32.20%8.30%3.30%Western EuropeUganda33.7B14.50%11.75%6.75%AfricaUkraine176.3Caa17.50%16.25%11.25%Eastern Europe & RussiaUnited Arab Emirates360.2Aa20.50%5.75%0.75%Middle EastUnited Kingdom2435.2Aa10.40%5.60%0.60%Western EuropeUnited States of America15684.8Aaa0.00%5.00%0.00%North AmericaUruguay49.1Baa32.20%8.30%3.30%Central and South AmericaVenezuela49.1Caa17.50%16.25%11.25%Central and South AmericaVietnam141.7B25.50%13.25%8.25%AsiaZambia20.7B14.50%11.75%6.75%Africa

Sovereign Ratings (Moody's)S&P RatingMoody's ratingAbu DhabiAAAa2GOVERNMENT BOND RATINGSAlbaniaBB1In local currencyAndorraA-A3S&P: These are the S&P sovereign local currency ratingsAngolaBB-Ba3Moody's: These are the Moody's local currency ratingArgentinaCCC+B3In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate theArmeniaNABa2Moody's equivalent rating for these countries.ArubaBBB+Baa1S&PMoody'sAustraliaAAAAaaAAAAaaAustriaAA+AaaAA+Aa1AzerbaijanBBB-Baa3AAAa2BahamasBBBBaa1AA-Aa3BahrainBBBBaa2A+A1BangladeshBB-Ba3AA2BarbadosBB-Ba1A-A3BelarusB-B3BBB+Baa1BelgiumAAAa3BBBBaa2BelizeB-Caa2BBB-Baa3BeninBB2BB+Ba1BermudaAA-Aa3BBBa2BoliviaBB-Ba3BB-Ba3Bosnia and HerzegovinaBB3B+B1BotswanaA-A2BB2BrazilA-Baa2B-B3BulgariaBBBBaa2CCC+Caa1Burkina FasoBB2CCCCaa2CambodiaBB2CCC-Caa3CameroonBB2CC+Ca1CanadaAAAAaaCCCa2Cape VerdeBB2CC-Ca3Cayman IslandsNAAa3C+C1ChileAA+Aa3CC2ChinaAA-Aa3C-C3ColombiaBBB+Baa3Cook IslandsB+B1Costa RicaBBBaa3CroatiaBB+Ba1CubaNACaa1CuracaoA-B1CyprusB-Caa3Czech RepublicAAA1Democratic Republic of CongoB-B3DenmarkAAAAaaDominican RepublicB+B1EcuadorBCaa1EgyptB-Caa1El SalvadorBB-Ba3EstoniaAA-A1FijiNAB1FinlandAAAAaaFranceAAAa1GabonBB-Ba3GeorgiaBB=Ba3GermanyAAAAaaGhanaBB1GreeceB-Caa3GuatemalaBB+Ba1HondurasBB2Hong KongAAAAa1HungaryBBBa1IcelandBBB-Baa3IndiaBBB-Baa3IndonesiaBB+Baa3IrelandBBB+Ba1Isle of ManAA+Aa1IsraelA+A1ItalyBBBBaa2JamaicaB-Caa3JapanAA-Aa3JordanBB-B1KazakhstanBBB+Baa2KenyaB+B1KoreaAA-Aa3KuwaitAAAa2LatviaBBB+Baa2LebanonB-B1LiechtensteinAAAAaaLithuaniaBBBBaa1LuxembourgAAAAaaMacaoNAAa3MacedoniaBB-Ba3MalaysiaAA3MaltaBBB+A3MauritiusNABaa1MexicoABaa1MoldovaNAB3MongoliaBB-B1MontenegroBB-Ba3MontserratBBB-Baa3MoroccoBBB-Ba1MozambiqueB+B1NamibiaNABaa3NetherlandsAA+AaaNew ZealandAA+AaaNicaraguaNAB3NigeriaBB-Ba3NorwayAAAAaaOmanAA1PakistanB-Caa1PanamaBBBBaa2Papua New GuineaB+B1ParaguayBB-Ba3PeruA-Baa2PhilippinesBBB-Baa3PolandAA2PortugalBBBa3QatarAAAa2Ras Al KaminahAA2Republic of the CongoNABa3RomaniaBB+Baa3RussiaBBB+Baa1RwandaBB2Saudi ArabiaAAAAa3SenegalB+B1SerbiaBB-B1SingaporeAAAAaaSlovakiaAA2SloveniaA-Ba1South AfricaA-Baa1SpainBBB-Baa3Sri LankaB+B1St. MaartenNABaa1St. Vincent & the GrenadinesNAB2SurinameBB-Ba3SwedenAAAAaaSwitzerlandAAAAaaTaiwanAA-Aa3ThailandA-Baa1Trinidad and TobagoABaa1TunisiaNABa3TurkeyBBBBaa3UgandaB+B1UkraineB+Caa1United Arab EmiratesNAAa2United KingdomAAAAa1United States of AmericaAA+AaaUruguayBBB-Baa3VenezuelaB-Caa1VietnamBB-B2ZambiaB+B1

