Short-term political risk: Six countries downgraded, one country upgraded March 24

Pakistan: Downgrade from category 6/7 to 7/7 for MLT political risk March 23

Hong Kong: Emulating mainland China’s approach, Hong Kong’s full reopening will improve its economic outlook March 13

Nigeria: APC retains power following President Tinubu’s election March 10

Peru: Violent protests are expected to continue as grounds of unrest are not tackled March 9

Moldova: Heightened tensions with Russia February 23

Raising awareness about the ESG framework at Credendo February 22

Uganda: Development of oil reserves brings opportunities and risks February 21

South Africa: GDP growth expectations revised down on the back of sweeping electricity crisis February 17

Thailand: The return of Chinese tourists will boost Thailand’s economy February 15

Armenia: Very strong growth in 2022 but uncertainty amid the war in Ukraine and tensions with Azerbaijan February 14

Brazil: Lula’s first month as president was eventful with brief unrest and the announcement of a currency union February 9

OECD premium categories: Bosnia and Herzegovina and Croatia upgraded, Egypt and Ukraine downgraded February 7

Lithium sector: High lithium prices do not dampen demand but increase risk February 6

Credendo's Fossil Fuel Policy came into force on 1 January January 30

Benin: Legislative election somewhat reinforces democratic legitimacy January 24

Haiti: ST political risk classification and political violence rating downgraded to category 7/7 January 19

Croatia: Upgrade from category 3/7 to 1/7 for MLT political risk January 18

Asia: Climate risks are a top vulnerability for Asia January 17

Egypt: Steady depreciation of Egyptian pound continues January 16

Bolivia: Unrest in Santa Cruz will likely dwindle but risks of disorderly devaluation or capital controls are rising January 12

China: The economy has yet to absorb the end of the zero-Covid policy before gradually recovering January 5


Credendo Green Package: the folder is now available! December 28

Egypt: Downgrade from category 5/7 to 6/7 for medium- to long-term political risk December 21

Short-term political risk: Eight countries downgraded December 20

El Salvador: Government is facing debt default amid worsening relations with the USA December 16

Argentina: One of the severest droughts in two decades is in the cards and could hinder access to foreign exchange December 8

Malaysia: Long-time opposition leader becomes new PM in a divided country and amid economic difficulties December 6

Angola: High oil prices are driving recovery, yet vulnerabilities are rife December 2

Ghana: MLT political risk classification recently downgraded November 29

Brazil: President-elect Lula will likely abandon public-spending cap, an anchor for fiscal policy credibility, before his term begins November 23

White paper: how to navigate your export business through the energy crisis November 22

CO2logic launches new CO2-Neutral label November 22

Turkey: High levels of vulnerability as a result of unorthodox monetary policy and heavy reliance on external financing November 18

Balkan countries: Agreements to facilitate mobility within the Balkans are a step forward into the long EU integration process November 15

Peru: The first constitutional complaint in recent history could be the final straw for President Castillo November 3

OECD premium categories: Aruba and Guyana upgraded, and El Salvador and Ghana downgraded November 2

Credendo installed solar panels on its Brussels headquarters’ rooftop October 26

Mongolia: economic outlook for 2023 is uncertain and mainly dependent on China October 20

Mexico: Sharp monetary tightening could tip over the US and Mexican economy into recession next year October 18

Vietnam: Strongly performing economy to face headwinds from global slowdown and inflation pressures October 14

Latin America: Winter was marked by violent unrest, and more turmoil is expected to result into a “hot” upcoming spring October 13

China: The slump in the Chinese construction sector has a broad impact on different sectors and on the economy October 12

Burkina Faso: Coup may lead to sanctions and closer ties to Russia October 5

Burundi: Upgrade of short-term political risk amid higher liquidity September 29

Business environment risk: The energy crisis in the EU is pushing ratings on a downgrade trajectory September 27

Sustainability is key in Credendo’s latest strategy September 27

Short-term political risk: One country upgraded and five countries downgraded September 23

