Approved countries for investments                                                   Annex C

This list is based on those countries which have sovereign ratings of AA- or higher, (we show the lowest rating from Fitch, Moody’s and S&P) and also, (except - at the time of writing - for Hong Kong and Luxembourg), have banks operating in sterling markets which have credit ratings of green or above in the MUFG Corporate Markets creditworthiness service.

This list is at 23 December 2025 (based on the lowest available rating)

Based on lowest available rating

AAA                    

· Australia

· Denmark

· Germany

· Netherlands

· Norway

· Singapore

· Sweden

· Switzerland

AA+

· Canada  

· U.S.A.

AA

· Finland

AA-

· U.K

A+

· Belgium

· France