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.
Please consider the notes at the end of this page.
Learn more about
Euler Hermes Country Ratings (PDF)
Albania
as per 6/2012
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Country Review dated 15 July 2011
Andorra
as per 6/2012
Armenia
as per 6/2012
Austria
as per 10/2012
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 22 February 2012
Azerbaijan
as per 6/2012
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 6/2012
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Brief information dated 25 April 2012
Country Review dated 2 February 2011
Belgium
as per 6/2012
Bosnia and Herzegovina
as per 6/2012
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Brief information dated 11 April 2012
Bulgaria
as per 2/2013
Country Grade: B
Significant external transfer & convertibility risk and below average business environment.
Brief information dated 27 February 2013 (PDF, 196 KB)
Croatia
as per 3/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 28 March 2013 (PDF, 202 KB)
Cyprus
as per 2/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 27 February 2013 (PDF, 196 KB)
Czech Republic
as per 5/2013
Country Grade: BB
Moderate external transfer & convertibility risk and sound, above average business environment.
Brief information dated 8 May 2013 (PDF, 196 KB)
Denmark
as per 6/2012
Estonia
as per 2/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 13 February 2013 (PDF, 194 KB)
Country Review dated 14 March 2011
Faroe Island (DK)
as per 6/2012
Finland
as per 6/2012
France
as per 5/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 8 May 2013 (PDF, 196 KB)
Georgia
as per 6/2012
Germany
as per 4/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 17 April 2013 (PDF, 196 KB)
Gibraltar (UK)
as per 6/2012
Greece
as per 11/2012
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 28 November 2012 (PDF)
Greenland (DK)
as per 6/2012
Hungary
as per 5/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 2 May 2013 (PDF, 207 KB)
Country Review dated 20 November 2012
Iceland
as per 12/2012
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 19 September 2012
Country Review dated 8 June 2011
Ireland
as per 6/2012
Italy
as per 6/2012
Latvia
as per 2/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 13 February 2013 (PDF, 194 KB)
Country Review dated 25 February 2011
Liechtenstein
as per 6/2012
Lithuania
as per 2/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 13 February 2013 (PDF, 194 KB)
Luxembourg
as per 6/2012
Macedonia
as per 6/2012
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Country Review dated 7 February 2011
Malta
as per 3/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 13 March 2013 (PDF, 196 KB)
Moldova
as per 6/2012
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 6/2012
Montenegro
as per 6/2012
Netherlands
as per 6/2012
Norway
as per 6/2012
Poland
as per 2/2013
Country Grade: BB
Moderate external transfer & convertibility risk and sound, above average business environment.
Brief information dated 6 February 2013 (PDF, 196 KB)
Portugal
as per 4/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 10 April 2013 (PDF, 196 KB)
Romania
as per 3/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 13 March 2013 (PDF, 196 KB)
Country Review dated 20 November 2012
Russia
as per 2/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 6 February 2013 (PDF, 196 KB)
San Marino
as per 6/2012
Serbia
as per 4/2013
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Brief information dated 3 April 2013 (PDF, 201 KB)
Slovak Republic
as per 4/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 24 April 2013 (PDF, 195 KB)
Slovenia
as per 3/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 6 March 2013 (PDF, 196 KB)
Spain
as per 5/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 2 May 2013 (PDF, 207 KB)
Svalbard (N)
as per 6/2012
Sweden
as per 10/2012
Switzerland
as per 3/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 6 March 2013 (PDF, 196 KB)
Turkey
as per 4/2013
Country Grade: C
High external transfer & convertibility risk and well below average business environment.
Brief information dated 3 April 2013 (PDF, 201 KB)
Ukraine
as per 3/2013
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Brief information dated 20 March 2013 (PDF, 196 KB)
United Kingdom
as per 1/2013
Country Grade: AA
Very low external transfer & convertibility risk and very strong business environment.
Brief information dated 30 January 2013 (PDF, 202 KB)
Vatican City
as per 6/2012
This document reflects the opinion of the Economic Research Department of Euler Hermes. The information, analyses and forecasts contained herein are based on the Department's current hypotheses and viewpoints and are of a prospective nature. In this regard, the Economic Research Department of Euler Hermes has no responsibility for the consequences hereof and no liability. Moreover, these analyses are subject to modification at any time.
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.
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