India: Slowing economic recovery September 22

Energy crisis: fuelling a systemic crisis in Europe September 21

Laos: Eroding liquidity and unsustainable debt service outlook could lead to debt relief agreement with China September 14

Haiti: Anti-government protests amid increasingly powerful criminal gangs and rising inflation September 6

Drought in Europe: Agricultural yield, inland waterway transport and power generation severely affected September 5

Credendo committed to reducing its carbon footprint August 31

Sierra Leone: Violent protests over soaring cost of living August 30

Kenya: Presidential election result challenged, but unrest so far avoided August 26

Panama: Unrest lingers on despite price and profit caps from the government to alleviate price pressures August 23

S&P Global Ratings affirms Credendo – Export Credit Agency’s ‘AA’ rating August 19

Bangladesh: External liquidity support is coming up amid heavy energy imports August 18

Pakistan: Likely IMF support to mitigate external pressures August 9

Export Finance for Future (E3F) July 27

Ukraine: Agreement to export Ukrainian grain from Black Sea ports unlikely to significantly reduce high food prices July 27

South Africa: Reasonable economic recovery among difficult global circumstances July 26

Argentina: Abrupt departure of economy minister raises risks of additional capital controls July 19

Practical implementation of the COP26 statement by Credendo July 15

Mali: ECOWAS financial sanctions on Mali lifted July 14

Brazil: Wide-open presidential elections in October July 7

Timor-Leste: Challenging outlook for the oil and gas-reliant economy facing rapid reserve depletion July 5

Practical implementation of the COP26 statement by Credendo June 30

Colombia: Break with the past with first left-wing president but advancing extreme policy proposals will be difficult June 29

Oman: Upgrade from category 6/7 to 5/7 for medium- to long-term political risk June 28

Business environment risk: Upgrades dominate on the back of tourism recovery in Latin America and high commodity prices June 23

Short-term political risk: Five countries upgraded and five countries downgraded June 21

Energy sector shake-off following the Russian invasion of Ukraine June 14

Ghana: Projections clouded by high public debt vulnerabilities June 10

Guyana: Upgrade from 5/7 to 4/7 for medium- to long-term and short- term political risks June 8

Croatia: Euro introduction in 2023 June 2

Lebanon: General elections raise the spectre of political gridlock June 1

Brazil: Upgrade of the MLT political risk rating from category 5/7 to 4/7 May 31

Latin America: One of the slowest growing regions in economic terms despite higher commodity prices May 24

United Arab Emirates: Policy continuity expected under the new president May 20

Philippines: Newly-elected president Marcos Jr. is expected to pursue Duterte’s economic and security policy May 18

Paraguay: Central Bank aggressively battles highest inflation in a decade after severe drought May 12

China: Zero-Covid policy is taking a heavy toll on the economy May 11

Moldova: Heightened political risk following Russian invasion of Ukraine May 5

Global food prices rise on the back of the Russian invasion of Ukraine May 3

Costa Rica: Outsider and anti-establishment candidate elected as president and likely to renegotiate current IMF programme April 28

Speeding up the environmental transition April 28

Despite the Covid-19 pandemic and external shocks, Tanzania enjoys strong economic growth and relatively low inflation April 26

Sri Lanka: Historic sovereign debt default looming due to foreign currency debt payments being suspended April 21

Guinea: Mining returns might enhance junta’s grip on power April 20

Argentina: Tenth sovereign debt default narrowly avoided thanks to new IMF programme, but foreign exchange shortages persist April 6

Bangladesh: Higher socio-political tensions can be expected amid rising commodity prices and a deteriorating external environment April 5

Russia-Ukraine conflict: Soaring commodity prices are the dominant indirect impact on business environment risk, particularly in Africa March 29

Russia-Ukraine conflict: Global fallout hitting business environment risk most in CIS countries and Europe March 28

Climate change increases social-political and geopolitical risks in the medium to long term March 24

Nepal: Political stability expected until the next parliamentary elections despite a darkening economic outlook March 17

Business environment risk: The upgrade trend is about to stop as a result of the war in Ukraine and the global energy crisis March 15

