Country Risk Premiums

To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.

Step 1: Estimating mature market risk premium

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see th
Link to site: http://www.damodaran.com
Historical monthly ERP: http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign

Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go int
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. S
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.

Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk prem

Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.

If you are interested in a fuller explanation of these concepts, try these references:
http://papers.ssrn.com/sol3/papers.cfm?abstr
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/
Watch my lectures on country risk premiums: http://echo360.stern.nyu.edu:8080/ess/echo/p
http://echo360.stern.nyu.edu:8080/ess/echo/p
mium and add an additional country risk premium, based upon the risk of the country in question.
al country or region.

mium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadshe

ERPbymonth.xls

, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the co
ut it is free. Look under sovereign ratings)
atings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every ye

does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadshee

mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
et, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
isk premium and end up with a total equity risk premium lower than the US.
umber to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

p 3 to get a total equity risk premium.

iums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table

ssrn.com/sol3/papers.cfm?abstract_id=2581517
uke.edu/~charvey/Country_risk/couindex.htm
0.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
0.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
 can download the excel spreadsheet containing the implied premium

e other is the CDS spread for the country (if one exists)

atings class, at the start of every year.

worksheet in this spreadsheet for an alternate estimate.

td deviation to the BAML Emerging Public Bond index standard deviation

t to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country Brazil If you cannot find a country on this li
or a sovereign CDS spread. Try the P
Moody's sovereign rating Baa3 Local currency
S&P sovereign rating BB+ Local currency
CDS spread 5.58%
Excess CDS spread (over US CDS) 5.19%

Country Default Spread (based on rating) 2.44%

Country Risk Premium (Rating) 3.40%
Equity Risk Premium (Rating) 9.40%

Country Risk Premium (CDS) 7.23%

Equity Risk Premium (CDS) 13.23%

To look up the equity risk premium for a region, use this worksheet
Region Western Europe

Country Risk Premium (simple average)) 1.93%

Total Equity Risk Premium (simple average 7.93%

Country Risk Premium (GDP weighted) 1.20%

Total Equity Risk Premium (GDP weighted 7.20%

To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages W

For countries not on the list above, try this frontier market list
Country Syria

PRS Score 35.75

ERP based on PRS Score 25.00%
you cannot find a country on this list, it is because that country does not have a sovereign rating
r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

he Regional Weighted Averages Worksheet

 EstimatingCountry

Enter the current risk premium for a mature equity market

Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody'srating RatingbasedDefaultSpread

AbuDhabi Middle East Aa2 0.55%
Albania Eastern Europe & Russia B1 4.99%
Andorra(Principalityof) Western Europe Baa3 2.44%
Angola Africa Ba2 3.33%
Argentina Central and South America Caa1 8.31%
Armenia Eastern Europe & Russia Ba3 3.99%
Aruba Caribbean Baa1 1.77%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aaa 0.00%
Azerbaijan Eastern Europe & Russia Baa3 2.44%
Bahamas Caribbean Baa2 2.11%
Bahrain Middle East Baa3 2.44%
Bangladesh Asia Ba3 3.99%
Barbados Caribbean B3 7.21%
Belarus Eastern Europe & Russia Caa1 8.31%
Belgium Western Europe Aa3 0.67%
Belize Central and South America Caa2 9.98%
Bermuda Caribbean A1 0.78%
Bolivia Central and South America Ba3 3.99%
BosniaandHerzegovina Eastern Europe & Russia B3 7.21%
Botswana Africa A2 0.94%
Brazil Central and South America Baa3 2.44%
Bulgaria Eastern Europe & Russia Baa2 2.11%
BurkinaFaso Africa B3 7.21%
Cambodia Asia B2 6.10%
Cameroon Africa B2 6.10%
Canada North America Aaa 0.00%
CaymanIslands Caribbean Aa3 0.67%
CapeVerde Africa B2 6.10%
Chile Central and South America Aa3 0.67%
China Asia Aa3 0.67%
Colombia Central and South America Baa2 2.11%
Congo(DemocraticRepublicof) Africa B3 7.21%
Congo(Republicof) Africa Ba3 3.99%
CookIslands Australia & New Zealand B1 4.99%
CostaRica Central and South America Ba1 2.77%
Cted'Ivoire Africa Ba3 3.99%
Croatia Eastern Europe & Russia Ba1 2.77%
Cuba Caribbean Caa2 9.98%
Curacao Caribbean A3 1.33%
Cyprus Western Europe B1 4.99%
CzechRepublic Eastern Europe & Russia A1 0.78%
Denmark Western Europe Aaa 0.00%
DominicanRepublic Caribbean B1 4.99%
Ecuador Central and South America B3 7.21%
Egypt Africa B3 7.21%
ElSalvador Central and South America Ba3 3.99%
Estonia Eastern Europe & Russia A1 0.78%
Ethiopia Africa B1 4.99%
Fiji Asia B1 4.99%
Finland Western Europe Aaa 0.00%
France Western Europe Aa2 0.55%
Gabon Africa Ba3 3.99%
Georgia Eastern Europe & Russia Ba3 3.99%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 7.21%
Greece Western Europe Caa3 11.08%
Guatemala Central and South America Ba1 2.77%
Guernsey(Statesof) Western Europe Aa1 0.44%
Honduras Central and South America B3 7.21%
HongKong Asia Aa1 0.44%
Hungary Eastern Europe & Russia Ba1 2.77%
Iceland Western Europe Baa2 2.11%
India Asia Baa3 2.44%
Indonesia Asia Baa3 2.44%
Ireland Western Europe Baa1 1.77%
IsleofMan Western Europe Aa1 0.44%
Israel Middle East A1 0.78%
Italy Western Europe Baa2 2.11%
Jamaica Caribbean Caa2 9.98%
Japan Asia A1 0.78%
Jersey(Statesof) Western Europe Aa1 0.44%
Jordan Middle East B1 4.99%
Kazakhstan Eastern Europe & Russia Baa2 2.11%
Kenya Africa B1 4.99%
Korea Asia Aa2 0.55%
Kuwait Middle East Aa2 0.55%
Latvia Eastern Europe & Russia A3 1.33%
Lebanon Middle East B2 6.10%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.33%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa2 0.55%
Macedonia Eastern Europe & Russia Ba3 3.99%
Malaysia Asia A3 1.33%
Malta Western Europe A3 1.33%
Mauritius Asia Baa1 1.77%
Mexico Central and South America A3 1.33%
Moldova Eastern Europe & Russia B3 7.21%
Mongolia Asia B2 6.10%
Montenegro Eastern Europe & Russia Ba3 3.99%
Montserrat Caribbean Baa3 2.44%
Morocco Africa Ba1 2.77%
Mozambique Africa B2 6.10%
Namibia Africa Baa3 2.44%
Netherlands Western Europe Aaa 0.00%
NewZealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B2 6.10%
Nigeria Africa Ba3 3.99%
Norway Western Europe Aaa 0.00%
Oman Middle East A1 0.78%
Pakistan Asia B3 7.21%
Panama Central and South America Baa2 2.11%
PapuaNewGuinea Asia B1 4.99%
Paraguay Central and South America Ba1 2.77%
Peru Central and South America A3 1.33%
Philippines Asia Baa2 2.11%
Poland Eastern Europe & Russia A2 0.94%
Portugal Western Europe Ba1 2.77%
Qatar Middle East Aa2 0.55%
RasAlKhaimah(Emirateof) Middle East A2 0.94%
Romania Eastern Europe & Russia Baa3 2.44%
Russia Eastern Europe & Russia Ba1 2.77%
Rwanda Africa B1 4.99%
SaudiArabia Middle East Aa3 0.67%
Senegal Africa B1 4.99%
Serbia Eastern Europe & Russia B1 4.99%
Sharjah Middle East A3 1.33%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.94%
Slovenia Eastern Europe & Russia Baa3 2.44%
SouthAfrica Africa Baa2 2.11%
Spain Western Europe Baa2 2.11%
SriLanka Asia B1 4.99%
St.Maarten Caribbean Baa1 1.77%
St.Vincent&theGrenadines Caribbean B3 7.21%
Suriname Central and South America Ba3 3.99%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.67%
Thailand Asia Baa1 1.77%
TrinidadandTobago Caribbean Baa2 2.11%
Tunisia Africa Ba3 3.99%
Turkey Western Europe Baa3 2.44%
TurksandCaicosIslands Caribbean Baa1 1.77%
Uganda Africa B1 4.99%
Ukraine Eastern Europe & Russia Caa3 11.08%
UnitedArabEmirates Middle East Aa2 0.55%
UnitedKingdom Western Europe Aa1 0.44%
UnitedStatesofAmerica North America Aaa 0.00%
Uruguay Central and South America Baa2 2.11%
Venezuela Central and South America Caa3 11.08%
Vietnam Asia B1 4.99%
Zambia Africa B2 6.10%

FrontierMarkets(nosovereignratings)
PRS Composite Risk Score ERP CRP
Algeria 63.0 12.71% 6.71%
Brunei 72.8 8.84% 2.84%
Gambia 62.0 14.20% 8.20%
Guinea 53.8 17.17% 11.17%
Guinea-Bissau 62.3 12.71% 6.71%
Guyana 63.5 12.71% 6.71%
Haiti 57.0 17.17% 11.17%
Iran 67.8 10.48% 4.48%
Iraq 56.0 17.17% 11.17%
Korea, D.P.R. 56.0 17.17% 11.17%
Liberia 50.5 17.17% 11.17%
Libya 52.8 17.17% 11.17%
Madagascar 61.3 14.20% 8.20%
Malawi 57.0 17.17% 11.17%
Mali 62.5 12.71% 6.71%
Myanmar 63.3 12.71% 6.71%
Niger 51.0 17.17% 11.17%
Sierra Leone 56.5 17.17% 11.17%
Somalia 42.5 20.90% 14.90%
Sudan 48.3 20.90% 14.90%
Syria 35.8 25.00% 19.00%
Tanzania 63.0 12.71% 6.71%
Togo 63.8 12.71% 6.71%
Yemen, Republic 50.3 17.17% 11.17%
Zimbabwe 54.5 17.17% 11.17%

Rating Default spread in basis points

A1 78
A2 94
A3 133
Aa1 44
Aa2 55
Aa3 67
Aaa 0
B1 499
B2 610
B3 721
Ba1 277
Ba2 333
Ba3 399
Baa1 177
Baa2 211
Baa3 244
Ca 1330
Caa1 831
Caa2 998
Caa3 1108
NR NA
EstimatingCountryRiskPremiums

6.00% Updated February 11, 2016

Yes
1.39 Updated February 11, 2016

TotalEquityRiskPremium CountryRiskPremium
SovereignCDS,netofUS
TotalEquityRiskPremiumCountryRiskPremium Has to be sorted in ascend
6.77% 0.77% 0.82% 7.14% 1.14% Rating
12.95% 6.95% NA NA NA A1
9.40% 3.40% NA NA NA A2
10.64% 4.64% NA NA NA A3
17.58% 11.58% NA NA NA Aa1
11.56% 5.56% NA NA NA Aa2
8.47% 2.47% NA NA NA Aa3
6.00% 0.00% 0.34% 6.47% 0.47% Aaa
6.00% 0.00% 0.12% 6.17% 0.17% B1
9.40% 3.40% NA NA NA B2
8.94% 2.94% NA NA NA B3
9.40% 3.40% 3.52% 10.90% 4.90% Ba1
11.56% 5.56% NA NA NA Ba2
16.05% 10.05% NA NA NA Ba3
17.58% 11.58% NA NA NA Baa1
6.93% 0.93% 0.32% 6.45% 0.45% Baa2
19.91% 13.91% NA NA NA Baa3
7.09% 1.09% NA NA NA Ca
11.56% 5.56% NA NA NA Caa1
16.05% 10.05% NA NA NA Caa2
7.31% 1.31% NA NA NA Caa3
9.40% 3.40% 5.19% 13.23% 7.23% NR
8.94% 2.94% 1.81% 8.52% 2.52%
16.05% 10.05% NA NA NA
14.50% 8.50% NA NA NA
14.50% 8.50% NA NA NA
6.00% 0.00% NA NA NA
6.93% 0.93% NA NA NA
14.50% 8.50% NA NA NA
6.93% 0.93% 1.27% 7.77% 1.77%
6.93% 0.93% 1.23% 7.71% 1.71%
8.94% 2.94% 2.63% 9.66% 3.66%
16.05% 10.05% NA NA NA
11.56% 5.56% NA NA NA
12.95% 6.95% NA NA NA
9.86% 3.86% 4.44% 12.19% 6.19%
11.56% 5.56% NA NA NA
9.86% 3.86% 3.00% 10.18% 4.18%
19.91% 13.91% NA NA NA
7.85% 1.85% NA NA NA
12.95% 6.95% 2.71% 9.78% 3.78%
7.09% 1.09% 0.54% 6.75% 0.75%
6.00% 0.00% 0.00% 6.00% 0.00%
12.95% 6.95% NA NA NA
16.05% 10.05% NA NA NA
16.05% 10.05% 4.88% 12.80% 6.80%
11.56% 5.56% NA NA NA
7.09% 1.09% 0.46% 6.64% 0.64%
12.95% 6.95% NA NA NA
12.95% 6.95% NA NA NA
6.00% 0.00% 0.07% 6.10% 0.10%
6.77% 0.77% 0.21% 6.29% 0.29%
11.56% 5.56% NA NA NA
11.56% 5.56% NA NA NA
6.00% 0.00% 0.00% 6.00% 0.00%
16.05% 10.05% NA NA NA
21.44% 15.44% NA NA NA
9.86% 3.86% NA NA NA
6.61% 0.61% NA NA NA
16.05% 10.05% NA NA NA
6.61% 0.61% 0.39% 6.54% 0.54%
9.86% 3.86% 1.76% 8.45% 2.45%
8.94% 2.94% 0.41% 6.57% 0.57%
9.40% 3.40% 1.72% 8.40% 2.40%
9.40% 3.40% 2.86% 9.98% 3.98%
8.47% 2.47% 0.41% 6.57% 0.57%
6.61% 0.61% NA NA NA
7.09% 1.09% 0.87% 7.21% 1.21%
8.94% 2.94% 1.15% 7.60% 1.60%
19.91% 13.91% NA NA NA
7.09% 1.09% 0.54% 6.75% 0.75%
6.61% 0.61% NA NA NA
12.95% 6.95% NA NA NA
8.94% 2.94% 2.91% 10.05% 4.05%
12.95% 6.95% NA NA NA
6.77% 0.77% 0.40% 6.56% 0.56%
6.77% 0.77% NA NA NA
7.85% 1.85% 0.90% 7.25% 1.25%
14.50% 8.50% 4.48% 12.24% 6.24%
6.00% 0.00% NA NA NA
7.85% 1.85% 0.90% 7.25% 1.25%
 6.00% 0.00% NA NA NA
6.77% 0.77% NA NA NA
11.56% 5.56% NA NA NA
7.85% 1.85% 2.11% 8.94% 2.94%
7.85% 1.85% NA NA NA
8.47% 2.47% NA NA NA
7.85% 1.85% 1.91% 8.66% 2.66%
16.05% 10.05% NA NA NA
14.50% 8.50% NA NA NA
11.56% 5.56% NA NA NA
9.40% 3.40% NA NA NA
9.86% 3.86% 1.87% 8.61% 2.61%
14.50% 8.50% NA NA NA
9.40% 3.40% NA NA NA
6.00% 0.00% 0.00% 6.00% 0.00%
6.00% 0.00% 0.38% 6.53% 0.53%
14.50% 8.50% NA NA NA
11.56% 5.56% NA NA NA
6.00% 0.00% 0.00% 6.00% 0.00%
7.09% 1.09% NA NA NA
16.05% 10.05% 5.53% 13.71% 7.71%
8.94% 2.94% 1.94% 8.70% 2.70%
12.95% 6.95% NA NA NA
9.86% 3.86% NA NA NA
7.85% 1.85% 2.06% 8.87% 2.87%
8.94% 2.94% 1.34% 7.87% 1.87%
7.31% 1.31% 0.83% 7.16% 1.16%
9.86% 3.86% 2.05% 8.86% 2.86%
6.77% 0.77% 0.93% 7.30% 1.30%
 7.31% 1.31% NA NA NA
9.40% 3.40% 1.35% 7.88% 1.88%
9.86% 3.86% 3.09% 10.31% 4.31%
12.95% 6.95% NA NA NA
6.93% 0.93% 1.54% 8.15% 2.15%
12.95% 6.95% NA NA NA
12.95% 6.95% NA NA NA
7.85% 1.85% NA NA NA
6.00% 0.00% NA NA NA
7.31% 1.31% 0.55% 6.77% 0.77%
9.40% 3.40% 1.29% 7.80% 1.80%
8.94% 2.94% 3.49% 10.86% 4.86%
8.94% 2.94% 1.05% 7.46% 1.46%
12.95% 6.95% NA NA NA
8.47% 2.47% NA NA NA
16.05% 10.05% NA NA NA
11.56% 5.56% NA NA NA
6.00% 0.00% 0.00% 6.00% 0.00%
6.00% 0.00% 0.03% 6.04% 0.04%
6.93% 0.93% NA NA NA
8.47% 2.47% 1.61% 8.24% 2.24%
8.94% 2.94% NA NA NA
11.56% 5.56% 4.19% 11.84% 5.84%
9.40% 3.40% 2.90% 10.04% 4.04%
8.47% 2.47% NA NA NA
12.95% 6.95% NA NA NA
21.44% 15.44% NA NA NA
6.77% 0.77% NA NA NA
6.61% 0.61% 0.03% 6.04% 0.04%
 6.00% 0.00% 0.00% 6.00% 0.00%
8.94% 2.94% NA NA NA
21.44% 15.44% NA NA NA
12.95% 6.95% 3.14% 10.38% 4.38%
14.50% 8.50% NA NA NA
as to be sorted in ascending order
Default spread in basis points
78
94
133
44
55
67
0
499
610
721
277
333
399
177
211
244
1330
831
998
1108
NA
 Volatility
BAML Emerging Mkt Publ 11.00% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equit 15.32% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.39334

Index: BAML Public Sector US Emerging Markets Corporate Plus Index Yield
Source: FRED (Federal Reserve St. Louis Datasets)
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years
Interval Daily