Regional lookup tableCountryRegionAbu DhabiMiddle EastAlbaniaEastern Europe & RussiaAndorraWestern EuropeAngolaAfricaArgentinaCentral and South AmericaArmeniaEastern Europe & RussiaArubaCaribbeanAustraliaAustralia & New ZealandAustriaWestern EuropeAzerbaijanEastern Europe & RussiaBahamasCaribbeanBahrainMiddle EastBangladeshAsiaBarbadosCaribbeanBelarusEastern Europe & RussiaBelgiumWestern EuropeBelizeCentral and South AmericaBeninAfricaBermudaCaribbeanBoliviaCentral and South AmericaBosnia and HerzegovinaEastern Europe & RussiaBotswanaAfricaBrazilCentral and South AmericaBulgariaEastern Europe & RussiaBurkina FasoAfricaCambodiaAsiaCameroonAfricaCanadaNorth AmericaCape VerdeAfricaCayman IslandsCaribbeanChileCentral and South AmericaChinaAsiaColombiaCentral and South AmericaCook IslandsAustralia & New ZealandCosta RicaCentral and South AmericaCroatiaEastern Europe & RussiaCubaCaribbeanCuracaoCaribbeanCyprusWestern EuropeCzech RepublicEastern Europe & RussiaDemocratic Republic of CongoAfricaDenmarkWestern EuropeDominican RepublicCaribbeanEcuadorCentral and South AmericaEgyptAfricaEl SalvadorCentral and South AmericaEstoniaEastern Europe & RussiaFijiAsiaFinlandWestern EuropeFranceWestern EuropeGabonAfricaGeorgiaEastern Europe & RussiaGermanyWestern EuropeGhanaAfricaGreeceWestern EuropeGuatemalaCentral and South AmericaHondurasCentral and South AmericaHong KongAsiaHungaryEastern Europe & RussiaIcelandWestern EuropeIndiaAsiaIndonesiaAsiaIrelandWestern EuropeIsle of ManWestern EuropeIsraelMiddle EastItalyWestern EuropeJamaicaCaribbeanJapanAsiaJordanMiddle EastKazakhstanEastern Europe & RussiaKenyaAfricaKoreaAsiaKuwaitMiddle EastLatviaEastern Europe & RussiaLebanonMiddle EastLiechtensteinWestern EuropeLithuaniaEastern Europe & RussiaLuxembourgWestern EuropeMacaoAsiaMacedoniaEastern Europe & RussiaMalaysiaAsiaMaltaWestern EuropeMauritiusAsiaMexicoCentral and South AmericaMoldovaEastern Europe & RussiaMongoliaAsiaMontenegroEastern Europe & RussiaMontserratCaribbeanMoroccoAfricaMozambiqueAfricaNamibiaAfricaNetherlandsWestern EuropeNew ZealandAustralia & New ZealandNicaraguaCentral and South AmericaNigeriaAfricaNorwayWestern EuropeOmanMiddle EastPakistanAsiaPanamaCentral and South AmericaPapua New GuineaAsiaParaguayCentral and South AmericaPeruCentral and South AmericaPhilippinesAsiaPolandEastern Europe & RussiaPortugalWestern EuropeQatarMiddle EastRas Al KaminahMiddle EastRepublic of the CongoAfricaRomaniaEastern Europe & RussiaRussiaEastern Europe & RussiaRwandaAfricaSaudi ArabiaMiddle