Sovereign Rating Actions Recap: May 12-18, 2025

S&P Global Ratings

?upgraded Ghana to 'CCC+' from 'SD' with the stable outlook.

The upgrade reflects authorities' recent steps to restructure remaining commercial debt, following its successful October 2024 Eurobond exchange.

?affirmed Uganda at 'B-' with the stable outlook.
affirmed Israel at 'A' with the negative outlook.
?affirmed Andorra at 'A-' and changed outlook to stable from positive.

The outlook revision reflects the anticipated delay to reaping the economic benefits of the planned EU Association Agreement, slower-than-expected additional liquidity improvements in Andorra's banking system, and ongoing data gaps related to the government's external debt service.

affirmed Poland at 'A-' with the stable outlook.
affirmed Burkina Faso at 'CCC+' with the stable outlook.
affirmed Bermuda at 'A+' with the stable outlook.

Fitch Ratings

affirmed Ireland at 'AA' with the stable outlook.
?affirmed Cameroon at 'B' with the negative outlook.
?upgraded Argentina to 'CCC+' from 'CCC'.

Argentina's upgrade reflects the launch of a new IMF program and major liberalization of the foreign-exchange (FX) market, which have bolstered external liquidity and the durability of President Javier Milei's economic stabilization program.

?affirmed Cabo Verde at 'B' with the stable outlook.
affirmed Greece at 'BBB-' and changed outlook to positive from stable.

Greece recorded a budget surplus of 1.3% of GDP in 2024 and a primary budget surplus of 4.8%, with the latter exceeding the government's initial target of 1%. This outcome is also better than Fitch's expectations and marks a notable improvement from the 1.4% deficit in 2023.

Moody's

?affirmed Germany at 'Aaa' with the stable outlook.
downgraded United States to 'Aa1' from 'Aaa' and changed outlook to stable from negative.

This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns.