Sovereign Credit Risk Assessment with Multiple Criteria Using an Outranking Method

Table 2

Conversion process for the initial allocations to three risk categories.

Category	Moody’s Ratings	Standard & Poor’s Ratings
C1	Aaa	AAA
	Aa1	AA+
	Aa2	AA
	Aa3	AA-
	A1	A+
	A2	A
	A3	A-
C2	Baa1	BBB+
	Baa2	BBB
	Baa3	BBB-
C3	Ba1	BB+
	Ba2	BB
	Ba3	BB-
	B1	B+
	B2	B
	B3	B-
C3	Caa1; Caa2; Caa3; Ca; C	CCC+; CCC; CCC-; CC; C; D