MacroMicro Sovereign Credit Index (SCI)

The MM Sovereign Credit Index is a composite measure of sovereign creditworthiness derived from the ratings of S&P, Moody's, and Fitch. Each agency's rating, including its outlook or watch status, is converted to a numerical score on a linear 0 to 100 scale, where 100 represents AAA and 0 represents default. Agencies are weighted by their historical consistency relative to one another, with those that diverge more from the consensus receiving lower weight. The result is a single monthly time series per country that tracks the trajectory of sovereign credit quality as assessed by the major rating agencies.