Andorre Credit Ratings & Outlooks

Pays	Moody's	S&P	Fitch	DBRS	Scope Ratings
Andorre	Baa1 Positive	A- Stable	A- Stable	NR	NR

Historique des cotes de crédit

Pays	Date of Change	Agence de notation	Cote précédente	Outlook précédent	Cote actuelle	Current Outlook
Andorre	janv. 23, 2026	Moody's	Baa1	Stable	Baa1	Positive
Andorre	mai 09, 2025	S&P	BBB+	Positive	A-	Stable
Andorre	janv. 19, 2024	Moody's	Baa2	Stable	Baa1	Stable
Andorre	mai 12, 2023	S&P	BBB+	Stable	BBB+	Positive
Andorre	juil. 15, 2022	S&P	BBB	Positive	BBB+	Stable
Andorre	juil. 08, 2022	Fitch	BBB+	Positive	A-	Stable
Andorre	févr. 04, 2022	Moody's	NR		Baa2	Stable
Andorre	janv. 14, 2022	Fitch	BBB+	Stable	BBB+	Positive
Andorre	janv. 14, 2022	S&P	BBB	Stable	BBB	Positive
Andorre	avr. 24, 2020	S&P	BBB	Positive	BBB	Stable
Andorre	juil. 19, 2019	S&P	BBB	Stable	BBB	Positive
Andorre	août 10, 2018	Fitch	BBB	Positive	BBB+	Stable
Andorre	juil. 28, 2017	S&P	BBB-	Stable	BBB	Stable
Andorre	févr. 24, 2017	Fitch	BBB	Stable	BBB	Positive
Andorre	juil. 29, 2016	S&P	BBB-	Negative	BBB-	Stable
Andorre	sept. 11, 2015	Fitch	NR		BBB	Stable
Andorre	juin 24, 2015	S&P	BBB-	Negative Watch	BBB-	Negative
Andorre	mars 27, 2015	S&P	BBB	Negative Watch	BBB-	Negative Watch
Andorre	mars 12, 2015	S&P	BBB+	Stable	BBB	Negative Watch
Andorre	oct. 03, 2014	S&P	A-	Negative	BBB+	Stable

Clé de table

Classe	Moody's	S&P	Fitch	DBRS	Scope Ratings
Taux préférentiel	Aaa	AAA	AAA	AAA	AAA
Haute Qualité	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Grade moyen supérieur	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Inférieure Moyenne	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
De qualité inférieure spéculatif	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
En défaut avec peu de perspectives de reprise		CD	RD	RD
En défaut		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Non évalué	NR	NR	NR	NR	NR

FAQ

What is Andorre’s current credit rating?

Andorre’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Andorre’s credit risk.

Has Andorre’s credit rating changed recently?

This page lists the latest rating and outlook actions for Andorre, showing when each agency last reviewed or changed its assessment.

Why does Andorre’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Andorre's bond yields, currency, and equity flows as investors reassess risk.

How does Andorre’s rating compare to other countries?

You can explore how Andorre ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.