| Country |
Adj. Default
Spread |
Equity Risk
Premium |
Country Risk
Premium |
Corporate Tax
Rate |
Moody's rating |
| Abu Dhabi |
0.49% |
4.99% |
0.66% |
15.00% |
Aa2 |
| Albania |
3.56% |
9.13% |
4.80% |
15.00% |
Ba3 |
| Algeria |
2.98% |
8.35% |
4.02% |
15.00% |
NR |
| Andorra
(Principality of) |
1.58% |
6.46% |
2.13% |
18.98% |
Baa1 |
| Angola |
6.44% |
13.01% |
8.68% |
25.00% |
B3 |
| Anguilla |
6.01% |
12.44% |
8.11% |
25.23% |
NR |
| Antigua &
Barbuda |
6.01% |
12.43% |
8.10% |
25.23% |
NR |
| Argentina |
11.88% |
20.35% |
16.02% |
35.00% |
Ca |
| Armenia |
3.56% |
9.13% |
4.80% |
18.00% |
Ba3 |
| Aruba |
2.18% |
7.26% |
2.93% |
25.00% |
Baa3 |
| Australia |
0.00% |
4.33% |
0.00% |
30.00% |
Aaa |
| Austria |
0.40% |
4.86% |
0.53% |
24.00% |
Aa1 |
| Azerbaijan |
2.48% |
7.67% |
3.34% |
20.00% |
Ba1 |
| Bahamas |
4.46% |
10.34% |
6.01% |
0.00% |
B1 |
| Bahrain |
5.45% |
11.67% |
7.34% |
0.00% |
B2 |
| Bangladesh |
5.45% |
11.67% |
7.34% |
30.00% |
B2 |
| Barbados |
6.44% |
13.01% |
8.68% |
5.50% |
B3 |
| Belarus |
17.50% |
27.92% |
23.59% |
18.00% |
C |
| Belgium |
0.59% |
5.13% |
0.80% |
25.00% |
Aa3 |
| Belize |
7.43% |
14.34% |
10.01% |
28.53% |
Caa1 |
| Benin |
4.46% |
10.34% |
6.01% |
30.00% |
B1 |
| Bermuda |
0.84% |
5.46% |
1.13% |
0.00% |
A2 |
| Bolivia |
9.91% |
17.68% |
13.35% |
25.00% |
Caa3 |
| Bosnia and
Herzegovina |
6.44% |
13.01% |
8.68% |
10.00% |
B3 |
| Botswana |
1.19% |
5.93% |
1.60% |
22.00% |
A3 |
| Brazil |
2.48% |
7.67% |
3.34% |
34.00% |
Ba1 |
| British Virgin
Islands |
6.01% |
12.44% |
8.11% |
25.23% |
NR |
| Brunei |
0.59% |
5.13% |
0.80% |
34.00% |
NR |
| Bulgaria |
1.58% |
6.46% |
2.13% |
10.00% |
Baa1 |
| Burkina Faso |
7.43% |
14.34% |
10.01% |
28.00% |
Caa1 |
| Cambodia |
5.45% |
11.67% |
7.34% |
20.00% |
B2 |
| Cameroon |
7.43% |
14.34% |
10.01% |
33.00% |
Caa1 |
| Canada |
0.00% |
4.33% |
0.00% |
26.50% |
Aaa |
| Cape Verde |
5.45% |
11.67% |
7.34% |
0.00% |
B2 |
| Cayman Islands |
0.59% |
5.13% |
0.80% |
0.00% |
Aa3 |
| Channel
Islands |
0.83% |
5.45% |
1.12% |
24.78% |
NR |
| Chile |
0.84% |
5.46% |
1.13% |
27.00% |
A2 |
| China |
0.70% |
5.27% |
0.94% |
25.00% |
A1 |
| Colombia |
1.89% |
6.87% |
2.54% |
35.00% |
Baa2 |
| Congo
(Democratic Republic of) |
6.44% |
13.01% |
8.68% |
30.00% |
B3 |
| Congo
(Republic of) |
8.92% |
16.35% |
12.02% |
28.00% |
Caa2 |
| Cook Islands |
4.46% |
10.34% |
6.01% |
29.74% |
B1 |
| Costa Rica |
3.56% |
9.13% |
4.80% |
30.00% |
Ba3 |
| Croatia |
1.19% |
5.93% |
1.60% |
18.00% |
A3 |
| Cuba |
11.88% |
20.35% |
16.02% |
28.53% |
Ca |
| Curaçao |
2.18% |
7.26% |
2.93% |
22.00% |
Baa3 |
