COUNTRY RISK ASSESSMENT MAP - April 2021

162 COUNTRIES UNDER BUSINESS DEFAULTING RISK A1 A2 A3 A4 B C D E THE MAGNIFYING GLASS VERY LOW LOW SATISFACTORY REASONABLE FAIRLY HIGH HIGH VERY HIGH EXTREME A UNIQUE METHODOLOGY UPGRADES DOWNGRADES • Macroeconomic expertise in assessing country risk • Comprehension of the business environment • Microeconomic data collected over 70 years of payment experience

GROENLAND (DENMARK)

ICELAND FINLAND A3 NORWAY RUSSIA

SWEDEN ESTONIA

UNITED KINGDOM LATVIA CANADA LITHUANIA

IRELAND BELARUS POLAND

BELGIUM GERMANY CZECH REPUBLIC UKRAINE SLOVAKIA

AUSTRIA KAZAKHSTAN FRANCE MOLDOVIA SWITZERLAND HUNGARY SLOVENIA ROMANIA MONGOLIA

BOSNIA SERBIA UZBEKISTAN ITALY BULGARIA GEORGIA KYRGYZSTAN NORTH SPAIN AZERBAIJAN PORTUGAL ARMENIA KOREA UNITED STATES GREECE TURKMENISTAN TURKEY TAJIKISTAN KOSOVO JAPAN SOUTH MALTA KOREA CYPRUS A2SYRIA TUNISIA LEBANON ISRAEL IRAN AFGHANISTAN PALESTINIAN IRAQ MOROCCO ALGERIA TERRITORIES JORDAN CHINA NEPAL KUWAIT PAKISTAN LIBYA A3 BAHRAIN EGYPT QATAR MEXICO TAIWAN CUBA INDIA DOMINICAN SAUDI OMAN MYANMAR C REPUBLIC ARABIA HONG KONG ICELAND LAOS MAURITANIA JAMAICA BANGLADESH BELIZE MALI NIGER NORWAY HONDURAS HAITI ERITREA YEMEN THAILAND CABO VERDE SENEGAL CHAD SUDAN UNITED PHILIPPINES FINLAND ARAB GUATEMALA NICARAGUA BURKINA EMIRATES DJIBOUTI SWEDEN EL SALVADOR FASO VIETNAM TRINIDAD AND TOBAGO GUINEA BENIN ESTONIA GUINEA-BISSAU CAMBODIA RUSSIACOSTA RICA NIGERIA VENEZUELA GUYANA IVORY CENTRAL SOUTH COAST ETHIOPIA SRI LANKA PANAMA SURINAME SIERRA LEONE AFRICAN SUDAN LATVIA REPUBLIC MALAYSIA FRENCH DENMARK GUYANA CAMEROON MALDIVES LITHUANIA COLOMBIA LIBERIA GHANA TOGO SINGAPORE UGANDA SAO TOME NETHERLANDS KENYA BELARUS & PRINCIPE CONGO IRELAND UNITED INDONESIA ECUADOR EQUATORIAL GUINEA GABON KINGDOM RWANDA POLAND DR CONGO GERMANY BURUNDI BELGIUM LUXEMBOURG PERU CZECH UKRAINE BRAZIL REPUBLIC TANZANIA PAPUA SLOVAKIA NEW GUINEA TIMOR-LESTE FRANCE MOLDOVA SWITZERLAND AUSTRIA HUNGARY ANGOLA SLOVENIA ROMANIA CROATIA MALAWI ZAMBIA BOSNIA SERBIA BOLIVIA ITALY ZIMBABWE MADAGASCAR BULGARIA MONTENEGRO NAMIBIA MAURITIUS MACEDONIA A3 PARAGUAY MOZAMBIQUE ILE DE LA RÉUNION ALBANIA BOTSWANA AUSTRALIA GREECE PORTUGAL SPAIN CHILE TURKEY

SOUTH AFRICA ARGENTINA LESOTHO MALTA URUGUAY CYPRUS

NEW ZEALAND