DATE VALUE

2010-12-31 5.17 Average = 4.68 In spread %

2011-01-03 5.14 Std Dev = 0.51459472 In spread %

2011-01-04 5.12 CV = 11.00% ! Std Dev/ Average
2011-01-05 5.13
2011-01-06 5.08
2011-01-07 5.06
2011-01-10 5.08
2011-01-11 5.09
2011-01-12 5.06
2011-01-13 5.03
2011-01-14 5.05
2011-01-17 5.05
2011-01-18 5.04
2011-01-19 5.03
2011-01-20 5.07
2011-01-21 5.06
2011-01-24 5.06
2011-01-25 5.05
2011-01-26 5.06
2011-01-27 5.04
2011-01-28 5.05
2011-01-31 5.14
2011-02-01 5.15
2011-02-02 5.15
2011-02-03 5.16
2011-02-04 5.20
2011-02-07 5.18
2011-02-08 5.22
2011-02-09 5.19
2011-02-10 5.23
2011-02-11 5.22
2011-02-14 5.22
2011-02-15 5.22
2011-02-16 5.22
2011-02-17 5.19
2011-02-18 5.20
2011-02-21 5.19
2011-02-22 5.16
2011-02-23 5.21
2011-02-24 5.19
2011-02-25 5.18
2011-02-28 5.27
2011-03-01 5.24
2011-03-02 5.27
2011-03-03 5.29
2011-03-04 5.21
2011-03-07 5.21
2011-03-08 5.21
2011-03-09 5.17
2011-03-10 5.15
2011-03-11 5.16
2011-03-14 5.15
2011-03-15 5.18
2011-03-16 5.14
2011-03-17 5.15
2011-03-18 5.16
2011-03-21 5.15
2011-03-22 5.14
2011-03-23 5.13
2011-03-24 5.13
2011-03-25 5.13
2011-03-28 5.12
2011-03-29 5.13
2011-03-30 5.11
2011-03-31 5.19
2011-04-01 5.18
2011-04-04 5.15
2011-04-05 5.15
2011-04-06 5.16
2011-04-07 5.13
2011-04-08 5.13
2011-04-11 5.13
2011-04-12 5.12
2011-04-13 5.10
2011-04-14 5.12
2011-04-15 5.09
2011-04-18 5.08
2011-04-19 5.08
2011-04-20 5.09
2011-04-21 5.08
2011-04-25 5.07
2011-04-26 5.03
2011-04-27 5.04
2011-04-28 5.03
2011-04-29 5.00
2011-04-30 5.04
2011-05-02 5.02
2011-05-03 5.01
2011-05-04 5.00
2011-05-05 4.98
2011-05-06 4.97
2011-05-09 4.95
2011-05-10 4.97
2011-05-11 4.93
2011-05-12 4.95
2011-05-13 4.93
2011-05-16 4.91
2011-05-17 4.89
2011-05-18 4.89
2011-05-19 4.87
2011-05-20 4.86
2011-05-23 4.86
2011-05-24 4.88
2011-05-25 4.87
2011-05-26 4.86
2011-05-27 4.88
2011-05-30 4.88
2011-05-31 4.93
2011-06-01 4.89
2011-06-02 4.91
2011-06-03 4.90
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2014-07-21 4.21
2014-07-22 4.20
2014-07-23 4.16
2014-07-24 4.17
2014-07-25 4.21
2014-07-28 4.26
2014-07-29 4.28
2014-07-30 4.31
2014-07-31 4.35
2014-08-01 4.37
2014-08-04 4.38
2014-08-05 4.41
2014-08-06 4.45
2014-08-07 4.44
2014-08-08 4.46
2014-08-11 4.42
2014-08-12 4.40
2014-08-13 4.35
2014-08-14 4.31
2014-08-15 4.28
2014-08-18 4.26
2014-08-19 4.25
2014-08-20 4.27
2014-08-21 4.26
2014-08-22 4.27
2014-08-25 4.27
2014-08-26 4.24
2014-08-27 4.21
2014-08-28 4.25
2014-08-29 4.28
2014-08-31 4.28
2014-09-01 4.29
2014-09-02 4.36
2014-09-03 4.32
2014-09-04 4.32
2014-09-05 4.32
2014-09-08 4.36
2014-09-09 4.38
2014-09-10 4.42
2014-09-11 4.41
2014-09-12 4.45
2014-09-15 4.47
2014-09-16 4.48
2014-09-17 4.50
2014-09-18 4.52
2014-09-19 4.49
2014-09-22 4.47
2014-09-23 4.45
2014-09-24 4.44
2014-09-25 4.44
2014-09-26 4.47
2014-09-29 4.53
2014-09-30 4.53
2014-10-01 4.51
2014-10-02 4.52
2014-10-03 4.53
2014-10-06 4.51
2014-10-07 4.47
2014-10-08 4.46
2014-10-09 4.45
2014-10-10 4.47
2014-10-13 4.47
2014-10-14 4.45
2014-10-15 4.48
2014-10-16 4.51
2014-10-17 4.47
2014-10-20 4.46
2014-10-21 4.46
2014-10-22 4.45
2014-10-23 4.48
2014-10-24 4.48
2014-10-27 4.46
2014-10-28 4.43
2014-10-29 4.43
2014-10-30 4.40
2014-10-31 4.42
2014-11-03 4.40
2014-11-04 4.46
2014-11-05 4.47
2014-11-06 4.50
2014-11-07 4.51
2014-11-10 4.52
2014-11-11 4.52
2014-11-12 4.53
2014-11-13 4.55
2014-11-14 4.60
2014-11-17 4.66
2014-11-18 4.65
2014-11-19 4.65
2014-11-20 4.63
2014-11-21 4.59
2014-11-24 4.57
2014-11-25 4.56
2014-11-26 4.56
2014-11-27 4.56
2014-11-28 4.57
2014-11-30 4.62
2014-12-01 4.72
2014-12-02 4.78
2014-12-03 4.83
2014-12-04 4.84
2014-12-05 4.91
2014-12-08 4.99
2014-12-09 5.09
2014-12-10 5.15
2014-12-11 5.22
2014-12-12 5.33
2014-12-15 5.56
2014-12-16 5.78
2014-12-17 5.67
2014-12-18 5.48
2014-12-19 5.40
2014-12-22 5.32
2014-12-23 5.35
2014-12-24 5.35
2014-12-26 5.36
2014-12-29 5.36
2014-12-30 5.37
2014-12-31 5.38
2015-01-02 5.38
2015-01-05 5.46
2015-01-06 5.57
2015-01-07 5.53
2015-01-08 5.45
2015-01-09 5.45
2015-01-12 5.46
2015-01-13 5.46
2015-01-14 5.43
2015-01-15 5.36
2015-01-19 5.38
2015-01-20 5.38
2015-01-21 5.39
2015-01-22 5.38
2015-01-23 5.27
2015-01-26 5.28
2015-01-27 5.32
2015-01-28 5.28
2015-01-29 5.33
2015-01-30 5.38
2015-01-31 5.38
2015-02-02 5.37
2015-02-03 5.35
2015-02-04 5.32
2015-02-05 5.28
2015-02-06 5.29
2015-02-09 5.29
2015-02-10 5.34
2015-02-11 5.35
2015-02-12 5.28
2015-02-13 5.21
2015-02-16 5.20
2015-02-17 5.21
2015-02-18 5.14
2015-02-19 5.19
2015-02-20 5.21
2015-02-23 5.22
2015-02-24 5.16
2015-02-25 5.17
2015-02-26 5.16
2015-02-27 5.14
2015-02-28 5.15
2015-03-02 5.16
2015-03-03 5.13
2015-03-04 5.14
2015-03-05 5.11
2015-03-06 5.13
2015-03-09 5.18
2015-03-10 5.22
2015-03-11 5.22
2015-03-12 5.19
2015-03-13 5.25
2015-03-16 5.31
2015-03-17 5.34
2015-03-18 5.29
2015-03-19 5.25
2015-03-20 5.16
2015-03-23 5.11
2015-03-24 5.05
2015-03-25 5.03
2015-03-26 5.07
2015-03-27 5.05
2015-03-30 5.05
2015-03-31 4.97
2015-04-01 4.90
2015-04-02 4.85
2015-04-06 4.83
2015-04-07 4.78
2015-04-08 4.73
2015-04-09 4.69
2015-04-10 4.68
2015-04-13 4.65
2015-04-14 4.63
2015-04-15 4.61
2015-04-16 4.59
2015-04-17 4.61
2015-04-20 4.65
2015-04-21 4.66
2015-04-22 4.65
2015-04-23 4.59
2015-04-24 4.55
2015-04-27 4.53
2015-04-28 4.57
2015-04-29 4.58
2015-04-30 4.61
2015-05-01 4.64
2015-05-04 4.64
2015-05-05 4.66
2015-05-06 4.65
2015-05-07 4.68
2015-05-08 4.64
2015-05-11 4.65
2015-05-12 4.68
2015-05-13 4.63
2015-05-14 4.60
2015-05-15 4.56
2015-05-18 4.54
2015-05-19 4.57
2015-05-20 4.58
2015-05-21 4.55
2015-05-22 4.55
2015-05-26 4.54
2015-05-27 4.61
2015-05-28 4.62
2015-05-29 4.62
2015-05-31 4.65
2015-06-01 4.74
2015-06-02 4.77
2015-06-03 4.73
2015-06-04 4.76
2015-06-05 4.82
2015-06-08 4.85
2015-06-09 4.86
2015-06-10 4.90
2015-06-11 4.88
2015-06-12 4.87
2015-06-15 4.87
2015-06-16 4.90
2015-06-17 4.88
2015-06-18 4.86
2015-06-19 4.83
2015-06-22 4.83
2015-06-23 4.83
2015-06-24 4.81
2015-06-25 4.82
2015-06-26 4.86
2015-06-29 4.88
2015-06-30 4.89
2015-07-01 4.89
2015-07-02 4.87
2015-07-03 4.87
2015-07-06 4.84
2015-07-07 4.87
2015-07-08 4.88
2015-07-09 4.91
2015-07-10 4.92
2015-07-13 4.92
2015-07-14 4.91
2015-07-15 4.89
2015-07-16 4.87
2015-07-17 4.86
2015-07-20 4.87
2015-07-21 4.87
2015-07-22 4.87
2015-07-23 4.88
2015-07-24 4.92
2015-07-27 4.96
2015-07-28 4.97
2015-07-29 4.95
2015-07-30 4.93
2015-07-31 4.88
2015-08-03 4.88
2015-08-04 4.90
2015-08-05 4.93
2015-08-06 4.98
2015-08-07 4.98
2015-08-10 5.00
2015-08-11 4.97
2015-08-12 4.97
2015-08-13 5.00
2015-08-14 5.01
2015-08-17 5.00
2015-08-18 5.03
2015-08-19 5.05
2015-08-20 5.10
2015-08-21 5.13
2015-08-24 5.25
2015-08-25 5.26
2015-08-26 5.29
2015-08-27 5.20
2015-08-28 5.17
2015-08-31 5.20
2015-09-01 5.21
2015-09-02 5.24
2015-09-03 5.22
2015-09-04 5.20
2015-09-07 5.20
2015-09-08 5.24
2015-09-09 5.23
2015-09-10 5.26
2015-09-11 5.28
2015-09-14 5.30
2015-09-15 5.31
2015-09-16 5.31
2015-09-17 5.29
2015-09-18 5.23
2015-09-21 5.28
2015-09-22 5.37
2015-09-23 5.40
2015-09-24 5.50
2015-09-25 5.51
2015-09-28 5.57
2015-09-29 5.63
2015-09-30 5.58
2015-10-01 5.51
2015-10-02 5.48
2015-10-05 5.39
2015-10-06 5.32
2015-10-07 5.28
2015-10-08 5.30
2015-10-09 5.25
2015-10-12 5.24
2015-10-13 5.23
2015-10-14 5.23
2015-10-15 5.20
2015-10-16 5.15
2015-10-19 5.15
2015-10-20 5.16
2015-10-21 5.20
2015-10-22 5.17
2015-10-23 5.14
2015-10-26 5.10
2015-10-27 5.10
2015-10-28 5.13
2015-10-29 5.15
2015-10-30 5.14
2015-10-31 5.15
2015-11-02 5.12
2015-11-03 5.08
2015-11-04 5.05
2015-11-05 5.08
2015-11-06 5.12
2015-11-09 5.18
2015-11-10 5.19
2015-11-11 5.19
2015-11-12 5.21
2015-11-13 5.24
2015-11-16 5.22
2015-11-17 5.19
2015-11-18 5.17
2015-11-19 5.11
2015-11-20 5.07
2015-11-23 5.08
2015-11-24 5.09
2015-11-25 5.12
2015-11-26 5.12
2015-11-27 5.12
2015-11-30 5.09
2015-12-01 5.11
2015-12-02 5.11
2015-12-03 5.16
2015-12-04 5.20
2015-12-07 5.21
2015-12-08 5.26
2015-12-09 5.25
2015-12-10 5.30
2015-12-11 5.37
2015-12-14 5.45
2015-12-15 5.43
2015-12-16 5.47
2015-12-17 5.43
2015-12-18 5.45
2015-12-21 5.48
2015-12-22 5.47
2015-12-23 5.48
2015-12-24 5.48
2015-12-28 5.48
2015-12-29 5.47
2015-12-30 5.48
5.50
 Index: S&P Emerging BMI Index
Source: S&P
ownloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Period Five years
Interval Daily

