Glossary

Sovereign credit rating

The opinion of an agency (S&P, Moody's, Fitch) on a state's ability to repay its debt, from AAA to D.

Each agency has its scale; Syli Atlas puts them on a common scale of 22 notches (AAA = 22, BBB− = 13, D = 1) to compare countries. A rating changes the cost at which a state borrows.