S&P Global Ratings, one of the three major global rating agencies, along with Moody’s and Fitch, has assigned the Republic of Moldova’s first long-term and short-term sovereign credit ratings, both in foreign and local currency, at the level of “BB-/B”.
This assessment puts Moldova on par with other European BB- economies such as Armenia, Albania and North Macedonia. Countries that, like Moldova, are undertaking structural reforms and closer integration into the European Union, while maintaining moderate public debt levels and stable growth prospects.
Moldova’s rating is slightly below investment grade, indicating significant credit risk, while maintaining a moderate level of resilience to default risk, according to S&P’s global criteria.
The S&P rating reflects a steady improvement in the economic and fiscal profile. After a period of stagnation, economic growth is expected to return to 1.2% in 2025 and 2.2% in 2026. This will be supported by stronger performance in agriculture, renewed investment and reforms implemented under the €1.9 billion EU Growth Plan. Public debt remains moderate – around 35% of GDP at end-2025 – and largely composed of long-term concessional loans from official creditors, helping to keep financing needs under control.
The stable outlook underscores S&P’s confidence in Moldova’s continued progress in reforms and its commitment to fiscal discipline. Continued compliance with EU standards, prudent implementation of the Growth Plan, and active cooperation with institutions such as the IMF and World Bank are expected to strengthen sustainability and contribute to the country’s upward trajectory. As reforms deepen and the business environment improves, Moldova will become increasingly attractive for high-value investments, expand its export base, and bring its economic performance closer to European standards.
Standard & Poor’s (S&P), an American financial analysis and credit rating agency, is one of the “big three” international rating agencies, along with Fitch Ratings and Moody’s Ratings. The sovereign ratings assigned by S&P are a key benchmark for international investors, determining perceptions of a country’s economic stability, access to international capital and the cost of financing.
