COUNTRY RISK CLASSIFICATIONS
HBOR classifies countries into one of seven risk categories (1-7). Category 1 represents the lowest and category 7 represents the highest level of country risk.
Valid as of: 9 February 2024
This Country Risk Classifications is for informational use and is used to assess the opportunities, risks and conditions of export credit insurance for transactions into certain countries.
Valid as of: 9 February 2024
| Country Code | Country Name | Risk Category |
|---|---|---|
| AFG | Afghanistan | 7 |
| ALB | Albania | 5 |
| DZA | Algeria | 5 |
| AND | Andorra | 1 |
| AGO | Angola | 6 |
| ATG | Antigua and Barbuda | 7 |
| ARG | Argentina | 7 |
| ARM | Armenia | 6 |
| ABW | Aruba | 5 |
| AUS | Australia | 1 |
| AUT | Austria | 1 |
| AZE | Azerbaijan | 4 |
| BHS | Bahamas | 4 |
| BHR | Bahrain | 6 |
| BGD | Bangladesh | 5 |
| BRB | Barbados | 1 |
| BLR | Belarus | 7 |
| BEL | Belgium | 1 |
| BLZ | Belize | 1 |
| BEN | Benin | 6 |
| BTN | Bhutan | 6 |
| BOL | Bolivia | 7 |
| BIH | Bosnia and Herzegovina | 6 |
| BWA | Botswana | 3 |
| BRA | Brazil | 4 |
| BRN | Brunei Darussalam | 1 |
| BGR | Bulgaria | 3 |
| BFA | Burkina Faso | 7 |
| BDI | Burundi | 7 |
| CPV | Cabo Verde | 6 |
| KHM | Cambodia | 6 |
| CMR | Cameroon | 6 |
| CAN | Canada | 1 |
| CAF | Central African Republic | 7 |
| TCD | Chad | 7 |
| CHL | Chile | 1 |
| CHN | China; People’s Republic of | 2 |
| TWN | Chinese Taipei | 2 |
| COL | Colombia | 4 |
| COM | Comoros | 1 |
| COG | Congo | 7 |
| CRI | Costa Rica | 4 |
| CIV | Côte d’Ivoire | 5 |
| CUB | Cuba | 7 |
| CUW | Curaçao | 5 |
| CYP | Cyprus | 1 |
| CZE | Czech Republic | 1 |
| PRK | Democratic Peopleʼs Republic of Korea | 7 |
| COD | Democratic Republic of the Congo | 7 |
| DNK | Denmark | 1 |
| DJI | Djibouti | 7 |
| DMA | Dominica | 1 |
| DOM | Dominican Republic | 4 |
| ECU | Ecuador | 6 |
| EGY | Egypt | 6 |
| SLV | El Salvador | 7 |
| GNQ | Equatorial Guinea | 7 |
| ERI | Eritrea | 7 |
| EST | Estonia | 1 |
| SWZ | Eswatini | 6 |
| ETH | Ethiopia | 7 |
| FJI | Fiji | 5 |
| FIN | Finland | 1 |
| FRA | France | 1 |
| GAB | Gabon | 7 |
| GMB | Gambia | 7 |
| GEO | Georgia | 5 |
| DEU | Germany | 1 |
| GHA | Ghana | 7 |
| GRC | Greece | 1 |
| GRD | Grenada | 1 |
| GTM | Guatemala | 4 |
| GIN | Guinea | 7 |
| GNB | Guinea-Bissau | 7 |
| GUY | Guyana | 5 |
| HTI | Haiti | 7 |
| HND | Honduras | 5 |
| HKG | Hong Kong (China) | 2 |
| HUN | Hungary | 1 |
| ISL | Iceland | 1 |
| IND | India | 3 |
| IDN | Indonesia | 3 |
| IRN | Iran | 7 |
| IRQ | Iraq | 7 |
| IRL | Ireland | 1 |
| ISR | Israel | 1 |
| ITA | Italy | 1 |
| JAM | Jamaica | 6 |
| JPN | Japan | 1 |
| JOR | Jordan | 5 |
