Supporting Data
Country Risk Premiums
Damodaran country risk premium table used as supporting valuation context.
| Country | Region | Moody's rating | Rating-based Default Spread | Total Equity Risk Premium | Country Risk Premium | Sovereign CDS, net of Swiss CDS | Total Equity Risk Premium2 | Country Risk Premium3 |
|---|---|---|---|---|---|---|---|---|
| Abu Dhabi | Middle East | Aa2 | 0.42% | 4.87% | 0.64% | 0.46% | 4.93% | 0.70% |
| Albania | Eastern Europe & Russia | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Andorra (Principality of) | Western Europe | Baa1 | 1.36% | 6.30% | 2.07% | NA | NA | NA |
| Angola | Africa | B3 | 5.52% | 12.64% | 8.41% | 6.10% | 13.52% | 9.29% |
| Argentina | Central and South America | Caa1 | 6.37% | 13.94% | 9.71% | NA | NA | NA |
| Armenia | Eastern Europe & Russia | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Aruba | Caribbean | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Australia | Australia & New Zealand | Aaa | 0.00% | 4.23% | 0.00% | 0.05% | 4.31% | 0.08% |
| Austria | Western Europe | Aa1 | 0.23% | 4.59% | 0.36% | 0.14% | 4.44% | 0.21% |
| Azerbaijan | Eastern Europe & Russia | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Bahamas | Caribbean | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Bahrain | Middle East | B2 | 4.67% | 11.35% | 7.12% | 2.33% | 7.78% | 3.55% |
| Bangladesh | Asia | B2 | 4.67% | 11.35% | 7.12% | NA | NA | NA |
| Barbados | Caribbean | B2 | 4.67% | 11.35% | 7.12% | NA | NA | NA |
| Belarus | Eastern Europe & Russia | C | 17.50% | 30.89% | 26.66% | NA | NA | NA |
| Belgium | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | 0.26% | 4.63% | 0.40% |
| Belize | Central and South America | Caa1 | 6.37% | 13.94% | 9.71% | NA | NA | NA |
| Benin | Africa | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Bermuda | Caribbean | A2 | 0.72% | 5.33% | 1.10% | NA | NA | NA |
| Bolivia | Central and South America | Ca | 10.20% | 19.77% | 15.54% | NA | NA | NA |
| Bosnia and Herzegovina | Eastern Europe & Russia | B3 | 5.52% | 12.64% | 8.41% | NA | NA | NA |
| Botswana | Africa | Baa1 | 1.36% | 6.30% | 2.07% | NA | NA | NA |
| Brazil | Central and South America | Ba1 | 2.13% | 7.47% | 3.24% | 2.21% | 7.60% | 3.37% |
| Bulgaria | Eastern Europe & Russia | Baa1 | 1.36% | 6.30% | 2.07% | 0.63% | 5.19% | 0.96% |
| Burkina Faso | Africa | Caa1 | 6.37% | 13.94% | 9.71% | NA | NA | NA |
| Cambodia | Asia | B2 | 4.67% | 11.35% | 7.12% | NA | NA | NA |
| Cameroon | Africa | Caa1 | 6.37% | 13.94% | 9.71% | 6.73% | 14.48% | 10.25% |
| Canada | North America | Aaa | 0.00% | 4.23% | 0.00% | 0.19% | 4.52% | 0.29% |
| Cape Verde | Africa | B2 | 4.67% | 11.35% | 7.12% | NA | NA | NA |
| Cayman Islands | Caribbean | Aa3 | 0.51% | 5.01% | 0.78% | NA | NA | NA |
| Chile | Central and South America | A2 | 0.72% | 5.33% | 1.10% | 0.73% | 5.34% | 1.11% |
