Cover Practice for Countries and Banks

Countries
The cover practice for countries shows the country classification as well as SERV's cover practice. Errors and omissions excepted. The committee's decision when reviewing the relevant application is binding.

Banks
The cover practice for banks contains all the banks within a country that in principle qualify for credit risk cover. It is updated regularly.

Banks that are not listed by name, but have a current rating that meets SERV's criteria, are also in principle acceptable.

Payment guarantees of a Ministry of Finance or a Central Bank are usually accepted (subject to cover practice).

The committee's decision when checking the relevant application is binding. No liability is accepted for any errors. It is therefore advisable to seek clarification from SERV in individual cases.

Please use the search function for quick access to a specific country or bank.

CRC : Country Risk Category
0 : smallest risk*, 7 : highest risk
HI = High-income OECD and eurozone countries*
*premiums partly as per market prices

CC : Consensus Category (according to gross national product per capita):
Max. credit period for CC1: 5 years (or 8.5 wi th prior notification)
Max. credit period for CC2: 10 years

Cover Policy:
ST : Short Term: Tenor of credit below 2 years
M/L = Medium/Long Term: Tenor of credit 2 years or more

Letter Rating: S&P rating scale
AAA : prime, AA+ ... CC, C, D : in default

SOV : central banks (sovereign, public)
SOV+ : better than sovereign, 10% reduction on premium for SOV
CC : Commercial category
CC0 : same as public, no del credere surcharge, CC5: highest del credere surcharge