S&P
Emerging
BMI (US
Dollar) Gross
Effective dat Total Return Return
Daily Std
12/31/2010 414.51 Deviation = 0.95%
Annualized
Std
1/3/2011 418.41 0.94% Deviation= 15.32%
1/4/2011 418.35 -0.01%
1/5/2011 416.83 -0.36%
1/6/2011 414.51 -0.56%
1/7/2011 410.94 -0.86%
1/10/2011 407.14 -0.92%
1/11/2011 409.74 0.64%
1/12/2011 416.95 1.76%
1/13/2011 416.71 -0.06%
1/14/2011 414.85 -0.45%
1/17/2011 413.12 -0.42%
1/18/2011 414.82 0.41%
1/19/2011 414.68 -0.03%
1/20/2011 408.61 -1.46%
1/21/2011 407.41 -0.29%
1/24/2011 406.86 -0.13%
1/25/2011 406.25 -0.15%
1/26/2011 407.91 0.41%
1/27/2011 407.41 -0.12%
1/28/2011 401.11 -1.55%
1/31/2011 399.92 -0.30%
2/1/2011 404.23 1.08%
2/2/2011 406.08 0.46%
2/3/2011 405.1 -0.24%
 2/4/2011 403.88 -0.30%
2/7/2011 402.86 -0.25%
2/8/2011 402.67 -0.05%
2/9/2011 397.18 -1.36%
2/10/2011 391.02 -1.55%
2/11/2011 392.82 0.46%
2/14/2011 396.83 1.02%
2/15/2011 396.23 -0.15%
2/16/2011 398.7 0.62%
2/17/2011 400.14 0.36%
2/18/2011 402.6 0.61%
2/21/2011 402.44 -0.04%
2/22/2011 395.87 -1.63%
2/23/2011 393.14 -0.69%
2/24/2011 390.18 -0.75%
2/25/2011 394.44 1.09%
2/28/2011 398.3 0.98%
3/1/2011 400.15 0.46%
3/2/2011 400.54 0.10%
3/3/2011 404.72 1.04%
3/4/2011 407.43 0.67%
3/7/2011 405.67 -0.43%
3/8/2011 406.72 0.26%
3/9/2011 407 0.07%
3/10/2011 400.66 -1.56%
3/11/2011 398.67 -0.50%
3/14/2011 400.85 0.55%
3/15/2011 392.69 -2.04%
3/16/2011 393.2 0.13%
3/17/2011 391.34 -0.47%
3/18/2011 393.34 0.51%
3/21/2011 397.46 1.05%
3/22/2011 401.09 0.91%
3/23/2011 402.96 0.47%
3/24/2011 406.46 0.87%
3/25/2011 409.05 0.64%
3/28/2011 406.91 -0.52%
3/29/2011 408.04 0.28%
3/30/2011 413.54 1.35%
3/31/2011 417.29 0.91%
 4/1/2011 422.37 1.22%
4/4/2011 425.8 0.81%
4/5/2011 426.35 0.13%
4/6/2011 429.98 0.85%
4/7/2011 430.33 0.08%
4/8/2011 431.59 0.29%
4/11/2011 429.56 -0.47%
4/12/2011 422.16 -1.72%
4/13/2011 423.97 0.43%
4/14/2011 422.58 -0.33%
4/15/2011 422.72 0.03%
4/18/2011 415.42 -1.73%
4/19/2011 417.74 0.56%
4/20/2011 426.48 2.09%
4/21/2011 429.9 0.80%
4/22/2011 430.14 0.06%
4/25/2011 429.13 -0.23%
4/26/2011 429.53 0.09%
4/27/2011 428.74 -0.18%
4/28/2011 427.63 -0.26%
4/29/2011 429.48 0.43%
5/2/2011 428.95 -0.12%
5/3/2011 421.59 -1.72%
5/4/2011 417.43 -0.99%
5/5/2011 414.04 -0.81%
5/6/2011 416.25 0.53%
5/9/2011 415.95 -0.07%
5/10/2011 417.95 0.48%
5/11/2011 416.22 -0.41%
5/12/2011 411.52 -1.13%
5/13/2011 410.55 -0.24%
5/16/2011 407.75 -0.68%
5/17/2011 406.39 -0.33%
5/18/2011 408.95 0.63%
5/19/2011 409.42 0.11%
5/20/2011 408.35 -0.26%
5/23/2011 399.95 -2.06%
5/24/2011 403.62 0.92%
5/25/2011 402.21 -0.35%
5/26/2011 405.75 0.88%
5/27/2011 410.85 1.26%
5/30/2011 411.32 0.11%
5/31/2011 418.07 1.64%
6/1/2011 417.52 -0.13%
6/2/2011 416.18 -0.32%
6/3/2011 414.93 -0.30%
6/6/2011 412.2 -0.66%
6/7/2011 414.33 0.52%
6/8/2011 411.61 -0.66%
6/9/2011 410.97 -0.16%
6/10/2011 406.26 -1.15%
6/13/2011 404.24 -0.50%
6/14/2011 407.33 0.76%
6/15/2011 404.22 -0.76%
6/16/2011 397.58 -1.64%
6/17/2011 397.1 -0.12%
6/20/2011 394.53 -0.65%
6/21/2011 399.07 1.15%
6/22/2011 399.61 0.14%
6/23/2011 395.91 -0.93%
6/24/2011 398.78 0.72%
6/27/2011 398.76 -0.01%
6/28/2011 402.57 0.96%
6/29/2011 406.11 0.88%
6/30/2011 411.06 1.22%
7/1/2011 414.62 0.87%
7/4/2011 418.82 1.01%
7/5/2011 417.38 -0.34%
7/6/2011 415.29 -0.50%
7/7/2011 418.08 0.67%
7/8/2011 416.18 -0.45%
7/11/2011 408.54 -1.84%
7/12/2011 402.05 -1.59%
7/13/2011 407.79 1.43%
7/14/2011 406.81 -0.24%
7/15/2011 406.88 0.02%
7/18/2011 402.9 -0.98%
7/19/2011 405.7 0.69%
7/20/2011 407.91 0.54%
7/21/2011 410.67 0.68%
7/22/2011 413.99 0.81%
7/25/2011 413.02 -0.23%
7/26/2011 415.82 0.68%
7/27/2011 412.92 -0.70%
7/28/2011 412.17 -0.18%
7/29/2011 409.89 -0.55%
8/1/2011 412.21 0.57%
8/2/2011 405.45 -1.64%
8/3/2011 398.31 -1.76%
8/4/2011 387.46 -2.72%
8/5/2011 376.5 -2.83%
8/8/2011 357.85 -4.95%
8/9/2011 352.38 -1.53%
8/10/2011 357.06 1.33%
8/11/2011 360.69 1.02%
8/12/2011 361.89 0.33%
8/15/2011 371.22 2.58%
8/16/2011 369.75 -0.40%
8/17/2011 371.86 0.57%
8/18/2011 361.25 -2.85%
8/19/2011 355.05 -1.72%
8/22/2011 354.21 -0.24%
8/23/2011 359.98 1.63%
8/24/2011 357.82 -0.60%
8/25/2011 355.29 -0.71%
8/26/2011 355.47 0.05%
8/29/2011 365.03 2.69%
8/30/2011 368.48 0.95%
8/31/2011 374.86 1.73%
9/1/2011 376.31 0.39%
9/2/2011 370.76 -1.47%
9/5/2011 361.32 -2.55%
9/6/2011 361.07 -0.07%
9/7/2011 367.35 1.74%
9/8/2011 368.8 0.39%
9/9/2011 361.68 -1.93%
9/12/2011 352.98 -2.41%
9/13/2011 350.57 -0.68%
9/14/2011 349.02 -0.44%
9/15/2011 353.12 1.17%
 9/16/2011 356.32 0.91%
9/19/2011 346.87 -2.65%
9/20/2011 347.13 0.07%
9/21/2011 342.23 -1.41%
9/22/2011 320.65 -6.31%
9/23/2011 315.29 -1.67%
9/26/2011 312.09 -1.01%
9/27/2011 325.49 4.29%
9/28/2011 324.33 -0.36%
9/29/2011 323.96 -0.11%
9/30/2011 318.73 -1.61%
10/3/2011 307.41 -3.55%
10/4/2011 301.76 -1.84%
10/5/2011 304.82 1.01%
10/6/2011 314.33 3.12%
10/7/2011 319.95 1.79%
10/10/2011 325.53 1.74%
10/11/2011 329.36 1.18%
10/12/2011 334.87 1.67%
10/13/2011 337.13 0.67%
10/14/2011 339.18 0.61%
10/17/2011 339.92 0.22%
10/18/2011 334.33 -1.64%
10/19/2011 336.36 0.61%
10/20/2011 328.35 -2.38%
10/21/2011 332.18 1.17%
10/24/2011 341.54 2.82%
10/25/2011 343.49 0.57%
10/26/2011 345.8 0.67%
10/27/2011 357.74 3.45%
10/28/2011 363.51 1.61%
10/31/2011 358.27 -1.44%
11/1/2011 347.7 -2.95%
11/2/2011 351.83 1.19%
11/3/2011 352.02 0.05%
11/4/2011 355.39 0.96%
11/7/2011 356.17 0.22%
11/8/2011 357.27 0.31%
11/9/2011 352.07 -1.46%
11/10/2011 345.47 -1.87%
11/11/2011 350.28 1.39%
11/14/2011 351.11 0.24%
11/15/2011 348.66 -0.70%
11/16/2011 346.35 -0.66%
11/17/2011 342.48 -1.12%
11/18/2011 336.9 -1.63%
11/21/2011 327.28 -2.86%
11/22/2011 326.77 -0.16%
11/23/2011 318.62 -2.49%
11/24/2011 319.63 0.32%
11/25/2011 316.22 -1.07%
11/28/2011 324.38 2.58%
11/29/2011 325.49 0.34%
11/30/2011 333.11 2.34%
12/1/2011 342.26 2.75%
12/2/2011 343.5 0.36%
12/5/2011 345.2 0.49%
12/6/2011 340.66 -1.32%
12/7/2011 342.08 0.42%
12/8/2011 337.79 -1.25%
12/9/2011 334.7 -0.91%
12/12/2011 329.97 -1.41%
12/13/2011 328.01 -0.59%
12/14/2011 323.27 -1.45%
12/15/2011 321.76 -0.47%
12/16/2011 323.74 0.62%
12/19/2011 319.63 -1.27%
12/20/2011 323.62 1.25%
12/21/2011 327.32 1.14%
12/22/2011 329.09 0.54%
12/23/2011 331.66 0.78%
12/26/2011 332.1 0.13%
12/27/2011 331.35 -0.23%
12/28/2011 327.37 -1.20%
12/29/2011 327.67 0.09%
12/30/2011 328.71 0.32%
1/2/2012 328.69 -0.01%
1/3/2012 336.25 2.30%
1/4/2012 335.77 -0.14%
1/5/2012 334.34 -0.43%
 1/6/2012 333.27 -0.32%
1/9/2012 335.14 0.56%
1/10/2012 341.84 2.00%
1/11/2012 342.3 0.13%
1/12/2012 343.81 0.44%
1/13/2012 342.7 -0.32%
1/16/2012 343.24 0.16%
1/17/2012 349.99 1.97%
1/18/2012 353.15 0.90%
1/19/2012 356.27 0.88%
1/20/2012 356.46 0.05%
1/23/2012 358.38 0.54%
1/24/2012 357.58 -0.22%
1/25/2012 358.19 0.17%
1/26/2012 364.06 1.64%
1/27/2012 365.02 0.26%
1/30/2012 362.14 -0.79%
1/31/2012 366.95 1.33%
2/1/2012 371.62 1.27%
2/2/2012 376.43 1.29%
2/3/2012 379.21 0.74%
2/6/2012 378.8 -0.11%
2/7/2012 378.77 -0.01%
2/8/2012 383.24 1.18%
2/9/2012 383.72 0.13%
2/10/2012 377.61 -1.59%
2/13/2012 381.62 1.06%
2/14/2012 379.28 -0.61%
2/15/2012 383.22 1.04%
2/16/2012 380.97 -0.59%
2/17/2012 384.76 0.99%
2/20/2012 386.66 0.49%
2/21/2012 385.57 -0.28%
2/22/2012 385.74 0.04%
2/23/2012 384.78 -0.25%
2/24/2012 387.36 0.67%
2/27/2012 383.91 -0.89%
2/28/2012 388.23 1.13%
2/29/2012 391.44 0.83%
3/1/2012 390.65 -0.20%
 3/2/2012 391.94 0.33%
3/5/2012 386.76 -1.32%
3/6/2012 377.4 -2.42%
3/7/2012 376.95 -0.12%
3/8/2012 382.23 1.40%
3/9/2012 384.67 0.64%
3/12/2012 381.56 -0.81%
3/13/2012 387.1 1.45%
3/14/2012 386.61 -0.13%
3/15/2012 386.2 -0.11%
3/16/2012 385.72 -0.12%
3/19/2012 384.24 -0.38%
3/20/2012 380.16 -1.06%
3/21/2012 380.16 0.00%
3/22/2012 377.11 -0.80%
3/23/2012 377.99 0.23%
3/26/2012 379.71 0.46%
3/27/2012 382.63 0.77%
3/28/2012 378.36 -1.12%
3/29/2012 374 -1.15%
3/30/2012 377.68 0.98%
4/2/2012 379.27 0.42%
4/3/2012 380.8 0.40%
4/4/2012 374.89 -1.55%
4/5/2012 374.42 -0.13%
4/6/2012 374.53 0.03%
4/9/2012 371.51 -0.81%
4/10/2012 367.75 -1.01%
4/11/2012 367.9 0.04%
4/12/2012 372.07 1.13%
4/13/2012 371.96 -0.03%
4/16/2012 370.01 -0.52%
4/17/2012 370.52 0.14%
4/18/2012 371.02 0.13%
4/19/2012 371.06 0.01%
4/20/2012 371.37 0.08%
4/23/2012 365.78 -1.51%
4/24/2012 367.2 0.39%
4/25/2012 367.67 0.13%
4/26/2012 368.69 0.28%
4/27/2012 369.75 0.29%
4/30/2012 371.9 0.58%
5/1/2012 371.77 -0.03%
5/2/2012 373.19 0.38%
5/3/2012 371.23 -0.53%
5/4/2012 367.3 -1.06%
5/7/2012 364.38 -0.79%
5/8/2012 360.3 -1.12%
5/9/2012 354.87 -1.51%
5/10/2012 356.18 0.37%
5/11/2012 353.24 -0.83%
5/14/2012 345.79 -2.11%
5/15/2012 344.28 -0.44%
5/16/2012 337.94 -1.84%
5/17/2012 336.18 -0.52%
5/18/2012 332.42 -1.12%
5/21/2012 334.62 0.66%
5/22/2012 336.09 0.44%
5/23/2012 328 -2.41%
5/24/2012 330.19 0.67%
5/25/2012 330.26 0.02%
5/28/2012 333.33 0.93%
5/29/2012 337.32 1.20%
5/30/2012 331.66 -1.68%
5/31/2012 331.46 -0.06%
6/1/2012 326.18 -1.59%
6/4/2012 323.1 -0.94%
6/5/2012 324.54 0.45%
6/6/2012 331.69 2.20%
6/7/2012 334.05 0.71%
6/8/2012 331.46 -0.78%
6/11/2012 333.85 0.72%
6/12/2012 333.59 -0.08%
6/13/2012 335.99 0.72%
6/14/2012 333.61 -0.71%
6/15/2012 338.74 1.54%
6/18/2012 340.94 0.65%
6/19/2012 344.9 1.16%
6/20/2012 346.23 0.39%
6/21/2012 340.65 -1.61%
6/22/2012 336.48 -1.22%
6/25/2012 332.18 -1.28%
6/26/2012 333.24 0.32%
6/27/2012 335.75 0.75%
6/28/2012 332.96 -0.83%
6/29/2012 344 3.32%
7/2/2012 346.13 0.62%
7/3/2012 351.61 1.58%
7/4/2012 351.59 -0.01%
7/5/2012 351.25 -0.10%
7/6/2012 348.12 -0.89%
7/9/2012 345.05 -0.88%
7/10/2012 344.71 -0.10%
7/11/2012 344.09 -0.18%
7/12/2012 338.74 -1.55%
7/13/2012 342.48 1.10%
7/16/2012 342.31 -0.05%
7/17/2012 344.38 0.60%
7/18/2012 344.3 -0.02%
7/19/2012 347.41 0.90%
7/20/2012 345.72 -0.49%
7/23/2012 336.94 -2.54%
7/24/2012 335.73 -0.36%
7/25/2012 335.1 -0.19%
7/26/2012 339.08 1.19%
7/27/2012 347.09 2.36%
7/30/2012 348.98 0.54%
7/31/2012 348.73 -0.07%
8/1/2012 349.63 0.26%
8/2/2012 346.66 -0.85%
8/3/2012 350.92 1.23%
8/6/2012 355.34 1.26%
8/7/2012 355.74 0.11%
8/8/2012 356.29 0.15%
8/9/2012 358.56 0.64%
8/10/2012 358.65 0.03%
8/13/2012 356.79 -0.52%
8/14/2012 357.67 0.25%
8/15/2012 356.5 -0.33%
8/16/2012 357.83 0.37%
 8/17/2012 356.77 -0.30%
8/20/2012 356.22 -0.15%
8/21/2012 358.54 0.65%
8/22/2012 356.93 -0.45%
8/23/2012 358.06 0.32%
8/24/2012 355.75 -0.65%
8/27/2012 354.49 -0.35%
8/28/2012 352.95 -0.43%
8/29/2012 350.53 -0.69%
8/30/2012 347.89 -0.75%
8/31/2012 349.22 0.38%
9/3/2012 351.37 0.62%
9/4/2012 349.73 -0.47%
9/5/2012 347.98 -0.50%
9/6/2012 352.3 1.24%
9/7/2012 357.76 1.55%
9/10/2012 358.56 0.22%
9/11/2012 359.9 0.37%
9/12/2012 361.01 0.31%
9/13/2012 362.68 0.46%
9/14/2012 373.39 2.95%
9/17/2012 373.04 -0.09%
9/18/2012 370.89 -0.58%
9/19/2012 371.94 0.28%
9/20/2012 368.44 -0.94%
9/21/2012 371.4 0.80%
9/24/2012 370.46 -0.25%
9/25/2012 369.87 -0.16%
9/26/2012 365.5 -1.18%
9/27/2012 368.33 0.77%
9/28/2012 369.73 0.38%
10/1/2012 370.83 0.30%
10/2/2012 371.43 0.16%
10/3/2012 370.1 -0.36%
10/4/2012 371.59 0.40%
10/5/2012 372.99 0.38%
10/8/2012 368.93 -1.09%
10/9/2012 368.04 -0.24%
10/10/2012 367.45 -0.16%
10/11/2012 369.62 0.59%
10/12/2012 370 0.10%
10/15/2012 369.77 -0.06%
10/16/2012 372.3 0.68%
10/17/2012 375.13 0.76%
10/18/2012 375.78 0.17%
10/19/2012 373.25 -0.67%
10/22/2012 374.01 0.20%
10/23/2012 370.28 -1.00%
10/24/2012 370.25 -0.01%
10/25/2012 370.86 0.16%
10/26/2012 367.89 -0.80%
10/29/2012 367.04 -0.23%
10/30/2012 367.9 0.23%
10/31/2012 368.33 0.12%
11/1/2012 370.98 0.72%
11/2/2012 372.04 0.29%
11/5/2012 370.88 -0.31%
11/6/2012 372.63 0.47%
11/7/2012 372.37 -0.07%
11/8/2012 368.5 -1.04%
11/9/2012 367.21 -0.35%
11/12/2012 366.74 -0.13%
11/13/2012 363.94 -0.76%
11/14/2012 362.7 -0.34%
11/15/2012 361.16 -0.42%
11/16/2012 359.68 -0.41%
11/19/2012 362.35 0.74%
11/20/2012 362.16 -0.05%
11/21/2012 362.59 0.12%
11/22/2012 364.12 0.42%
11/23/2012 367.76 1.00%
11/26/2012 367.93 0.05%
11/27/2012 367.73 -0.05%
11/28/2012 366.16 -0.43%
11/29/2012 370.42 1.16%
11/30/2012 372.07 0.45%
12/3/2012 372.41 0.09%
12/4/2012 372.25 -0.04%
12/5/2012 375.48 0.87%
12/6/2012 377.23 0.47%
 12/7/2012 377.82 0.16%
12/10/2012 379.56 0.46%
12/11/2012 381.23 0.44%
12/12/2012 383.81 0.68%
12/13/2012 383.31 -0.13%
12/14/2012 384.06 0.20%
12/17/2012 383.39 -0.17%
12/18/2012 385.78 0.62%
12/19/2012 388.76 0.77%
12/20/2012 388.47 -0.07%
12/21/2012 385.28 -0.82%
12/24/2012 385.49 0.05%
12/25/2012 386.23 0.19%
12/26/2012 387.37 0.30%
12/27/2012 388.31 0.24%
12/28/2012 390.47 0.56%
12/31/2012 390.56 0.02%
1/1/2013 390.84 0.07%
1/2/2013 398.31 1.91%
1/3/2013 400.88 0.65%
1/4/2013 399.73 -0.29%
1/7/2013 399.59 -0.04%
1/8/2013 397.66 -0.48%
1/9/2013 399.52 0.47%
1/10/2013 400.63 0.28%
1/11/2013 399.2 -0.36%
1/14/2013 402.35 0.79%
1/15/2013 400.41 -0.48%
1/16/2013 399.56 -0.21%
1/17/2013 400.24 0.17%
1/18/2013 403.2 0.74%
1/21/2013 402.87 -0.08%
1/22/2013 402.79 -0.02%
1/23/2013 402.53 -0.06%
1/24/2013 401.53 -0.25%
1/25/2013 401.18 -0.09%
1/28/2013 399.8 -0.34%
1/29/2013 401.64 0.46%
1/30/2013 401.15 -0.12%
1/31/2013 401.7 0.14%
 2/1/2013 404.08 0.59%
2/4/2013 403.3 -0.19%
2/5/2013 401.68 -0.40%
2/6/2013 400.64 -0.26%
2/7/2013 399 -0.41%
2/8/2013 399.05 0.01%
2/11/2013 398.17 -0.22%
2/12/2013 398.11 -0.02%
2/13/2013 399.27 0.29%
2/14/2013 399.42 0.04%
2/15/2013 399.4 -0.01%
2/18/2013 398.9 -0.13%
2/19/2013 398.53 -0.09%
2/20/2013 398.58 0.01%
2/21/2013 392.78 -1.46%
2/22/2013 392.96 0.05%
2/25/2013 393.82 0.22%
2/26/2013 389.39 -1.12%
2/27/2013 390.98 0.41%
2/28/2013 393.38 0.61%
3/1/2013 392.95 -0.11%
3/4/2013 389.13 -0.97%
3/5/2013 392.6 0.89%
3/6/2013 396.39 0.97%
3/7/2013 396.75 0.09%
3/8/2013 400.19 0.87%
3/11/2013 399.74 -0.11%
3/12/2013 397.54 -0.55%
3/13/2013 393.77 -0.95%
3/14/2013 394.05 0.07%
3/15/2013 392.44 -0.41%
3/18/2013 388.11 -1.10%
3/19/2013 385.52 -0.67%
3/20/2013 387.07 0.40%
3/21/2013 385.89 -0.30%
3/22/2013 383.56 -0.60%
3/25/2013 384.93 0.36%
3/26/2013 386.86 0.50%
3/27/2013 388.39 0.40%
3/28/2013 388.78 0.10%
3/29/2013 389.36 0.15%
4/1/2013 388.45 -0.23%
4/2/2013 388.12 -0.08%
4/3/2013 386.26 -0.48%
4/4/2013 384.1 -0.56%
4/5/2013 381.96 -0.56%
4/8/2013 382.05 0.02%
4/9/2013 385.44 0.89%
4/10/2013 388.66 0.84%
4/11/2013 389.84 0.30%
4/12/2013 387.21 -0.67%
4/15/2013 380.36 -1.77%
4/16/2013 382.34 0.52%
4/17/2013 379.84 -0.65%
4/18/2013 379.74 -0.03%
4/19/2013 384.68 1.30%
4/22/2013 384.73 0.01%
4/23/2013 384.54 -0.05%
4/24/2013 387.16 0.68%
4/25/2013 390.55 0.88%
4/26/2013 388.81 -0.45%
4/29/2013 391.02 0.57%
4/30/2013 394.82 0.97%
5/1/2013 394.23 -0.15%
5/2/2013 394.49 0.07%
5/3/2013 396.06 0.40%
5/6/2013 397.77 0.43%
5/7/2013 400.83 0.77%
5/8/2013 404.09 0.81%
5/9/2013 403.68 -0.10%
5/10/2013 401.61 -0.51%
5/13/2013 398.32 -0.82%
5/14/2013 399.17 0.21%
5/15/2013 399.75 0.15%
5/16/2013 399.55 -0.05%
5/17/2013 399.53 -0.01%
5/20/2013 400.67 0.29%
5/21/2013 400.45 -0.05%
5/22/2013 400.32 -0.03%
5/23/2013 392.71 -1.90%
5/24/2013 393.01 0.08%
5/27/2013 393.5 0.12%
5/28/2013 394.84 0.34%
5/29/2013 390.43 -1.12%
5/30/2013 388.19 -0.57%
5/31/2013 385.4 -0.72%
6/3/2013 381.17 -1.10%
6/4/2013 383.39 0.58%
6/5/2013 378.8 -1.20%
6/6/2013 376.12 -0.71%
6/7/2013 376.27 0.04%
6/10/2013 373.34 -0.78%
6/11/2013 365.87 -2.00%
6/12/2013 366.31 0.12%
6/13/2013 362.98 -0.91%
6/14/2013 366.48 0.96%
6/17/2013 368.43 0.53%
6/18/2013 366.57 -0.50%
6/19/2013 364.34 -0.61%
6/20/2013 349.83 -3.98%
6/21/2013 347.32 -0.72%
6/24/2013 340.58 -1.94%
6/25/2013 342.1 0.45%
6/26/2013 348.74 1.94%
6/27/2013 354.03 1.52%
6/28/2013 360.94 1.95%
7/1/2013 361.86 0.25%
7/2/2013 358.04 -1.06%
7/3/2013 351.13 -1.93%
7/4/2013 354.53 0.97%
7/5/2013 353.28 -0.35%
7/8/2013 349.64 -1.03%
7/9/2013 351.4 0.50%
7/10/2013 352.24 0.24%
7/11/2013 361.02 2.49%
7/12/2013 362.55 0.42%
7/15/2013 365.73 0.88%
7/16/2013 366.62 0.24%
7/17/2013 368.7 0.57%
7/18/2013 369.1 0.11%
7/19/2013 366.39 -0.73%
7/22/2013 367.81 0.39%
7/23/2013 373.02 1.42%
7/24/2013 371.67 -0.36%
7/25/2013 370.53 -0.31%
7/26/2013 369.85 -0.18%
7/29/2013 366.77 -0.83%
7/30/2013 366.11 -0.18%
7/31/2013 363.95 -0.59%
8/1/2013 367.02 0.84%
8/2/2013 367.49 0.13%
8/5/2013 367.8 0.08%
8/6/2013 364.1 -1.01%
8/7/2013 361.96 -0.59%
8/8/2013 365.36 0.94%
8/9/2013 367.49 0.58%
8/12/2013 370.03 0.69%
8/13/2013 372.4 0.64%
8/14/2013 372.91 0.14%
8/15/2013 369.61 -0.88%
8/16/2013 368.52 -0.29%
8/19/2013 363.05 -1.48%
8/20/2013 358.55 -1.24%
8/21/2013 355.65 -0.81%
8/22/2013 355.51 -0.04%
8/23/2013 358.95 0.97%
8/26/2013 358.17 -0.22%
8/27/2013 350.31 -2.19%
8/28/2013 347.8 -0.72%
8/29/2013 351.45 1.05%
8/30/2013 354.17 0.77%
9/2/2013 357.74 1.01%
9/3/2013 355.84 -0.53%
9/4/2013 357.46 0.46%
9/5/2013 361.47 1.12%
9/6/2013 364.64 0.88%
9/9/2013 371.01 1.75%
9/10/2013 377.47 1.74%
9/11/2013 377.97 0.13%
9/12/2013 377.53 -0.12%
 9/13/2013 376.44 -0.29%
9/16/2013 381.77 1.42%
9/17/2013 382.42 0.17%
9/18/2013 382.26 -0.04%
9/19/2013 391.66 2.46%
9/20/2013 387.6 -1.04%
9/23/2013 387.83 0.06%
9/24/2013 385.76 -0.53%
9/25/2013 385.51 -0.06%
9/26/2013 383.61 -0.49%
9/27/2013 382.14 -0.38%
9/30/2013 377.97 -1.09%
10/1/2013 381.64 0.97%
10/2/2013 382.38 0.19%
10/3/2013 385.44 0.80%
10/4/2013 386.78 0.35%
10/7/2013 385.53 -0.32%
10/8/2013 386.42 0.23%
10/9/2013 385.14 -0.33%
10/10/2013 389.06 1.02%
10/11/2013 392.01 0.76%
10/14/2013 391.68 -0.08%
10/15/2013 393.37 0.43%
10/16/2013 394.24 0.22%
10/17/2013 395.42 0.30%
10/18/2013 398.93 0.89%
10/21/2013 399.08 0.04%
10/22/2013 399.85 0.19%
10/23/2013 395.76 -1.02%
10/24/2013 395.08 -0.17%
10/25/2013 393.94 -0.29%
10/28/2013 395.45 0.38%
10/29/2013 396.46 0.26%
10/30/2013 398.48 0.51%
10/31/2013 396.16 -0.58%
11/1/2013 393.13 -0.76%
11/4/2013 393.38 0.06%
11/5/2013 389.4 -1.01%
11/6/2013 388.93 -0.12%
11/7/2013 386.41 -0.65%
 11/8/2013 381.35 -1.31%
