From Triple-A to Triple-No
Moody’s stripped the United States of its last remaining triple-A sovereign rating, lowering it to Aa1. The agency pointed to the persistent expansion of the roughly $36tn federal debt, wide deficits and ballooning interest costs. Coming after S&P’s 2011 and Fitch’s 2023 downgrades, the decision ends more than a century of top-tier status and highlights the higher term premium investors already demand for long-duration Treasuries.
Regional markets
In regional sovereign Eurobond markets yields on Georgia’s and Turkey’s bonds decreased in May 2025. The Georgian Eurobond saw a 49bps decline, while Turkey’s fell by 28bps. On the contrary, Kazakhstan’s sovereign bond showed increase of 28bps m/m.
Georgian market
There were neither new issuances nor maturing of existing bonds on the local market in May 2025.
