Standard Ethics

Country Rating

A Country Rating does not impact by default national companies with registered offices in that country - as is the case with credit ratings.

Direct or indirect impacts may occur only in relation to lower ratings, where a country does not achieve a sustainable investment grade (EE- or above). In this case, it means that the country is not in line with international sustainability and governance recommendations.

Indirect impacts are possible because a company operating in a country with low democratic or free market standards may be less inclined to adopt voluntary sustainability policies promoted by the UN, OECD or the EU. The extent of this impact is observed on a case-by-case basis, by studying the ESG strategies that companies implement.

Direct impacts are related to Corporate Governance: if a company is owned by a national state without a sustainable investment grade, Standard Ethics analysts will take this into account, assuming that the company cannot act against the interests (and strategies) of its ownership. This is an additional complication to evaluate.

Finally, if a country had an "F" rating, which is the absolute lowest sustainable investment grade, all issuers with investments in that country would be subject to a negative impact.

For ratings before 2013, send an email to mr.welcome@standardethics.eu

Action Date Description ISIN Industry Rating To Outlook Rating From Outlook
17 Mar 2023 Turkey Others E- Stable E- Negative
19 Oct 2022 Italy Others EE+ Stable EE+ Stable
12 Apr 2022 Security Segregation Impact Notice – Provision 2: Downgrading for nations trading embargoed products with the Russian Federation Others
07 Mar 2022 Security Segregation Impact Notice – Provision 1: Russian citizens calculated as non-independent Board members Others
24 Feb 2022 Russia Others F Stable E- Stable
16 Sep 2021 Slovenia Others EE Stable EE+ Stable
29 Jul 2021 Denmark Others EEE- Negative EEE- Stable
12 Mar 2021 Latvia Others EE Stable
12 Mar 2021 Lithuania Others EE Stable
12 Mar 2021 Estonia Others EE Stable EE- Stable
31 Jul 2020 European Union Others EEE Stable
21 May 2020 Sweden Others EEE- Stable EEE Stable
31 Mar 2020 Netherlands Others EE+ Stable EEE- Stable
31 Mar 2020 Hungary Others E Negative E Stable
31 Mar 2020 Austria Others EE- Stable EE Stable
31 Mar 2020 Poland Others E Stable E+ Stable
18 Mar 2020 Italy Others EE+ Stable EE+ Negative
22 Oct 2019 Vatican City Others EE Stable EE Positive
21 Jan 2019 Greece Others EE Stable EE Under monitoring
30 Nov 2018 China Others E Stable E- Positive
11 Oct 2018 Italy Others EE+ Negative EE+ Positive
22 Jun 2018 United States of America Others EE Negative EE Stable
10 Apr 2018 Russia Others E- Stable E Under monitoring
15 Mar 2018 Canada Others EEE- Stable EE+ Stable
28 Feb 2018 New Zealand Others EEE Stable EEE- Stable
25 Oct 2017 Spain Others EE+ Stable EEE- Stable
07 Sep 2017 Turkey Others E- Negative E- Stable
02 Jun 2017 United States of America Others EE Stable EE+ Negative
03 May 2017 Turkey Others E- Stable E- Stable
15 Mar 2017 United Kingdom Others EEE- Stable EEE- Stable
15 Mar 2017 Scotland Others EEE- Stable
22 Feb 2017 China Others E- Positive E- Stable
30 Jan 2017 United States of America Others EE+ Negative EEE- Stable
03 Nov 2016 Italy Others EE+ Positive EE+ Stable
20 Oct 2016 Czech Republic Others EE- Stable EE Negative
19 Jul 2016 Turkey Others E- Stable E Stable
06 Jul 2016 South Korea Others E+ Positive E+ Stable
07 Jun 2016 Denmark Others EEE- Stable EEE Stable
10 May 2016 Turkey Others E Stable E+ Stable
04 Apr 2016 Vatican City Others EE Positive EE Stable
11 Mar 2016 Austria Others EE Stable EEE- Stable
22 Feb 2016 Poland Others E+ Stable EE- Positive
22 Feb 2016 Hungary Others E Stable E+ Negative
22 Feb 2016 Czech Republic Others EE Negative EE Stable
22 Feb 2016 Slovakia Others EE Negative EE Stable
07 Oct 2015 Slovenia Others EE+ Stable EE+ Stable
07 Oct 2015 South Africa Others EE- Stable EE- Stable
07 Oct 2015 Norway Others EEE Stable EEE Stable
07 Oct 2015 New Zealand Others EEE- Stable EEE- Stable
07 Oct 2015 Luxembourg Others EE+ Stable EE+ Stable
07 Oct 2015 Finland Others EEE- Stable EEE- Stable
07 Oct 2015 Canada Others EE+ Stable EE+ Stable
07 Oct 2015 Belgium Others EEE- Stable EEE- Stable
07 Oct 2015 Austria Others EEE- Stable EEE- Stable
07 Oct 2015 Australia Others EE+ Stable EE+ Stable
07 Oct 2015 Argentina Others E Stable E Stable
29 Jan 2015 Greece Others EE Under monitoring EE Stable
17 Apr 2014 Italy Others EE+ Stable EE Positive