| Cyprus |
1.19% |
5.93% |
1.60% |
12.50% |
A3 |
| Czech Republic |
0.59% |
5.13% |
0.80% |
19.00% |
Aa3 |
| Denmark |
0.00% |
4.33% |
0.00% |
22.00% |
Aaa |
| Dominican
Republic |
3.56% |
9.13% |
4.80% |
27.00% |
Ba3 |
| Ecuador |
9.91% |
17.68% |
13.35% |
25.00% |
Caa3 |
| Egypt |
7.43% |
14.34% |
10.01% |
22.50% |
Caa1 |
| El Salvador |
6.44% |
13.01% |
8.68% |
30.00% |
B3 |
| Estonia |
0.70% |
5.27% |
0.94% |
20.00% |
A1 |
| Ethiopia |
8.92% |
16.35% |
12.02% |
30.00% |
Caa2 |
| Falkland
Islands |
3.58% |
9.15% |
4.82% |
31.55% |
NR |
| Fiji |
4.46% |
10.34% |
6.01% |
20.00% |
B1 |
| Finland |
0.40% |
4.86% |
0.53% |
20.00% |
Aa1 |
| France |
0.59% |
5.13% |
0.80% |
25.00% |
Aa3 |
| French Guiana |
3.58% |
9.15% |
4.82% |
31.55% |
NR |
| Gabon |
8.92% |
16.35% |
12.02% |
30.00% |
Caa2 |
| Gambia |
4.46% |
10.34% |
6.01% |
30.00% |
NR |
| Georgia |
2.98% |
8.35% |
4.02% |
15.00% |
Ba2 |
| Germany |
0.00% |
4.33% |
0.00% |
30.00% |
Aaa |
| Ghana |
8.92% |
16.35% |
12.02% |
25.00% |
Caa2 |
| Gibraltar |
0.83% |
5.45% |
1.12% |
24.78% |
NR |
| Greece |
2.48% |
7.67% |
3.34% |
22.00% |
Ba1 |
| Greenland |
0.83% |
5.45% |
1.12% |
24.78% |
NR |
| Guatemala |
2.48% |
7.67% |
3.34% |
25.00% |
Ba1 |
| Guernsey
(States of) |
0.70% |
5.27% |
0.94% |
0.00% |
A1 |
| Guinea |
8.92% |
16.35% |
12.02% |
0.00% |
NR |
| Guinea-Bissau |
6.44% |
13.01% |
8.68% |
0.00% |
NR |
| Guyana |
1.58% |
6.46% |
2.13% |
0.00% |
NR |
| Haiti |
11.88% |
20.35% |
16.02% |
0.00% |
NR |
| Honduras |
4.46% |
10.34% |
6.01% |
25.00% |
B1 |
| Hong Kong |
0.59% |
5.13% |
0.80% |
16.50% |
Aa3 |
| Hungary |
1.89% |
6.87% |
2.54% |
9.00% |
Baa2 |
| Iceland |
0.70% |
5.27% |
0.94% |
20.00% |
A1 |
| India |
2.18% |
7.26% |
2.93% |
30.00% |
Baa3 |
| Indonesia |
1.89% |
6.87% |
2.54% |
22.00% |
Baa2 |
| Iran |
6.44% |
13.01% |
8.68% |
22.00% |
NR |
| Iraq |
7.43% |
14.34% |
10.01% |
15.00% |
Caa1 |
| Ireland |
0.59% |
5.13% |
0.80% |
12.50% |
Aa3 |
| Isle of Man |
0.59% |
5.13% |
0.80% |
0.00% |
Aa3 |
| Israel |
1.58% |
6.46% |
2.13% |
23.00% |
Baa1 |
| Italy |
2.18% |
7.26% |
2.93% |
24.00% |
Baa3 |
| Ivory Coast |
2.98% |
8.35% |
4.02% |
25.00% |
Ba2 |
| Jamaica |
4.46% |
10.34% |
6.01% |
25.00% |
B1 |
| Japan |
0.70% |
5.27% |
0.94% |
30.62% |
A1 |
| Jersey (States
of) |
0.49% |
4.99% |
0.66% |
0.00% |
Aa2 |
| Jordan |
3.56% |
9.13% |
4.80% |
20.00% |
Ba3 |
| Kazakhstan |
1.58% |
6.46% |
2.13% |
20.00% |
Baa1 |
| Kenya |
7.43% |
14.34% |
10.01% |
30.00% |
Caa1 |
| Korea, D.P.R. |
11.88% |
20.35% |
16.02% |
25.00% |
NR |
| Kuwait |
0.70% |
5.27% |
0.94% |
15.00% |
A1 |
| Kyrgyzstan |
6.44% |
13.01% |
