Information about economy in Europe

Country Ratings: Europe

Up-to-the-minute, worldwide country risk analyses are produced by the internal Country Risk Unit of the Euler Hermes Group. These country specialists monitor political and economic developments across the globe on an ongoing basis. You can read their reports here at any time and with up-to-date assessments.

Here you can find up-to-the-minute information on countries in Europe. You can download PDF files on the countries concerned.

N.B.: The country rating is an evaluation of the risk of payment default for short-term business in a specific country due to political and/or economic factors.
Country ratings are subject to modification. The ratings always refer to the date given in connection with the country concerned.


Learn more about

Euler Hermes Country Ratings (PDF)

Albania

as per 7/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Country Review dated 15 July 2011

Andorra

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.



Armenia

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Country Review dated 22 October 2009

Austria

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Azerbaijan

as per 9/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.


Brief information dated 27 April 2011

Country Review dated 14 April 2011

Belarus

as per 10/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 27 October 2011

Country Review dated 2 February 2011

Belgium

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Bosnia and Herzegovina

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 3 March 2010

Country Review dated 18 February 2010

Bulgaria

as per 11/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: B
Significant external transfer & convertibility risk and below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 16 November 2011

Country Review dated 1 June 2011

Croatia

as per 1/2012


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: B
Significant external transfer & convertibility risk and below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M3
Significant vulnerability risk and high cyclical risk.


Brief information dated 18 January 2012

Country Review dated 3 September 2010

Cyprus

as per 9/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M3
Significant vulnerability risk and high cyclical risk.


Brief information dated 3 August 2011

Country Review dated 2 September 2011

Czech Republic

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: BB
Moderate external transfer & convertibility risk and sound, above average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L3
Low vulnerability risk, but high cyclical risk.


Brief information dated 14 December 2011

Country Review dated 15 November 2010

Denmark

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Estonia

as per 9/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L3
Low vulnerability risk, but high cyclical risk.


Brief information dated 14 September 2011

Country Review dated 14 March 2011

Faroe Island (DK)

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: A
Low external transfer & convertibility risk and strong business environment.



Finland

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



France

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 8 July 2010

Georgia

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.



Germany

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 21 December 2011

Gibraltar (UK)

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: A
Low external transfer & convertibility risk and strong business environment.



Greece

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H3
High vulnerability risk and high cyclical risk.


Brief information dated 15 June 2011

Greenland (DK)

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: A
Low external transfer & convertibility risk and strong business environment.



Hungary

as per 1/2012


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M2
Significant vulnerability risk. Acceptable cyclical risk, but high uncertainty.


Brief information dated 12 January 2012

Country Review dated 20 September 2010

Iceland

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 15 December 2010

Country Review dated 8 June 2011

Ireland

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H3
High vulnerability risk and high cyclical risk.


Brief information dated 1 December 2010

Italy

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H3
High vulnerability risk and high cyclical risk.



Latvia

as per 9/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M3
Significant vulnerability risk and high cyclical risk.


Brief information dated 21 September 2011

Country Review dated 25 February 2011

Liechtenstein

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.



Lithuania

as per 11/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M3
Significant vulnerability risk and high cyclical risk.


Brief information dated 2 November 2011

Country Review dated 13 December 2010

Luxembourg

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Macedonia

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Country Review dated 7 February 2011


Malta

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Country Review dated 11 June 2010

Moldova

as per 7/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 27 July 2011

Country Review dated 4 July 2011

Monaco

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.



Montenegro

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 27 January 2010

Netherlands

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Norway

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Poland

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: BB
Moderate external transfer & convertibility risk and sound, above average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M2
Significant vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 30 November 2011

Country Review dated 2 December 2010

Portugal

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H3
High vulnerability risk and high cyclical risk.


Brief information dated 12 January 2011


Romania

as per 11/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M3
Significant vulnerability risk and high cyclical risk.


Brief information dated 9 November 2011

Country Review dated 23 May 2011

Russia

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 7 December 2011


San Marino

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.



Serbia

as per 1/2012


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 12 January 2012

Slovakia

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 8 June 2011

Country Review dated 17 June 2010

Slovenia

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L3
Low vulnerability risk, but high cyclical risk.


Brief information dated 7 December 2011

Detailed information dated 16 June 2010

Spain

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H3
High vulnerability risk and high cyclical risk.



Svalbard (N)

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: A
Low external transfer & convertibility risk and strong business environment.



Sweden

as per 9/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Switzerland

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): L2
Low vulnerability risk. Acceptable cyclical risk, but some uncertainty.



Turkey

as per 12/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: C
High external transfer & convertibility risk and well below average business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): H2
High vulnerability risk. Acceptable cyclical risk, but high uncertainty.


Brief information dated 14 December 2011

Country Review dated 10 December 2010

Ukraine

as per 10/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: D
Very high external transfer & convertibility risk and weak business environment.


Brief information dated 19 October 2011

Country Review dated 13 September 2010

United Kingdom

as per 10/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.

Financial Flow Indicator (FFI) / Cyclical Risk Indicator (CRI): M2
Significant vulnerability risk. Acceptable cyclical risk, but some uncertainty.


Brief information dated 12 October 2011

Vatican City

as per 6/2011


Country Risk Level:

Explanation of Euler Hermes Country Ratings



Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.



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