| KAZ | Kazakhstan | 5 |
| KEN | Kenya | 7 |
| KIR | Kiribati | 1 |
| KOR | Korea | 1 |
| XKV | Kosovo | 6 |
| KWT | Kuwait | 2 |
| KGZ | Kyrgyzstan | 7 |
| LAO | Lao Peopleʼs Democratic Republic | 7 |
| LVA | Latvia | 1 |
| LBN | Lebanon | 7 |
| LSO | Lesotho | 6 |
| LBR | Liberia | 7 |
| LBY | Libya | 7 |
| LIE | Liechtenstein | 1 |
| LTU | Lithuania | 1 |
| LUX | Luxembourg | 1 |
| MAC | Macau (China) | 2 |
| MDG | Madagascar | 7 |
| MWI | Malawi | 7 |
| MYS | Malaysia | 2 |
| MDV | Maldives | 7 |
| MLI | Mali | 7 |
| MLT | Malta | 1 |
| MHL | Marshall Islands | 1 |
| MRT | Mauritania | 7 |
| MUS | Mauritius | 3 |
| MEX | Mexico | 3 |
| FSM | Micronesia | 1 |
| MDA | Moldova | 7 |
| MCO | Monaco | 1 |
| MNG | Mongolia | 7 |
| MNE | Montenegro | 6 |
| MAR | Morocco | 3 |
| MOZ | Mozambique | 7 |
| MMR | Myanmar | 7 |
| NAM | Namibia | 6 |
| NRU | Nauru | 1 |
| NPL | Nepal | 6 |
| NLD | Netherlands | 1 |
| NZL | New Zealand | 1 |
| NIC | Nicaragua | 7 |
| NER | Niger | 7 |
| NGA | Nigeria | 6 |
| MKD | Northern Macedonia | 5 |
| NOR | Norway | 1 |
| OMN | Oman | 4 |
| PAK | Pakistan | 7 |
| PLW | Palau | 1 |
| PAN | Panama | 4 |
| PNG | Papua New Guinea | 6 |
| PRY | Paraguay | 5 |
| PER | Peru | 3 |
| PHL | Philippines | 3 |
| POL | Poland | 1 |
| PRT | Portugal | 1 |
| QAT | Qatar | 2 |
| ROU | Romania | 3 |
| RUS | Russia | 7 |
| RWA | Rwanda | 6 |
| KNA | Saint Kitts and Nevis | 1 |
| LCA | Saint Lucia | 1 |
| VCT | Saint Vincent and the Grenadines | 1 |
| WSM | Samoa | 1 |
| SMR | San Marino | 1 |
| STP | Sao Tome and Principe | 1 |
| SAU | Saudi Arabia | 2 |
| SEN | Senegal | 5 |
| SRB | Serbia | 4 |
| SYC | Seychelles | 1 |
| SLE | Sierra Leone | 7 |
| SGP | Singapore | 1 |
| SXM | Sint Maarten | 1 |
| SVK | Slovak Republic | 1 |
| SVN | Slovenia | 1 |
| SLB | Solomon Islands | 1 |
| SOM | Somalia | 7 |
| ZAF | South Africa | 4 |
| SSD | South Sudan | 7 |
| ESP | Spain | 1 |
| LKA | Sri Lanka | 7 |
| SDN | Sudan | 7 |
| SUR | Suriname | 7 |
| SWE | Sweden | 1 |
| CHE | Switzerland | 1 |
| SYR | Syrian Arab Republic | 7 |
| TJK | Tajikistan | 7 |
| TZA | Tanzania | 6 |
| THA | Thailand | 3 |
| TLS | Timor-Leste | 6 |
| TGO | Togo | 6 |
| TON | Tonga | 1 |
| TTO | Trinidad and Tobago | 3 |
| TUN | Tunisia | 7 |
| TUR | Turkey | 5 |
| TKM | Turkmenistan | 7 |
| TUV | Tuvalu | 1 |
| UGA | Uganda | 6 |
| UKR | Ukraine | 7 |
| ARE | United Arab Emirates | 2 |
| GBR | United Kingdom | 1 |
| USA | United States | 1 |
| URY | Uruguay | 3 |
| UZB | Uzbekistan | 5 |
| VUT | Vanuatu | 1 |
| VEN | Venezuela | 7 |
| VNM | Viet Nam | 4 |
| PSE | West Bank and Gaza | 7 |
| YEM | Yemen | 7 |
| ZMB | Zambia | 7 |
| ZWE | Zimbabwe | 7 |