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: 3 February 2023
| 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 | 6 |
| BIH | Bosnia and Herzegovina | 6 |
| BWA | Botswana | 3 |
| BRA | Brazil | 5 |
| 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 | 1 |
| 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 | 6 |
| GMB | Gambia | 7 |
| GEO | Georgia | 6 |
| 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 | 7 |
| 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 | 5 |
| 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 | 3 |
| 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 |
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.