Country CRC CC Public Bank Private Restrictions Sustainable
Lending
ST MLT ST MLT ST MLT
Afghanistan 7 2 on request on request on request on request on request on request Yes
Albania 6 2 open open open open on request on request No
Algeria 4 2 open open open open open open No
Bank Letter Rating Debtor Category
- BADR Banque de l'Agriculture et du Développement Rural CC0
- BNA Banque Nationale d'Algérie CC0
- Banque Extérieure d'Algérie CC0
- CPA Crédit Populaire d'Algérie CC0
Angola 6 2 open open open open on request on request No
Antigua and Barbuda 7 2 on request on request on request on request on request on request No
Argentina 6 2 open on request open open open open No
Armenia 6 2 open open open open on request on request No
Aruba 4 1 on request on request on request on request on request on request Yes
Australia HI 1 restricted open restricted open restricted open Subsidiarity No
Austria HI 1 restricted open restricted open restricted open Subsidiarity No
Azerbaijan 5 2 open open open open open open No
Bahamas 3 2 open open open open open open No
Bahrain, The Kingdom of 4 2 open open open open open open No
Bangladesh 5 2 open open open open open open Yes
Bank Letter Rating Debtor Category
- Citibank N.A. Dhaka Branch CC0
- HSBC, Dhaka Branch CC0
- Standard Chartered Bank Dhaka Branch CC0
Barbados 4 2 open open open open open open No
Belarus 7 2 restricted restricted restricted restricted on request on request 300'000'000 No
Belgium HI 1 restricted open restricted open restricted open Subsidiarity No
Belize 7 2 on request on request on request on request on request on request No
Benin 6 2 closed closed on request on request on request on request Yes
Bhutan 6 2 open open open on request on request on request Yes
Bolivia 5 2 open on request open open open open No
Bosnia and Herzegovina 7 2 open on request open on request on request on request No
Botswana 2 2 open open open open open open No
Brazil 5 2 open open open open open open No
Bank Letter Rating Debtor Category
- Banco Bradesco S.A. BB+ CC1
- Banco Safra S.A. BB CC1
- Banco Santander (Brasil) S.A. BB+ CC1
- Banco da Amazonia S.A. BB+ CC1
- Banco do Brasil S.A. BB CC1
- Itau Unibanco S.A. BB+ CC1
Brunei 2 2 open open open open open open No
Bulgaria 3 2 restricted open restricted open restricted open Subsidiarity No
Bank Letter Rating Debtor Category
- UniCredit Bulbank AD BBB CC1
Burkina Faso 7 2 on request on request on request on request on request on request Yes
Burundi 7 2 on request on request on request on request on request on request Yes
Cambodia 6 2 on request on request on request on request on request on request Yes
Cameroon 6 2 open on request open open open on request Yes
Canada HI 1 restricted open restricted open restricted open Subsidiarity No
Cape Verde 6 2 restricted restricted restricted restricted restricted restricted Yes
Central African Republic 7 2 on request on request on request on request on request on request Yes
Chad 7 2 on request on request on request on request on request on request Yes
Chile HI 1 open open open open open open No
Bank Letter Rating Debtor Category
- Banco Santander Chile A+ CC1
- Banco de Credito e Inversiones A- CC1
China 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Agricultural Bank of China Limited A CC1
- Bank of China Limited A CC1
- Bank of Communications A CC1
- China CITIC Bank Corporation BBB CC2
- China Construction Bank Corp. A CC1
- China Development Bank Corporation A+ CC1
- China Everbright Bank BBB CC2
- Industrial and Commercial Bank of China (ICBC) A CC1
- People's Bank of China (PBOC) (Central Bank) SOV
Colombia 4 2 open open open open open open No
Bank Letter Rating Debtor Category
- BBVA Colombia SA BBB CC0
- Banco de Bogota BBB CC0
Congo (Brazzaville) 6 2 open on request open on request on request on request Yes
Congo (Kinshasa) 7 2 on request on request on request on request on request on request Yes
Costa Rica 3 2 open open open open open open No
Côte d'Ivoire 6 2 on request on request open on request open on request Yes
Croatia 5 2 open open open open open open Subsidiarity No
Bank Letter Rating Debtor Category
- Zagrebacka Banka d.d. BBB- SOV+
Cuba 7 2 on request on request open on request on request on request 100'000'000 No
Bank Letter Rating Debtor Category
- Banco Exterior de Cuba (BEC) CC0
- Banco Financiero Internacional S.A. (BFI) CC0
- Banco Internacional de Comercio S.A. (BIC) CC0
Curaçao 5 2 on request on request on request on request on request on request No
Cyprus HI 2 restricted open restricted open restricted open Subsidiarity No
