Sovereign Rating Actions Recap: June 9-15, 2025

S&P Global Ratings

affirmed Azerbaijan at 'BB+' with the stable outlook.
?affirmed Malta at 'A-' with the stable outlook.
?affirmed China at 'A+' with the stable outlook.

Fitch Ratings

?affirmed Estonia at 'A+' with the stable outlook.
?affirmed Lesotho at 'B' with the stable outlook.
?affirmed Maldives at 'CC'.
?affirmed Norway at 'AAA' with the stable outlook.
?affirmed San Marino at 'BB+' and changed outlook to positive from stable.

San Marino is continuing to reduce banking sector asset-quality risks, with non-performing loans (NPL) dropping to 19% at end-2024 from 56.2% in 2022. With increased securitisation and write-offs, net NPLs reached 12.1% in March 2025, down from 27.8% at end-2022.

?downgraded Belgium to 'A+' from 'AA-' with the stable outlook.

Belgium's fiscal position has structurally weakened over the last few years and we expect a continued moderate upward trend for general government debt/GDP. Existing fiscal imbalances remain only partially addressed, while increased defence spending is adding to fiscal pressures.

Moody's

?affirmed Vietnam at 'Ba2' with the stable outlook.