2024 may be a significant year for sovereign credit ratings due to record debts, increasing borrowing rates, sputtering GDP, and multiple wars.

The US and China are facing downgrade warnings, with the US potentially losing its triple-A rating.

Fitch and S&P Global are also monitoring the November presidential election.

Turkey may receive its first upgrade in a decade if President Tayyip Erdogan’s new finance minister and central bank head continue policy repairs.

Oman could become investment-grade, bringing $3 billion inflows that would lower its borrowing costs.

Panama is most at risk of falling to “junk” as it closes one of the world’s largest copper mines.

Morgan Stanley predicts a downgrade around May, while Fitch at BBB- with a negative outlook is nearest.

Spain, Germany, and Britain still spend at least 4 percentage points of GDP more than pre-COVID.

France’s debt-to-GDP is expected to remain near 110%, and Israel’s confrontation with Hamas may result in its first ratings drop.