Czech Republic HI 1 restricted open restricted open restricted open Subsidiarity No
Denmark HI 1 restricted open restricted open restricted open Subsidiarity No
Djibouti 7 2 on request on request on request on request on request on request Yes
Dominican Republic 5 2 open open open open open open Yes
Ecuador 6 2 open on request open on request on request on request No
Egypt 6 2 open open open open open open No
El Salvador 5 2 open open open open open open No
Equatorial Guinea 7 2 on request on request on request on request on request on request No
Eritrea 7 2 on request on request on request on request on request on request Yes
Estonia HI 1 restricted open restricted open restricted open Subsidiarity No
Ethiopia 7 2 open on request open on request on request on request Yes
Fiji 6 2 on request on request on request on request on request on request No
Finland HI 1 restricted open restricted open restricted open Subsidiarity No
France HI 1 restricted open restricted open restricted open Subsidiarity No
Gabon 5 2 open open open open on request on request No
Gambia 7 2 on request on request on request on request on request on request Yes
Georgia 6 2 open on request open on request open on request No
Germany HI 1 restricted open restricted open restricted open Subsidiarity No
Ghana 6 2 open open open open on request on request Yes
Great Britain HI 1 restricted open restricted open restricted open Subsidiarity No
Greece HI 1 on request on request on request on request on request on request Subsidiarity No
Grenada 6 2 on request on request on request on request on request on request Yes
Guatemala 4 2 open open open open on request on request No
Guinea 7 2 on request on request on request on request on request on request Yes
Guinea-Bissau 7 2 on request on request on request on request on request on request Yes
Guyana 6 2 on request on request on request on request on request on request Yes
Haiti 7 2 on request on request on request on request on request on request Yes
Honduras 5 2 open on request open on request open on request Yes
Hong Kong 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank of China (Hong Kong) Ltd. A CC2
- DBS Bank (Hong Kong) Limited AA- CC1
- The Hongkong and Shanghai Banking Corporation Limited AA- CC1
Hungary HI 1 restricted open restricted open restricted open Subsidiarity No
Iceland HI 1 restricted open restricted open restricted open Subsidiarity No
India 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank of Baroda BBB- CC1
- Canara Bank BBB- CC1
- Export-Import Bank of India CC0
- ICICI Bank Limited BBB- CC1
- IDBI Bank BB+ CC2
- Oriental Bank of Commerce BBB- CC1
- State Bank of India BBB- CC1
Indonesia 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank Central Asia BBB- CC1
- PT Bank Mandiri (Persero) BBB- CC1
- PT Bank Maybank Indonesia BBB CC1
- PT Bank Rakyat Indonesia BBB- CC1
Iran 6 2 on request on request on request on request on request on request No
Iraq 7 2 on request on request on request on request on request on request No
Ireland HI 1 restricted open restricted open restricted open Subsidiarity No
Israel HI 1 open open open open open open No
Italy HI 1 restricted open restricted open restricted open Subsidiarity No
Jamaica 7 2 on request on request on request on request on request on request No
Japan HI 1 restricted open restricted open restricted open Subsidiarity No
Jordan 5 2 open open open open open open No
Bank Letter Rating Debtor Category
- Arab Bank plc BB+ CC0
Kazakhstan 6 2 open open open open open open No
Kenya 6 2 open open open open on request on request Yes
Kosovo 7 2 on request on request on request on request on request on request Yes
Kuwait 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Gulf Bank KSC A+ CC1
- National Bank of Kuwait S.A.K. AA- CC0
Kyrgyzstan 7 2 on request on request on request on request on request on request Yes
Laos 7 2 on request on request on request on request on request on request Yes
Latvia HI 1 restricted open restricted open restricted open Subsidiarity No
Lebanon 7 2 open open open open on request on request No
Lesotho 6 2 on request on request on request on request on request on request Yes
Liberia 7 2 on request on request on request on request on request on request Yes
Libyan 7 2 on request on request on request on request on request on request No
Liechtenstein HI 2 restricted open restricted open restricted open Subsidiarity No
Lithuania 2 2 restricted open restricted open restricted open Subsidiarity No
Luxembourg HI 1 restricted open restricted open restricted open Subsidiarity No
