Photographs: Sam Mircovich/Reuters
The assessment of a country's creditworthiness is an art, not a science; a government's willingness to pay may be just as important as its ability to do so, according to The Economist.
It is partly down to a country's history of meeting its obligations and partly down to the nature of its creditors, it says.
Let's take a look at best and worst rated countries in the world.
Source: The Economist
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A look at best, worst rated countries in the world
Photographs: Lucas Jackson/Reuters
The United States
Moody's rating: Aaa
S&P rating: AA+
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 7.0 per cent
Debt as per cent of GDP: 107.2 per cent
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A look at best, worst rated countries in the world
Photographs: Lucas Jackson/Reuters
The United Kingdom
Moody's rating: Aa1
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 8.3 per cent
Debt as per cent of GDP: 88.7 per cent
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A look at best, worst rated countries in the world
Photographs: Mark Baker/Reuters
Australia
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 1.3 per cent
Debt as per cent of GDP: 27.1 per cent
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A look at best, worst rated countries in the world
Photographs: Christopher Pike/Reuters
Canada
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 3.7 per cent
Debt as per cent of GDP: 99.0 per cent
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A look at best, worst rated countries in the world
Photographs: Matthew Lee/Reuters
Singapore
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: 1.1 per cent
Debt as per cent of GDP: 106.2 per cent
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A look at best, worst rated countries in the world
Photographs: Reuters
Hong Kong
Moody's rating: Aa1
S&P rating: AAA
Fitch rating: AA+
Budget balance as per cent of GDP: 1.0 per cent
Debt as per cent of GDP: 33.1 per cent
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A look at best, worst rated countries in the world
Photographs: Kimimasa Mayama/Reuters
Japan
Moody's rating: Aa3
S&P rating: AA-
Fitch rating: A+
Budget balance as per cent of GDP: Minus 9.8 per cent
Debt as per cent of GDP: 236.6 per cent
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A look at best, worst rated countries in the world
Photographs: Lee Jae-Won/Reuters
South Korea
Moody's rating: Aa3
S&P rating: A+
Fitch rating: AA-
Budget balance as per cent of GDP: 1.7 per cent
Debt as per cent of GDP: 33.5 per cent
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A look at best, worst rated countries in the world
Photographs: Stringer/Reuters
Taiwan
Moody's rating: Aa3
S&P rating: AA-
Fitch rating: A+
Budget balance as per cent of GDP: Minus 2.3 per cent
Debt as per cent of GDP: 41.7 per cent
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A look at best, worst rated countries in the world
Photographs: Jacky Naegelen/Reuters
New Zealand
Moody's rating: Aaa
S&P rating: AA
Fitch rating: AA
Budget balance as per cent of GDP: Minus 6.5 per cent
Debt as per cent of GDP: 38.6 per cent
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A look at best, worst rated countries in the world
Photographs: John Schults/Reuters
France
Moody's rating: Aa1
S&P rating: AA+
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 4.5 per cent
Debt as per cent of GDP: 90.0 per cent
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A look at best, worst rated countries in the world
Photographs: Fabrizio Bensch/Reuters
Germany
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: 0.1 per cent
Debt as per cent of GDP: 83.0 per cent
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A look at best, worst rated countries in the world
Photographs: Arnd Wiegmann/Reuters
Switzerland
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: 0.0 per cent
Debt as per cent of GDP: 46.7 per cent
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A look at best, worst rated countries in the world
Photographs: Ints Kalnins/Reuters
Sweden
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: 0.0 per cent
Debt as per cent of GDP: 37.1 per cent
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A look at best, worst rated countries in the world
Photographs: Gustau Nacarino/Reuters
Spain
Moody's rating: Baa3
S&P rating: BBB-
Fitch rating: BBB
Budget balance as per cent of GDP: Minus 8.0 per cent
Debt as per cent of GDP: 90.7 per cent
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A look at best, worst rated countries in the world
Photographs: Srdjan Zivulovic/Reuters
Slovenia
Moody's rating: Baa2
S&P rating: A-
Fitch rating: A-
Budget balance as per cent of GDP: Minus 4.0 per cent
Debt as per cent of GDP: 53.2 per cent
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A look at best, worst rated countries in the world
Photographs: Jose Manuel Ribeiro/Reuters
Portugal
Moody's rating: Ba3
S&P rating: BB
Fitch rating: BB+
Budget balance as per cent of GDP: Minus 5.1 per cent
Debt as per cent of GDP: 119.1 per cent
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A look at best, worst rated countries in the world
Photographs: Slawomir Kaminski/Agencja Gazeta/Reuters
Poland
Moody's rating: A2
S&P rating: A-
Fitch rating: A-
Budget balance as per cent of GDP: Minus 3.7 per cent
Debt as per cent of GDP: 55.1 per cent
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A look at best, worst rated countries in the world
Photographs: Suzanne Plunkett/Reuters
Norway
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: 13.8 per cent
Debt as per cent of GDP: 49.6 per cent
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A look at best, worst rated countries in the world
Photographs: Michael Kooren/Reuters
The Netherlands
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 4.1 per cent
Debt as per cent of GDP: 68.2 per cent
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A look at best, worst rated countries in the world
Photographs: Edgard Garrido/Reuters
Mexico
Moody's rating: Baa1
S&P rating: BBB
Fitch rating: BBB
Budget balance as per cent of GDP: Minus 2.4 per cent
Debt as per cent of GDP: 43.1 per cent
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A look at best, worst rated countries in the world
Photographs: Laurent Dubrule/Reuters
Luxembourg
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 1.1 per cent
Debt as per cent of GDP: 21.7 per cent
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A look at best, worst rated countries in the world
Photographs: Alessandro Bianchi/Reuters
Italy
Moody's rating: Baa2
S&P rating: BBB+
Fitch rating: A-
Budget balance as per cent of GDP: Minus 3.0 per cent
Debt as per cent of GDP: 126.3 per cent
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A look at best, worst rated countries in the world
Photographs: Bernadett Szabo/Reuters
Hungary
Moody's rating: Ba1
S&P rating: BB
Fitch rating: BB+
Budget balance as per cent of GDP: Minus 2.8 per cent
Debt as per cent of GDP: 74.0 per cent
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A look at best, worst rated countries in the world
Photographs: Kacper Pempel/Reuters
Finland
Moody's rating: Aaa
S&P rating: AAA
Fitch rating: AAA
Budget balance as per cent of GDP: Minus 1.9 per cent
Debt as per cent of GDP: 52.6 per cent
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