DISCLAIMER : The present document reflects the opinion of COFACE Country Risk and Economic Studies Department, as of the date hereof and according to the information available at this date; it may be modified at any moment without notice. Information, analysis, and opinions contained herein have been elaborated from numerous sources believed to be reliable and serious; however, COFACE does not guarantee in any manner whatsoever that the data contained herein are true, accurate and complete. Information, analysis, and opinions are provided for information purpose only and as a complement to material or information which shall be collected otherwise by the user. COFACE does not have any procurement obligation but only obligation of means and shall incur no liability whatsoever for losses arising from the use of or reliance on the information, analysis and opinion herein provided. This document together with analysis and opinions furnished are the valuable intellectual property of COFACE; you may download some of the data for internal use only, provided that you mention COFACE as author and you do not modify or alter such data. You may not use, extract or reproduce the data in whole or in part, for making any public statement or for any other commercial purpose without our prior written consent. You are invited to refer to the legal notice provided on COFACE web site.

AFRICA	Business Climate Rating	Country @Rating
Botswana	A3	A2
Mauritius	A3	A3
Namibia	A4	A3
South Africa	A3	A3
Morocco	A4	A4
Benin	C	B
Cape verde	B	B
Gabon	C	B
Lesotho	C	B
Mali	C	B
Mozambique	D	B
Senegal	B	B
Tanzania	D	B
Angola	D	C
Burkina Faso	C	C
Cameroon	C	C
Congo	D	C
Djibouti	D	C
Ethiopia	D	C
Ghana	C	C
Kenya	C	C
Madagascar	C	C
Mali	C	C
Mauritania	C	C
Niger	D	C
Sao Tome	D	C
Togo	D	C
Uganda	C	C
Zambia	C	C
Burundi	D	D
Central African Rep.	D	D
Chad	D	D
DRC Dem. Rep. of the Congo	D	D
Equatorial Guinea	D	D
Guinea	D	D
Guinea Bissau	D	D
Ivory Coast	C	D
Liberia	D	D
Malawi	D	D
Nigeria	D	D
Rwanda	D	D
Sierra Leone	D	D
Sudan	D	D
Zimbabwe	D	D
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AMERICA	Business Climate Rating	Country @Rating
Canada	A1	A1
Chile	A2	A2
USA	A1	A2
Mexico	A4	A3
Trinidad	A4	A3
Brazil	A4	A4
Colombia	B	A4
Costa Rica	A3	A4
Panama	A4	A4
Dominican Rep,	B	B
El Salvador	B	B
Guatemala	C	B
Peru	B	B
Uruguay	A4	B
Argentina	B	C
Ecuador	C	C
Honduras	C	C
Jamaica	B	C
Paraguay	C	C
Venezuela	C	C
Bolivia	C	D
Cuba	D	D
Guyana	D	D
Haiti	D	D
Nicaragua	C	D
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ASIA / OCEANIA	Business Climate Rating	Country @Rating
Australia	A1	A1
Hong Kong	A1	A1
Japan	A1	A1
New Zealand	A1	A1
Singapore	A1	A1
Taiwan	A2	A1
Malaysia	A3	A2
South Korea	A2	A2
China	B	A3
India	A4	A3
Thailand	A3	A3
Indonesia	C	B
Papua New Guinea	D	B
Philippines	B	B
Sri Lanka	B	B
Vietnam	C	B
Bangladesh	D	C
Mongolia	C	C
Pakistan	C	C
Afghanistan	D	D
Cambodia	D	D
Laos	D	D
Myanmar	D	D
Nepal	D	D
North Korea	D	D
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EUROPE / CIS	Business Climate Rating	Country @Rating
Austria	A1	A1
Belgium	A1	A1
Denmark	A1	A1
Finland	A1	A1
France	A1	A1
Germany	A1	A1
Luxembourg	A2	A1
Netherlands	A1	A1
Norway	A1	A1
Slovenia	A2	A1
Sweden	A1	A1
Switzerland	A1	A1
Cyprus	A2	A2
Czech Republic	A2	A2
Greece	A2	A2
Ireland	A1	A2
Italy	A2	A2
Malta	A2	A2
Portugal	A2	A2
Spain	A1	A2
United Kingdom	A1	A2
Estonia	A2	A3
Hungary	A2	A3
Iceland	A1	A3
Lithuania	A3	A3
Poland	A3	A3
Slovakia	A2	A3
Bulgaria	A4	A4
Croatia	A3	A4
Latvia	A3	A4
Romania	A4	A4
Kazakhstan	B	B
Russia	B	B
Turkey	A4	B
Armenia	B	C
Azerbaijan	C	C
Georgia	C	C
Macedonia (FYR)	C	C
Montenegro	C	C
Serbia	C	C
Ukraine	C	C
Albania	C	D
Belarus	D	D
Bosnia Herzegovina	C	D
Kyrgyzstan	D	D
Moldova	C	D
Tajikistan	D	D
Turkmenistan	D	D
Uzbekistan	D	D
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MIDDLE EAST / NORTHERN AFRICA	Business Climate Rating	Country @Rating
Kuwait	A3	A2
Qatar	A3	A2
U.A.E	A3	A2
Bahrain	A3	A3
Oman	A4	A3
Algeria	B	A4
Israel	A2	A4
Saudi Arabia	B	A4
Tunisia	A4	A4
Egypt	B	B
Jordan	A4	B
Lebanon	B	C
Libya	D	C
Syria	C	C
Yemen	D	C
Iran	C	D
Iraq	D	D
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