07 Apr 2014 Vatican City Others EE Stable EE Stable
07 Apr 2014 United States of America Others EEE- Stable EEE- Stable
07 Apr 2014 United Kingdom Others EEE- Stable EEE- Stable
07 Apr 2014 Turkey Others E+ Stable E+ Stable
07 Apr 2014 Switzerland Others EE+ Stable EE+ Stable
07 Apr 2014 Sweden Others EEE Stable EEE Stable
07 Apr 2014 Spain Others EEE- Stable EEE- Stable
07 Apr 2014 South Korea Others E+ Stable E+ Stable
07 Apr 2014 South Africa Others EE- Stable EE- Stable
07 Apr 2014 Slovenia Others EE+ Stable EE+ Stable
07 Apr 2014 Slovakia Others EE Stable EE Stable
07 Apr 2014 Russia Others E Under monitoring E Stable
07 Apr 2014 Romania Others EE- Stable EE- Stable
07 Apr 2014 Portugal Others EE Stable EE Stable
07 Apr 2014 Poland Others EE- Positive EE- Positive
07 Apr 2014 Norway Others EEE Stable EEE Stable
07 Apr 2014 New Zealand Others EEE- Stable EEE- Stable
07 Apr 2014 Netherlands Others EEE- Stable EEE- Stable
07 Apr 2014 Mexico Others EE- Stable EE- Stable
07 Apr 2014 Luxembourg Others EE+ Stable EE+ Stable
07 Apr 2014 Japan Others EE Stable EE Stable
07 Apr 2014 Italy Others EE Positive EE Positive
07 Apr 2014 Israel Others E+ Stable E+ Stable
07 Apr 2014 Ireland Others EEE- Stable EEE- Stable
07 Apr 2014 India Others E Under monitoring E Stable
07 Apr 2014 Iceland Others EEE Stable EEE Stable
07 Apr 2014 Hungary Others E+ Negative E+ Negative
07 Apr 2014 Greece Others EE Stable EE Stable
07 Apr 2014 Germany Others EE+ Stable EE+ Stable
07 Apr 2014 France Others EEE- Stable EEE- Stable
07 Apr 2014 Finland Others EEE- Stable EEE- Stable
07 Apr 2014 Estonia Others EE- Stable EE- Stable
07 Apr 2014 Egypt Others E- Stable E- Stable
07 Apr 2014 Denmark Others EEE Stable EEE Stable
07 Apr 2014 Czech Republic Others EE Stable EE Stable
07 Apr 2014 China Others E- Stable E- Stable
07 Apr 2014 Chile Others E+ Stable E+ Stable
07 Apr 2014 Canada Others EE+ Stable EE+ Stable
07 Apr 2014 Bulgaria Others EE- Stable EE- Stable
07 Apr 2014 Brazil Others EE- Stable EE- Stable
07 Apr 2014 Belgium Others EEE- Stable EEE- Stable
07 Apr 2014 Austria Others EEE- Stable EEE- Stable
07 Apr 2014 Australia Others EE+ Stable EE+ Stable
07 Apr 2014 Argentina Others E Stable E Stable
27 Nov 2013 Germany Others EE+ Stable EEE- Stable
28 Oct 2013 Vatican City Others EE Stable EE- Positive
12 Jul 2013 Vatican City Others EE- Positive EE- Stable
21 Feb 2013 Ireland Others EEE- Stable EEE- Stable
21 Feb 2013 Argentina Others E Stable E Stable
21 Feb 2013 Australia Others EE+ Stable EE+ Stable
21 Feb 2013 Austria Others EEE- Stable EEE- Stable
21 Feb 2013 Belgium Others EEE- Stable EEE- Stable
21 Feb 2013 Brazil Others EE- Stable EE- Stable
21 Feb 2013 Bulgaria Others EE- Stable EE- Stable
21 Feb 2013 Canada Others EE+ Stable EE+ Stable
21 Feb 2013 China Others E- Stable E- Stable
21 Feb 2013 Czech Republic Others EE Stable EE Stable
21 Feb 2013 Denmark Others EEE Stable EEE Stable
21 Feb 2013 Egypt Others E- Stable E- Positive
21 Feb 2013 Estonia Others EE- Stable EE- Stable
21 Feb 2013 Finland Others EEE- Stable EEE- Stable
21 Feb 2013 France Others EEE- Stable EEE- Stable
21 Feb 2013 Greece Others EE Stable EE Stable
21 Feb 2013 Hungary Others E+ Negative EE- Negative
21 Feb 2013 Iceland Others EEE Stable EEE Stable
21 Feb 2013 India Others E Stable E Stable
21 Feb 2013 Israel Others E+ Stable E+ Stable
21 Feb 2013 Italy Others EE Positive EE Positive
21 Feb 2013 Japan Others EE Stable EE Stable
21 Feb 2013 Luxembourg Others EE+ Stable EE+ Stable
21 Feb 2013 Mexico Others EE- Stable EE Negative
21 Feb 2013 Netherlands Others EEE- Stable EEE- Stable
21 Feb 2013 New Zealand Others EEE- Stable EEE- Stable
21 Feb 2013 Norway Others EEE Stable EEE Stable
21 Feb 2013 Poland Others EE- Positive EE Negative
21 Feb 2013 Portugal Others EE Stable EE Stable
21 Feb 2013 Romania Others EE- Stable EE- Stable
21 Feb 2013 Russia Others E Stable E Negative
21 Feb 2013 Slovakia Others EE Stable EE Stable
21 Feb 2013 Slovenia Others EE+ Stable EE+ Stable
21 Feb 2013 South Africa Others EE- Stable EE- Stable
21 Feb 2013 South Korea Others E+ Stable E+ Stable
21 Feb 2013 Spain Others EEE- Stable EEE- Stable
21 Feb 2013 Sweden Others EEE Stable EEE Stable
21 Feb 2013 Switzerland Others EE+ Stable EE+ Stable
21 Feb 2013 Turkey Others E+ Stable E+ Stable
21 Feb 2013 United States of America Others EEE- Stable EEE- Stable
21 Feb 2013 United Kingdom Others EEE- Stable EEE- Stable
21 Feb 2013 Vatican City Others EE- Stable
21 Feb 2013 Chile Others E+ Stable E+ Stable