Europe

Page updated 1 Jul 2015

The following list of countries and territories in Europe shows their country risk classification and NZECO's indicative level of cover. The country policy applies primarily to NZECO's Short-Term Trade Credit and Export Credit Guarantee products.

Note that Turkey has been included under Europe.

Country Information


Country Risk Rating Cover Status
Armenia 6 Normally Off Cover
Austria 0 On Cover
Azerbaijan 5 Limited Cover
Belarus 7 Limited Cover
Belgium 0 On Cover
Bosnia and Hercegovina 7 Limited Cover
Bulgaria 4 On Cover
Croatia 5 On Cover
Cyprus 2 Limited Cover
Czech Republic 0 On Cover
Denmark 0 On Cover
Estonia 0 On Cover
Finland 0 On Cover
France 0 On Cover
Georgia 6 Limited Cover
Germany 0 On Cover
Greece 0 Normally Off Cover
Hungary 4 On Cover
Iceland 0 On Cover
Ireland 0 On Cover
Italy 0 On Cover
Latvia 4 On Cover
Lithuania 2 On Cover
Macedonia 5 Limited Cover
Montenegro 7
Limited Cover
Netherlands, The 0 On Cover
Norway 0 On Cover
Poland 2 On Cover
Portugal 0 On Cover
Romania 3
On Cover
Russia 4
Limited Cover
Serbia 6 Limited Cover
Slovakia 0 On Cover
Slovenia 0 On Cover
Spain 1 On Cover
Sweden 0 On Cover
Switzerland 0 On Cover
Turkey 4 On Cover
Ukraine 7 Limited Cover
United Kingdom 0 On Cover


This Country Cover information describes the Export Credit Office's guiding cover-policy at the time of issue. The information does not necessarily reflect the present possibilities for cover. Before acting on the background of this material, the company/bank is requested to obtain further information from NZECO. If a country is not on the list, contact us.

Risk Rating
Each country is rated by the OECD on a scale from 0 to 7; with 0 for low financial risk and 7 for high financial risk. Ratings may change.
Cover Ratings
On Cover
NZECO is open for cover across the range of private and public buyers, subject to NZECO’s standard underwriting criteria for each transaction.
Limited Cover
NZECO is open for cover although this may be for a limited profile of buyers and/or only for transactions with shorter credit terms. NZECO may apply more stringent underwriting criteria and conditions of support. For example, any NZECO approval may require a higher level of risk sharing from the Insured and/or an extended claims waiting period.
Off Cover
With limited exceptions, we are off cover on all buyers in these countries.
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