Short-term political risk: Downgrades following Russia’s invasion of Ukraine mitigate the dominant number of countries upgraded March 10

Four challenges for the global economy in 2022 March 9

Singapore: External shocks will weigh on the 2022 economic outlook March 3

Belarus and Russia: Severe financial sanctions lead to immediate and severe impact on Russian economy March 2

World Economy: Impact of Russia’s full-scale invasion of Ukraine February 28

Belarus, Russia and Ukraine: Russia’s full-scale invasion of Ukraine February 25

Democratic Republic of Congo: Credendo’s political risk classifications February 23

Egypt: Central bank of Egypt announced new rules for importers February 21

European aluminium sector in a critical situation February 17

Honduras: Leftist President Castro’s inauguration ends 12-year right-wing rule, but implementing reforms will be difficult February 15

India: Government counts on large infrastructure investments to boost growth amid persisting Covid-19 uncertainty February 11

Credendo supports Goudel IV, a large water supply and sanitation project in Niamey, Niger February 10

Burkina Faso: No ECOWAS sanctions (yet) after last week’s military coup February 8

First-time rating ‘A’ with stable outlook for Credendo – Short-Term Non-EU Risks and Credendo – Short Term EU Risks February 8

OECD premium categories: Azerbaijan and Oman upgraded February 7

Russia and Ukraine: Heightened tensions at the border increase uncertainty and weigh on business environment risk February 1

Winners and losers from the transition to a more sustainable production world January 27

Nicaragua: President Ortega’s fourth presidential term starts with fresh sanctions from the US and the EU January 20

Serbia’s robust economy will be hampered by several headwinds in 2022 January 14

Chile: Presidential election victory of far-left Gabriel Boric represents important break from the past, but radical policies are unlikely January 7

Kazakhstan: State of emergency declared amid large protests January 6

Credendo simplifies forfaiting product January 6


Bolivia: Downgrade from category 5/7 to 6/7 for the MLT political risk December 16

Results of the 2021 Export Barometer December 16

Steel sector: Steel price on the decline amid stagnant steel demand in China and lower iron ore price December 14

Benin: Recent attacks show spread of jihadist activity across the region December 13

Bosnia and Herzegovina: Risks of country break-up and conflict are rising under Bosnian Serb leader’s secessionist push December 2

Rwanda: Downgrade from 6/7 to 7/7 for medium- to long-term political risk November 29

Pakistan: Islamabad is seeking for a peace deal with the Pakistani Taliban to reduce instability risks November 24

Turkey: Country risk hampered by weak monetary policy credibility and reliance on external funding November 23

Ukraine: Unusual Russian military activity near Ukraine border November 18

Romania: The political crisis aggravates the country’s worst Covid-19 wave November 10

Tunisia: Political uncertainty intensifying financial pressures November 9

Kenya’s economy is recovering this year after only a short recession last year but downside risks loom November 8

OECD premium categories: Côte d’Ivoire and Ecuador upgraded; Aruba, Bolivia and El Salvador downgraded October 26

Gas: Energy crisis will weigh on industrial production in Europe and Asia October 20

Global supply chains: Multiple factors mean disruptions could last until 2023 October 19

Saudi Arabia: Oil price increases expected to benefit Saudi Arabia October 14

Asia: Most business environment risk ratings remain stable as the Covid-19 Delta variant continues to hinder economic activity October 12

Business environment risk: A wave of upgrades fueled by the improving economic outlook October 8

Latin America: Business environment risk ratings are slowly improving but pressure remains due to weak currencies and high inflation October 7

Lebanon: Lebanese parliament approves new government after long political gridlock October 5

Short-term political risk: Eleven countries upgraded (incl. Brazil) and two countries downgraded September 29

Ethiopia: The Tigray conflict is expected to be long-lasting, but unlikely to lead to all-out civil war in Ethiopia September 27

China: Financial and economic spillovers from bankrupt giant property developer might be contained September 24

Nigeria: Political and business environment risk assessment of Africa’s largest economy September 23

Sri Lanka: Emergency rules on essential food access highlight the foreign exchange and economic crisis September 14