8.68% |
10.00% |
B3 |
| Laos |
9.91% |
17.68% |
13.35% |
26.86% |
Caa3 |
| Latvia |
1.19% |
5.93% |
1.60% |
20.00% |
A3 |
| Lebanon |
17.50% |
27.92% |
23.59% |
17.00% |
C |
| Liberia |
8.92% |
16.35% |
12.02% |
17.00% |
NR |
| Libya |
1.58% |
6.46% |
2.13% |
17.00% |
NR |
| Liechtenstein |
0.00% |
4.33% |
0.00% |
12.50% |
Aaa |
| Lithuania |
0.84% |
5.46% |
1.13% |
15.00% |
A2 |
| Luxembourg |
0.00% |
4.33% |
0.00% |
24.94% |
Aaa |
| Macau |
0.59% |
5.13% |
0.80% |
26.86% |
Aa3 |
| Macedonia |
3.56% |
9.13% |
4.80% |
10.00% |
Ba3 |
| Madagascar |
5.45% |
11.67% |
7.34% |
10.00% |
NR |
| Malawi |
8.92% |
16.35% |
12.02% |
10.00% |
NR |
| Malaysia |
1.19% |
5.93% |
1.60% |
24.00% |
A3 |
| Maldives |
8.92% |
16.35% |
12.02% |
26.86% |
Caa2 |
| Mali |
8.92% |
16.35% |
12.02% |
26.86% |
Caa2 |
| Malta |
0.84% |
5.46% |
1.13% |
35.00% |
A2 |
| Martinique |
6.01% |
12.44% |
8.11% |
25.23% |
NR |
| Mauritius |
2.18% |
7.26% |
2.93% |
15.00% |
Baa3 |
| Mexico |
1.89% |
6.87% |
2.54% |
30.00% |
Baa2 |
| Moldova |
6.44% |
13.01% |
8.68% |
12.00% |
B3 |
| Monaco |
0.00% |
4.33% |
0.00% |
24.78% |
Aaa |
| Mongolia |
5.45% |
11.67% |
7.34% |
25.00% |
B2 |
| Montenegro |
4.46% |
10.34% |
6.01% |
15.00% |
B1 |
| Montserrat |
2.18% |
7.26% |
2.93% |
28.53% |
Baa3 |
| Morocco |
2.48% |
7.67% |
3.34% |
32.00% |
Ba1 |
| Mozambique |
8.92% |
16.35% |
12.02% |
32.00% |
Caa2 |
| Myanmar |
9.91% |
17.68% |
13.35% |
32.00% |
NR |
| Namibia |
4.46% |
10.34% |
6.01% |
32.00% |
B1 |
| Nepal |
3.56% |
9.13% |
4.80% |
25.00% |
Ba3 |
| Netherlands |
0.00% |
4.33% |
0.00% |
25.80% |
Aaa |
| Netherlands
Antilles |
6.01% |
12.44% |
8.11% |
25.23% |
NR |
| New Zealand |
0.00% |
4.33% |
0.00% |
28.00% |
Aaa |
| Nicaragua |
5.45% |
11.67% |
7.34% |
30.00% |
B2 |
| Niger |
9.91% |
17.68% |
13.35% |
26.86% |
Caa3 |
| Nigeria |
7.43% |
14.34% |
10.01% |
30.00% |
Caa1 |
| Norway |
0.00% |
4.33% |
0.00% |
22.00% |
Aaa |
| Oman |
2.48% |
7.67% |
3.34% |
15.00% |
Ba1 |
| Pakistan |
8.92% |
16.35% |
12.02% |
29.00% |
Caa2 |
| Palestinian
Authority |
17.50% |
27.92% |
23.59% |
17.00% |
NR |
| Panama |
2.18% |
7.26% |
2.93% |
25.00% |
Baa3 |
| Papua New
Guinea |
5.45% |
11.67% |
7.34% |
30.00% |
B2 |
| Paraguay |
2.18% |
7.26% |
2.93% |
10.00% |
Baa3 |
| Peru |
1.58% |
6.46% |
2.13% |
29.50% |
Baa1 |
| Philippines |
1.89% |
6.87% |
2.54% |
25.00% |
Baa2 |
| Poland |
0.84% |
5.46% |
1.13% |
19.00% |
A2 |
| Portugal |
1.19% |
5.93% |
1.60% |
21.00% |
A3 |
| Qatar |
0.49% |
4.99% |
0.66% |
10.00% |
Aa2 |
| Ras Al Khaimah
(Emirate of) |
1.19% |
5.93% |
1.60% |
0.00% |
A3 |
| Reunion |
1.07% |
5.77% |
1.44% |