| China | Asia | A1 | 0.60% | 5.14% | 0.91% | 0.50% | 4.99% | 0.76% |
| Colombia | Central and South America | Baa3 | 1.87% | 7.08% | 2.85% | 3.20% | 9.10% | 4.87% |
| Congo (Democratic Republic of) | Africa | B3 | 5.52% | 12.64% | 8.41% | NA | NA | NA |
| Congo (Republic of) | Africa | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Cook Islands | Australia & New Zealand | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Costa Rica | Central and South America | Ba2 | 2.56% | 8.13% | 3.90% | 1.61% | 6.68% | 2.45% |
| Côte d'Ivoire | Africa | Ba2 | 2.56% | 8.13% | 3.90% | NA | NA | NA |
| Croatia | Eastern Europe & Russia | A3 | 1.02% | 5.78% | 1.55% | 0.88% | 5.57% | 1.34% |
| Cuba | Caribbean | Ca | 10.20% | 19.77% | 15.54% | NA | NA | NA |
| Curacao | Caribbean | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Cyprus | Western Europe | A3 | 1.02% | 5.78% | 1.55% | 0.61% | 5.16% | 0.93% |
| Czech Republic | Eastern Europe & Russia | Aa3 | 0.51% | 5.01% | 0.78% | 0.34% | 4.75% | 0.52% |
| Denmark | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.04% | 4.29% | 0.06% |
| Dominican Republic | Caribbean | Ba2 | 2.56% | 8.13% | 3.90% | NA | NA | NA |
| Ecuador | Central and South America | Caa3 | 8.50% | 17.18% | 12.95% | 5.53% | 12.65% | 8.42% |
| Egypt | Africa | Caa1 | 6.37% | 13.94% | 9.71% | 3.41% | 9.42% | 5.19% |
| El Salvador | Central and South America | B3 | 5.52% | 12.64% | 8.41% | 3.26% | 9.20% | 4.97% |
| Estonia | Eastern Europe & Russia | A1 | 0.60% | 5.14% | 0.91% | 0.86% | 5.54% | 1.31% |
| Ethiopia | Africa | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Fiji | Asia | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Finland | Western Europe | Aa1 | 0.23% | 4.59% | 0.36% | 0.12% | 4.41% | 0.18% |
| France | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | 0.50% | 4.99% | 0.76% |
| Gabon | Africa | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Georgia | Eastern Europe & Russia | Ba2 | 2.56% | 8.13% | 3.90% | NA | NA | NA |
| Germany | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.07% | 4.34% | 0.11% |
| Ghana | Africa | Caa1 | 6.37% | 13.94% | 9.71% | NA | NA | NA |
| Greece | Western Europe | Baa3 | 1.87% | 7.08% | 2.85% | 0.61% | 5.16% | 0.93% |
| Guatemala | Central and South America | Ba1 | 2.13% | 7.47% | 3.24% | NA | NA | NA |
| Guernsey (States of) | Western Europe | A1 | 0.60% | 5.14% | 0.91% | NA | NA | NA |
| Honduras | Central and South America | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Hong Kong | Asia | Aa3 | 0.51% | 5.01% | 0.78% | 0.30% | 4.69% | 0.46% |
| Hungary | Eastern Europe & Russia | Baa2 | 1.62% | 6.69% | 2.46% | 1.46% | 6.45% | 2.22% |
| Iceland | Western Europe | A1 | 0.60% | 5.14% | 0.91% | 0.31% | 4.70% | 0.47% |
| India | Asia | Baa3 | 1.87% | 7.08% | 2.85% | 0.66% | 5.24% | 1.01% |
| Indonesia | Asia | Baa2 | 1.62% | 6.69% | 2.46% | 1.05% | 5.83% | 1.60% |