11/11/2013 380.71 -0.17%
11/12/2013 379.07 -0.43%
11/13/2013 376.16 -0.77%
11/14/2013 381.08 1.31%
11/15/2013 384.96 1.02%
11/18/2013 392.26 1.90%
11/19/2013 391.08 -0.30%
11/20/2013 389.7 -0.35%
11/21/2013 384.5 -1.33%
11/22/2013 386.07 0.41%
11/25/2013 386.3 0.06%
11/26/2013 384.01 -0.59%
11/27/2013 385.46 0.38%
11/28/2013 386.26 0.21%
11/29/2013 388.9 0.68%
12/2/2013 387.57 -0.34%
12/3/2013 384.18 -0.87%
12/4/2013 382.32 -0.48%
12/5/2013 383.54 0.32%
12/6/2013 385.22 0.44%
12/9/2013 388.29 0.80%
12/10/2013 388.53 0.06%
12/11/2013 384.47 -1.04%
12/12/2013 380.21 -1.11%
12/13/2013 380.32 0.03%
12/16/2013 380.09 -0.06%
12/17/2013 379.88 -0.06%
12/18/2013 380.96 0.28%
12/19/2013 380.27 -0.18%
12/20/2013 379.35 -0.24%
12/23/2013 380.96 0.42%
12/24/2013 382.17 0.32%
12/25/2013 381.96 -0.05%
12/26/2013 381.38 -0.15%
12/27/2013 383 0.42%
12/30/2013 384.93 0.50%
12/31/2013 385.62 0.18%
1/1/2014 385.64 0.01%
1/2/2014 382.15 -0.90%
 1/3/2014 378.92 -0.85%
1/6/2014 376.38 -0.67%
1/7/2014 376.33 -0.01%
1/8/2014 377 0.18%
1/9/2014 372.95 -1.07%
1/10/2014 376.04 0.83%
1/13/2014 378.19 0.57%
1/14/2014 377.61 -0.15%
1/15/2014 378.8 0.32%
1/16/2014 377.51 -0.34%
1/17/2014 376.63 -0.23%
1/20/2014 376.03 -0.16%
1/21/2014 375.88 -0.04%
1/22/2014 378.03 0.57%
1/23/2014 373.54 -1.19%
1/24/2014 367.56 -1.60%
1/27/2014 360.8 -1.84%
1/28/2014 361.97 0.32%
1/29/2014 361.25 -0.20%
1/30/2014 361.1 -0.04%
1/31/2014 361.08 -0.01%
2/3/2014 358.1 -0.83%
2/4/2014 355.97 -0.59%
2/5/2014 354.85 -0.31%
2/6/2014 360.03 1.46%
2/7/2014 362.81 0.77%
2/10/2014 362.32 -0.14%
2/11/2014 365.85 0.97%
2/12/2014 368.86 0.82%
2/13/2014 366.57 -0.62%
2/14/2014 370.54 1.08%
2/17/2014 373.15 0.70%
2/18/2014 371.69 -0.39%
2/19/2014 372 0.08%
2/20/2014 369.49 -0.67%
2/21/2014 371.81 0.63%
2/24/2014 372.03 0.06%
2/25/2014 369.92 -0.57%
2/26/2014 369.61 -0.08%
2/27/2014 372.54 0.79%
2/28/2014 373.61 0.29%
3/3/2014 367.65 -1.60%
3/4/2014 371.33 1.00%
3/5/2014 372.22 0.24%
3/6/2014 376.93 1.27%
3/7/2014 374.94 -0.53%
3/10/2014 371.19 -1.00%
3/11/2014 371.04 -0.04%
3/12/2014 367.84 -0.86%
3/13/2014 366.79 -0.29%
3/14/2014 364.85 -0.53%
3/17/2014 366.77 0.53%
3/18/2014 370.62 1.05%
3/19/2014 370.01 -0.16%
3/20/2014 366.66 -0.91%
3/21/2014 368.02 0.37%
3/24/2014 370.92 0.79%
3/25/2014 372.93 0.54%
3/26/2014 375.56 0.71%
3/27/2014 377.1 0.41%
3/28/2014 380.97 1.03%
3/31/2014 384.94 1.04%
4/1/2014 387.64 0.70%
4/2/2014 389.32 0.43%
4/3/2014 387.42 -0.49%
4/4/2014 387.7 0.07%
4/7/2014 387.86 0.04%
4/8/2014 390.99 0.81%
4/9/2014 392.17 0.30%
4/10/2014 394.35 0.56%
4/11/2014 391.47 -0.73%
4/14/2014 390.14 -0.34%
4/15/2014 385.77 -1.12%
4/16/2014 386.84 0.28%
4/17/2014 389.99 0.81%
4/18/2014 390.51 0.13%
4/21/2014 390.65 0.04%
4/22/2014 389.83 -0.21%
4/23/2014 387.94 -0.48%
4/24/2014 388.09 0.04%
4/25/2014 384.19 -1.00%
4/28/2014 383.23 -0.25%
4/29/2014 386.35 0.81%
4/30/2014 384.77 -0.41%
5/1/2014 385.33 0.15%
5/2/2014 388.59 0.85%
5/5/2014 387.92 -0.17%
5/6/2014 388.97 0.27%
5/7/2014 388.97 0.00%
5/8/2014 390.09 0.29%
5/9/2014 389.64 -0.12%
5/12/2014 393.4 0.96%
5/13/2014 395.28 0.48%
5/14/2014 398.6 0.84%
5/15/2014 397.28 -0.33%
5/16/2014 398.4 0.28%
5/19/2014 400.28 0.47%
5/20/2014 398.41 -0.47%
5/21/2014 399.62 0.30%
5/22/2014 403.52 0.98%
5/23/2014 404.87 0.33%
5/26/2014 404.64 -0.06%
5/27/2014 401.54 -0.77%
5/28/2014 403.02 0.37%
5/29/2014 403.27 0.06%
5/30/2014 399.92 -0.83%
6/2/2014 400.92 0.25%
6/3/2014 403.12 0.55%
6/4/2014 401.47 -0.41%
6/5/2014 403.74 0.57%
6/6/2014 408.39 1.15%
6/9/2014 410.67 0.56%
6/10/2014 413.23 0.62%
6/11/2014 412.75 -0.12%
6/12/2014 412.96 0.05%
6/13/2014 411.31 -0.40%
6/16/2014 410.58 -0.18%
6/17/2014 409.54 -0.25%
6/18/2014 410.13 0.14%
6/19/2014 412.36 0.54%
6/20/2014 410.76 -0.39%
6/23/2014 409.85 -0.22%
6/24/2014 412.22 0.58%
6/25/2014 410.48 -0.42%
6/26/2014 411.97 0.36%
6/27/2014 412.21 0.06%
6/30/2014 414.27 0.50%
7/1/2014 414.84 0.14%
7/2/2014 417.92 0.74%
7/3/2014 419.24 0.32%
7/4/2014 420.07 0.20%
7/7/2014 420.7 0.15%
7/8/2014 420.3 -0.10%
7/9/2014 419.22 -0.26%
7/10/2014 419.82 0.14%
7/11/2014 418.86 -0.23%
7/14/2014 421.3 0.58%
7/15/2014 422.42 0.27%
7/16/2014 423.45 0.24%
7/17/2014 421.2 -0.53%
7/18/2014 421.71 0.12%
7/21/2014 422.13 0.10%
7/22/2014 426.47 1.03%
7/23/2014 428.03 0.37%
7/24/2014 429.83 0.42%
7/25/2014 428.98 -0.20%
7/28/2014 428.64 -0.08%
7/29/2014 427.79 -0.20%
7/30/2014 426.44 -0.32%
7/31/2014 421.76 -1.10%
8/1/2014 419.96 -0.43%
8/4/2014 423.62 0.87%
8/5/2014 421.29 -0.55%
8/6/2014 419.01 -0.54%
8/7/2014 417.06 -0.47%
8/8/2014 415.7 -0.33%
8/11/2014 421.95 1.50%
8/12/2014 422.98 0.24%
8/13/2014 425.27 0.54%
8/14/2014 425.7 0.10%
8/15/2014 426.49 0.19%
8/18/2014 428.09 0.38%
8/19/2014 430.91 0.66%
8/20/2014 431.26 0.08%
8/21/2014 431.03 -0.05%
8/22/2014 430.79 -0.06%
8/25/2014 432.2 0.33%
8/26/2014 432.74 0.12%
8/27/2014 435.02 0.53%
8/28/2014 432.22 -0.64%
8/29/2014 432.83 0.14%
9/1/2014 434.12 0.30%
9/2/2014 434.24 0.03%
9/3/2014 440.41 1.42%
9/4/2014 439.88 -0.12%
9/5/2014 439.58 -0.07%
9/8/2014 439.08 -0.11%
9/9/2014 435.54 -0.81%
9/10/2014 430.48 -1.16%
9/11/2014 429.29 -0.28%
9/12/2014 425.72 -0.83%
9/15/2014 423.39 -0.55%
9/16/2014 422.15 -0.29%
9/17/2014 424.96 0.67%
9/18/2014 424.08 -0.21%
9/19/2014 423.22 -0.20%
9/22/2014 417.52 -1.35%
9/23/2014 414.75 -0.66%
9/24/2014 415.85 0.27%
9/25/2014 411.44 -1.06%
9/26/2014 411.04 -0.10%
9/29/2014 405.39 -1.37%
9/30/2014 404.07 -0.33%
10/1/2014 401.7 -0.59%
10/2/2014 400.7 -0.25%
10/3/2014 402.56 0.46%
10/6/2014 408.41 1.45%
10/7/2014 408.05 -0.09%
10/8/2014 404.34 -0.91%
10/9/2014 408.02 0.91%
10/10/2014 400.48 -1.85%
10/13/2014 400.32 -0.04%
10/14/2014 400.01 -0.08%
10/15/2014 396.23 -0.94%
10/16/2014 391.25 -1.26%
10/17/2014 394.94 0.94%
10/20/2014 396.01 0.27%
10/21/2014 397.06 0.27%
10/22/2014 398.5 0.36%
10/23/2014 396.95 -0.39%
10/24/2014 398.11 0.29%
10/27/2014 394.14 -1.00%
10/28/2014 400.88 1.71%
10/29/2014 404.53 0.91%
10/30/2014 406.35 0.45%
10/31/2014 410.41 1.00%
11/3/2014 408.98 -0.35%
11/4/2014 408.78 -0.05%
11/5/2014 405.61 -0.78%
11/6/2014 402.19 -0.84%
11/7/2014 401.38 -0.20%
11/10/2014 404.65 0.81%
11/11/2014 403.59 -0.26%
11/12/2014 404.67 0.27%
11/13/2014 403.4 -0.31%
11/14/2014 403.62 0.05%
11/17/2014 400.91 -0.67%
11/18/2014 401.66 0.19%
11/19/2014 402.32 0.16%
11/20/2014 403.14 0.20%
11/21/2014 408.99 1.45%
11/24/2014 411.07 0.51%
11/25/2014 410.12 -0.23%
11/26/2014 411.08 0.23%
11/27/2014 410.39 -0.17%
11/28/2014 407.54 -0.69%
12/1/2014 399.63 -1.94%
12/2/2014 399.24 -0.10%
12/3/2014 400.43 0.30%
12/4/2014 400.46 0.01%
 12/5/2014 399.86 -0.15%
12/8/2014 395.74 -1.03%
12/9/2014 390.36 -1.36%
12/10/2014 388.21 -0.55%
12/11/2014 383.87 -1.12%
12/12/2014 380.76 -0.81%
12/15/2014 373.95 -1.79%
12/16/2014 367.07 -1.84%
12/17/2014 370.99 1.07%
12/18/2014 379 2.16%
12/19/2014 382.09 0.82%
12/22/2014 386.61 1.18%
12/23/2014 384.53 -0.54%
12/24/2014 384.29 -0.06%
12/25/2014 384.12 -0.04%
12/26/2014 384.92 0.21%
12/29/2014 387.72 0.73%
12/30/2014 386.92 -0.21%
12/31/2014 387.99 0.28%
1/1/2015 388.07 0.02%
1/2/2015 387.24 -0.21%
1/5/2015 382.53 -1.22%
1/6/2015 380.03 -0.65%
1/7/2015 382.75 0.72%
1/8/2015 389.39 1.73%
1/9/2015 389.68 0.07%
1/12/2015 386.98 -0.69%
1/13/2015 388.57 0.41%
1/14/2015 386.93 -0.42%
1/15/2015 388.56 0.42%
1/16/2015 387.95 -0.16%
1/19/2015 385.49 -0.63%
1/20/2015 387.85 0.61%
1/21/2015 394.94 1.83%
1/22/2015 398.58 0.92%
1/23/2015 401.08 0.63%
1/26/2015 400.07 -0.25%
1/27/2015 400.42 0.09%
1/28/2015 398.36 -0.51%
1/29/2015 394.05 -1.08%
1/30/2015 389.47 -1.16%
2/2/2015 390.69 0.31%
2/3/2015 395.59 1.25%
2/4/2015 396.13 0.14%
2/5/2015 397.23 0.28%
2/6/2015 395.1 -0.54%
2/9/2015 392.87 -0.56%
2/10/2015 390.99 -0.48%
2/11/2015 388.97 -0.52%
2/12/2015 393.78 1.24%
2/13/2015 399.35 1.41%
2/16/2015 398.47 -0.22%
2/17/2015 397.85 -0.16%
2/18/2015 398.79 0.24%
2/19/2015 398.91 0.03%
2/20/2015 398.62 -0.07%
2/23/2015 398.08 -0.14%
2/24/2015 399.85 0.44%
2/25/2015 400.7 0.21%
2/26/2015 401.29 0.15%
2/27/2015 400.41 -0.22%
3/2/2015 399.8 -0.15%
3/3/2015 398.41 -0.35%
3/4/2015 394.58 -0.96%
3/5/2015 394.68 0.03%
3/6/2015 392.41 -0.58%
3/9/2015 388.47 -1.00%
3/10/2015 382.75 -1.47%
3/11/2015 382.13 -0.16%
3/12/2015 385.1 0.78%
3/13/2015 380.85 -1.10%
3/16/2015 381.28 0.11%
3/17/2015 383.34 0.54%
3/18/2015 386.66 0.87%
3/19/2015 389.36 0.70%
3/20/2015 391.8 0.63%
3/23/2015 394.14 0.60%
3/24/2015 394.8 0.17%
3/25/2015 393.52 -0.32%
3/26/2015 388.97 -1.16%
3/27/2015 387.36 -0.41%
3/30/2015 392.1 1.22%
3/31/2015 394.25 0.55%
4/1/2015 398.35 1.04%
4/2/2015 402.42 1.02%
4/3/2015 402.58 0.04%
4/6/2015 406.98 1.09%
4/7/2015 407.56 0.14%
4/8/2015 414.65 1.74%
4/9/2015 418.29 0.88%
4/10/2015 419.72 0.34%
4/13/2015 423.15 0.82%
4/14/2015 420.64 -0.59%
4/15/2015 420.42 -0.05%
4/16/2015 425.66 1.25%
4/17/2015 421.23 -1.04%
4/20/2015 416.63 -1.09%
4/21/2015 420.39 0.90%
4/22/2015 422.8 0.57%
4/23/2015 424.81 0.48%
4/24/2015 427.66 0.67%
4/27/2015 430.12 0.58%
4/28/2015 431.21 0.25%
4/29/2015 428.38 -0.66%
4/30/2015 424.11 -1.00%
5/1/2015 423.42 -0.16%
5/4/2015 424.9 0.35%
5/5/2015 424.24 -0.16%
5/6/2015 421.22 -0.71%
5/7/2015 415.13 -1.45%
5/8/2015 420.51 1.30%
5/11/2015 421.05 0.13%
5/12/2015 418.09 -0.70%
5/13/2015 420.66 0.61%
5/14/2015 421.58 0.22%
5/15/2015 425.23 0.87%
5/18/2015 424.54 -0.16%
5/19/2015 424.83 0.07%
5/20/2015 422.84 -0.47%
5/21/2015 422.37 -0.11%
5/22/2015 423.79 0.34%
5/25/2015 422.85 -0.22%
5/26/2015 420.07 -0.66%
5/27/2015 418.85 -0.29%
5/28/2015 414.41 -1.06%
5/29/2015 412.83 -0.38%
6/1/2015 413.71 0.21%
6/2/2015 413.05 -0.16%
6/3/2015 411.25 -0.44%
6/4/2015 408.14 -0.76%
6/5/2015 405.76 -0.58%
6/8/2015 403.69 -0.51%
6/9/2015 400.43 -0.81%
6/10/2015 404.01 0.89%
6/11/2015 403.39 -0.15%
6/12/2015 405.27 0.47%
6/15/2015 401.71 -0.88%
6/16/2015 399.99 -0.43%
6/17/2015 401.76 0.44%
6/18/2015 405.2 0.86%
6/19/2015 403.65 -0.38%
6/22/2015 408.31 1.15%
6/23/2015 409.63 0.32%
6/24/2015 410.52 0.22%
6/25/2015 409.04 -0.36%
6/26/2015 405.56 -0.85%
6/29/2015 397.32 -2.03%
6/30/2015 402.73 1.36%
7/1/2015 402.3 -0.11%
7/2/2015 402.15 -0.04%
7/3/2015 399.02 -0.78%
7/6/2015 390.65 -2.10%
7/7/2015 384.54 -1.56%
7/8/2015 373.61 -2.84%
7/9/2015 381.2 2.03%
7/10/2015 387.03 1.53%
7/13/2015 391.58 1.18%
7/14/2015 391.86 0.07%
7/15/2015 390.1 -0.45%
7/16/2015 392.19 0.54%
7/17/2015 392.76 0.15%
7/20/2015 390.64 -0.54%
7/21/2015 391.94 0.33%
7/22/2015 387.84 -1.05%
7/23/2015 385.45 -0.62%
7/24/2015 380.06 -1.40%
7/27/2015 370.72 -2.46%
7/28/2015 369.56 -0.31%
7/29/2015 373.24 1.00%
7/30/2015 371.72 -0.41%
7/31/2015 374.56 0.76%
8/3/2015 370.27 -1.15%
8/4/2015 371.03 0.21%
8/5/2015 371.61 0.16%
8/6/2015 369.22 -0.64%
8/7/2015 369.6 0.10%
8/10/2015 371.29 0.46%
8/11/2015 367.05 -1.14%
8/12/2015 359.6 -2.03%
8/13/2015 360.46 0.24%
8/14/2015 360.7 0.07%
8/17/2015 357.59 -0.86%
8/18/2015 354.12 -0.97%
8/19/2015 350.64 -0.98%
8/20/2015 345.92 -1.35%
8/21/2015 338.5 -2.15%
8/24/2015 319.74 -5.54%
8/25/2015 326.59 2.14%
8/26/2015 325.26 -0.41%
8/27/2015 337.22 3.68%
8/28/2015 339.09 0.55%
8/31/2015 338.46 -0.19%
9/1/2015 330.98 -2.21%
9/2/2015 329.44 -0.47%
9/3/2015 332.38 0.89%
9/4/2015 326.85 -1.66%
9/7/2015 323.28 -1.09%
9/8/2015 328.75 1.69%
9/9/2015 335.55 2.07%
9/10/2015 333.12 -0.72%
 9/11/2015 332.93 -0.06%
9/14/2015 334.93 0.60%
9/15/2015 334.69 -0.07%
9/16/2015 340.67 1.79%
9/17/2015 341.91 0.36%
9/18/2015 342.12 0.06%
9/21/2015 337.75 -1.28%
9/22/2015 333.75 -1.18%
9/23/2015 327.95 -1.74%
9/24/2015 325.44 -0.77%
9/25/2015 327.27 0.56%
9/28/2015 323.63 -1.11%
9/29/2015 321.64 -0.61%
9/30/2015 327.47 1.81%
10/1/2015 328.96 0.46%
10/2/2015 333.53 1.39%
10/5/2015 340.88 2.20%
10/6/2015 343.01 0.62%
10/7/2015 351.32 2.42%
10/8/2015 349.68 -0.47%
10/9/2015 354.64 1.42%
10/12/2015 356.9 0.64%
10/13/2015 352.47 -1.24%
10/14/2015 350.4 -0.59%
10/15/2015 356.35 1.70%
10/16/2015 357.16 0.23%
10/19/2015 357.6 0.12%
10/20/2015 356.89 -0.20%
10/21/2015 353.96 -0.82%
10/22/2015 354.67 0.20%
10/23/2015 358.62 1.11%
10/26/2015 359.02 0.11%
10/27/2015 357.42 -0.45%
10/28/2015 356.72 -0.20%
10/29/2015 351.27 -1.53%
10/30/2015 352.32 0.30%
11/2/2015 353.05 0.21%
11/3/2015 356.85 1.08%
11/4/2015 360.19 0.94%
11/5/2015 358.82 -0.38%
 11/6/2015 354.71 -1.15%
11/9/2015 351.12 -1.01%
11/10/2015 347.55 -1.02%
11/11/2015 347.45 -0.03%
11/12/2015 347.81 0.10%
11/13/2015 342.58 -1.50%
11/16/2015 341.22 -0.40%
11/17/2015 344.94 1.09%
11/18/2015 344.38 -0.16%
11/19/2015 349.89 1.60%
11/20/2015 352.75 0.82%
11/23/2015 351.79 -0.27%
11/24/2015 350.21 -0.45%
11/25/2015 348.69 -0.43%
11/26/2015 348.98 0.08%
11/27/2015 344.51 -1.28%
11/30/2015 341.82 -0.78%
12/1/2015 345.57 1.10%
12/2/2015 345.03 -0.16%
12/3/2015 344.21 -0.24%
12/4/2015 341.65 -0.74%
12/7/2015 340.73 -0.27%
12/8/2015 335.73 -1.47%
12/9/2015 335.03 -0.21%
12/10/2015 332.34 -0.80%
12/11/2015 324.67 -2.31%
12/14/2015 324.34 -0.10%
12/15/2015 328.28 1.21%
12/16/2015 331.94 1.11%
12/17/2015 335.98 1.22%
12/18/2015 332.66 -0.99%
12/21/2015 333.29 0.19%
12/22/2015 334.1 0.24%
12/23/2015 337.77 1.10%
12/24/2015 338.15 0.11%
12/25/2015 338.36 0.06%
12/28/2015 337.09 -0.38%
12/29/2015 337.4 0.09%
12/30/2015 334.32 -0.91%
12/31/2015 335.55 0.37%
 Values
Row Labels Average of Adj. Default Sprea Average of Country Risk Premi
Africa 4.24% 6.35%
Asia 2.43% 3.65%
Australia & New Zealand 1.50% 2.25%
Caribbean 3.49% 5.23%
Central and South Americ 3.66% 5.50%
Eastern Europe & Russia 2.93% 4.39%
Middle East 1.61% 2.42%
North America 0.00% 0.00%
Western Europe 1.29% 1.93%
Grand Total 2.74% 4.12%
Average of Total Risk Premiu Average of Corporate Tax Rate
12.35% 28.18%
9.65% 22.74%
8.25% 28.33%
11.23% 20.56%
11.50% 27.04%
10.39% 16.35%
8.42% 10.77%
6.00% 26.50%
7.93% 20.34%
10.12% 21.55%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 138.4 Ba2 3.33%
Botswana 15.8 A2 0.94%
Burkina Faso 12.5 B3 7.21%
Cameroon 32.1 B2 6.10%
Cape Verde 1.9 B2 6.10%
Congo (Democratic Republic 33.1 B3 7.21%
Congo (Republic of) 14.2 Ba3 3.99%
Cte d'Ivoire 34.2 Ba3 3.99%
Egypt 286.5 B3 7.21%
Ethiopia 55.6 B1 4.99%
Gabon 18.2 Ba3 3.99%
Ghana 38.6 B3 7.21%
Kenya 60.9 B1 4.99%
Morocco 110 Ba1 2.77%
Mozambique 15.9 B2 6.10%
Namibia 13 Baa3 2.44%
Nigeria 568.5 Ba3 3.99%
Rwanda 7.9 B1 4.99%
Senegal 15.7 B1 4.99%
South Africa 350.6 Baa2 2.11%
Tunisia 48.6 Ba3 3.99%
Uganda 27 B1 4.99%
Zambia 27.1 B2 6.10%
Africa 1926.3 4.29%
Bangladesh 172.9 Ba3 3.99%
Cambodia 16.8 B2 6.10%
China 10354.8 Aa3 0.67%
Fiji 4.5 B1 4.99%
Hong Kong 290.1 Aa1 0.44%
India 2048.5 Baa3 2.44%
Indonesia 888.5 Baa3 2.44%
Japan 4601.5 A1 0.78%
Korea 1410.4 Aa2 0.55%
Macao 55.5 Aa2 0.55%
Malaysia 338.1 A3 1.33%
Mauritius 12.6 Baa1 1.77%
Mongolia 12 B2 6.10%
Pakistan 243.6 B3 7.21%
Papua New Guinea 16.9 B1 4.99%
Philippines 284.8 Baa2 2.11%
Singapore 307.9 Aaa 0.00%
Sri Lanka 78.8 B1 4.99%
Taiwan 970.9 Aa3 0.67%
Thailand 404.8 Baa1 1.77%
Vietnam 186.2 B1 4.99%
Asia 22700.1 1.11%
Australia 1454.7 Aaa 0.00%
Cook Islands 1.2 B1 4.99%
New Zealand 166.1 Aaa 0.00%
Australia & New Zealand 1622 0.00%
Aruba 2.6 Baa1 1.77%
Bahamas 8.5 Baa2 2.11%
Barbados 4.4 B3 7.21%
Bermuda 5.557 A1 0.78%
Cayman Islands 3.2 Aa3 0.67%
Cuba 77.2 Caa2 9.98%
Curacao 1 A3 1.33%
Dominican Republic 64.1 B1 4.99%
Jamaica 13.9 Caa2 9.98%
Montserrat 1.5 Baa3 2.44%
St. Maarten 1.5 Baa1 1.77%
St. Vincent & the Grenadines 0.713 B3 7.21%
Trinidad and Tobago 28.9 Baa2 2.11%
Caribbean 213.07 6.40%
Argentina 537.8 Caa1 8.31%
Belize 1.7 Caa2 9.98%
Bolivia 33 Ba3 3.99%
Brazil 2346.1 Baa3 2.44%
Chile 258.1 Aa3 0.67%
Colombia 377.7 Baa2 2.11%
Costa Rica 49.6 Ba1 2.77%
Ecuador 100.9 B3 7.21%
El Salvador 25.2 Ba3 3.99%
Guatemala 58.8 Ba1 2.77%
Honduras 19.4 B3 7.21%
Mexico 1294.7 A3 1.33%
Nicaragua 11.8 B2 6.10%
Panama 46.2 Baa2 2.11%
Paraguay 30.9 Ba1 2.77%
Peru 202.6 A3 1.33%
Suriname 5.2 Ba3 3.99%
Uruguay 57.5 Baa2 2.11%
Venezuela 381.3 Caa3 11.08%
Central and South America 5838.5 3.29%
Albania 13.2 B1 4.99%
Armenia 11.6 Ba3 3.99%
Azerbaijan 75.2 Baa3 2.44%
Belarus 76.1 Caa1 8.31%
Bosnia and Herzegovina 18.3 B3 7.21%
Bulgaria 56.7 Baa2 2.11%
Croatia 57.1 Ba1 2.77%
Czech Republic 205.3 A1 0.78%
Estonia 26.5 A1 0.78%
Georgia 16.5 Ba3 3.99%
Hungary 138.4 Ba1 2.77%
Kazakhstan 217.9 Baa2 2.11%
Latvia 31.3 A3 1.33%
Lithuania 48.4 A3 1.33%
Macedonia 11.3 Ba3 3.99%
Moldova 8 B3 7.21%
Montenegro 4.6 Ba3 3.99%
Poland 545 A2 0.94%
Romania 199 Baa3 2.44%
Russia 1860.6 Ba1 2.77%
Serbia 43.9 B1 4.99%
Slovakia 100.3 A2 0.94%
Slovenia 49.5 Baa3 2.44%
Ukraine 131.8 Caa3 11.08%
Eastern Europe & Russia 3946.5 2.71%
Abu Dhabi 390 Aa2 0.55%
Bahrain 33.9 Baa3 2.44%
Israel 305.7 A1 0.78%
Jordan 35.8 B1 4.99%
Kuwait 163.6 Aa2 0.55%
Lebanon 45.7 B2 6.10%
Oman 81.8 A1 0.78%
Qatar 210.1 Aa2 0.55%
Ras Al Khaimah (Emirate of) 5.2 A2 0.94%
Saudi Arabia 746.3 Aa3 0.67%
Sharjah 1 A3 1.33%
United Arab Emirates 399.5 Aa2 0.55%
Middle East 2418.6 0.82%
Canada 1785.4 Aaa 0.00%
United States of America 17419 Aaa 0.00%
North America 19204.4 0.00%
Andorra (Principality of) 3.25 Baa3 2.44%
Austria 436.9 Aaa 0.00%
Belgium 531.2 Aa3 0.67%
Cyprus 23.2 B1 4.99%
Denmark 342.4 Aaa 0.00%
Finland 272.2 Aaa 0.00%
France 2829.2 Aa2 0.55%
Germany 3868.3 Aaa 0.00%
Greece 235.6 Caa3 11.08%
Guernsey (States of) 0.5 Aa1 0.44%
Iceland 17 Baa2 2.11%
Ireland 250.8 Baa1 1.77%
Isle of Man 1.4 Aa1 0.44%
Italy 2141.2 Baa2 2.11%
Jersey (States of) 1 Aa1 0.44%
Liechtenstein 10.5 Aaa 0.00%
Luxembourg 64.9 Aaa 0.00%
Malta 9.6 A3 1.33%
Netherlands 879.3 Aaa 0.00%
Norway 499.8 Aaa 0.00%
Portugal 230.1 Ba1 2.77%
Spain 1381.3 Baa2 2.11%
Sweden 571.1 Aaa 0.00%
Switzerland 701 Aaa 0.00%
Turkey 798.4 Baa3 2.44%
United Kingdom 2988.9 Aa1 0.44%
Western Europe 19089.05 0.86%

Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads
Africa 11.97% 5.97% 4.29%
Asia 7.54% 1.54% 1.11%
Australia & New Zealand 6.01% 0.01% 0.00%
Caribbean 14.92% 8.92% 6.40%
Central and South America 10.58% 4.58% 3.29%
Eastern Europe & Russia 9.78% 3.78% 2.71%
Middle East 7.15% 1.15% 0.82%
North America 6.00% 0.00% 0.00%
Western Europe 7.20% 1.20% 0.86%
Global 7.50% 1.50% 1.08%

For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.29% 2.36% 27.85%
Australia, NZ & Canada 5.81% 0.00% 30%
Latin America & Caribbean 10.73% 3.32% 27.15%
Japan 7.09% 0.78% 35.64%
US 6.00% 0.00% 40%
Europe 7.20% 0.86% 30%
Emerging Markets 8.71% 1.97% 25%
Small Asia (No India, China & J 8.35% 1.73% 20%
India 9.05% 2.20% 34%
China 6.93% 0.60% 25%
Global 7.50% 1.08% 30%
Total Risk Premium Country Risk Premium Corporate Tax Rate
10.64% 4.64% 30.00%
7.31% 1.31% 22.00%
16.05% 10.05% 27.92%
14.50% 8.50% 33.00%
14.50% 8.50% 27.92%
16.05% 10.05% 27.92%
11.56% 5.56% 27.92%
11.56% 5.56% 27.92%
16.05% 10.05% 22.50%
12.95% 6.95% 27.92%
11.56% 5.56% 27.92%
16.05% 10.05% 25.00%
12.95% 6.95% 30.00%
9.86% 3.86% 30.00%
14.50% 8.50% 32.00%
9.40% 3.40% 33.00%
11.56% 5.56% 30.00%
12.95% 6.95% 27.92%
12.95% 6.95% 27.92%
8.94% 2.94% 28.00%
11.56% 5.56% 25.00%
12.95% 6.95% 30.00%
14.50% 8.50% 35.00%
11.97% 5.97% 28.18%
11.56% 5.56% 27.50%
14.50% 8.50% 0.00%
6.93% 0.93% 25.00%
12.95% 6.95% 20.00%
6.61% 0.61% 16.50%
9.40% 3.40% 34.61%
9.40% 3.40% 25.00%
7.09% 1.09% 33.06%
6.77% 0.77% 24.20%
6.77% 0.77% 12.00%
7.85% 1.85% 25.00%
8.47% 2.47% 15.00%
14.50% 8.50% 21.96%
16.05% 10.05% 33.00%
12.95% 6.95% 30.00%
 8.94% 2.94% 30.00%
6.00% 0.00% 17.00%
12.95% 6.95% 28.00%
6.93% 0.93% 17.00%
8.47% 2.47% 20.00%
12.95% 6.95% 22.00%
7.54% 1.54% 26.90%
6.00% 0.00% 30.00%
12.95% 6.95% 27.00%
6.00% 0.00% 28.00%
6.01% 0.01% 29.79%
8.47% 2.47% 28.00%
8.94% 2.94% 0.00%
16.05% 10.05% 25.00%
7.09% 1.09% 0.00%
6.93% 0.93% 27.92%
19.91% 13.91% 27.35%
7.85% 1.85% 25.00%
12.95% 6.95% 27.00%
19.91% 13.91% 25.00%
9.40% 3.40% 27.35%
8.47% 2.47% 24.50%
16.05% 10.05% 26.85%
8.94% 2.94% 25.00%
14.92% 8.92% 24.90%
17.58% 11.58% 35.00%
19.91% 13.91% 26.85%
11.56% 5.56% 25.00%
9.40% 3.40% 34.00%
6.93% 0.93% 22.50%
8.94% 2.94% 25.00%
9.86% 3.86% 30.00%
16.05% 10.05% 22.00%
11.56% 5.56% 30.00%
9.86% 3.86% 25.00%
16.05% 10.05% 30.00%
7.85% 1.85% 30.00%
14.50% 8.50% 26.85%
8.94% 2.94% 25.00%
9.86% 3.86% 10.00%
 7.85% 1.85% 28.00%
11.56% 5.56% 34.50%
8.94% 2.94% 25.00%
21.44% 15.44% 34.00%
10.58% 4.58% 31.19%
12.95% 6.95% 15.00%
11.56% 5.56% 20.00%
9.40% 3.40% 20.12%
17.58% 11.58% 18.00%
16.05% 10.05% 10.00%
8.94% 2.94% 10.00%
9.86% 3.86% 20.00%
7.09% 1.09% 19.00%
7.09% 1.09% 20.00%
11.56% 5.56% 15.00%
9.86% 3.86% 19.00%
8.94% 2.94% 20.00%
7.85% 1.85% 15.00%
7.85% 1.85% 15.00%
11.56% 5.56% 10.00%
16.05% 10.05% 12.00%
11.56% 5.56% 9.00%
7.31% 1.31% 19.00%
9.40% 3.40% 16.00%
9.86% 3.86% 20.00%
12.95% 6.95% 15.00%
7.31% 1.31% 22.00%
9.40% 3.40% 17.00%
21.44% 15.44% 18.00%
9.78% 3.78% 19.04%
6.77% 0.77% 55.00%
9.40% 3.40% 0.00%
7.09% 1.09% 26.50%
12.95% 6.95% 20.00%
6.77% 0.77% 15.00%
14.50% 8.50% 15.00%
7.09% 1.09% 12.00%
6.77% 0.77% 10.00%
7.31% 1.31% 0.00%
6.93% 0.93% 20.00%
7.85% 1.85% 0.00%
6.77% 0.77% 55.00%
7.15% 1.15% 30.34%
6.00% 0.00% 26.50%
6.00% 0.00% 40.00%
6.00% 0.00% 38.74%
9.40% 3.40% 0.00%
6.00% 0.00% 25.00%
6.93% 0.93% 33.99%
12.95% 6.95% 12.50%
6.00% 0.00% 23.50%
6.00% 0.00% 20.00%
6.77% 0.77% 33.33%
6.00% 0.00% 29.65%
21.44% 15.44% 29.00%
6.61% 0.61% 0.00%
8.94% 2.94% 20.00%
8.47% 2.47% 12.50%
6.61% 0.61% 0.00%
8.94% 2.94% 31.40%
6.61% 0.61% 0.00%
6.00% 0.00% 12.50%
6.00% 0.00% 29.22%
7.85% 1.85% 35.00%
6.00% 0.00% 25.00%
6.00% 0.00% 27.00%
9.86% 3.86% 21.00%
8.94% 2.94% 28.00%
6.00% 0.00% 22.00%
6.00% 0.00% 17.92%
9.40% 3.40% 20.00%
6.61% 0.61% 20.00%
7.20% 1.20% 26.80%

Tax Rate Total GDP Weight

28.18% 1926.3 2.50%
26.90% 22700.1 29.50%
29.79% 1622 2.11%
24.90% 213.07 0.28%
31.19% 5838.5 7.59%
19.04% 3946.5 5.13%
30.34% 2418.6 3.14%
38.74% 19204.4 24.95%
26.80% 19089.05 24.80%
29.95% 76958.52
Region GDP Weight Weigth*Default Spread
Africa 7.18% 0.24%
Africa 0.82% 0.01%
Africa 0.65% 0.05%
Africa 1.67% 0.10%
Africa 0.10% 0.01%
Africa 1.72% 0.12%
Africa 0.74% 0.03%
Africa 1.78% 0.07%
Africa 14.87% 1.07%
Africa 2.89% 0.14%
Africa 0.94% 0.04%
Africa 2.00% 0.14%
Africa 3.16% 0.16%
Africa 5.71% 0.16%
Africa 0.83% 0.05%
Africa 0.67% 0.02%
Africa 29.51% 1.18%
Africa 0.41% 0.02%
Africa 0.82% 0.04%
Africa 18.20% 0.38%
Africa 2.52% 0.10%
Africa 1.40% 0.07%
Africa 1.41% 0.09%
100.00%
Asia 0.76% 0.03%
Asia 0.07% 0.00%
Asia 45.62% 0.31%
Asia 0.02% 0.00%
Asia 1.28% 0.01%
Asia 9.02% 0.22%
Asia 3.91% 0.10%
Asia 20.27% 0.16%
Asia 6.21% 0.03%
Asia 0.24% 0.00%
Asia 1.49% 0.02%
Asia 0.06% 0.00%
Asia 0.05% 0.00%
Asia 1.07% 0.08%
Asia 0.07% 0.00%
Asia 1.25% 0.03%
Asia 1.36% 0.00%
Asia 0.35% 0.02%
Asia 4.28% 0.03%
Asia 1.78% 0.03%
Asia 0.82% 0.04%
100.00%
Australia & New Zealand 89.69% 0.00%
Australia & New Zealand 0.07% 0.00%
Australia & New Zealand 10.24% 0.00%

Caribbean 1.22% 0.02%

Caribbean 3.99% 0.08%
Caribbean 2.07% 0.15%
Caribbean 2.61% 0.02%
Caribbean 1.50% 0.01%
Caribbean 36.23% 3.62%
Caribbean 0.47% 0.01%
Caribbean 30.08% 1.50%
Caribbean 6.52% 0.65%
Caribbean 0.70% 0.02%
Caribbean 0.70% 0.01%
Caribbean 0.33% 0.02%
Caribbean 13.56% 0.29%

Central and South Ameri 9.21% 0.77%

Central and South Ameri 0.03% 0.00%
Central and South Ameri 0.57% 0.02%
Central and South Ameri 40.18% 0.98%
Central and South Ameri 4.42% 0.03%
Central and South Ameri 6.47% 0.14%
Central and South Ameri 0.85% 0.02%
Central and South Ameri 1.73% 0.12%
Central and South Ameri 0.43% 0.02%
Central and South Ameri 1.01% 0.03%
Central and South Ameri 0.33% 0.02%
Central and South Ameri 22.18% 0.29%
Central and South Ameri 0.20% 0.01%
Central and South Ameri 0.79% 0.02%
Central and South Ameri 0.53% 0.01%
Central and South Ameri 3.47% 0.05%
Central and South Ameri 0.09% 0.00%
Central and South Ameri 0.98% 0.02%
Central and South Ameri 6.53% 0.72%
100.00%
Eastern Europe & Russia 0.33% 0.02%
Eastern Europe & Russia 0.29% 0.01%
Eastern Europe & Russia 1.91% 0.05%
Eastern Europe & Russia 1.93% 0.16%
Eastern Europe & Russia 0.46% 0.03%
Eastern Europe & Russia 1.44% 0.03%
Eastern Europe & Russia 1.45% 0.04%
Eastern Europe & Russia 5.20% 0.04%
Eastern Europe & Russia 0.67% 0.01%
Eastern Europe & Russia 0.42% 0.02%
Eastern Europe & Russia 3.51% 0.10%
Eastern Europe & Russia 5.52% 0.12%
Eastern Europe & Russia 0.79% 0.01%
Eastern Europe & Russia 1.23% 0.02%
Eastern Europe & Russia 0.29% 0.01%
Eastern Europe & Russia 0.20% 0.01%
Eastern Europe & Russia 0.12% 0.00%
Eastern Europe & Russia 13.81% 0.13%
Eastern Europe & Russia 5.04% 0.12%
Eastern Europe & Russia 47.15% 1.31%
Eastern Europe & Russia 1.11% 0.06%
Eastern Europe & Russia 2.54% 0.02%
Eastern Europe & Russia 1.25% 0.03%
Eastern Europe & Russia 3.34% 0.37%
100.00%
Middle East 16.13% 0.09%
Middle East 1.40% 0.03%
Middle East 12.64% 0.10%
Middle East 1.48% 0.07%
Middle East 6.76% 0.04%
Middle East 1.89% 0.12%
Middle East 3.38% 0.03%
Middle East 8.69% 0.05%
Middle East 0.22% 0.00%
Middle East 30.86% 0.21%
Middle East 0.04% 0.00%
Middle East 16.52% 0.09%
100.00%
North America 9.30% 0.00%
North America 90.70% 0.00%

Western Europe 0.02% 0.00%

Western Europe 2.29% 0.00%
Western Europe 2.78% 0.02%
Western Europe 0.12% 0.01%
Western Europe 1.79% 0.00%
Western Europe 1.43% 0.00%
Western Europe 14.82% 0.08%
Western Europe 20.26% 0.00%
Western Europe 1.23% 0.14%
Western Europe 0.00% 0.00%
Western Europe 0.09% 0.00%
Western Europe 1.31% 0.02%
Western Europe 0.01% 0.00%
Western Europe 11.22% 0.24%
Western Europe 0.01% 0.00%
Western Europe 0.06% 0.00%
Western Europe 0.34% 0.00%
Western Europe 0.05% 0.00%
Western Europe 4.61% 0.00%
Western Europe 2.62% 0.00%
Western Europe 1.21% 0.03%
Western Europe 7.24% 0.15%
Western Europe 2.99% 0.00%
Western Europe 3.67% 0.00%
Western Europe 4.18% 0.10%
Western Europe 15.66% 0.07%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread

0.30% 0.15% 0.11%
2.22% 0.45% 0.33%
0.13% 0.00% 0.00%
0.04% 0.02% 0.02%
0.80% 0.35% 0.25%
0.50% 0.19% 0.14%
0.22% 0.04% 0.03%
1.50% 0.00% 0.00%
1.79% 0.30% 0.21%
Weight*ERP Weight*CRP Weight * Tax Rate
0.76% 0.33% 2.16%
0.06% 0.01% 0.18%
0.10% 0.07% 0.18%
0.24% 0.14% 0.55%
0.01% 0.01% 0.03%
0.28% 0.17% 0.48%
0.09% 0.04% 0.21%
0.21% 0.10% 0.50%
2.39% 1.49% 3.35%
0.37% 0.20% 0.81%
0.11% 0.05% 0.26%
0.32% 0.20% 0.50%
0.41% 0.22% 0.95%
0.56% 0.22% 1.71%
0.12% 0.07% 0.26%
0.06% 0.02% 0.22%
3.41% 1.64% 8.85%
0.05% 0.03% 0.11%
0.11% 0.06% 0.23%
1.63% 0.54% 5.10%
0.29% 0.14% 0.63%
0.18% 0.10% 0.42%
0.20% 0.12% 0.49%

0.09% 0.04% 0.21%

0.01% 0.01% 0.00%
3.16% 0.43% 11.40%
0.00% 0.00% 0.00%
0.08% 0.01% 0.21%
0.85% 0.31% 3.12%
0.37% 0.13% 0.98%
1.44% 0.22% 6.70%
0.42% 0.05% 1.50%
0.02% 0.00% 0.03%
0.12% 0.03% 0.37%
0.00% 0.00% 0.01%
0.01% 0.00% 0.01%
0.17% 0.11% 0.35%
0.01% 0.01% 0.02%
0.11% 0.04% 0.38%
0.08% 0.00% 0.23%
0.04% 0.02% 0.10%
0.30% 0.04% 0.73%
0.15% 0.04% 0.36%
0.11% 0.06% 0.18%

5.38% 0.00% 26.91%

0.01% 0.01% 0.02%
0.61% 0.00% 2.87%

0.10% 0.03% 0.34%

0.36% 0.12% 0.00%
0.33% 0.21% 0.52%
0.18% 0.03% 0.00%
0.10% 0.01% 0.42%
7.21% 5.04% 9.91%
0.04% 0.01% 0.12%
3.90% 2.09% 8.12%
1.30% 0.91% 1.63%
0.07% 0.02% 0.19%
0.06% 0.02% 0.17%
0.05% 0.03% 0.09%
1.21% 0.40% 3.39%
8.92%
1.62% 1.07% 3.22%
0.01% 0.00% 0.01%
0.07% 0.03% 0.14%
3.78% 1.37% 13.66%
0.31% 0.04% 0.99%
0.58% 0.19% 1.62%
0.08% 0.03% 0.25%
0.28% 0.17% 0.38%
0.05% 0.02% 0.13%
0.10% 0.04% 0.25%
0.05% 0.03% 0.10%
1.74% 0.41% 6.65%
0.03% 0.02% 0.05%
0.07% 0.02% 0.20%
0.05% 0.02% 0.05%
0.27% 0.06% 0.97%
0.01% 0.00% 0.03%
0.09% 0.03% 0.25%
1.40% 1.01% 2.22%

0.04% 0.02% 0.05%

0.03% 0.02% 0.06%
0.18% 0.06% 0.38%
0.34% 0.22% 0.35%
0.07% 0.05% 0.05%
0.13% 0.04% 0.14%
0.14% 0.06% 0.29%
0.37% 0.06% 0.99%
0.05% 0.01% 0.13%
0.05% 0.02% 0.06%
0.35% 0.14% 0.67%
0.49% 0.16% 1.10%
0.06% 0.01% 0.12%
0.10% 0.02% 0.18%
0.03% 0.02% 0.03%
0.03% 0.02% 0.02%
0.01% 0.01% 0.01%
1.01% 0.18% 2.62%
0.47% 0.17% 0.81%
4.65% 1.82% 9.43%
0.14% 0.08% 0.17%
0.19% 0.03% 0.56%
0.12% 0.04% 0.21%
0.72% 0.52% 0.60%

1.09% 0.12% 8.87%

0.13% 0.05% 0.00%
0.90% 0.14% 3.35%
0.19% 0.10% 0.30%
0.46% 0.05% 1.01%
0.27% 0.16% 0.28%
0.24% 0.04% 0.41%
0.59% 0.07% 0.87%
0.02% 0.00% 0.00%
2.14% 0.29% 6.17%
 0.00% 0.00% 0.00%
1.12% 0.13% 9.08%

0.56% 0.00% 2.46%

5.44% 0.00% 36.28%

0.00% 0.00% 0.00%

0.14% 0.00% 0.57%
0.19% 0.03% 0.95%
0.02% 0.01% 0.02%
0.11% 0.00% 0.42%
0.09% 0.00% 0.29%
1.00% 0.11% 4.94%
1.22% 0.00% 6.01%
0.26% 0.19% 0.36%
0.00% 0.00% 0.00%
0.01% 0.00% 0.02%
0.11% 0.03% 0.16%
0.00% 0.00% 0.00%
1.00% 0.33% 3.52%
0.00% 0.00% 0.00%
0.00% 0.00% 0.01%
0.02% 0.00% 0.10%
0.00% 0.00% 0.02%
0.28% 0.00% 1.15%
0.16% 0.00% 0.71%
0.12% 0.05% 0.25%
0.65% 0.21% 2.03%
0.18% 0.00% 0.66%
0.22% 0.00% 0.66%
0.39% 0.14% 0.84%
1.04% 0.10% 3.13%

