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.
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Euler Hermes Country Ratings (PDF)
Azerbaijan
Belarus
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
Czech Republic
Estonia
France
Germany
Greece
Hungary
Albania
Armenia
Azerbaijan
Belarus
Bosnia & Herzegovina
Bulgaria
Croatia
Cyprus
Czech Republic
Estonia
Hungary
Iceland
Latvia
Albania
as per 7/2011
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Country Review dated 15 July 2011
Andorra
as per 6/2011
Armenia
as per 6/2011
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Country Review dated 22 October 2009
Austria
as per 12/2011
Azerbaijan
as per 9/2011
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 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
Bosnia and Herzegovina
as per 6/2011
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 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 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 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 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
Estonia
as per 9/2011
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
Finland
as per 6/2011
France
as per 6/2011
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
Germany
as per 12/2011
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
Greece
as per 12/2011
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
Hungary
as per 1/2012
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 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 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
Latvia
as per 9/2011
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
Lithuania
as per 11/2011
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
Macedonia
as per 6/2011
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 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 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
Montenegro
as per 6/2011
Country Grade: D
Very high external transfer & convertibility risk and weak business environment.
Brief information dated 27 January 2010
Netherlands
as per 6/2011
Norway
as per 6/2011
Poland
as per 12/2011
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 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 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 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
Serbia
as per 1/2012
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 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 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
Svalbard (N)
as per 6/2011
Sweden
as per 9/2011
Switzerland
as per 12/2011
Turkey
as per 12/2011
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 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 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
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