| Iraq | Middle East | Caa1 | 6.37% | 13.94% | 9.71% | 2.75% | 8.42% | 4.19% |
| Ireland | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | 0.20% | 4.53% | 0.30% |
| Isle of Man | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | NA | NA | NA |
| Israel | Middle East | Baa1 | 1.36% | 6.30% | 2.07% | 0.99% | 5.74% | 1.51% |
| Italy | Western Europe | Baa2 | 1.62% | 6.69% | 2.46% | 0.47% | 4.95% | 0.72% |
| Jamaica | Caribbean | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Japan | Asia | A1 | 0.60% | 5.14% | 0.91% | 0.30% | 4.69% | 0.46% |
| Jersey (States of) | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | NA | NA | NA |
| Jordan | Middle East | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Kazakhstan | Eastern Europe & Russia | Baa1 | 1.36% | 6.30% | 2.07% | 1.17% | 6.01% | 1.78% |
| Kenya | Africa | Caa1 | 6.37% | 13.94% | 9.71% | 4.37% | 10.89% | 6.66% |
| Korea | Asia | Aa2 | 0.42% | 4.87% | 0.64% | 0.20% | 4.53% | 0.30% |
| Kuwait | Middle East | A1 | 0.60% | 5.14% | 0.91% | 0.73% | 5.34% | 1.11% |
| Kyrgyzstan | Eastern Europe & Russia | B3 | 5.52% | 12.64% | 8.41% | NA | NA | NA |
| Laos | Asia | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Latvia | Eastern Europe & Russia | A3 | 1.02% | 5.78% | 1.55% | 0.68% | 5.27% | 1.04% |
| Lebanon | Middle East | C | 17.50% | 30.89% | 26.66% | NA | NA | NA |
| Liechtenstein | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | NA | NA | NA |
| Lithuania | Eastern Europe & Russia | A2 | 0.72% | 5.33% | 1.10% | 0.68% | 5.27% | 1.04% |
| Luxembourg | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | NA | NA | NA |
| Macao | Asia | Aa3 | 0.51% | 5.01% | 0.78% | NA | NA | NA |
| Macedonia | Eastern Europe & Russia | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Malaysia | Asia | A3 | 1.02% | 5.78% | 1.55% | 0.53% | 5.04% | 0.81% |
| Maldives | Asia | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Mali | Africa | Caa2 | 7.65% | 15.89% | 11.66% | NA | NA | NA |
| Malta | Western Europe | A2 | 0.72% | 5.33% | 1.10% | NA | NA | NA |
| Mauritius | Africa | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Mexico | Central and South America | Baa2 | 1.62% | 6.69% | 2.46% | 1.52% | 6.55% | 2.32% |
| Moldova | Eastern Europe & Russia | B3 | 5.52% | 12.64% | 8.41% | NA | NA | NA |
| Mongolia | Asia | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Montenegro | Eastern Europe & Russia | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Montserrat | Caribbean | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Morocco | Africa | Ba1 | 2.13% | 7.47% | 3.24% | 1.16% | 6.00% | 1.77% |
| Mozambique | Africa | Caa3 | 8.50% | 17.18% | 12.95% | NA | NA | NA |
| Namibia | Africa | B1 | 3.83% | 10.06% | 5.83% | NA | NA | NA |
| Nepal | Asia | Ba3 | 3.06% | 8.89% | 4.66% | NA | NA | NA |