Weight* Tax Rate

0.71%
7.94%
0.63%
0.07%
2.37%
0.98%
0.95%
9.67%
6.65%
Country GDP(inbillions) Moody'srating Adj.DefaultSpread
AbuDhabi 390 Aa2 0.55%
Albania 13.2 B1 4.99%
Andorra(Principalityof) 3.25 Baa3 2.44%
Angola 138.4 Ba2 3.33%
Argentina 537.8 Caa1 8.31%
Armenia 11.6 Ba3 3.99%
Aruba 2.6 Baa1 1.77%
Australia 1454.7 Aaa 0.00%
Austria 436.9 Aaa 0.00%
Azerbaijan 75.2 Baa3 2.44%
Bahamas 8.5 Baa2 2.11%
Bahrain 33.9 Baa3 2.44%
Bangladesh 172.9 Ba3 3.99%
Barbados 4.4 B3 7.21%
Belarus 76.1 Caa1 8.31%
Belgium 531.2 Aa3 0.67%
Belize 1.7 Caa2 9.98%
Bermuda 5.557 A1 0.78%
Bolivia 33 Ba3 3.99%
BosniaandHerzegovina 18.3 B3 7.21%
Botswana 15.8 A2 0.94%
Brazil 2346.1 Baa3 2.44%
Bulgaria 56.7 Baa2 2.11%
BurkinaFaso 12.5 B3 7.21%
Cambodia 16.8 B2 6.10%
Cameroon 32.1 B2 6.10%
Canada 1785.4 Aaa 0.00%
CaymanIslands 3.2 Aa3 0.67%
CapeVerde 1.9 B2 6.10%
Chile 258.1 Aa3 0.67%
China 10354.8 Aa3 0.67%
Colombia 377.7 Baa2 2.11%
Congo(DemocraticRepubli 33.1 B3 7.21%
Congo(Republicof) 14.2 Ba3 3.99%
CookIslands 1.2 B1 4.99%
CostaRica 49.6 Ba1 2.77%
Cted'Ivoire 34.2 Ba3 3.99%
Croatia 57.1 Ba1 2.77%
Cuba 77.2 Caa2 9.98%
Curacao 1 A3 1.33%
Cyprus 23.2 B1 4.99%
CzechRepublic 205.3 A1 0.78%
Denmark 342.4 Aaa 0.00%
DominicanRepublic 64.1 B1 4.99%
Ecuador 100.9 B3 7.21%
Egypt 286.5 B3 7.21%
ElSalvador 25.2 Ba3 3.99%
Estonia 26.5 A1 0.78%
Ethiopia 55.6 B1 4.99%
Fiji 4.5 B1 4.99%
Finland 272.2 Aaa 0.00%
France 2829.2 Aa2 0.55%
Gabon 18.2 Ba3 3.99%
Georgia 16.5 Ba3 3.99%
Germany 3868.3 Aaa 0.00%
Ghana 38.6 B3 7.21%
Greece 235.6 Caa3 11.08%
Guatemala 58.8 Ba1 2.77%
Guernsey(Statesof) 0.5 Aa1 0.44%
Honduras 19.4 B3 7.21%
HongKong 290.1 Aa1 0.44%
Hungary 138.4 Ba1 2.77%
Iceland 17 Baa2 2.11%
India 2048.5 Baa3 2.44%
Indonesia 888.5 Baa3 2.44%
Ireland 250.8 Baa1 1.77%
IsleofMan 1.4 Aa1 0.44%
Israel 305.7 A1 0.78%
Italy 2141.2 Baa2 2.11%
Jamaica 13.9 Caa2 9.98%
Japan 4601.5 A1 0.78%
Jersey(Statesof) 1 Aa1 0.44%
Jordan 35.8 B1 4.99%
Kazakhstan 217.9 Baa2 2.11%
Kenya 60.9 B1 4.99%
Korea 1410.4 Aa2 0.55%
Kuwait 163.6 Aa2 0.55%
Latvia 31.3 A3 1.33%
Lebanon 45.7 B2 6.10%
Liechtenstein 10.5 Aaa 0.00%
Lithuania 48.4 A3 1.33%
Luxembourg 64.9 Aaa 0.00%
Macao 55.5 Aa2 0.55%
Macedonia 11.3 Ba3 3.99%
Malaysia 338.1 A3 1.33%
Malta 9.6 A3 1.33%
Mauritius 12.6 Baa1 1.77%
Mexico 1294.7 A3 1.33%
Moldova 8 B3 7.21%
Mongolia 12 B2 6.10%
Montenegro 4.6 Ba3 3.99%
Montserrat 1.5 Baa3 2.44%
Morocco 110 Ba1 2.77%
Mozambique 15.9 B2 6.10%
Namibia 13 Baa3 2.44%
Netherlands 879.3 Aaa 0.00%
NewZealand 166.1 Aaa 0.00%
Nicaragua 11.8 B2 6.10%
Nigeria 568.5 Ba3 3.99%
Norway 499.8 Aaa 0.00%
Oman 81.8 A1 0.78%
Pakistan 243.6 B3 7.21%
Panama 46.2 Baa2 2.11%
PapuaNewGuinea 16.9 B1 4.99%
Paraguay 30.9 Ba1 2.77%
Peru 202.6 A3 1.33%
Philippines 284.8 Baa2 2.11%
Poland 545 A2 0.94%
Portugal 230.1 Ba1 2.77%
Qatar 210.1 Aa2 0.55%
RasAlKhaimah(Emirateo 5.2 A2 0.94%
Romania 199 Baa3 2.44%
Russia 1860.6 Ba1 2.77%
Rwanda 7.9 B1 4.99%
SaudiArabia 746.3 Aa3 0.67%
Senegal 15.7 B1 4.99%
Serbia 43.9 B1 4.99%
Sharjah 1 A3 1.33%
Singapore 307.9 Aaa 0.00%
Slovakia 100.3 A2 0.94%
Slovenia 49.5 Baa3 2.44%
SouthAfrica 350.6 Baa2 2.11%
Spain 1381.3 Baa2 2.11%
SriLanka 78.8 B1 4.99%
St.Maarten 1.5 Baa1 1.77%
St.Vincent&theGrenadin 0.713 B3 7.21%
Suriname 5.2 Ba3 3.99%
Sweden 571.1 Aaa 0.00%
Switzerland 701 Aaa 0.00%
Taiwan 970.9 Aa3 0.67%
Thailand 404.8 Baa1 1.77%
TrinidadandTobago 28.9 Baa2 2.11%
Tunisia 48.6 Ba3 3.99%
Turkey 798.4 Baa3 2.44%
TurksandCaicosIslands 1.5 Baa1 1.77%
Uganda 27 B1 4.99%
Ukraine 131.8 Caa3 11.08%
UnitedArabEmirates 399.5 Aa2 0.55%
UnitedKingdom 2988.9 Aa1 0.44%
UnitedStatesofAmerica 17419 Aaa 0.00%
Uruguay 57.5 Baa2 2.11%
Venezuela 381.3 Caa3 11.08%
Vietnam 186.2 B1 4.99%
Zambia 27.1 B2 6.10%
TotalRiskPremium CountryRiskPremium CorporateTaxRate Region
6.77% 0.77% 55.00% Middle East
12.95% 6.95% 15.00% Eastern Europe & Russia
9.40% 3.40% 0.00% Western Europe
10.64% 4.64% 30.00% Africa
17.58% 11.58% 35.00% Central and South America
11.56% 5.56% 20.00% Eastern Europe & Russia
8.47% 2.47% 28.00% Caribbean
6.00% 0.00% 30.00% Australia & New Zealand
6.00% 0.00% 25.00% Western Europe
9.40% 3.40% 20.12% Eastern Europe & Russia
8.94% 2.94% 0.00% Caribbean
9.40% 3.40% 0.00% Middle East
11.56% 5.56% 27.50% Asia
16.05% 10.05% 25.00% Caribbean
17.58% 11.58% 18.00% Eastern Europe & Russia
6.93% 0.93% 33.99% Western Europe
19.91% 13.91% 26.85% Central and South America
7.09% 1.09% 0.00% Caribbean
11.56% 5.56% 25.00% Central and South America
16.05% 10.05% 10.00% Eastern Europe & Russia
7.31% 1.31% 22.00% Africa
9.40% 3.40% 34.00% Central and South America
8.94% 2.94% 10.00% Eastern Europe & Russia
16.05% 10.05% 27.92% Africa
14.50% 8.50% 0.00% Asia
14.50% 8.50% 33.00% Africa
6.00% 0.00% 26.50% North America
6.93% 0.93% 0.00% Caribbean
14.50% 8.50% 27.92% Africa
6.93% 0.93% 22.50% Central and South America
6.93% 0.93% 25.00% Asia
8.94% 2.94% 25.00% Central and South America
16.05% 10.05% 27.92% Africa
11.56% 5.56% 27.92% Africa
12.95% 6.95% 27.00% Australia & New Zealand
9.86% 3.86% 30.00% Central and South America
11.56% 5.56% 27.92% Africa
9.86% 3.86% 20.00% Eastern Europe & Russia
19.91% 13.91% 27.35% Caribbean
 7.85% 1.85% 25.00% Caribbean
12.95% 6.95% 12.50% Western Europe
7.09% 1.09% 19.00% Eastern Europe & Russia
6.00% 0.00% 23.50% Western Europe
12.95% 6.95% 27.00% Caribbean
16.05% 10.05% 22.00% Central and South America
16.05% 10.05% 22.50% Africa
11.56% 5.56% 30.00% Central and South America
7.09% 1.09% 20.00% Eastern Europe & Russia
12.95% 6.95% 27.92% Africa
12.95% 6.95% 20.00% Asia
6.00% 0.00% 20.00% Western Europe
6.77% 0.77% 33.33% Western Europe
11.56% 5.56% 27.92% Africa
11.56% 5.56% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.65% Western Europe
16.05% 10.05% 25.00% Africa
21.44% 15.44% 29.00% Western Europe
9.86% 3.86% 25.00% Central and South America
6.61% 0.61% 0.00% Western Europe
16.05% 10.05% 30.00% Central and South America
6.61% 0.61% 16.50% Asia
9.86% 3.86% 19.00% Eastern Europe & Russia
8.94% 2.94% 20.00% Western Europe
9.40% 3.40% 34.61% Asia
9.40% 3.40% 25.00% Asia
8.47% 2.47% 12.50% Western Europe
6.61% 0.61% 0.00% Western Europe
7.09% 1.09% 26.50% Middle East
8.94% 2.94% 31.40% Western Europe
19.91% 13.91% 25.00% Caribbean
7.09% 1.09% 33.06% Asia
6.61% 0.61% 0.00% Western Europe
12.95% 6.95% 20.00% Middle East
8.94% 2.94% 20.00% Eastern Europe & Russia
12.95% 6.95% 30.00% Africa
6.77% 0.77% 24.20% Asia
6.77% 0.77% 15.00% Middle East
7.85% 1.85% 15.00% Eastern Europe & Russia
14.50% 8.50% 15.00% Middle East
 6.00% 0.00% 12.50% Western Europe
7.85% 1.85% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.22% Western Europe
6.77% 0.77% 12.00% Asia
11.56% 5.56% 10.00% Eastern Europe & Russia
7.85% 1.85% 25.00% Asia
7.85% 1.85% 35.00% Western Europe
8.47% 2.47% 15.00% Asia
7.85% 1.85% 30.00% Central and South America
16.05% 10.05% 12.00% Eastern Europe & Russia
14.50% 8.50% 21.96% Asia
11.56% 5.56% 9.00% Eastern Europe & Russia
9.40% 3.40% 27.35% Caribbean
9.86% 3.86% 30.00% Africa
14.50% 8.50% 32.00% Africa
9.40% 3.40% 33.00% Africa
6.00% 0.00% 25.00% Western Europe
6.00% 0.00% 28.00% Australia & New Zealand
14.50% 8.50% 26.85% Central and South America
11.56% 5.56% 30.00% Africa
6.00% 0.00% 27.00% Western Europe
7.09% 1.09% 12.00% Middle East
16.05% 10.05% 33.00% Asia
8.94% 2.94% 25.00% Central and South America
12.95% 6.95% 30.00% Asia
9.86% 3.86% 10.00% Central and South America
7.85% 1.85% 28.00% Central and South America
8.94% 2.94% 30.00% Asia
7.31% 1.31% 19.00% Eastern Europe & Russia
9.86% 3.86% 21.00% Western Europe
6.77% 0.77% 10.00% Middle East
7.31% 1.31% 0.00% Middle East
9.40% 3.40% 16.00% Eastern Europe & Russia
9.86% 3.86% 20.00% Eastern Europe & Russia
12.95% 6.95% 27.92% Africa
6.93% 0.93% 20.00% Middle East
12.95% 6.95% 27.92% Africa
12.95% 6.95% 15.00% Eastern Europe & Russia
7.85% 1.85% 0.00% Middle East
6.00% 0.00% 17.00% Asia
 7.31% 1.31% 22.00% Eastern Europe & Russia
9.40% 3.40% 17.00% Eastern Europe & Russia
8.94% 2.94% 28.00% Africa
8.94% 2.94% 28.00% Western Europe
12.95% 6.95% 28.00% Asia
8.47% 2.47% 24.50% Caribbean
16.05% 10.05% 26.85% Caribbean
11.56% 5.56% 34.50% Central and South America
6.00% 0.00% 22.00% Western Europe
6.00% 0.00% 17.92% Western Europe
6.93% 0.93% 17.00% Asia
8.47% 2.47% 20.00% Asia
8.94% 2.94% 25.00% Caribbean
11.56% 5.56% 25.00% Africa
9.40% 3.40% 20.00% Western Europe
8.47% 2.47% 26.85% Caribbean
12.95% 6.95% 30.00% Africa
21.44% 15.44% 18.00% Eastern Europe & Russia
6.77% 0.77% 55.00% Middle East
6.61% 0.61% 20.00% Western Europe
6.00% 0.00% 40.00% North America
8.94% 2.94% 25.00% Central and South America
21.44% 15.44% 34.00% Central and South America
12.95% 6.95% 22.00% Asia
14.50% 8.50% 35.00% Africa
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Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B B1
Andorra (Principality of) BBB- Baa3
Angola B+ Ba2
Argentina NA Caa1
Armenia NA Ba3
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aaa
Azerbaijan BBB- Baa3
Bahamas BBB- Baa2
Bahrain BBB- Baa3
Bangladesh BB- Ba3
Barbados B B3
Belarus B- Caa1
Belgium AA Aa3
Belize B- Caa2
Bermuda A+ A1
Bolivia BB Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB+ Baa3
Bulgaria BB+ Baa2
Burkina Faso B- B3
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B B2
Chile AA- Aa3
China AA- Aa3
Colombia BBB Baa2
Congo (Democratic Republic B- B3
Congo (Republic of) B Ba3
Cook Islands B+ B1
Costa Rica BB Ba1
Cte d'Ivoire NA Ba3
Croatia BB Ba1
Cuba NA Caa2
Curacao A- A3
Cyprus BB- B1
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- B1
Ecuador B B3
Egypt B- B3
El Salvador B+ Ba3
Estonia AA- A1
Ethiopia B B1
Fiji B+ B1
Finland AA+ Aaa
France AA Aa2
Gabon BB- Ba3
Georgia BB- Ba3
Germany AAA Aaa
Ghana B- B3
Greece CCC+ Caa3
Guatemala BB Ba1
Guernsey (States of) AA+ Aa1
Honduras B+ B3
Hong Kong AAA Aa1
Hungary BB+ Ba1
Iceland BBB Baa2
India BBB- Baa3
Indonesia BB+ Baa3
Ireland A+ Baa1
Isle of Man NA Aa1
Israel A+ A1
Italy BBB- Baa2
Jamaica B Caa2
Japan A+ A1
Jersey (States of) AA+ Aa1
Jordan BB- B1
Kazakhstan BBB Baa2
Kenya B+ B1
Korea AA- Aa2
Kuwait AA Aa2
Latvia A- A3
Lebanon B- B2
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa2
Macedonia BB- Ba3
Malaysia A- A3
Malta BBB+ A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B B2
Montenegro B+ Ba3
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique B- B2
Namibia NA Baa3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua NA B2
Nigeria B+ Ba3
Norway AAA Aaa
Oman BBB+ A1
Pakistan B- B3
Panama BBB Baa2
Papua New Guinea B+ B1
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland A- A2
Portugal BB+ Ba1
Qatar AA Aa2
Ras Al Khaimah (Emirate of) A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B+ B1
Saudi Arabia A+ Aa3
Senegal B+ B1
Serbia BB- B1
Sharjah A A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A- Baa3
South Africa BBB- Baa2
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa1
St. Vincent & the Grenadines NA B3
Suriname BB- Ba3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Thailand BBB+ Baa1
Trinidad and Tobago A Baa2
Tunisia NA Ba3
Turkey BB+ Baa3
Turks and Caicos Islands BBB+ Baa1
Uganda B B1
Ukraine B- Caa3
United Arab Emirates NA Aa2
United Kingdom AAA Aa1
United States of America AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC Caa3
Vietnam BB- B1
Zambia B B2
 GOVERNMENT BOND RATINGS

In local currency

S&P: These are the S&P sovereign local currency ratings

Moody's: These are the Moody's local currency rating

In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Moody's equivalent rating for these countries.
S&P Moody's
A A2
A- A3
A+ A1
AA Aa2
AA- Aa3
AA+ Aa1
AAA Aaa
B B2
B- B3
B+ B1
BB Ba2
BB- Ba3
BB+ Ba1
BBB Baa2
BBB- Baa3
BBB+ Baa1
C C2
C- C3
C+ C1
CC Ca2
CC- Ca3
CC+ Ca1
CCC Caa2
CCC- Caa3
CCC+ Caa1
ng lookup table is used to estimate the
Country Region
Abu Dhabi MiddleEast
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria WesternEurope
Azerbaijan EasternEurope&Russia
Bahamas Caribbean
Bahrain MiddleEast
Bangladesh Asia
Barbados Caribbean
Belarus EasternEurope&Russia
Belgium WesternEurope
Belize CentralandSouthAmerica
Benin Africa
Bermuda Caribbean
Bolivia CentralandSouthAmerica
BosniaandHerzegovina EasternEurope&Russia
Botswana Africa
Brazil CentralandSouthAmerica
Bulgaria EasternEurope&Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada NorthAmerica
CapeVerde Africa
CaymanIslands Caribbean
Chile CentralandSouthAmerica
China Asia
Colombia CentralandSouthAmerica
Congo (Democratic Republic Africa
Congo (Republic of) Africa
Cook Islands Australia&NewZealand
CostaRica CentralandSouthAmerica
Cte d'Ivoire Africa
Croatia EasternEurope&Russia
Cuba Caribbean
Curacao Caribbean
Cyprus WesternEurope
CzechRepublic EasternEurope&Russia
Democratic Republic of CongAfrica
Denmark WesternEurope
DominicanRepublic Caribbean
Ecuador CentralandSouthAmerica
Egypt Africa
ElSalvador CentralandSouthAmerica
Estonia EasternEurope&Russia
Ethiopia Africa
Fiji Asia
Finland WesternEurope
France WesternEurope
Gabon Africa
Georgia EasternEurope&Russia
Germany WesternEurope
Ghana Africa
Greece WesternEurope
Guatemala CentralandSouthAmerica
Guernsey (States of) WesternEurope
Honduras CentralandSouthAmerica
HongKong Asia
Hungary EasternEurope&Russia
Iceland WesternEurope
India Asia
Indonesia Asia
Ireland WesternEurope
IsleofMan WesternEurope
Israel MiddleEast
Italy WesternEurope
Jamaica Caribbean
Japan Asia
Jersey (States of) WesternEurope
Jordan MiddleEast
Kazakhstan EasternEurope&Russia
Kenya Africa
Korea Asia
Kuwait MiddleEast
Latvia EasternEurope&Russia
Lebanon MiddleEast
Liechtenstein WesternEurope
Lithuania EasternEurope&Russia
Luxembourg WesternEurope
Macao Asia
Macedonia EasternEurope&Russia
Malaysia Asia
Malta WesternEurope
Mauritius Asia
Mexico CentralandSouthAmerica
Moldova EasternEurope&Russia
Mongolia Asia
Montenegro EasternEurope&Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands WesternEurope
NewZealand Australia&NewZealand
Nicaragua CentralandSouthAmerica
Nigeria Africa
Norway WesternEurope
Oman MiddleEast
Pakistan Asia
Panama CentralandSouthAmerica
PapuaNewGuinea Asia
Paraguay CentralandSouthAmerica
Peru CentralandSouthAmerica
Philippines Asia
Poland EasternEurope&Russia
Portugal WesternEurope
Qatar MiddleEast
Ras Al Kaminah MiddleEast
Republic of the Congo Africa
Romania EasternEurope&Russia
Russia EasternEurope&Russia
Rwanda Africa
SaudiArabia MiddleEast
Senegal Africa
Serbia EasternEurope&Russia
Sharjah MiddleEast
Singapore Asia
Slovakia EasternEurope&Russia
Slovenia EasternEurope&Russia
SouthAfrica Africa
Spain WesternEurope
SriLanka Asia
St. Maarten Caribbean
St.Vincent&theGrenadinesCaribbean
Suriname CentralandSouthAmerica
Sweden WesternEurope
Switzerland WesternEurope
Taiwan Asia
Thailand Asia
TrinidadandTobago Caribbean
Tunisia Africa
Turkey WesternEurope
Turkmenistan EasternEurope&Russia
TurksandCaicos Caribbean
Uganda Africa
Ukraine EasternEurope&Russia
UnitedArabEmirates MiddleEast
UnitedKingdom WesternEurope
UnitedStatesofAmerica NorthAmerica
Uruguay CentralandSouthAmerica
Venezuela CentralandSouthAmerica
Vietnam Asia
Zambia Africa
Row Labels Count of CDS Sprea Average of CDS Spread Average (1/1/ % Change
A 3 #DIV/0! 0.93%
A- 7 1.60% 1.15%
A+ 6 1.17% 1.75%
AA 6 0.92% 0.62%
AA- 6 1.17% 0.99%
AA+ 5 0.45% 1.04%
Aaa 15 0.46% 0.46%
B 12 #DIV/0! 2.90%
B- 10 5.35% 4.03%
B+ 12 #DIV/0! 4.60%
BB 5 4.11% 2.96%
BB- 10 3.32% #DIV/0!
BB+ 7 3.20% 3.33%
BBB 6 2.24% 1.39%
BBB- 10 2.57% 2.31%
BBB+ 8 2.05% 2.42%
C1 2 #DIV/0! #DIV/0!
Caa1 12 4.58% #DIV/0!
CCC 1 #DIV/0! #DIV/0!
CCC+ 1 #DIV/0! #DIV/0!
Grand Total 144 1.98% 1.78% 10.85%