Macao 2 2 open open open open open open No
Macedonia 5 2 open open open open open open No
Madagascar 7 2 open on request open on request on request on request Yes
Malawi 7 2 on request on request on request on request on request on request Yes
Malaysia 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Maybank (Malayan Banking Berhad) A- CC1
Maldives 6 2 on request on request on request on request on request on request Yes
Mali 7 2 on request on request on request on request on request on request Yes
Malta HI 2 restricted open restricted open restricted open Subsidiarity No
Mauritania 7 2 on request on request on request on request on request on request Yes
Mauritius 3 2 open open open open open open No
Mexico 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- BANCOMEXT - Banco Nacional de Comercio Exterior BBB+ CC0
- BBVA Bancomer S.A. A- CC0
- Banamex - Banco Nacional de Mexico S.A. A- CC0
- Banco Santander SA BBB+ CC1
- Nacional Financiera S.N.C. (NAFIN) BBB+ CC0
Moldova 7 2 on request on request on request on request on request on request Yes
Mongolia 6 2 open on request open on request on request on request No
Montenegro 7 2 on request on request on request on request on request on request No
Morocco 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Attijariwafa Bank BB+ CC2
Mozambique 7 2 open on request open on request open on request Yes
Myanmar 6 2 on request on request on request on request on request on request Yes
Namibia 4 2 open open open open open open No
Nepal 6 2 on request on request on request on request on request on request Yes
Netherlands HI 1 restricted open restricted open restricted open Subsidiarity No
Netherlands Antilles 5 2 on request on request on request on request on request on request No
New Zealand HI 1 restricted open restricted open restricted open Subsidiarity No
Nicaragua 7 2 on request on request on request on request on request on request Yes
Niger 7 2 on request on request on request on request on request on request Yes
Nigeria 6 2 open open open open on request on request No
Bank Letter Rating Debtor Category
- Zenith Bank Plc B+ CC2
North Korea 7 2 closed closed closed closed closed closed No
Norway HI 1 restricted open restricted open restricted open Subsidiarity No
Oman 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank Muscat SAOG BBB+ CC2
Pakistan 7 2 open open open open on request on request No
Bank Letter Rating Debtor Category
- Citibank N.A. Karachi Branch CC0
- Deutsche Bank AG Karachi Branch CC0
Panama 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Banco General S.A. BBB+ CC1
Papua New Guinea 6 2 on request on request on request on request on request on request Yes
Paraguay 5 2 open open open open open open No
Peru 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Banco de Credito del Peru (BCP) A- CC0
Philippines 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- BDO Unibank BBB- CC1
- Land Bank of the Philippines (LBP) BB+ CC2
- Metropolitan Bank & Trust Co. (METROBANK) BBB- CC1
Poland HI 1 restricted open restricted open restricted open Subsidiarity No
Portugal HI 1 restricted open restricted open restricted open Subsidiarity No
Qatar 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Qatar National Bank AA- CC0
Romania 3 2 restricted open restricted open restricted open Subsidiarity No
Bank Letter Rating Debtor Category
- BRD-Groupe Société Générale SA BBB+ CC1
- EXIMBANK S.A. Export-Import Bank of Romania CC0
Russia 4 2 open open open open open open No
Bank Letter Rating Debtor Category
- AO UniCredit Bank BBB- CC0
- Bank Zenit PJSC BB- CC2
- JSC Alfa-Bank BB+ CC1
- Rosbank BBB- CC0
- Russian Agricultural Bank BB+ CC1
- Sberbank of Russia BBB- CC0
- VEB Vnesheconombank BBB- CC0
- VTB Bank (JSC) BBB- CC0
Rwanda 6 2 on request on request on request on request on request on request Yes
Saint Kitts and Nevis 7 2 on request on request on request on request on request on request No
Saint Vincent and the Grenadines 5 2 on request on request on request on request on request on request Yes
São Tomé and Principe 7 2 on request on request on request on request on request on request Yes
Saudi Arabia 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Banque Saudi Fransi A- CC1
- National Commercial Bank A CC1
- Riyad Bank A CC1
- Saudi British Bank A- CC1
Senegal 6 2 open on request open on request on request on request Yes
Serbia 5 2 open open open open open on request No
Bank Letter Rating Debtor Category
- Raiffeisenbank a.d. CC0
