COUNTRY RISK ASSESSMENT MAP 1ST QUARTER 2017

RISK OF BUSINESSES DEFAULTING A1 A2 A3 A4 B C D E

160 COUNTRIES VERY LOW LOW QUITE ACCEPTABLE ACCEPTABLE SIGNIFICANT HIGH VERY HIGH EXTREME

UNDER THE
MAGNIFYING GROENLAND
(DENMARK)

GLASS ICELAND

NORWAY
FINLAND
RUSSIA
SWEDEN
A3
A UNIQUE METHODOLOGY
ESTONIA

LATVIA
UNITED KINGDOM
CANADA LITHUANIA

Macroeconomic expertise in assessing country risk IRELAND BELARUS

BELGIUM
A2
GERMANY
POLAND

Comprehension of the business environment

CZECH
REPUBLIC UKRAINE
KAZAKHSTAN
SLOVAKIA

FRANCE AUSTRIA
SWITZERLAND
HUNGARY
MONGOLIA
Microeconomic data collected over 70 years
SLOVENIA
ROMANIA
BOSNIA SERBIA

D
ITALY
UZBEKISTAN

of payment experience
BULGARIA
GEORGIA
KYRGYZSTAN NORTH
SPAIN ARMENIA AZERBAIJAN
UNITED STATES PORTUGAL GREECE
KOREA
TURKEY TURKMENISTAN
TAJIKISTAN JAPAN
SOUTH

A2
MALTA KOREA
CYPRUS SYRIA
TUNISIA LEBANON
ISRAEL IRAN AFGHANISTAN
MOROCCO ALGERIA PALESTINIAN IRAQ
ICELAND TERRITORIES
JORDAN CHINA
FINLAND PAKISTAN NEPAL
NORWAY KUWAIT
LIBYA
BAHRAIN
EGYPT
MEXICO QATAR
TAIWAN
CUBA
SWEDEN INDIA
DOMINICAN SAUDI OMAN MYANMAR
ESTONIA HONG KONG
A3
REPUBLIC ARABIA
RUSSIA LAOS
JAMAICA MAURITANIA
BANGLADESH
LATVIA BELIZE MALI NIGER
DENMARK HONDURAS HAITI ERITREA
LITHUANIA SENEGAL CHAD YEMEN UNITED THAILAND PHILIPPINES
CABO VERDE
SUDAN ARAB
GUATEMALA NICARAGUA BURKINA EMIRATES
NETHERLANDS EL SALVADOR
BELARUS FASO DJIBOUTI
VIETNAM
IRELAND UNITED TRINIDAD AND TOBAGO GUINEA BENIN
GUINEA-BISSAU CAMBODIA
KINGDOM POLAND COSTA RICA

BELGIUM
GERMANYA2 PANAMA
VENEZUELA GUYANA
SURINAME SIERRA LEONE
IVORY
COAST
NIGERIA
CENTRAL
AFRICAN
ETHIOPIA SRI LANKA
REPUBLIC MALAYSIA
LUXEMBOURG FRENCH
CZECH UKRAINE GUYANA CAMEROON MALDIVES
REPUBLIC COLOMBIA LIBERIA GHANA TOGO
SLOVAKIA SINGAPORE
UGANDA
SAO TOME
MOLDOVA & PRINCIPE KENYA
FRANCE CONGO
SWITZERLAND AUSTRIA HUNGARY GABON INDONESIA
ECUADOR EQUATORIAL GUINEA RWANDA
SLOVENIA ROMANIA DR CONGO
CROATIA BURUNDI

BOSNIA
PERU
SERBIA BRAZIL
TANZANIA PAPUA
ITALY
BULGARIA NEW GUINEA
MONTENEGRO
TIMOR-LESTE
MACEDONIA

ALBANIA ANGOLA

SPAIN GREECE ZAMBIA MALAWI

PORTUGAL
TURKEY
BOLIVIA
ZIMBABWE MADAGASCAR
NAMIBIA MAURITIUS
MALTA
PARAGUAY MOZAMBIQUE ILE DE LA RUNION
BOTSWANA
CYPRUS
AUSTRALIA
CHILE
E
SOUTH
AFRICA
ARGENTINA LESOTHO

URUGUAY

UPGRADES DOWNGRADE
NEW ZEALAND

ARMENIA D CZECH REPUBLIC A2 ISRAEL A2 LATVIA A3 MOZAMBIQUE E

Russias recovering economy will boost Fair growth of 2.6% expected for 2017, Real GDP growth came in at 5% in Upturn in the economy expected in The IMF suspended its aid program
activity and improve business confidence up from 2.4% in 2016 2016 - considerably above expectations 2017, with 2.8% growth in April 2016, following the revelation
Growth in industrial production and Strong household demand, thanks to Annual current account surpluses Rebound in investments following of previously undisclosed public
retail sales low unemployment and growth in wages since 2003 their fall last year, due to delays in the borrowing which pushed the country
Outlook for the Russian rouble, along Exports are boosted by German Low level of unemployment (3.4%) use of EU investment funds into debt distress
with a modest recovery in growth, are demand and inflation are supporting household Good situation on the labour market The government defaulted on interest
reducing currency volatility The automotive sector is benefitting purchasing power and brightening will support domestic demand as the payments to bondholders on January
from solid sales dynamics in the EU the outlook for domestic-oriented main growth driver 18 2017
Possible rebound in public investments sectors, such as consumer electronics, A financial system dominated by solid Political stability will remain under
Solid banking system construction and retail and stable Swedish banks threat, with fierce rivalries within the
ruling party (Frelimo) at the next
elections