The Republic of San Marino has taken a significant step forward in strengthening its financial and institutional credibility on the international stage. S&P Global Ratings recently upgraded San Marino’s long-term sovereign rating from BBB- / A-3 to BBB+ / A-2, maintaining a Stable outlook. This two-notch upgrade reflects the Republic’s sound governance, disciplined reforms, and solid economic fundamentals.
According to S&P, the improvement stems from stronger external and fiscal positions, alongside the inclusion of the Social Security Fund’s liquid reserves in the calculation of public debt. This provides a more transparent and comprehensive view of the Republic’s financial health. Net government debt is now projected to decline to around 32 % of GDP by 2027–2028, almost half of what was previously anticipated. The external accounts also remain robust, with a current account surplus of roughly 22 % of GDP in 2023, underscoring the country’s resilience in global markets.
Reforms in the banking sector have been particularly noteworthy. The creation of a dedicated asset management vehicle (SGA) and the sharp reduction of non-performing exposures, from 56 % in 2022 to approximately 18 % in early 2025, demonstrate a decisive commitment to restoring financial stability. At the same time, ongoing structural reforms in areas such as labour, pensions, and regulatory convergence with European standards are paving the way for deeper integration within the European framework, culminating in the forthcoming EU Association Agreement expected in 2026.
Other international rating agencies have echoed this confidence. Morningstar DBRS, for example, has reaffirmed San Marino’s rating at BBB (low) with a stable trend, further validating the Republic’s trajectory of reform and fiscal prudence.
For the United Kingdom, these developments carry renewed significance. The upgrade signals a stronger, more stable San Marino—one that offers reliable opportunities for investment, collaboration, and institutional partnership. The recognition by major rating agencies enhances San Marino’s reputation as a transparent and responsible state, committed to modern governance and long-term sustainability.
As the Consulate of San Marino in London, we view this as an opportunity to strengthen bilateral engagement and promote new forms of cooperation across business, culture, academia, and innovation. We remain dedicated to representing the Republic’s interests in the UK, fostering closer connections between our two nations, and serving as a bridge for dialogue, partnership, and mutual growth.
