Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s.

Political tension and violence have marred Côte d'Ivoire for decades, but peaceful elections and an improving economy have raised expectations.

Moody’s has followed S&P’s lead by downgrading the borrower to junk status in line with its Euromoney country risk score. Other oil producers are at risk, the survey predicts.

Ukraine finished 2015 with a slightly improved score year-on-year, despite seeing turbulence on all fronts in the ECR scoring categories throughout the year. Its score dipped in the fourth quarter of 2015, but ECR experts see some reasons for hope amid the gloom.

Against the backdrop of China’s economic troubles, US Federal Reserve interest-rate hikes, depressed commodity prices and the refugee crisis affecting Europe, political risks increased for numerous sovereign borrowers in 2015.