Rating Default Spread (1/1/5)Default Spread (1/1/16) Rounded Value

A1 70 78 78
A2 85 94 94
A3 120 133 133
Aa1 40 44 44
Aa2 50 55 55
Aa3 60 67 67
Aaa 0 0 0
B1 450 499 499
B2 550 610 610
B3 650 721 721
Ba1 250 277 277
Ba2 300 333 333
Ba3 360 399 399
Baa1 160 177 177
Baa2 190 211 211
Baa3 220 244 244
Ca 1200 1330 1330
Caa1 750 831 831
Caa2 900 998 998
Caa3 1000 1108 1108
NR NA NA NA
Country Moody's rating CDS Spread
Abu Dhabi AA 1.21%
Albania B NA
Andorra (Principality of) BBB- NA
Angola B+ NA
Argentina Aaa NA
Armenia Aaa NA
Aruba BBB+ NA
Australia AAA 0.73%
Austria AA+ 0.51%
Azerbaijan BBB- NA
Bahamas BBB- NA
Bahrain BBB- 3.91%
Bangladesh BB- NA
Barbados B NA
Belarus B- NA
Belgium AA 0.71%
Belize B- NA
Bermuda A+ NA
Bolivia BB NA
Bosnia and Herzegovina B NA
Botswana A- NA
Brazil BB+ 5.58%
Bulgaria BB+ 2.20%
Burkina Faso B- NA
Cambodia C1 NA
Cameroon B NA
Canada AAA NA
Cayman Islands C1 NA
Cape Verde B NA
Chile AA- 1.66%
China AA- 1.62%
Colombia BBB 3.02%
Congo (Democratic Republic B- NA
Congo (Republic of) B NA
Cook Islands B+ NA
Costa Rica BB 4.83%
Cte d'Ivoire Caa1 NA
Croatia BB 3.39%
Cuba Caa1 NA
Curacao A- NA
Cyprus BB- 3.10%
Czech Republic AA- 0.93%
Denmark AAA 0.39%
Dominican Republic BB- NA
Ecuador B NA
Egypt B- 5.27%
El Salvador B+ NA
Estonia AA- 0.85%
Ethiopia B NA
Fiji B+ NA
Finland AA+ 0.46%
France AA 0.60%
Gabon BB- NA
Georgia BB- NA
Germany AAA 0.34%
Ghana B- NA
Greece CCC+ NA
Guatemala BB NA
Guernsey (States of) AA+ NA
Honduras B+ NA
Hong Kong AAA 0.78%
Hungary BB+ 2.15%
Iceland BBB 0.80%
India BBB- 2.11%
Indonesia BB+ 3.25%
Ireland A+ 0.80%
Isle of Man Caa1 NA
Israel A+ 1.26%
Italy BBB- 1.54%
Jamaica B NA
Japan A+ 0.93%
Jersey (States of) AA+ NA
Jordan BB- NA
Kazakhstan BBB 3.30%
Kenya B+ NA
Korea AA- 0.79%
Kuwait AA NA
Latvia A- 1.29%
Lebanon B- 4.87%
Liechtenstein AAA NA
Lithuania A- 1.29%
Luxembourg AAA NA
Macao Caa1 NA
Macedonia BB- NA
Malaysia A- 2.50%
Malta BBB+ NA
Mauritius Caa1 NA
Mexico BBB+ 2.30%
Moldova Caa1 NA
Mongolia B NA
Montenegro B+ NA
Montserrat BBB- NA
Morocco BBB- 2.26%
Mozambique B- NA
Namibia Caa1 NA
Netherlands AAA 0.37%
New Zealand AA 0.77%
Nicaragua Caa1 NA
Nigeria B+ NA
Norway AAA 0.35%
Oman BBB+ NA
Pakistan B- 5.92%
Panama BBB 2.33%
Papua New Guinea B+ NA
Paraguay BB NA
Peru BBB+ 2.45%
Philippines BBB 1.73%
Poland A- 1.22%
Portugal BB+ 2.44%
Qatar AA 1.32%
Ras Al Khaimah (Emirate of) A NA
Romania BBB- 1.74%
Russia BB+ 3.48%
Rwanda B+ NA
Saudi Arabia A+ 1.93%
Senegal B+ NA
Serbia BB- NA
Sharjah A NA
Singapore AAA NA
Slovakia A+ 0.94%
Slovenia A- 1.68%
South Africa BBB- 3.88%
Spain BBB+ 1.44%
Sri Lanka B+ NA
St. Maarten Caa1 NA
St. Vincent & the Grenadines Caa1 NA
Suriname BB- NA
Sweden AAA 0.35%
Switzerland AAA 0.42%
Taiwan AA- NA
Thailand BBB+ 2.00%
Trinidad and Tobago A NA
Tunisia Caa1 4.58%
Turkey BB+ 3.29%
Turks and Caicos Islands BBB+ NA
Uganda B NA
Ukraine B- NA
United Arab Emirates Caa1 NA
United Kingdom AAA 0.42%
United States of America AA+ 0.39%
Uruguay BBB NA
Venezuela CCC NA
Vietnam BB- 3.53%
Zambia B NA
CDS Spread adj for US Updated: January 1, 2016
0.82%
NA
NA
NA
NA
NA
NA
0.34%
0.12%
NA
NA
3.52%
NA
NA
NA
0.32%
NA
NA
NA
NA
NA
5.19%
1.81%
NA
NA
NA
NA
NA
NA
1.27%
1.23%
2.63%
NA
NA
NA
4.44%
NA
3.00%
NA
 NA
2.71%
0.54%
0.00%
NA
NA
4.88%
NA
0.46%
NA
NA
0.07%
0.21%
NA
NA
0.00%
NA
NA
NA
NA
NA
0.39%
1.76%
0.41%
1.72%
2.86%
0.41%
NA
0.87%
1.15%
NA
0.54%
NA
NA
2.91%
NA
0.40%
NA
0.90%
4.48%
 NA
0.90%
NA
NA
NA
2.11%
NA
NA
1.91%
NA
NA
NA
NA
1.87%
NA
NA
0.00%
0.38%
NA
NA
0.00%
NA
5.53%
1.94%
NA
NA
2.06%
1.34%
0.83%
2.05%
0.93%
NA
1.35%
3.09%
NA
1.54%
NA
NA
NA
NA
0.55%
1.29%
3.49%
1.05%
NA
NA
NA
NA
0.00%
0.03%
NA
1.61%
NA
4.19%
2.90%
NA
NA
NA
NA
0.03%
0.00%
NA
NA
3.14%
NA
Country Standard deviation in Equities Standard deviation in Bond Price
Argentina 35.50%
Bahrain 7.59%
Bangladesh 16.24%
Bosnia 8.99%
Botswana 4.19%
Brazil 22.25% 11.97%
Bulgaria 15.33% 17.49%
Chile 13.91% 6.66%
China 17.82%
Colombia 16.00% 6.67%
Costa Rica 8.78%
Croatia 7.42%
Cyprus 36.97%
Czech Republic 15.39% 7.26%
Egypt 25.47%
Estonia 10.26%
Ghana 9.09%
Greece 40.49% 56.23%
Hungary 17.21%
Iceland 10.89% 4.04%
India 14.09% 3.49%
Indonesia 16.49% 9.45%
Ireland 16.07% 5.00%
Israel 8.33% 5.90%
Italy 20.74% 7.40%
Jamaica 10.04%
Jordan 9.88%
Kazakhastan 28.17%
Kenya 10.09%
Korea 11.20% 6.59%
Kuwait 10.47%
Laos 14.18%
Latvia 12.11%
Lebanon 5.89% 4.44%
Lithuania 8.54%
Macedonia 13.64%
Malaysia 8.61%
Malta 6.91%
Mauritius 5.42%
Mexico 14.81% 9.51%
Mongolia 20.05%
Montenegro 13.26%
Morocco 8.26%
Namibia 15.33%
Nigeria 24.07%
Oman 17.68%
Pakistan 15.07%
Palestine 14.08%
Panama 6.18%
Peru 16.15% 8.51%
Philippines 14.69% 30.36%
Poland 15.08% 11.71%
Portugal 21.66% 10.18%
Qatar 20.25%
Romania 12.29%
Russia 21.02% 40.10%
Saudi Arabia 19.02%
Serbia 8.58%
Singapore 9.68%
Slovakia 17.07% 7.91%
Slovenia 15.26% 13.06%
South Africa 13.79%
Spain 19.38% 7.30%
Sri Lanka 12.40%
Taiwan 10.97%
Tanzania 18.22%
Thailand 16.87% 6.49%
Tunisia 8.23%
Turkey 25.06% 13.17%
UAE 32.50%
Ukraine 27.07%
US 10.87%
Venezuela 40.04% 36.25%
Vietnam 16.75%
Average
Median
High
Low
Relative std deviation (stock/bond)
Standard deviation ofCDS
CDS
Coefficient
level Relative
of Variation
std deviation
in CDS (Equity/CDS)
NA 186 6296.3 2.95% 12.05
NA 43.9 299.6 14.65% 0.66
NA NA NA
NA NA NA
NA NA NA
1.86 43 336.5 12.78% 1.87
0.88 42.3 226.3 18.69% 1.01
2.09 42.2 130 32.46% 0.75
NA 40.2 143 28.11% 0.92
2.40 52.8 221.9 23.79% 0.91
NA 32.5 272.9 11.91% 0.86
NA 33.1 3149 1.05% 7.07
NA 86 513.7 16.74% 2.38
2.12 45 867 5.19% 3.02
NA 38.5 3549 1.08% 23.49
NA 43.1 78.4 54.97% 0.74
NA NA NA
0.72 165.2 1357.6 12.17% 3.45
NA 42.2 174.9 24.13% 0.95
2.70 34.2 211.9 16.14% 0.84
4.04 23.3 205.2 11.35% 1.35
1.74 43.7 231.6 18.87% 1.06
3.21 65.4 910 7.19% 2.31
1.41 242 109.8 220.40% 2.24
2.80 47.3 149 31.74% 0.97
NA NA NA
NA NA NA
NA 57.4 338.4 16.96% 1.83
NA NA NA
1.70 42.9 86.1 49.83% 0.72
NA NA NA
NA NA NA
NA 27.3 130.8 20.87% 0.79
1.33 47.8 404.5 11.82% 0.62
NA 28.2 132.1 21.35% 0.61
NA NA NA
NA 56.4 186.5 30.24% 0.59
NA NA NA
NA
1.56 39.3 179.9 21.85% 0.90
NA NA NA
NA NA NA
NA 36.6 211.9 17.27% 0.65
NA NA NA
NA NA NA
NA NA NA
NA 71.4 448.2 15.93% 1.11
NA NA NA
NA 35.6 186.1 19.13% 0.51
1.90 38.1 190.1 20.04% 1.01
0.48 48.8 146.6 33.29% 0.77
1.29 31.5 101.8 30.94% 0.80
2.13 65.6 180.1 36.42% 0.96
NA 31.9 118.8 26.85% 1.02
NA 32.7 151.3 21.61% 0.78
0.52 90.5 395.7 22.87% 1.15
NA 40.9 112.2 36.45% 0.89
NA NA NA
NA NA NA
2.16 20.1 86.7 23.18% 0.97
1.17 13.4 163.9 8.18% 1.95
NA 39.9 269.9 14.78% 1.08
2.65 64.9 130 49.92% 0.89
NA NA NA
NA NA NA
NA NA NA
2.60 42.6 159 26.79% 0.90
NA 42.8 319.2 13.41% 0.75
1.90 39.1 263.7 14.83% 1.84
NA NA NA
NA 186.7 2803 6.66% 4.13
NA 92.1 32.5 283.38% 2.87
1.10 401.5 3781 10.62% 3.88
NA 30.6 259 11.81% 1.54
1.86 2.11
1.88 0.97
4.04 23.49
0.48 0.51
Country GDP (in billions)
Abu Dhabi 390
Albania 13.2 Source: World Bank
Andorra (Principality of) 3.25 Year 2015
Angola 138.4
Argentina 537.8
Armenia 11.6
Aruba 2.6
Australia 1454.7
Austria 436.9
Azerbaijan 75.2
Bahamas 8.5
Bahrain 33.9
Bangladesh 172.9
Barbados 4.4
Belarus 76.1
Belgium 531.2
Belize 1.7
Bermuda 5.6
Bolivia 33
Bosnia and Herzegovina 18.3
Botswana 15.8
Brazil 2346.1
Bulgaria 56.7
Burkina Faso 12.5
Cambodia 16.8
Cameroon 32.1
Canada 1785.4
Cayman Islands 3.2
Cape Verde 1.9
Chile 258.1
China 10354.8
Colombia 377.7
Congo (Democratic Republic of 33.1
Congo (Republic of) 14.2
Cook Islands 1.2
Costa Rica 49.6
Cte d'Ivoire 34.2
Croatia 57.1
Cuba 77.2
Curacao 1.0
Cyprus 23.2
Czech Republic 205.3
Denmark 342.4
Dominican Republic 64.1
Ecuador 100.9
Egypt 286.5
El Salvador 25.2
Estonia 26.5
Ethiopia 55.6
Fiji 4.5
Finland 272.2
France 2829.2
Gabon 18.2
Georgia 16.5
Germany 3868.3
Ghana 38.6
Greece 235.6
Guatemala 58.8
Guernsey (States of) 0.5
Honduras 19.4
Hong Kong 290.1
Hungary 138.4
Iceland 17
India 2048.5
Indonesia 888.5
Ireland 250.8
Isle of Man 1.4
Israel 305.7
Italy 2141.2
Jamaica 13.9
Japan 4601.5
Jersey (States of) 1
Jordan 35.8
Kazakhstan 217.9
Kenya 60.9
Korea 1410.4
Kuwait 163.6
Latvia 31.3
Lebanon 45.7
Liechtenstein 10.5
Lithuania 48.4
Luxembourg 64.9
Macao 55.5
Macedonia 11.3
Malaysia 338.1
Malta 9.6
Mauritius 12.6
Mexico 1294.7
Moldova 8
Mongolia 12
Montenegro 4.6
Montserrat 1.5
Morocco 110
Mozambique 15.9
Namibia 13
Netherlands 879.3
New Zealand 166.1
Nicaragua 11.8
Nigeria 568.5
Norway 499.8
Oman 81.8
Pakistan 243.6
Panama 46.2
Papua New Guinea 16.9
Paraguay 30.9
Peru 202.6
Philippines 284.8
Poland 545
Portugal 230.1
Qatar 210.1
Ras Al Khaimah (Emirate of) 5.2
Romania 199
Russia 1860.6
Rwanda 7.9
Saudi Arabia 746.3
Senegal 15.7
Serbia 43.9
Sharjah 1
Singapore 307.9
Slovakia 100.3
Slovenia 49.5
South Africa 350.6
Spain 1381.3
Sri Lanka 78.8
St. Maarten 1.5
St. Vincent & the Grenadines 0.7
Suriname 5.2
Sweden 571.1
Switzerland 701
Taiwan 970.9
Thailand 404.8
Trinidad and Tobago 28.9
Tunisia 48.6
Turkey 798.4
Turks and Caicos Islands 1.5
Uganda 27
Ukraine 131.8
United Arab Emirates 399.5
United Kingdom 2988.9
United States of America 17419
Uruguay 57.5
Venezuela 381.3
Vietnam 186.2
Zambia 27.1
Country S&P Rating Moody's Rating
Abu Dhabi AA Aa2
Albania B B1
Andorra (Principality of) BBB- NA
Angola B+ Ba2
Argentina NA Caa1
Armenia NA Ba3
Aruba BBB+ NA
Australia AAA Aaa
Austria AA+ Aaa
Azerbaijan BBB- Baa3
Bahamas BBB- Baa2
Bahrain BBB- Baa3
Bangladesh BB- Ba3
Barbados B B3
Belarus B- Caa1
Belgium AA Aa3
Belize B- Caa2
Bermuda A+ A1
Bolivia BB Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB+ Baa3
Bulgaria BB+ Baa2
Burkina Faso B- NA
Cambodia NA B2
Cameroon B NA
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B NA
Chile AA- Aa3
China AA- Aa3
Colombia BBB Baa2
Congo (Democratic Republic of) B- B3
Congo (Republic of) B Ba3
Cook Islands B+ NA
Costa Rica BB Ba1
Cte d'Ivoire NA Ba3
Croatia BB Ba1
Cuba NA Caa2
Curacao A- NA
Cyprus BB- B1
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- B1
Ecuador B B3
Egypt B- B3
El Salvador B+ Ba3
Estonia AA- A1
Ethiopia B B1
Fiji B+ B1
Finland AA+ Aaa
France AA Aa2
Gabon BB- Ba3
Georgia BB- Ba3
Germany AAA Aaa
Ghana B- B3
Greece CCC+ Caa3
Guatemala BB Ba1
Guernsey (States of) AA+ NA
Honduras B+ B3
Hong Kong AAA Aa1
Hungary BB+ Ba1
Iceland BBB Baa2
India BBB- Baa3
Indonesia BB+ Baa3
Ireland A+ Baa1
Isle of Man NA Aa1
Israel A+ A1
Italy BBB- Baa2
Jamaica B Caa2
Japan A+ A1
Jersey (States of) AA+ NA
Jordan BB- B1
Kazakhstan BBB Baa2
Kenya B+ B1
Korea AA- Aa2
Kuwait AA Aa2
Latvia A- A3
Lebanon B- B2
Liechtenstein AAA NA
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa2
Macedonia BB- NA
Malaysia A- A3
Malta BBB+ A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B B2
Montenegro B+ Ba3
Montserrat BBB- NA
Morocco BBB- Ba1
Mozambique B- B2
Namibia NA Baa3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua NA B2
Nigeria B+ Ba3
Norway AAA Aaa
Oman BBB+ A1
Pakistan B- B3
Panama BBB Baa2
Papua New Guinea B+ B1
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland A- A2
Portugal BB+ Ba1
Qatar AA Aa2
Ras Al Khaimah (Emirate of) A NA
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B+ NA
Saudi Arabia A+ Aa3
Senegal B+ B1
Serbia BB- B1
Sharjah A A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A- Baa3
South Africa BBB- Baa2
Spain BBB+ Baa2
Sri Lanka B+ B1

St. Maarten NA Baa1

St. Vincent & the Grenadines NA B3
Suriname BB- Ba3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Thailand BBB+ Baa1
Trinidad and Tobago A Baa2
Tunisia NA Ba3
Turkey BB+ Baa3
Turks and Caicos Islands BBB+ NA
Uganda B B1
Ukraine B- Caa3
United Arab Emirates NA Aa2
United Kingdom AAA Aa1
United States of America AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC Caa3
Vietnam BB- B1
Zambia B B2
 Foreign Moody's Local
Currency Currency Rating
Abu Dhabi Aa2 Aa2
Albania B1 B1
Andorra - -
Angola Ba2 Ba2
Argentina Caa1 Caa1
Armenia Ba3 Ba3
Australia Aaa Aaa
Austria Aaa Aaa
Azerbaijan Baa3 Baa3
Bahamas Baa2 Baa2
Bahrain Baa3 Baa3
Bangladesh Ba3 Ba3
Barbados B3 B3
Belarus Caa1 Caa1
Belgium Aa3 Aa3
Belize Caa2 Caa2
Bermuda A1 A1
Bolivia Ba3 Ba3
Bosnia and Herzegovina B3 B3
Botswana A2 A2
Brazil Baa3 Baa3
Bulgaria Baa2 Baa2
Cambodia B2 B2
Canada Aaa Aaa
Cayman Islands Aa3 -
Chile Aa3 Aa3
China Aa3 Aa3
Colombia Baa2 Baa2
Costa Rica Ba1 Ba1
Cte d'Ivoire Ba3 Ba3
Croatia Ba1 Ba1
Cuba Caa2 -
Cyprus B1 B1
Czech Republic A1 A1
Democratic Republic of the Congo B3 B3
Denmark Aaa Aaa
Dominican Republic B1 B1
Ecuador B3 -
Egypt B3 B3
El Salvador Ba3 -
Estonia A1 A1
Ethiopia B1 B1
Fiji B1 B1
Finland Aaa Aaa
France Aa2 Aa2
Gabon Ba3 Ba3
Georgia Ba3 Ba3
Germany Aaa Aaa
Ghana B3 B3
Greece Caa3 Caa3
Guatemala Ba1 Ba1
Guernsey (Channel Islands) - -
Honduras B3 B3
Hong Kong Aa1 Aa1
Hungary Ba1 Ba1
Iceland Baa2 Baa2
India Baa3 Baa3
Indonesia Baa3 Baa3
Ireland Baa1 Baa1
Isle of Man Aa1 Aa1
Israel A1 A1
Italy Baa2 Baa2
Jamaica Caa2 Caa2
Japan A1 A1
Jersey (Channel Islands) - -
Jordan B1 B1
Kazakhstan Baa2 Baa2
Kenya B1 B1
Korea Aa2 Aa2
Kuwait Aa2 Aa2
Kyrgyz Republic B2 B2
Latvia A3 A3
Lebanon B2 B2
Liechtenstein - -
Lithuania A3 A3
Luxembourg Aaa Aaa
Macao Aa2 Aa2
Malaysia A3 A3
Malta A3 A3
Mauritius Baa1 Baa1
Mexico A3 A3
Moldova B3 B3
Monaco - -
Mongolia B2 B2
Montenegro Ba3 -
Morocco Ba1 Ba1
Mozambique B2 B2
Namibia Baa3 Baa3
Netherlands Aaa Aaa
New Zealand Aaa Aaa
Nicaragua B2 B2
Nigeria Ba3 Ba3
Norway Aaa Aaa
Oman A1 A1
Pakistan B3 B3
Panama Baa2 -
Panama-Offshore Banks - -
Papua New Guinea B1 B1
Paraguay Ba1 Ba1
Peru A3 A3
Philippines Baa2 Baa2
Poland A2 A2
Portugal Ba1 Ba1
Qatar Aa2 Aa2
Republic of the Congo Ba3 Ba3
Romania Baa3 Baa3
Russia Ba1 Ba1
San Marino - -
Sark (Channel Islands) - -
Saudi Arabia Aa3 Aa3
Senegal B1 B1
Serbia B1 B1
Sharjah A3 A3
Singapore Aaa Aaa
Slovakia A2 A2
Slovenia Baa3 Baa3
Solomon Islands B3 B3
South Africa Baa2 Baa2
Spain Baa2 Baa2
Sri Lanka B1 -
St. Maarten Baa1 Baa1
St. Vincent & the Grenadines B3 B3
Suriname Ba3 Ba3
Sweden Aaa Aaa

Switzerland Aaa Aaa

Taiwan Aa3 Aa3

Thailand Baa1 Baa1
Trinidad and Tobago Baa2 Baa2
Tunisia Ba3 Ba3
Turkey Baa3 Baa3
Uganda B1 B1
Ukraine Caa3 Caa3
United Arab Emirates Aa2 Aa2
United Kingdom Aa1 Aa1
United States of America Aaa Aaa
Uruguay Baa2 Baa2
Venezuela Caa3 Caa3
Vietnam B1 B1
Zambia B2 B2
 S&P Local
Currency
Country Rating
Albania B
Andorra BBB-
Angola B+
Argentina SD
Armenia
Aruba BBB+
Australia AAA
Austria AA+
Azerbaijan BBB-
Bahamas BBB-
Bahrain BBB-
Bangladesh BB-
Barbados B
Belarus B-
Belgium AA
Belize B-
Bermuda A+
Bolivia BB
Bosnia and Herzegovina B
Botswana A-
Brazil BB+
Bulgaria BB+
Burkina Faso B-
Cambodia
Cameroon B
Canada AAA
Cape Verde B
Cayman Islands
Chile AA-
China AA-
Colombia BBB
Congo B-
Costa Rica BB
Croatia BB
Cuba
Cyprus BB-
Czech Republic AA-
Denmark AAA
Dominican Republic BB-
Ecuador B
Egypt B-
El Salvador B+
Estonia AA-
Ethiopia B
European Union AA+
Fiji B+
Finland AA+
France AA
Gabon B+
Georgia BB-
Germany AAA
Ghana B-
Greece CCC+
Guatemala BB
Honduras B+
Hong Kong AAA
Hungary BB+
Iceland BBB
India BBB-
Indonesia BB+
Iraq B-
Ireland A+
Isle of Man
Israel A+
Italy BBB-
Ivory Coast
Jamaica B
Japan A+
Jordan BB-
Kazakhstan BBB
Kenya B+
Kuwait AA
Kyrgyzstan B
Latvia A-
Lebanon B-
Lesotho
Liechtenstein AAA
Lithuania A-
Luxembourg AAA
Macau
Macedonia BB-
Malaysia A-
Malta BBB+
Mauritius
Mexico BBB+
Moldova
Mongolia B
Montenegro B+
Morocco BBB-
Mozambique B-
Namibia
Netherlands AAA
New Zealand AA
Nicaragua
Nigeria B+
Norway AAA
Oman BBB+
Pakistan B-
Panama BBB
Papua New Guinea B+
Paraguay BB
Peru BBB+
Philippines BBB
Poland A-
Portugal BB+
Puerto Rico CCC-
Qatar AA
Republic of the Congo B
Romania BBB-
Russia BB+
Rwanda B+
San Marino
Saudi Arabia A+
Senegal B+
Serbia BB-
Seychelles
Singapore AAA
Slovakia A+
Slovenia A-
Solomon Islands
South Africa BBB-
South Korea AA-
Spain BBB+
Sri Lanka B+
St Vincent and the Grenadines

