Andorra Credit Ratings & Outlooks

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

Historia del Rating Crediticio.

País	Date of Change	Agencia de Rating	Rating Anterior	Pronóstico Anterior	Rating Actual	Current Outlook
Andorra	ene. 23, 2026	Moody's	Baa1	Stable	Baa1	Positive
Andorra	may. 09, 2025	S&P	BBB+	Positive	A-	Stable
Andorra	ene. 19, 2024	Moody's	Baa2	Stable	Baa1	Stable
Andorra	may. 12, 2023	S&P	BBB+	Stable	BBB+	Positive
Andorra	jul. 15, 2022	S&P	BBB	Positive	BBB+	Stable
Andorra	jul. 08, 2022	Fitch	BBB+	Positive	A-	Stable
Andorra	feb. 04, 2022	Moody's	NR		Baa2	Stable
Andorra	ene. 14, 2022	Fitch	BBB+	Stable	BBB+	Positive
Andorra	ene. 14, 2022	S&P	BBB	Stable	BBB	Positive
Andorra	abr. 24, 2020	S&P	BBB	Positive	BBB	Stable
Andorra	jul. 19, 2019	S&P	BBB	Stable	BBB	Positive
Andorra	ago. 10, 2018	Fitch	BBB	Positive	BBB+	Stable
Andorra	jul. 28, 2017	S&P	BBB-	Stable	BBB	Stable
Andorra	feb. 24, 2017	Fitch	BBB	Stable	BBB	Positive
Andorra	jul. 29, 2016	S&P	BBB-	Negative	BBB-	Stable
Andorra	sep. 11, 2015	Fitch	NR		BBB	Stable
Andorra	jun. 24, 2015	S&P	BBB-	Negative Watch	BBB-	Negative
Andorra	mar. 27, 2015	S&P	BBB	Negative Watch	BBB-	Negative Watch
Andorra	mar. 12, 2015	S&P	BBB+	Stable	BBB	Negative Watch
Andorra	oct. 03, 2014	S&P	A-	Negative	BBB+	Stable

Tabla de Claves

Grado	Moody's	S&P	Fitch	DBRS	Scope Ratings
Principal	Aaa	AAA	AAA	AAA	AAA
Grado Alto	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Grado Medio Superior	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Grado Medio Inferior	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Grado de No Inversión Especulativo	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 Impago con Pocas Perspectivas de Recuperación		CD	RD	RD
En Impago		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
No Calificado.	NR	NR	NR	NR	NR

Preguntas frecuentes

What is Andorra’s current credit rating?

Andorra’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 Andorra’s credit risk.

Has Andorra’s credit rating changed recently?

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

Why does Andorra’s credit rating matter to investors?

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

How does Andorra’s rating compare to other countries?

You can explore how Andorra 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.

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