---
title: Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.
description: "That's France this afternoon: just one notch away from \"junk bond\" territory.\n\nSource: Stephane Deo"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.](https://blog.syzgroup.com/syz-the-moment/given-the-relation-between-sovereigns-rating-and-spreads-to-germany-a-spread-of-135bp-would-be-consistent-with-a-bbb-rating)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Oct 2, 2026, 2:12:42 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/given-the-relation-between-sovereigns-rating-and-spreads-to-germany-a-spread-of-135bp-would-be-consistent-with-a-bbb-rating)

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