| Netherlands | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.06% | 4.32% | 0.09% |
| New Zealand | Australia & New Zealand | Aaa | 0.00% | 4.23% | 0.00% | 0.09% | 4.37% | 0.14% |
| Nicaragua | Central and South America | B2 | 4.67% | 11.35% | 7.12% | 5.15% | 12.08% | 7.85% |
| Niger | Africa | Caa3 | 8.50% | 17.18% | 12.95% | NA | NA | NA |
| Nigeria | Africa | B3 | 5.52% | 12.64% | 8.41% | 3.77% | 9.97% | 5.74% |
| Norway | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.04% | 4.29% | 0.06% |
| Oman | Middle East | Baa3 | 1.87% | 7.08% | 2.85% | 1.16% | 6.00% | 1.77% |
| Pakistan | Asia | Caa1 | 6.37% | 13.94% | 9.71% | 5.09% | 11.98% | 7.75% |
| Panama | Central and South America | Baa3 | 1.87% | 7.08% | 2.85% | 2.08% | 7.40% | 3.17% |
| Papua New Guinea | Asia | B2 | 4.67% | 11.35% | 7.12% | NA | NA | NA |
| Paraguay | Central and South America | Baa3 | 1.87% | 7.08% | 2.85% | NA | NA | NA |
| Peru | Central and South America | Baa1 | 1.36% | 6.30% | 2.07% | 1.12% | 5.94% | 1.71% |
| Philippines | Asia | Baa2 | 1.62% | 6.69% | 2.46% | 0.88% | 5.57% | 1.34% |
| Poland | Eastern Europe & Russia | A2 | 0.72% | 5.33% | 1.10% | 0.86% | 5.54% | 1.31% |
| Portugal | Western Europe | A3 | 1.02% | 5.78% | 1.55% | 0.31% | 4.70% | 0.47% |
| Qatar | Middle East | Aa2 | 0.42% | 4.87% | 0.64% | 0.47% | 4.95% | 0.72% |
| Ras Al Khaimah (Emirate of) | Middle East | A3 | 1.02% | 5.78% | 1.55% | NA | NA | NA |
| Romania | Eastern Europe & Russia | Baa3 | 1.87% | 7.08% | 2.85% | 1.97% | 7.23% | 3.00% |
| Rwanda | Africa | B2 | 4.67% | 11.35% | 7.12% | 3.89% | 10.16% | 5.93% |
| Saudi Arabia | Middle East | Aa3 | 0.51% | 5.01% | 0.78% | 0.98% | 5.72% | 1.49% |
| Senegal | Africa | Caa1 | 6.37% | 13.94% | 9.71% | 9.79% | 19.14% | 14.91% |
| Serbia | Eastern Europe & Russia | Ba2 | 2.56% | 8.13% | 3.90% | 1.82% | 7.00% | 2.77% |
| Sharjah | Middle East | Ba1 | 2.13% | 7.47% | 3.24% | #N/A | #N/A | #N/A |
| Singapore | Asia | Aaa | 0.00% | 4.23% | 0.00% | #N/A | #N/A | #N/A |
| Slovakia | Eastern Europe & Russia | A3 | 1.02% | 5.78% | 1.55% | 0.43% | 4.89% | 0.66% |
| Slovenia | Eastern Europe & Russia | A3 | 1.02% | 5.78% | 1.55% | 0.53% | 5.04% | 0.81% |
| Solomon Islands | Asia | Caa1 | 6.37% | 13.94% | 9.71% | #N/A | #N/A | #N/A |
| South Africa | Africa | Ba2 | 2.56% | 8.13% | 3.90% | 2.26% | 7.67% | 3.44% |
| Spain | Western Europe | A3 | 1.02% | 5.78% | 1.55% | 0.31% | 4.70% | 0.47% |
| Sri Lanka | Asia | Ca | 10.20% | 19.77% | 15.54% | NA | NA | NA |
| St. Maarten | Caribbean | Ba2 | 2.56% | 8.13% | 3.90% | #N/A | #N/A | #N/A |
| St. Vincent & the Grenadines | Caribbean | B3 | 5.52% | 12.64% | 8.41% | #N/A | #N/A | #N/A |
| Suriname | Central and South America | Caa1 | 6.37% | 13.94% | 9.71% | #N/A | #N/A | #N/A |
| Swaziland | Africa | B2 | 4.67% | 11.35% | 7.12% | #N/A | #N/A | #N/A |
| Sweden | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.06% | 4.32% | 0.09% |