EastSenegalAfricaSerbiaEastern Europe & RussiaSingaporeAsiaSlovakiaEastern Europe & RussiaSloveniaEastern Europe & RussiaSouth AfricaAfricaSpainWestern EuropeSri LankaAsiaSt. MaartenCaribbeanSt. Vincent & the GrenadinesCaribbeanSurinameCentral and South AmericaSwedenWestern EuropeSwitzerlandWestern EuropeTaiwanAsiaThailandAsiaTrinidad and TobagoCaribbeanTunisiaAfricaTurkeyWestern EuropeTurkmenistanEastern Europe & RussiaUgandaAfricaUkraineEastern Europe & RussiaUnited Arab EmiratesMiddle EastUnited KingdomWestern EuropeUnited States of AmericaNorth AmericaUruguayCentral and South AmericaVenezuelaCentral and South AmericaVietnamAsiaZambiaAfrica

Rating CDSValuesRow LabelsCount of 10-year CDSAverage of 10-year CDS2A141.16%A241.29%A331.65%Aa130.85%Aa241.64%Aa391.04%Aaa170.57%B1185.36%B283.35%B3714.73%Ba182.64%Ba224.57%Ba3144.03%Baa1112.18%Baa272.00%Baa3122.69%C1Caa14Caa21Caa32Grand Total1390.0214015873

10-year CDS SpreadsCountryMoody's local currency10-year CDSUpdated: January 2, 2014Abu DhabiAa21.00%AlbaniaB1NAAndorraA3NAAngolaBa3NAArgentinaB314.73%ArmeniaBa2NAArubaBaa1NAAustraliaAaa0.70%AustriaAaa0.74%AzerbaijanBaa3NABahamasBaa1NABahrainBaa12.97%BangladeshBa3NABarbadosBa1NABelarusB3NABelgiumAa30.97%BelizeCaa2NABeninB2NABermudaAa3NABoliviaBa3NABosnia and HerzegovinaB3NABotswanaA2NABrazilBaa22.53%BulgariaBaa21.89%Burkina FasoB2NACambodiaB2NACameroonB2NACanadaAaaNACape VerdeB1NACayman IslandsAaaNAChileAa31.08%ChinaAa31.33%ColombiaBaa31.74%Cook IslandsB1NACosta RicaBaa33.43%CroatiaBa13.97%CubaCaa1NACuracaoB1NACyprusCaa3NACzech RepublicA11.07%Democratic Republic of CongoB3NADenmarkAaa0.54%Dominican RepublicB1NAEcuadorCaa1NAEgyptCaa1NAEl SalvadorBa3NAEstoniaA10.89%FijiB1NAFinlandAaa0.48%FranceAa11.06%GabonBa3NAGeorgiaBa3NAGermanyAaa0.56%GhanaB1NAGreeceCNAGuatemalaBa1NAHondurasB2NAHong KongAa10.91%HungaryBa13.08%IcelandBaa32.19%IndiaBaa33.51%IndonesiaBaa33.19%IrelandBa11.69%Isle of ManAaaNAIsraelA11.53%ItalyBaa22.11%JamaicaCaa3NAJapanAa30.79%JordanB1NAKazakhstanBaa22.26%KenyaB1NAKoreaAa30.97%KuwaitAa2NALatviaBaa21.69%LebanonB14.38%LiechtensteinAaaNALithuaniaBaa11.77%LuxembourgAaaNAMacaoAa3NAMacedoniaBa3NAMalaysiaA31.65%MaltaA3NAMauritiusBaa1NAMexicoBaa11.49%MoldovaB3NAMongoliaB1NAMontenegroBa3NAMontserratBaa3NAMoroccoBa12.54%MozambiqueB1NANamibiaBaa3NANetherlandsAaa0.74%New ZealandAaa0.80%NicaraguaB3NANigeriaBa3NANorwayAaa0.29%OmanA1NAPakistanCaa1NAPanamaBaa21.64%Papua New GuineaB1NAParaguayBa3NAPeruBaa21.88%PhilippinesBa11.81%PolandA21.28%PortugalBa34.03%QatarAa21.03%Ras Al KaminahA2NARepublic of the CongoBa3NARomaniaBaa32.61%RussiaBaa12.21%RwandaB2NASaudi ArabiaAa31.09%SenegalB10.90%SerbiaBa3NASingaporeAaaNASlovakiaA21.30%SloveniaBa12.75%South AfricaBaa12.75%SpainBaa31.96%Sri LankaB1NASt. MaartenBaa1NASt. Vincent & the GrenadinesB2NASurinameBa3NASwedenAaa0.39%SwitzerlandAaa0.56%TaiwanAa3NAThailandBaa11.86%Trinidad and TobagoBaa1NATunisiaBa24.57%TurkeyBaa32.89%UgandaB1NAUkraineB3NAUnited Arab EmiratesAa22.88%United KingdomAa10.57%United States of AmericaAaa0.46%UruguayBaa3NAVenezuelaB110.80%VietnamB23.35%ZambiaB1NA

