| Country | S&P | Moody's | II CCR | ICRGC | ICRGP | ICRGF | ICRGE |
| Argentina | BB- | B1 | 38.8 | 70.0 | 74.0 | 34.0 | 31.5 |
| Australia | AA | Aa2 | 71.2 | 82.5 | 83.0 | 44.0 | 37.5 |
| Austria | AAA | Aaa | 86.2 | 84.0 | 81.0 | 47.0 | 39.5 |
| Belgium | AA+ | Aa1 | 79.2 | 83.0 | 79.0 | 46.0 | 41.0 |
| Brazil | B+ | B1 | 34.9 | 62.5 | 64.0 | 33.0 | 28.0 |
| Canada | AA+ | Aa2 | 80.3 | 83.0 | 81.0 | 46.0 | 39.0 |
| Chile | A- | Baa1 | 57.4 | 79.5 | 74.0 | 43.0 | 42.0 |
| Colombia | BBB- | Baa3 | 46.5 | 68.0 | 60.0 | 40.0 | 35.5 |
| Czech Republic | A | Baa1 | 58.4 | 82.0 | 80.0 | 42.0 | 41.5 |
| Denmark | AA+ | Aa1 | 79.9 | 87.5 | 84.0 | 48.0 | 42.5 |
| Finland | AA- | Aa2 | 71.4 | 84.5 | 87.0 | 43.0 | 39.0 |
| France | AAA | Aaa | 89.1 | 82.0 | 80.0 | 44.0 | 40.0 |
| Germany | AAA | Aaa | 90.9 | 84.5 | 83.0 | 47.0 | 39.0 |
| Greece | BBB- | Baa3 | 50.0 | 75.0 | 75.0 | 38.0 | 36.5 |
| Hong Kong | A | A3 | 67.0 | 81.0 | 72.0 | 46.0 | 43.5 |
| Hungary | BB+ | Ba1 | 45.0 | 72.5 | 78.0 | 39.0 | 28.0 |
| India | BB+ | Baa3 | 46.1 | 69.0 | 63.0 | 37.0 | 37.5 |
| Indonesia | BBB | Baa3 | 52.4 | 69.5 | 63.0 | 39.0 | 37.0 |
| Ireland | AA | Aa2 | 73.4 | 84.0 | 85.0 | 44.0 | 38.5 |
| Italy | AA | A1 | 72.3 | 77.0 | 75.0 | 41.0 | 38.0 |
| Japan | AAA | Aaa | 91.6 | 86.0 | 80.0 | 48.0 | 44.0 |
| Malaysia | A+ | A1 | 69.1 | 80.5 | 76.0 | 43.0 | 42.0 |
| Mexico | BB | Ba2 | 41.8 | 66.0 | 65.0 | 37.0 | 30.0 |
| Netherlands | AAA | Aaa | 89.3 | 86.0 | 84.0 | 47.0 | 40.5 |
| New Zealand | AA | Aa2 | 69.4 | 83.5 | 84.0 | 46.0 | 36.5 |
| Nigeria | NR | NR | 15.8 | 52.5 | 52.0 | 26.0 | 26.5 |
| Norway | AAA | Aa1 | 81.6 | 87.0 | 83.0 | 46.0 | 44.5 |
| Pakistan | B+ | B1 | 30.7 | 59.5 | 54.0 | 33.0 | 31.5 |
| Peru | NR | NR | 25.8 | 60.0 | 56.0 | 31.0 | 33.0 |
| Philippines | BB | Ba2 | 36.8 | 67.5 | 62.0 | 37.0 | 35.5 |
| Poland | BB | Baa3 | 37.6 | 78.0 | 79.0 | 40.0 | 37.0 |
| Portugal | AA- | A1 | 68.4 | 80.0 | 75.0 | 43.0 | 41.5 |
| Singapore | AAA | Aa2 | 84.0 | 86.0 | 80.0 | 48.0 | 44.0 |
| South Africa | BB+ | Baa3 | 45.2 | 76.5 | 75.0 | 41.0 | 36.5 |
| South Korea | AA- | A1 | 72.2 | 82.0 | 77.0 | 46.0 | 41.0 |
| Spain | AA | Aa2 | 73.7 | 74.0 | 69.0 | 41.0 | 38.0 |
| Sweden | AA+ | Aa3 | 74.1 | 82.0 | 81.0 | 43.0 | 39.5 |
| Switzerland | AAA | Aaa | 92.2 | 89.0 | 85.0 | 50.0 | 43.0 |
| Taiwan | AA+ | Aa3 | 79.9 | 84.5 | 77.0 | 48.0 | 44.0 |
| Thailand | A | A2 | 63.8 | 77.0 | 69.0 | 43.0 | 41.5 |
| Turkey | B+ | Ba3 | 40.9 | 62.5 | 59.0 | 36.0 | 30.0 |
| United Kingdom | AAA | Aaa | 87.8 | 79.5 | 78.0 | 46.0 | 35.0 |
| USA | AAA | Aaa | 90.7 | 83.0 | 80.0 | 48.0 | 38.0 |
| Venezuela | B+ | Ba2 | 31.4 | 66.5 | 65.0 | 34.0 | 34.0 |
| Zimbabwe | NR | NR | 31.0 | 64.5 | 66.0 | 31.0 | 31.5 |
| S&P Rank Correlation | 95.2% | 87.6% | 77.0% | 90.2% | 72.4% | ||
| Moody's Rank Correlation | 95.1% | 87.5% | 79.5% | 89.8% | 67.6% |
Last Update: 5/28/96
Name: Campbell R. Harvey
Email: charvey@mail.duke.edu