25.34% |
NR |
| Romania |
2.18% |
7.26% |
2.93% |
16.00% |
Baa3 |
| Russia |
2.98% |
8.35% |
4.02% |
20.00% |
NR |
| Rwanda |
5.45% |
11.67% |
7.34% |
30.00% |
B2 |
| Saint Lucia |
6.01% |
12.44% |
8.11% |
25.23% |
NR |
| Saudi Arabia |
0.59% |
5.13% |
0.80% |
20.00% |
Aa3 |
| Senegal |
4.46% |
10.34% |
6.01% |
30.00% |
B1 |
| Serbia |
2.98% |
8.35% |
4.02% |
15.00% |
Ba2 |
| Sharjah |
2.48% |
7.67% |
3.34% |
0.00% |
Ba1 |
| Sierra Leone |
8.92% |
16.35% |
12.02% |
0.00% |
NR |
| Singapore |
0.00% |
4.33% |
0.00% |
17.00% |
Aaa |
| Slovakia |
1.19% |
5.93% |
1.60% |
21.00% |
A3 |
| Slovenia |
1.19% |
5.93% |
1.60% |
19.00% |
A3 |
| Solomon
Islands |
7.43% |
14.34% |
10.01% |
30.00% |
Caa1 |
| Somalia |
9.91% |
17.68% |
13.35% |
30.00% |
NR |
| South Africa |
2.98% |
8.35% |
4.02% |
27.00% |
Ba2 |
| South Korea |
0.49% |
4.99% |
0.66% |
25.00% |
Aa2 |
| Spain |
1.58% |
6.46% |
2.13% |
25.00% |
Baa1 |
| Sri Lanka |
11.88% |
20.35% |
16.02% |
24.00% |
Ca |
| St. Maarten |
2.98% |
8.35% |
4.02% |
28.53% |
Ba2 |
| St. Vincent
& the Grenadines |
6.44% |
13.01% |
8.68% |
28.53% |
B3 |
| Sudan |
17.50% |
27.92% |
23.59% |
28.53% |
NR |
| Suriname |
7.43% |
14.34% |
10.01% |
36.00% |
Caa1 |
| Swaziland |
5.45% |
11.67% |
7.34% |
27.50% |
B2 |
| Sweden |
0.00% |
4.33% |
0.00% |
20.60% |
Aaa |
| Switzerland |
0.00% |
4.33% |
0.00% |
14.60% |
Aaa |
| Syria |
17.50% |
27.92% |
23.59% |
14.60% |
NR |
| Taiwan |
0.59% |
5.13% |
0.80% |
20.00% |
Aa3 |
| Tajikistan |
6.44% |
13.01% |
8.68% |
18.00% |
B3 |
| Tanzania |
4.46% |
10.34% |
6.01% |
30.00% |
B1 |
| Thailand |
1.58% |
6.46% |
2.13% |
20.00% |
Baa1 |
| Togo |
6.44% |
13.01% |
8.68% |
26.86% |
B3 |
| Trinidad
&' Tobago |
2.98% |
8.35% |
4.02% |
30.00% |
Ba2 |
| Tunisia |
8.92% |
16.35% |
12.02% |
15.00% |
Caa2 |
| Turkey |
4.46% |
10.34% |
6.01% |
25.00% |
B1 |
| Turks &
Caicos Islands |
1.58% |
6.46% |
2.13% |
0.00% |
Baa1 |
| Uganda |
6.44% |
13.01% |
8.68% |
30.00% |
B3 |
| Ukraine |
11.88% |
20.35% |
16.02% |
18.00% |
Ca |
| United Arab
Emirates |
0.49% |
4.99% |
0.66% |
25.00% |
Aa2 |
| United Kingdom |
0.59% |
5.13% |
0.80% |
25.00% |
Aa3 |
| United States |
0.00% |
4.33% |
0.00% |
25.00% |
Aaa |
| Uruguay |
1.58% |
6.46% |
2.13% |
25.00% |
Baa1 |
| Uzbekistan |
3.56% |
9.13% |
4.80% |
15.00% |
Ba3 |
| Venezuela |
17.50% |
27.92% |
23.59% |
34.00% |
C |
| Vietnam |
2.98% |
8.35% |
4.02% |
20.00% |
Ba2 |
| Yemen |
11.88% |
20.35% |
16.02% |
20.00% |
NR |
| Zambia |
8.92% |
16.35% |
12.02% |
35.00% |
Caa2 |
| Zimbabwe |
8.92% |
16.35% |
12.02% |
35.00% |
NR |
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