Research Article
Sovereign Credit Risk Assessment with Multiple Criteria Using an Outranking Method
Table 3
Initial allocation for the alternatives based on their ratings.
| Country | S&P | Moody’s | Cl |
| Australia | AAA | Aaa | C1 |
| Czech Republic | AA- | A1 | C1 |
| Korea, Rep. | A+ | Aa3 | C1 |
| Canada | AAA | Aaa | C1 |
| United Kingdom | AAA | Aa1 | C1 |
| Estonia | AA- | A1 | C1 |
| Chile | AA- | Aa3 | C1 |
| Israel | A+ | A1 | C1 |
| Kuwait | AA | Aa2 | C1 |
| Qatar | AA | Aa2 | C1 |
| Singapore | AAA | Aaa | C1 |
| Brazil | BBB- | Baa2 | C2 |
| Colombia | BBB | Baa2 | C2 |
| Italy | BBB- | Baa2 | C2 |
| Mexico | BBB+ | A3 | C2 |
| Romania | BBB- | Baa3 | C2 |
| Uruguay | BBB | Baa2 | C2 |
| Azerbaijan | BBB- | Baa3 | C2 |
| Bahamas, The | BBB | | C2 |
| Indonesia | | Baa3 | C2 |
| India | BBB- | Baa3 | C2 |
| Philippines | BBB | Baa2 | C2 |
| Russian Federation | BBB- | Baa3 | C2 |
| Thailand | BBB+ | Baa1 | C2 |
| South Africa | BBB- | Baa2 | C2 |
| Ukraine | CCC- | Caa3 | C3 |
| Jamaica | B- | Caa3 | C3 |
| Montenegro | B+ | Ba3 | C3 |
| Hungary | BB | | C3 |
| Guatemala | BB | Ba1 | C3 |
| Costa Rica | BB | | C3 |
| Argentina | C | Caa1 | C3 |
| Albania | B | B1 | C3 |
| Bangladesh | BB- | Ba3 | C3 |
| Bulgaria | BB+ | Baa2 | C3 |
| Bosnia and Herzegovina | B | B3 | C3 |
| Belarus | B- | B3 | C3 |
| Bolivia | BB | | C3 |
| Georgia | BB- | Ba3 | C3 |
| Kenya | | B1 | C3 |
| Moldova | | B3 | C3 |
| Macedonia, FYR | BB- | | C3 |
| Nicaragua | | B3 | C3 |
| Egypt, Arab Rep. | B- | Caa1 | C3 |
| Congo, Dem. Rep. | B- | B3 | C3 |
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