Aluminium: Guinea coup puts global aluminium supply chain at risk September 10

Peru: Political turbulence likely to continue despite new president’s inauguration August 30

Brazil and Argentina: Current drought is affecting agricultural production and exports, as well as electricity generation August 26

S&P Global Ratings affirms Credendo – Export Credit Agency’s rating August 25

Zambia: Opposition leader unexpectedly wins landslide victory in presidential election August 20

Despite important downside risks, Mauritania’s outlook is mostly positive August 17

World: Historic USD 650 billion SDR allocation by IMF provides welcome liquidity support for many emerging markets August 4

Sri Lanka: Downgrade from 5/7 to 6/7 for medium- to long-term political risk July 23

Sudan: Historic debt relief unlikely to resolve Sudan’s liquidity situation in the short term July 23

Indonesia: steep covid-19 surge and extended containment measures will hinder the economic recovery July 15

Colombia: sovereign rating downgraded to junk but public debt is expected to remain sustainable July 7

OECD Premium Categories: Hong Kong Upgraded, Myanmar and Sri Lanka Downgraded July 9

Belarus: Harsh EU sanctions affecting potash and petroleum products July 2

Taiwan: Covid 19 has hit Taiwan, a rare ‘winner’ of the pandemic until now July 2

Hydrogen: Booming interest (thanks to the fight against climate change) and many uncertainties June 25

Business environment risk in practice June 25

El Salvador: The first country to accept the cryptocurrency Bitcoin as legal tender might see many unintended consequences June 18

Albania: Incumbent PM’s third term improves the political stability outlook amid an ongoing slow economic recovery June 10

Guyana: Upgrade from 6/7 to 5/7 for medium-to long-term/short-term political risk June 7

Tanzania: Downgrade of medium- to long-term political risk classification from 5/7 to 6/7 June 1

Will digital currencies offer a new method of payment in international trade? May 27

Aruba: Downgrade of medium- to long-term political risk classification from 5/7 to 6/7 May 26

Short-term political risk: Nine countries (incl. Angola, Ecuador and Oman) upgraded and four countries (incl. Myanmar) downgraded May 21

Czech Republic, Poland and Slovakia: What are the risks that could affect the economic growth of the Czech Republic, Poland and Slovakia in 2021? May 10

Thailand: Covid-19 rebound and extended tourism crisis weigh on Thailand’s short-term outlook May 10

South and South-East Asia: Covid-19 strikes back and could mitigate this year’s economic performances April 30

Russia: Tightening of US sanctions April 21

Ecuador: Newly elected right-wing president Lasso is facing a challenging presidential term April 20

Global supply chains: Under pressure amid a lack of container ships April 16

Mozambique: Enormous investment expectations are weighed down by escalating violent conflict April 9

Short-term political risk: Azerbaijan, Eswatini and Mauritania upgraded; Anguilla and Sri Lanka downgraded April 1

Middle East: Shifting US policy in the Middle East March 25

Turkey: A likely return to more unconventional monetary policy following central bank governor dismissal March 24

Haiti: Violent protests are likely to continue in the coming year as the president is unwilling to leave his post March 18

Mexico: Ongoing Covid-19 pandemic and government policies are hurting private businesses March 16

India: Public spending support and a bad bank could further boost a strong recovery this year March 11

El Salvador: Bukele has become the country’s most powerful leader in three decades after his party won a supermajority March 10

Armenia: Mounting political tensions following Nagorno-Karabakh ceasefire agreement March 4

Algeria: 2021 finance law announces fiscal measures and imposes additional import restrictions March 1

Kosovo: A cocktail of anti-corruption, jobs and nationalism leads to a landslide electoral victory for the anti-elite party February 23

Cuba: Government is opening up the economy amidst the worst economic crisis in more than three decades February 19

Vietnam: Successful economic story to continue beyond a contained Covid-19 pandemic February 17

Steel sector: Steel prices have soared on the back of increased Chinese demand February 11

Tunisia: New wave of protests highlights the country’s difficult socioeconomic situation February 8

Myanmar: A state coup brings back full powers to the army February 5