Seychelles 6 2 on request on request on request on request on request on request No
Sierra Leone 7 2 on request on request on request on request on request on request Yes
Singapore 0 2 open open open open open open No
Slovakia HI 1 restricted open restricted open restricted open Subsidiarity No
Slovenia HI 1 restricted open restricted open restricted open Subsidiarity No
Solomon Islands 7 2 on request on request on request on request on request on request Yes
Somalia 7 2 on request on request on request on request on request on request Yes
South Africa 4 2 open open open open open open No
Bank Letter Rating Debtor Category
- FirstRand Bank Limited BB+ CC1
- Nedbank Limited BB+ CC1
South Korea HI 1 open open open open open open No
Bank Letter Rating Debtor Category
- Industrial Bank of Korea AA- CC0
- KEB Hana Bank A- CC1
- Kookmin Bank A CC1
- Korea Development Bank (KDB) AA- CC0
- Shinhan Bank, Seoul A CC1
- Woori Bank A- CC1
South Sudan 7 2 on request on request on request on request on request on request Yes
Spain HI 1 restricted open restricted open restricted open Subsidiarity No
Sri Lanka 6 2 open open open open on request on request No
Sudan 7 2 on request on request on request on request on request on request Yes
Suriname 6 2 on request on request on request on request on request on request No
Swaziland 6 2 on request on request on request on request on request on request No
Sweden HI 1 restricted open restricted open restricted open Subsidiarity No
Syria 7 2 closed closed closed closed closed closed Yes
Taiwan (Chinese Taipei) 1 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank of Taiwan AA- CC1
- CTBC Bank Co Ltd früher Chinatrust Commercial Bank A CC2
- Chang Hwa Commercial Bank Ltd. (CHB) BBB+ CC3
- Citibank N.A. Taipei Branch CC0
- First Commercial Bank (FCB) BBB+ CC3
- Hua Nan Commercial Bank Ltd. BBB+ CC3
- Mega International Commercial Bank A- CC2
Tajikistan 7 2 on request on request on request on request on request on request Yes
Tanzania 6 2 open on request open on request open on request Yes
Thailand 3 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bangkok Bank PCL BBB+ CC1
- Bank of Ayudhya PCL A- CC0
- Export-Import Bank of Thailand (EXIM) BBB+ CC0
- Kasikornbank PCL BBB+ CC1
- Krung Thai Bank PCL BBB CC1
- Siam Commercial Bank PCL BBB+ CC1
Timor-Leste 6 2 on request on request on request on request on request on request Yes
Togo 6 2 on request on request on request on request on request on request Yes
Trinidad and Tobago 3 2 open open open open open open No
Tunisia 5 2 open open open open open open No
Turkey 4 2 open open open open open open No
Bank Letter Rating Debtor Category
- Akbank T.A.S. BB+ CC1
- Bankpozitif Kredi ve Kalkinma Bankasi A.S. BBB- CC0
- Denizbank A.S. BB+ CC1
- ICBC Turkey Bank A.S. (früher Tekstil Bankasi A.S.) BBB- CC0
- ING Bank A.S. BBB- CC0
- Kuveyt Turk Katilim Bankasi A.S. BBB- CC0
- QNB Finansbank A.S. BBB- CC0
- T.C. Ziraat Bankasi A.S. BB+ CC1
- Turkland Bank A.S. BB CC1
- Türk Ekonomi Bankasi A.S. BBB- CC0
- Türkiye Finans Katilim Bankasi AS BBB- CC0
- Türkiye Garanti Bankasi A.S. (GarantiBank) BBB- CC0
- Türkiye Halk Bankasi A.S. BB+ CC1
- Türkiye Is Bankasi A.S. BB+ CC1
- Türkiye Kalkinma Bankasi (TKB) BB+ CC1
- Türkiye Sinai Kalkinma Bankasi A.S. (TSKB) BB+ CC1
- Türkiye Vakiflar Bankasi T.A.O BB+ CC1
- Yapi ve Kredi Bankasi A. S. BBB- CC0
Turkmenistan 6 2 open open open open on request on request No
Uganda 6 2 on request on request on request on request on request on request Yes
Ukraine 7 2 on request on request on request on request on request on request 200'000'000 No
United Arab Emirates 2 2 open open open open open open No
Bank Letter Rating Debtor Category
- Dubai Islamic Bank A CC1
- Emirates NBD PJSC A+ CC1
- Mashreqbank PSC A CC1
United States HI 1 restricted open restricted open restricted open Subsidiarity No
Uruguay 3 2 open open open open open open No
Uzbekistan 6 2 open open open open on request on request Yes
Venezuela 7 2 closed closed closed closed closed closed No
Vietnam 5 2 open open open open open open No
Bank Letter Rating Debtor Category
- Bank for Investment and Development of Vietnam (BIDV) B+ CC2
- Vietnam Bank for Agriculture & Rural Development (Agribank) B+ CC2
West Bank und Gaza 7 2 on request on request on request on request on request on request No
Yemen 7 2 on request on request on request on request on request on request Yes
Zambia 6 2 on request on request open open on request on request Yes
Zimbabwe 7 2 on request on request on request on request on request on request Yes
^
Back to top