Euler Hermes Country Risk Ratings JUNE 2014 REVIEW

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1 Euler Hermes Risk s Afghanistan D High Albania D High Algeria C Medium American Samoa A Low Andorra AA Low Angola C Sensitive Anguilla BB Low Antarctica AA Low Antigua & Barbuda C Sensitive Argentina D High Armenia D High Aruba B Low Australia AA Low Austria AA Low Azerbaijan C Sensitive Bahamas BB Low Bahrain B Medium Bangladesh D High Barbados C Sensitive Belarus D High Belgium AA Medium Belize D High Benin C Sensitive Bermuda A Low BES Islands (Bonaire, St Eustatius, Saba) AA Low Bhutan C Sensitive Bolivia D High Bosnia and Herzegovina D High Botswana B Low Bouvet Island AA Low Brazil BB Low British Indian Ocean Territory AA Low British Virgin Islands A Low Brunei BB Low Bulgaria B Medium Burkina Faso C Sensitive Myanmar (Burma) D High Burundi D High Cambodia D High Cameroon C Sensitive Canada AA Low Cape Verde Islands D High Cayman Islands A Low Central African Republic D High Chad D High Chile A Low China B Low Christmas Island A Low Cocos (Keeling) Islands A Low Colombia BB Low Comoros D High Congo (Democratic Rep Of) D High Page 1/5

2 Euler Hermes Risk s Congo (People's Rep Of) D High Cook Islands C Sensitive Costa Rica BB Low Côte d'ivoire D Sensitive Croatia C High Cuba D High Curacao C Sensitive Cyprus B High Czech Republic BB Medium Denmark AA Low Djibouti D High Dominica C Sensitive Dominican Republic C Sensitive Ecuador C Sensitive Egypt D High El Salvador B Low Equatorial Guinea D High Eritrea D High Estonia AA Low Ethiopia D High Falkland Islands A Low Faroe Islands A Low Fiji D High Finland AA Low France AA Low French Guiana AA Low French Polynesia BB Low French Southern Territory AA Low Gabon C Sensitive Gambia D High Georgia D High Germany AA Low Ghana B Low Gibraltar A Low Greece B Sensitive Greenland A Low Grenada C Sensitive Guadeloupe AA Low Guam A Low Guatemala B Low Guinea (Rep Of) D High Guinea Bissau D High Guyana C Sensitive Haiti D High Heard and McDonald Islands AA Low Honduras C Sensitive Hong Kong A Low Hungary B Medium Iceland C Sensitive India B Low Indonesia C Sensitive Iran D High Page 2/5

3 Euler Hermes Risk s Iraq D High Ireland BB Medium Israel BB Low Italy A Medium Jamaica D High Japan A Low Jordan B Medium Kazakhstan C Sensitive Kenya C Medium Kiribati C Sensitive North Korea D High South Korea BB Low Kuwait BB Low Kyrgyzstan D High Laos D High Latvia BB Low Lebanon D High Lesotho C Sensitive Liberia D High Libya D High Liechtenstein AA Low Lithuania B Medium Luxembourg AA Low Macao A Low Macedonia D High Madagascar D High Malawi D High Malaysia A Low Maldives D High Mali D High Malta A Low Marshall Islands D High Martinique AA Low Mauritania D High Mauritius BB Low Mayotte A Low Mexico BB Low Micronesia C Sensitive Moldova D High Monaco AA Low Mongolia D High Montenegro D High Montserrat BB Low Morocco B Low Mozambique C Sensitive Namibia B Low Nauru D High Nepal D High Netherlands AA Low New Caledonia A Low New Zealand AA Low Nicaragua D Sensitive Page 3/5

4 Euler Hermes Risk s Nigeria D Sensitive Niger D High Niue B Medium Norfolk Island A Low Northern Mariana Islands A Low Norway AA Low Oman BB Low Pakistan D High Palau C Sensitive Panama BB Low Papua New Guinea C Sensitive Paraguay C Sensitive Peru BB Low Philippines B Medium Pitcairn Islands A Low Poland BB Low Portugal B Medium Puerto Rico AA Low Qatar BB Low Reunion AA Low Romania B Medium Russia B Medium Rwanda D High South Georgia/Sandwich Islands AA Low Samoa C Sensitive San Marino AA Low Sao Tome & Principe C Sensitive Saudi Arabia BB Low Senegal C Sensitive Serbia D Sensitive Seychelles D High Sierra Leone D High Singapore AA Low Slovakia A Low Slovenia B Sensitive Solomon Islands D High Somalia D High South Africa BB Low South Sudan D High Spain A Medium Sri Lanka C Sensitive St Helena A Low St. Kitts & Nevis C Sensitive St. Maarten C Sensitive St. Lucia C Sensitive St. Pierre Et Miquelon A Low St. Vincent & The Grenadines C Sensitive Sudan D High Suriname D High Svalbard & Jan Mayen A Low Swaziland C Sensitive Sweden AA Low Page 4/5

5 Euler Hermes Risk s Switzerland AA Low Syria D High Tajikistan D High Taiwan A Low Tanzania C Sensitive Timor Leste D High Thailand B Medium Togo D High Tokelau A Low Tonga D High Trinidad & Tobago BB Medium Tunisia B Sensitive Turkey C Sensitive Turkmenistan D High Turks & Caicos A Low Tuvalu C Sensitive United Arab Emirates BB Low US Virgin Islands A Low US Minor Outlying Islands AA Low United States AA Low Uganda C Sensitive Ukraine D High United Kingdom AA Low Uruguay BB Low Uzbekistan D High Vanuatu C Sensitive Vatican City AA Low Venezuela D High Vietnam D High Wallis & Futuna A Low Yemen D High Zambia C Sensitive Zimbabwe D High Page 5/5

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