Equity vs Govt Bond volatilityCountryStd deviation in Equities (weekly over 2 years)Std deviation in Bond PriceRelative Standard DeviationArgentina29.85%18.27%1.63Bangladesh36.07%NANABosnia14.21%NANABrazil21.80%12.58%1.73Bulgaria16.62%NANAChile15.66%8.50%1.84China22.00%11.20%1.96Colombia17.81%14.52%1.23Croatia15.00%9.08%1.65Czech Republic21.45%10.90%1.97Egypt26.29%16.35%1.61Estonia21.58%NANAGreece32.90%39.17%0.84Hungary27.08%18.24%1.48Iceland14.31%12.41%1.15India19.87%8.01%2.48Indonesia20.58%20.43%1.01Ireland22.56%24.86%0.91Israel18.58%9.20%2.02Italy29.96%15.30%1.96Kenya28.41%NANAKorea19.92%6.55%3.04Lativia15.24%NANALithuania19.43%NANAMacedonia16.87%NANAMalaysia10.95%8.64%1.27Mexico18.02%11.06%1.63Morocco11.36%8.35%1.36Namibia19.51%NANANigeria14.40%NANAPakistan16.66%7.54%2.21Peru26.51%12.24%2.17Philippines18.35%12.24%1.50Poland18.68%11.67%1.60Portugal20.46%29.69%0.69Romania23.73%16.97%1.40Russia24.41%12.55%1.95Serbia14.45%NANASlovakia17.06%10.44%1.63Slovenia15.76%12.63%1.25South Africa16.33%10.18%1.60Spain29.14%30.83%0.95Sri Lanka19.28%NANAThailand17.77%9.88%1.80Tunisia17.00%NANATurkey24.52%11.97%2.05Ukraine37.83%NANAVenezuela14.38%20.87%0.69Vietnam25.42%12.65%2.01US19.55%Average1.61Median1.63

Country GDPCountryGDP (in billions)Abu Dhabi15.0Albania13.1Source:World BankAndorra4.5Date:2013Angola114.2Argentina474.9Armenia9.9Aruba2.6Australia1520.6Austria399.6Azerbaijan67.2Bahamas8.1Bahrain22.9Bangladesh115.6Barbados3.7Belarus63.3Belgium483.7Belize1.4Benin7.6Bermuda5.6Bolivia27.0Bosnia and Herzegovina17.0Botswana14.4Brazil2252.7Bulgaria51.0Burkina Faso10.4Cambodia14.1Cameroon25.0Canada1821.4Cape Verde1.9Cayman Islands4.0Chile268.3China8227.1Colombia369.8Cook Islands1.2Costa Rica45.1Croatia56.4Cuba60.8Curacao1.0Cyprus23.0Czech Republic195.7Democratic Republic of Congo17.9Denmark314.2Dominican Republic59.0Ecuador84.5Egypt, Arab Rep.257.3El Salvador23.8Estonia21.9Fiji3.9Finland250.0France2612.9Gabon18.7Georgia15.8Germany3399.6Ghana40.7Greece249.1Guatemala50.8Honduras18.0Hong Kong263.3Hungary125.5Iceland13.7India1841.7Indonesia878.0Ireland210.3Isle of Man1.4Israel242.9Italy2013.3Jamaica14.8Japan5959.7Jordan31.2Kazakhstan201.7Kenya37.2Korea1129.6Kuwait176.6Latvia28.4Lebanon42.9Liechtenstein10.5Lithuania42.2Luxembourg57.1Macao43.6Macedonia9.7Malaysia303.5Malta8.7Mauritius10.5Mexico1177.3Moldova7.3Mongolia10.3Montenegro4.2Montserrat1.5Morocco96.7Mozambique14.6Namibia12.8Netherlands772.2New