Suriname BB-
Sweden AAA
Switzerland AAA
Taiwan AA-
Thailand BBB+
Trinidad and Tobago A
Tunisia
Turkey BB+
Uganda B
Ukraine B-
United Arab Emirates AA
United Kingdom AAA
United States AA+
Uruguay BBB
Venezuela CCC
Vietnam BB-
Zambia B
United Arab Emirates (Emir A
United Kingdom AAA
United States AA+
Uruguay BBB-
Venezuela B+
Vietnam BB-
Country Tax Rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra (Prin 0.00%
Angola 30.00%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 20.12%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 26.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and H 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Burkina Faso 27.92%
Cambodia 0.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islan 0.00%
Cape Verde 27.92%
Chile 22.50%
China 25.00%
Colombia 25.00%
Congo (Democ 27.92%
Congo (Repub 27.92%
Cook Islands 27.00%
Costa Rica 30.00%
Cte d'Ivoire 27.92%
Croatia 20.00%
Cuba 27.35%
Curacao 25.00%
Cyprus 12.50%
Czech Republ 19.00%
Denmark 23.50%
Dominican Re 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 27.92%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 27.92%
Georgia 15.00%
Germany 29.65%
Ghana 25.00%
Greece 29.00%
Guatemala 25.00%
Guernsey (Sta 0.00%
Honduras 30.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 34.61%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Jamaica 25.00%
Japan 33.06%
Jersey (States 0.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 24.20%
Kuwait 15.00%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macao 12.00%
Macedonia 10.00%
Malaysia 25.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Mongolia 21.96%
Montenegro 9.00%
Montserrat 27.35%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 26.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 33.00%
Panama 25.00%
Papua New G 30.00%
Paraguay 10.00%
Peru 28.00%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Ras Al Khaim 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.92%
Saudi Arabia 20.00%
Senegal 27.92%
Serbia 15.00%
Sharjah 0.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 28.00%
Sri Lanka 28.00%
St. Maarten 24.50%
St. Vincent 26.85%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Thailand 20.00%
Trinidad and 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks and Cai 26.85%
Uganda 30.00%
Ukraine 18.00%
United Arab 55.00%
United King 20.00%
United State 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Country PRS SCORE TotalEquityRiskPremium DefaultSpread
Abu Dhabi NA 6.74% 0.53%
Albania 68.75 12.71% 4.82%
Andorra (Principality of) NA 9.28% 2.35%
Angola 59 10.48% 3.21%
Argentina 65.25 17.17% 8.02%
Armenia 62.5 11.37% 3.85%
Aruba NA 8.38% 1.71%
Australia 77.75 6.00% 0.00%
Austria 78.75 6.00% 0.00%
Azerbaijan 68.5 9.28% 2.35%
Bahamas 76.25 8.84% 2.04%
Bahrain 68.75 9.28% 2.35%
Bangladesh 66 11.37% 3.85%
Barbados NA 15.70% 6.96%
Belarus 59.5 17.17% 8.02%
Belgium 76.25 6.90% 0.65%
Belize NA 19.42% 9.63%
Bermuda NA 7.05% 0.75%
Bolivia 68.75 11.37% 3.85%
Bosnia and Herzegovina NA 15.70% 6.96%
Botswana 77.5 7.26% 0.91%
Brazil 62.75 9.28% 2.35%
Bulgaria 71.75 8.84% 2.04%
Burkina Faso 63.5 15.70% 6.96%
Cambodia NA 14.20% 5.89%
Cameroon 63.75 14.20% 5.89%
Canada 81.25 6.00% 0.00%
Cape Verde NA 14.20% 5.89%
Cayman Islands NA 6.90% 0.65%
Chile 74.75 6.90% 0.65%
China NA 6.90% 0.65%
Colombia 65.25 8.84% 2.04%
Congo (Democratic Republic of) NA 15.70% 6.96%
Congo (Republic of) NA 11.37% 3.85%
Cook Islands NA 12.71% 4.82%
Costa Rica 73.5 9.72% 2.67%
Cte d'Ivoire NA 11.37% 3.85%
Croatia 71.5 9.72% 2.67%
Cuba 70 19.42% 9.63%
Curacao NA 7.79% 1.28%
Cyprus 73.25 12.71% 4.82%
Czech Republic 77.75 7.05% 0.75%
Denmark 82.25 6.00% 0.00%
Dominican Republic 73 12.71% 4.82%
Ecuador 63 15.70% 6.96%
Egypt 60.5 15.70% 6.96%
El Salvador 68.25 11.37% 3.85%
Estonia 74.75 7.05% 0.75%
Ethiopia 61 12.71% 4.82%
Fiji NA 12.71% 4.82%
Finland 81.75 6.00% 0.00%
France 73.75 6.74% 0.53%
Gabon 69.5 11.37% 3.85%
Georgia NA 11.37% 3.85%
Germany 84.5 6.00% 0.00%
Ghana 64.25 15.70% 6.96%
Greece 68.5 20.90% 10.69%
Guatemala 70 9.72% 2.67%
Guernsey (States of) NA 6.59% 0.42%
Honduras 66.75 15.70% 6.96%
Hong Kong 81 6.59% 0.42%
Hungary 75.25 9.72% 2.67%
Iceland 83.5 8.84% 2.04%
India 69.25 9.28% 2.35%
Indonesia 63.75 9.28% 2.35%
Ireland 82.5 8.38% 1.71%
Isle of Man NA 6.59% 0.42%
Israel 77 7.05% 0.75%
Italy 75.5 8.84% 2.04%
Jamaica 71 19.42% 9.63%
Japan 82.25 7.05% 0.75%
Jersey (States of) NA 6.59% 0.42%
Jordan 68.75 12.71% 4.82%
Kazakhstan 63.75 8.84% 2.04%
Kenya 62 12.71% 4.82%
Korea NA 6.74% 0.53%
Kuwait 73.75 6.74% 0.53%
Latvia 74.25 7.79% 1.28%
Lebanon 60.75 14.20% 5.89%
Liechtenstein NA 6.00% 0.00%
Lithuania 76.25 7.79% 1.28%
Luxembourg 87 6.00% 0.00%
Macao NA 6.74% 0.53%
Macedonia NA 11.37% 3.85%
Malaysia 74.25 7.79% 1.28%
Malta 77.5 7.79% 1.28%
Mauritius NA 8.38% 1.71%
Mexico 68.25 7.79% 1.28%
Moldova 62.25 15.70% 6.96%
Mongolia 62.5 14.20% 5.89%
Montenegro NA 11.37% 3.85%
Montserrat NA 9.28% 2.35%
Morocco 69.5 9.72% 2.67%
Mozambique 52.25 14.20% 5.89%
Namibia 71.25 9.28% 2.35%
Netherlands 82.75 6.00% 0.00%
New Zealand 82.25 6.00% 0.00%
Nicaragua 64.25 14.20% 5.89%
Nigeria 62 11.37% 3.85%
Norway 87.5 6.00% 0.00%
Oman 74.5 7.05% 0.75%
Pakistan 61.25 15.70% 6.96%
Panama 73.5 8.84% 2.04%
Papua New Guinea 64 12.71% 4.82%
Paraguay 67.25 9.72% 2.67%
Peru 68.25 7.79% 1.28%
Philippines 73 8.84% 2.04%
Poland 79.25 7.26% 0.91%
Portugal 76.25 9.72% 2.67%
Qatar 78.25 6.74% 0.53%
Ras Al Khaimah (Emirate of) NA 7.26% 0.91%
Romania 71.75 9.28% 2.35%
Russia 64.25 9.72% 2.67%
Rwanda NA 12.71% 4.82%
Saudi Arabia 72.5 6.90% 0.65%
Senegal 63.25 12.71% 4.82%
Serbia NA 12.71% 4.82%
Sharjah NA 7.79% 1.28%
Singapore 87.25 6.00% 0.00%
Slovakia 74 7.26% 0.91%
Slovenia 72.25 9.28% 2.35%
South Africa 66.25 8.84% 2.04%
Spain 74 8.84% 2.04%
Sri Lanka 67.5 12.71% 4.82%
St. Maarten NA 8.38% 1.71%
St. Vincent & the Grenadines NA 15.70% 6.96%
Suriname 68.25 11.37% 3.85%
Sweden 85.75 6.00% 0.00%
Switzerland 87.5 6.00% 0.00%
Taiwan 83.25 6.90% 0.65%
Thailand 68 8.38% 1.71%
Trinidad and Tobago NA 8.84% 2.04%
Tunisia 65.75 11.37% 3.85%
Turkey 61.5 9.28% 2.35%
Turks and Caicos Islands NA 8.38% 1.71%
Uganda 60.25 12.71% 4.82%
Ukraine 52 20.90% 10.69%
United Arab Emirates 77.75 6.74% 0.53%
United Kingdom 80.25 6.59% 0.42%
United States of America NA 6.00% 0.00%
Uruguay 70.5 8.84% 2.04%
Venezuela 49.25 20.90% 10.69%
Vietnam 71.5 12.71% 4.82%
Zambia 65 14.20% 5.89%
Algeria 63.0 4.82%
Brunei 72.8 2.04%
Gambia 62.0 5.89%
Guinea 53.8 8.02%
Guinea-Bissau 62.3 4.82%
Guyana 63.5 4.82%
Haiti 57.0 8.02%
Iran 67.8 3.22%
Iraq 56.0 8.02%
Korea, D.P.R. 56.0 8.02%
Liberia 50.5 8.02%
Libya 52.8 8.02%
Madagascar 61.3 5.89%
Malawi 57.0 8.02%
Mali 62.5 4.82%
Myanmar 63.3 4.82%
Niger 51.0 8.02%
Sierra Leone 56.5 8.02%
Somalia 42.5 10.69%
Sudan 48.3 10.69%
Syria 35.8 13.64%
Tanzania 63.0 4.82%
Togo 63.8 4.82%
Yemen, Republic 50.3 8.02%
Zimbabwe 54.5 8.02%
FinalERP TaxRate CRP TaxRate PRS Score
6.74% 55.00% 0.74% More than
12.71% 15.00% 6.71% 0
9.28% 0.00% 3.28% 40.001
10.48% 30.00% 4.48% 50.001
17.17% 35.00% 11.17% 57.001
11.37% 20.00% 5.37% 60.001
8.38% 28.00% 2.38% 62.001
6.00% 30.00% 0.00% 64.001
6.00% 25.00% 0.00% 66.001
9.28% 20.12% 3.28% 68.001
8.84% 0.00% 2.84% 69.001
9.28% 0.00% 3.28% 72.001
11.37% 27.50% 5.37% 74.001
15.70% 25.00% 9.70% 76.001
17.17% 18.00% 11.17% 80.001
6.90% 33.99% 0.90% 81.001
19.42% 26.85% 13.42% 83.001
7.05% 0.00% 1.05% 85.001
11.37% 25.00% 5.37%
15.70% 10.00% 9.70%
7.26% 22.00% 1.26%
9.28% 34.00% 3.28%
8.84% 10.00% 2.84%
15.70% 27.92% 9.70%
14.20% 0.00% 8.20%
14.20% 33.00% 8.20%
6.00% 26.50% 0.00%
14.20% 27.92% 8.20%
6.90% 0.00% 0.90%
6.90% 22.50% 0.90%
6.90% 25.00% 0.90%
8.84% 25.00% 2.84%
15.70% 27.92% 9.70%
11.37% 27.92% 5.37%
12.71% 27.00% 6.71%
9.72% 30.00% 3.72%
11.37% 27.92% 5.37%
9.72% 20.00% 3.72%
19.42% 27.35% 13.42%
 7.79% 25.00% 1.79%
12.71% 12.50% 6.71%
7.05% 19.00% 1.05%
6.00% 23.50% 0.00%
12.71% 27.00% 6.71%
15.70% 22.00% 9.70%
15.70% 22.50% 9.70%
11.37% 30.00% 5.37%
7.05% 20.00% 1.05%
12.71% 27.92% 6.71%
12.71% 20.00% 6.71%
6.00% 20.00% 0.00%
6.74% 33.33% 0.74%
11.37% 27.92% 5.37%
11.37% 15.00% 5.37%
6.00% 29.65% 0.00%
15.70% 25.00% 9.70%
20.90% 29.00% 14.90%
9.72% 25.00% 3.72%
6.59% 0.00% 0.59%
15.70% 30.00% 9.70%
6.59% 16.50% 0.59%
9.72% 19.00% 3.72%
8.84% 20.00% 2.84%
9.28% 34.61% 3.28%
9.28% 25.00% 3.28%
8.38% 12.50% 2.38%
6.59% 0.00% 0.59%
7.05% 26.50% 1.05%
8.84% 31.40% 2.84%
19.42% 25.00% 13.42%
7.05% 33.06% 1.05%
6.59% 0.00% 0.59%
12.71% 20.00% 6.71%
8.84% 20.00% 2.84%
12.71% 30.00% 6.71%
6.74% 24.20% 0.74%
6.74% 15.00% 0.74%
7.79% 15.00% 1.79%
14.20% 15.00% 8.20%
 6.00% 12.50% 0.00%
7.79% 15.00% 1.79%
6.00% 29.22% 0.00%
6.74% 12.00% 0.74%
11.37% 10.00% 5.37%
7.79% 25.00% 1.79%
7.79% 35.00% 1.79%
8.38% 15.00% 2.38%
7.79% 30.00% 1.79%
15.70% 12.00% 9.70%
14.20% 21.96% 8.20%
11.37% 9.00% 5.37%
9.28% 27.35% 3.28%
9.72% 30.00% 3.72%
14.20% 32.00% 8.20%
9.28% 33.00% 3.28%
6.00% 25.00% 0.00%
6.00% 28.00% 0.00%
14.20% 26.85% 8.20%
11.37% 30.00% 5.37%
6.00% 27.00% 0.00%
7.05% 12.00% 1.05%
15.70% 33.00% 9.70%
8.84% 25.00% 2.84%
12.71% 30.00% 6.71%
9.72% 10.00% 3.72%
7.79% 28.00% 1.79%
8.84% 30.00% 2.84%
7.26% 19.00% 1.26%
9.72% 21.00% 3.72%
6.74% 10.00% 0.74%
7.26% 0.00% 1.26%
9.28% 16.00% 3.28%
9.72% 20.00% 3.72%
12.71% 27.92% 6.71%
6.90% 20.00% 0.90%
12.71% 27.92% 6.71%
12.71% 15.00% 6.71%
7.79% 0.00% 1.79%
6.00% 17.00% 0.00%
 7.26% 22.00% 1.26%
9.28% 17.00% 3.28%
8.84% 28.00% 2.84%
8.84% 28.00% 2.84%
12.71% 28.00% 6.71%
8.38% 24.50% 2.38%
15.70% 26.85% 9.70%
11.37% 34.50% 5.37%
6.00% 22.00% 0.00%
6.00% 17.92% 0.00%
6.90% 17.00% 0.90%
8.38% 20.00% 2.38%
8.84% 25.00% 2.84%
11.37% 25.00% 5.37%
9.28% 20.00% 3.28%
8.38% 26.85% 2.38%
12.71% 30.00% 6.71%
20.90% 18.00% 14.90%
6.74% 55.00% 0.74%
6.59% 20.00% 0.59%
6.00% 40.00% 0.00%
8.84% 25.00% 2.84%
20.90% 34.00% 14.90%
12.71% 22.00% 6.71%
14.20% 35.00% 8.20%
12.71% 23.00% 6.71%
8.84% 28.18% 2.84%
14.20% 28.18% 8.20%
17.17% 26.90% 11.17%
12.71% 28.18% 6.71%
12.71% 24.90% 6.71%
17.17% 24.90% 11.17%
10.48% 30.34% 4.48%
17.17% 15.00% 11.17%
17.17% 26.90% 11.17%
17.17% 28.18% 11.17%
17.17% 20.00% 11.17%
14.20% 28.18% 8.20%
17.17% 30.00% 11.17%
12.71% 28.18% 6.71%
12.71% 26.90% 6.71%
17.17% 28.18% 11.17%
17.17% 30.00% 11.17%
20.90% 28.18% 14.90%
20.90% 35.00% 14.90%
25.00% 22.00% 19.00%
12.71% 30.00% 6.71%
12.71% 28.18% 6.71%
17.17% 20.00% 11.17%
17.17% 25.75% 11.17%
PRS Score
Less than ERP
40.001 25.00% Country Country
50.001 20.90% AbuDhabi
57.001 17.17% Albania 68.8 Albania
60.001 15.70% Andorra(Prin
62.001 14.20% Algeria 63.0 Algeria
64.001 12.71% Angola 59.0 Angola
66.001 11.37% Argentina 65.3 Argentina
68.001 10.48% Armenia 62.5 Armenia
69.001 9.72% Aruba
72.001 9.28% Australia 77.8 Australia
74.001 8.84% Austria 78.8 Austria
76.001 8.38% Azerbaijan 68.5 Azerbaijan
80.001 7.79% Bahamas 76.3 Bahamas
81.001 7.26% Bahrain 68.8 Bahrain
83.001 6.90% Bangladesh 66.0 Bangladesh
85.001 6.59% Barbados
90.000 6.00% Belarus 59.5 Belarus
Belgium 76.3 Belgium
Belize
Bermuda
Bolivia 68.8 Bolivia
BosniaandH
Botswana 77.5 Botswana
Brazil 62.8 Brazil
Brunei 72.8 Brunei
Bulgaria 71.8 Bulgaria
Burkina Faso 63.5 BurkinaFaso
Cambodia
Cameroon 63.8 Cameroon
Canada 81.3 Canada
CaymanIsla
CapeVerde
Chile 74.8 Chile
China, Peoples' 72.5 China
Colombia 65.3 Colombia
Congo, Dem. R 57.3 Congo(Democ
Congo, Republi 64.8 Congo(Repub
CookIslands
Costa Rica 73.5 CostaRica
Cote d'Ivoire 64.0 Cted'Ivoire
Croatia 71.5 Croatia
Cuba 70.0 Cuba
Curacao
Cyprus 73.3 Cyprus
Czech Republic 77.8 CzechRepub
Denmark 82.3 Denmark
Dominican Rep 73.0 DominicanR
Ecuador 63.0 Ecuador
Egypt 60.5 Egypt
El Salvador 68.3 ElSalvador
Estonia 74.8 Estonia
Ethiopia 61.0 Ethiopia
Fiji
Finland 81.8 Finland
France 73.8 France
Gabon 69.5 Gabon
Georgia
Gambia 62.0 Gambia
Germany 84.5 Germany
Ghana 64.3 Ghana
Greece 68.5 Greece
Guatemala 70.0 Guatemala
Guinea 53.8 Guinea
Guinea-Bissau 62.3 Guinea-Bissau
Guyana 63.5 Guyana
Guernsey(Sta
Haiti 57.0 Haiti
Honduras 66.8 Honduras
Hong Kong 81.0 HongKong
Hungary 75.3 Hungary
Iceland 83.5 Iceland
India 69.3 India
Indonesia 63.8 Indonesia
Iran 67.8 Iran
Iraq 56.0 Iraq
Ireland 82.5 Ireland
IsleofMan
Israel 77.0 Israel
Italy 75.5 Italy
Jamaica 71.0 Jamaica
Japan 82.3 Japan
Jersey(State
Jordan 68.8 Jordan
Kazakhstan 63.8 Kazakhstan
Kenya 62.0 Kenya
Korea, D.P.R. 56.0 Korea, D.P.R.
Korea, Republi 81.0 Korea
Kuwait 73.8 Kuwait
Latvia 74.3 Latvia
Lebanon 60.8 Lebanon
Liberia 50.5 Liberia
Libya 52.8 Libya
Liechtenstein
Lithuania 76.3 Lithuania
Luxembourg 87.0 Luxembourg
Macao
Madagascar 61.3 Madagascar
Macedonia
Malawi 57.0 Malawi
Malaysia 74.3 Malaysia
Mali 62.5 Mali
Malta 77.5 Malta
Mauritius
Mexico 68.3 Mexico
Moldova 62.3 Moldova
Mongolia 62.5 Mongolia
Montenegro
Montserrat
Morocco 69.5 Morocco
Mozambique 52.3 Mozambique
Myanmar 63.3 Myanmar
Namibia 71.3 Namibia
Netherlands 82.8 Netherlands
New Zealand 82.3 NewZealand
Nicaragua 64.3 Nicaragua
Niger 51.0 Niger
Nigeria 62.0 Nigeria
Norway 87.5 Norway
Oman 74.5 Oman
Pakistan 61.3 Pakistan
Panama 73.5 Panama
Papua New Gui 64.0 PapuaNewG
Paraguay 67.3 Paraguay
Peru 68.3 Peru
Philippines 73.0 Philippines
Poland 79.3 Poland
Portugal 76.3 Portugal
Qatar 78.3 Qatar
RasAlKhaim
Romania 71.8 Romania
Russia 64.3 Russia
Rwanda
Saudi Arabia 72.5 SaudiArabia
Senegal 63.3 Senegal
Serbia 63.8 Serbia
Sharjah
Sierra Leone 56.5 Sierra Leone
Singapore 87.3 Singapore
Slovakia 74.0 Slovakia
Slovenia 72.3 Slovenia
Somalia 42.5 Somalia
South Africa 66.3 SouthAfrica
Spain 74.0 Spain
Sri Lanka 67.5 SriLanka
Sudan 48.3 Sudan
St.Maarten
St.Vincent
Suriname 68.3 Suriname
Sweden 85.8 Sweden
Switzerland 87.5 Switzerland
Syria 35.8 Syria
Taiwan 83.3 Taiwan
Tanzania 63.0 Tanzania
Thailand 68.0 Thailand
Togo 63.8 Togo
Trinidad & Tob 75.5 Trinidadand
Tunisia 65.8 Tunisia
Turkey 61.5 Turkey
 TurksandCa
Uganda 60.3 Uganda
Ukraine 52.0 Ukraine
United Arab Em 77.8 UnitedArab
United Kingdo 80.3 UnitedKing
United States 78.3 UnitedState
Uruguay 70.5 Uruguay
Venezuela 49.3 Venezuela
Vietnam 71.5 Vietnam
Yemen, Republ 50.3 Yemen, Republ
Zambia 65.0 Zambia
Zimbabwe 54.5 Zimbabwe
PRS SCORE Moody'sratingRatingbasedTotalEquityRiskPremium
NA Aa2 0.55% 6.74% 0
68.75 B1 4.99% 12.71% 1
NA Baa3 2.44% 9.28% 0
63.0 1
59 Ba2 3.33% 10.48% 1
65.25 Caa1 8.31% 17.17% 1
62.5 Ba3 3.99% 11.37% 1
NA Baa1 1.77% 8.38% 0
77.75 Aaa 0.00% 6.00% 1
78.75 Aaa 0.00% 6.00% 1
68.5 Baa3 2.44% 9.28% 1
76.25 Baa2 2.11% 8.84% 1
68.75 Baa3 2.44% 9.28% 1
66 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0
59.5 Caa1 8.31% 17.17% 1
76.25 Aa3 0.67% 6.90% 1
NA Caa2 9.98% 19.42% 0
NA A1 0.78% 7.05% 0
68.75 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0
77.5 A2 0.94% 7.26% 1
62.75 Baa3 2.44% 9.28% 1
72.8 1
71.75 Baa2 2.11% 8.84% 1
63.5 B3 7.21% 15.70% 1
NA B2 6.10% 14.20% 0
63.75 B2 6.10% 14.20% 1
81.25 Aaa 0.00% 6.00% 1
NA Aa3 0.67% 6.90% 0
NA B2 6.10% 14.20% 0
74.75 Aa3 0.67% 6.90% 1
NA Aa3 0.67% 6.90% 0
65.25 Baa2 2.11% 8.84% 1
NA B3 7.21% 15.70% 0
NA Ba3 3.99% 11.37% 0
NA B1 4.99% 12.71% 0
 73.5 Ba1 2.77% 9.72% 1
NA Ba3 3.99% 11.37% 0
71.5 Ba1 2.77% 9.72% 1
70 Caa2 9.98% 19.42% 1
NA A3 1.33% 7.79% 0
73.25 B1 4.99% 12.71% 1
77.75 A1 0.78% 7.05% 1
82.25 Aaa 0.00% 6.00% 1
73 B1 4.99% 12.71% 1
63 B3 7.21% 15.70% 1
60.5 B3 7.21% 15.70% 1
68.25 Ba3 3.99% 11.37% 1
74.75 A1 0.78% 7.05% 1
61 B1 4.99% 12.71% 1
NA B1 4.99% 12.71% 0
81.75 Aaa 0.00% 6.00% 1
73.75 Aa2 0.55% 6.74% 1
69.5 Ba3 3.99% 11.37% 1
NA Ba3 3.99% 11.37% 0
62.0 1
84.5 Aaa 0.00% 6.00% 1
64.25 B3 7.21% 15.70% 1
68.5 Caa3 11.08% 20.90% 1
70 Ba1 2.77% 9.72% 1
53.8 1
62.3 1
63.5 1
NA Aa1 0.44% 6.59% 0
57.0 1
66.75 B3 7.21% 15.70% 1
81 Aa1 0.44% 6.59% 1
75.25 Ba1 2.77% 9.72% 1
83.5 Baa2 2.11% 8.84% 1
69.25 Baa3 2.44% 9.28% 1
63.75 Baa3 2.44% 9.28% 1
67.8 1
56.0 1
82.5 Baa1 1.77% 8.38% 1
NA Aa1 0.44% 6.59% 0
77 A1 0.78% 7.05% 1
 75.5 Baa2 2.11% 8.84% 1
71 Caa2 9.98% 19.42% 1
82.25 A1 0.78% 7.05% 1
NA Aa1 0.44% 6.59% 0
68.75 B1 4.99% 12.71% 1
63.75 Baa2 2.11% 8.84% 1
62 B1 4.99% 12.71% 1
56.0 1
NA Aa2 0.55% 6.74% 0
73.75 Aa2 0.55% 6.74% 1
74.25 A3 1.33% 7.79% 1
60.75 B2 6.10% 14.20% 1
50.5 1
52.8 1
NA Aaa 0.00% 6.00% 0
76.25 A3 1.33% 7.79% 1
87 Aaa 0.00% 6.00% 1
NA Aa2 0.55% 6.74% 0
61.3 1
NA Ba3 3.99% 11.37% 0
57.0 1
74.25 A3 1.33% 7.79% 1
62.5 1
77.5 A3 1.33% 7.79% 1
NA Baa1 1.77% 8.38% 0
68.25 A3 1.33% 7.79% 1
62.25 B3 7.21% 15.70% 1
62.5 B2 6.10% 14.20% 1
NA Ba3 3.99% 11.37% 0
NA Baa3 2.44% 9.28% 0
69.5 Ba1 2.77% 9.72% 1
52.25 B2 6.10% 14.20% 1
63.3 1
71.25 Baa3 2.44% 9.28% 1
82.75 Aaa 0.00% 6.00% 1
82.25 Aaa 0.00% 6.00% 1
64.25 B2 6.10% 14.20% 1
51.0 1
62 Ba3 3.99% 11.37% 1
87.5 Aaa 0.00% 6.00% 1
 74.5 A1 0.78% 7.05% 1
61.25 B3 7.21% 15.70% 1
73.5 Baa2 2.11% 8.84% 1
64 B1 4.99% 12.71% 1
67.25 Ba1 2.77% 9.72% 1
68.25 A3 1.33% 7.79% 1
73 Baa2 2.11% 8.84% 1
79.25 A2 0.94% 7.26% 1
76.25 Ba1 2.77% 9.72% 1
78.25 Aa2 0.55% 6.74% 1
NA A2 0.94% 7.26% 0
71.75 Baa3 2.44% 9.28% 1
64.25 Ba1 2.77% 9.72% 1
NA B1 4.99% 12.71% 0
72.5 Aa3 0.67% 6.90% 1
63.25 B1 4.99% 12.71% 1
NA B1 4.99% 12.71% 0
NA A3 1.33% 7.79% 0
56.5 1
87.25 Aaa 0.00% 6.00% 1
74 A2 0.94% 7.26% 1
72.25 Baa3 2.44% 9.28% 1
42.5 1
66.25 Baa2 2.11% 8.84% 1
74 Baa2 2.11% 8.84% 1
67.5 B1 4.99% 12.71% 1
48.3 1
NA Baa1 1.77% 8.38% 0
NA B3 7.21% 15.70% 0
68.25 Ba3 3.99% 11.37% 1
85.75 Aaa 0.00% 6.00% 1
87.5 Aaa 0.00% 6.00% 1
35.8 1
83.25 Aa3 0.67% 6.90% 1
63.0 1
68 Baa1 1.77% 8.38% 1
63.8 1
NA Baa2 2.11% 8.84% 0
65.75 Ba3 3.99% 11.37% 1
61.5 Baa3 2.44% 9.28% 1
NA Baa1 1.77% 8.38% 0
60.25 B1 4.99% 12.71% 1
52 Caa3 11.08% 20.90% 1
77.75 Aa2 0.55% 6.74% 1
80.25 Aa1 0.44% 6.59% 1
NA Aaa 0.00% 6.00% 0
70.5 Baa2 2.11% 8.84% 1
49.25 Caa3 11.08% 20.90% 1
71.5 B1 4.99% 12.71% 1
50.3 1
65 B2 6.10% 14.20% 1
54.5 1