| Switzerland | Western Europe | Aaa | 0.00% | 4.23% | 0.00% | 0.00% | 4.23% | 0.00% |
| Taiwan | Asia | Aa3 | 0.51% | 5.01% | 0.78% | #N/A | #N/A | #N/A |
| Tajikistan | Eastern Europe & Russia | B3 | 5.52% | 12.64% | 8.41% | #N/A | #N/A | #N/A |
| Tanzania | Africa | B1 | 3.83% | 10.06% | 5.83% | #N/A | #N/A | #N/A |
| Thailand | Asia | Baa1 | 1.36% | 6.30% | 2.07% | 0.52% | 5.02% | 0.79% |
| Togo | Africa | B3 | 5.52% | 12.64% | 8.41% | #N/A | #N/A | #N/A |
| Trinidad and Tobago | Caribbean | Ba2 | 2.56% | 8.13% | 3.90% | #N/A | #N/A | #N/A |
| Tunisia | Africa | Caa1 | 6.37% | 13.94% | 9.71% | 6.87% | 14.70% | 10.47% |
| Turkey | Western Europe | B1 | 3.83% | 10.06% | 5.83% | 2.85% | 8.57% | 4.34% |
| Turks and Caicos Islands | Caribbean | Baa1 | 1.36% | 6.30% | 2.07% | #N/A | #N/A | #N/A |
| Uganda | Africa | B3 | 5.52% | 12.64% | 8.41% | #N/A | #N/A | #N/A |
| Ukraine | Eastern Europe & Russia | Ca | 10.20% | 19.77% | 15.54% | NA | NA | NA |
| United Arab Emirates | Middle East | Aa2 | 0.42% | 4.87% | 0.64% | #N/A | #N/A | #N/A |
| United Kingdom | Western Europe | Aa3 | 0.51% | 5.01% | 0.78% | 0.23% | 4.58% | 0.35% |
| United States | North America | Aa1 | 0.23% | 4.46% | 0.23% | 0.30% | 4.69% | 0.46% |
| Uruguay | Central and South America | Baa1 | 1.36% | 6.30% | 2.07% | 0.63% | 5.19% | 0.96% |
| Uzbekistan | Eastern Europe & Russia | Ba3 | 3.06% | 8.89% | 4.66% | #N/A | #N/A | #N/A |
| Venezuela | Central and South America | C | 17.50% | 30.89% | 26.66% | 9.15% | 18.17% | 13.94% |
| Vietnam | Asia | Ba2 | 2.56% | 8.13% | 3.90% | 1.37% | 6.32% | 2.09% |
| Zambia | Africa | Caa2 | 7.65% | 15.89% | 11.66% | 3.94% | 10.23% | 6.00% |
| Frontier Markets (no sovereign ratings) | ||||||||
| Country | PRS Composite Risk Score | ERP | CRP | Default Spread | ||||
| Algeria | 67 | 10.06% | 5.83% | 3.83% | ||||
| Brunei | 80.75 | 5.01% | 0.78% | 0.51% | ||||
| Gambia | 65.5 | 11.35% | 7.12% | 4.67% | ||||
| Guinea | 59.5 | 15.89% | 11.66% | 7.65% | ||||
| Guinea-Bissau | 60.75 | 13.94% | 9.71% | 6.37% | ||||
| Guyana | 75.5 | 6.30% | 2.07% | 1.36% | ||||
| Haiti | 56.75 | 17.18% | 12.95% | 8.50% | ||||
| Iran | 61.25 | 13.94% | 9.71% | 6.37% | ||||
| Korea, D.P.R. | 51 | 19.77% | 15.54% | 10.20% | ||||
| Liberia | 57.75 | 15.89% | 11.66% | 7.65% | ||||
| Libya | 71.5 | 8.13% | 3.90% | 2.56% | ||||
| Madagascar | 62.5 | 12.64% | 8.41% | 5.52% | ||||
| Malawi | 56 | 17.18% | 12.95% | 8.50% | ||||
| Myanmar | 54.75 | 19.77% | 15.54% | 10.20% | ||||
| Russia | 70.25 | 8.13% | 3.90% | 2.56% | ||||
| Sierra Leone | 62.75 | 12.64% | 8.41% | 5.52% | ||||
| Somalia | 55.5 | 17.18% | 12.95% | 8.50% | ||||
| Sudan | 47.75 | 30.89% | 26.66% | 17.50% | ||||
| Syria | 51.5 | 19.77% | 15.54% | 10.20% | ||||
| Yemen, Republic | 51.75 | 19.77% | 15.54% | 10.20% | ||||
| Zimbabwe | 58.5 | 15.89% | 11.66% | 7.65% |