Zealand139.8Nicaragua10.5Nigeria262.6Norway499.7Oman71.8Pakistan231.2Panama36.3Papua New Guinea15.7Paraguay25.5Peru197.1Philippines250.3Poland489.8Portugal212.5Qatar173.0Ras Al Kaminah5.2Republic of the Congo13.7Romania169.4Russia2014.8Rwanda7.1Saudi Arabia576.8Senegal14.2Serbia37.5Singapore274.7Slovakia91.6Slovenia45.5South Africa384.3Spain1349.4Sri Lanka59.4St. Maarten1.5St. Vincent and the Grenadines0.7Suriname4.7Sweden525.7Switzerland632.2Taiwan44.0Thailand365.6Trinidad and Tobago24.0Tunisia45.7Turkey789.3Turkmenistan33.7Ukraine176.3United Arab Emirates360.2United Kingdom2435.2United States15684.8Uruguay49.1Venezuela, RB382.4Vietnam141.7Zambia20.7

Ratings look upS&P RatingMoody's ratingAbu DhabiAAAa2AlbaniaBB1AndorraA-NAAngolaBB-Ba3ArgentinaCCC+B3ArmeniaNABa2ArubaBBB+NAAustraliaAAAAaaAustriaAA+AaaAzerbaijanBBB-Baa3BahamasBBBBaa1BahrainBBBBaa2BangladeshBB-Ba3BarbadosBB-Ba1BelarusB-B3BelgiumAAAa3BelizeB-Caa2BeninBNABermudaAA-Aa3BoliviaBB-Ba3Bosnia and HerzegovinaBB3BotswanaA-A2BrazilA-Baa2BulgariaBBBBaa2Burkina FasoBNACambodiaBB2CameroonBNaCanadaAAAAaaCape VerdeBNACayman IslandsNAAa3ChileAA+Aa3ChinaAA-Aa3ColombiaBBB+Baa3Cook IslandsB+NACosta RicaBBBaa3CroatiaBB+Ba1CubaNACaa1CuracaoA-NACyprusB-Caa3Czech RepublicAAA1Democratic Republic of CongoB-B3DenmarkAAAAaaDominican RepublicB+B1EcuadorBCaa1EgyptB-Caa1El SalvadorBB-Ba3EstoniaAA-A1FijiNAB1FinlandAAAAaaFranceAAAa1GabonBB-NAGeorgiaBB=Ba3GermanyAAAAaaGhanaBB1GreeceB-Caa3GuatemalaBB+Ba1HondurasBB2Hong KongAAAAa1HungaryBBBa1IcelandBBB-Baa3IndiaBBB-Baa3IndonesiaBB+Baa3IrelandBBB+Ba1Isle of ManAA+Aa1IsraelA+A1ItalyBBBBaa2JamaicaB-Caa3JapanAA-Aa3JordanBB-B1KazakhstanBBB+Baa2KenyaB+B1KoreaAA-Aa3KuwaitAAAa2LatviaBBB+Baa2LebanonB-B1LiechtensteinAAANALithuaniaBBBBaa1LuxembourgAAAAaaMacaoNAAa3MacedoniaBB-NAMalaysiaAA3MaltaBBB+A3MauritiusNABaa1MexicoABaa1MoldovaNAB3MongoliaBB-B1MontenegroBB-Ba3MontserratBBB-NAMoroccoBBB-Ba1MozambiqueB+B1NamibiaNABaa3NetherlandsAA+AaaNew ZealandAA+AaaNicaraguaNAB3NigeriaBB-Ba3NorwayAAAAaaOmanAA1PakistanB-Caa1PanamaBBBBaa2Papua New GuineaB+B1ParaguayBB-Ba3PeruA-Baa2PhilippinesBBB-Baa3PolandAA2PortugalBBBa3QatarAAAa2Ras Al KaminahAA2Republic of the CongoNABa3RomaniaBB+Baa3RussiaBBB+Baa1RwandaBNASaudi ArabiaAAAAa3SenegalB+B1SerbiaBB-B1SingaporeAAAAaaSlovakiaAA2SloveniaA-Ba1South AfricaA-Baa1SpainBBB-Baa3Sri LankaB+B1St. MaartenNABaa1St. Vincent & the GrenadinesNAB2SurinameBB-Ba3SwedenAAAAaaSwitzerlandAAAAaaTaiwanAA-Aa3ThailandA-Baa1Trinidad and TobagoABaa1TunisiaNABa3TurkeyBBBBaa3UgandaB+NAUkraineB+Caa1United Arab EmiratesNAAa2United KingdomAAAAa1United States of AmericaAA+AaaUruguayBBB-Baa3VenezuelaB-Caa1VietnamBB-B2ZambiaB+B1