Scottish Government credit rating matches UK

13th November 2025

The Scottish Government has been confirmed as high investment grade, matching the UK and better than Spain, Italy and Japan, by two global credit rating agencies.

The Scottish Government's first credit ratings have been assigned as part of a roadmap towards delivery of a bonds programme to support infrastructure investment. Moody’s rated the Scottish Government as Aa3 and S&P Global rated it as AA, both identical to the UK’s Sovereign rating and higher than major European and global economies.

The strength and diversity of Scotland’s economy, its strong institutional framework, as well as the Scottish Government’s prudent financial management and low levels of debt are factors highlighted in the agencies’ reports.

Finance Secretary Shona Robison said:

"This is an excellent result - on a level with the UK’s sovereign rating and better than many major industrial countries – which reflects our strong track record of prudent fiscal policy and responsible debt and financial management.

“High credit ratings will support our wider efforts to boost economic growth by providing one of the clearest signals that Scotland is a place to invest in and do business.

“The credit ratings will also support plans for a future Scottish Government bond issuance. An update on progress will be set out by the First Minister on 13 November 2025