Countries’ credit rating is affected by political and economic factors. In this paper, the authors look solely at economic factors. They chose gross domestic product and inflation to make an analysis of the mutual relations between sovereign rating and macroeconomic factors. They used data from the Czech Republic over the 2005 – 2015 period for verification. The objective of this paper is to verify the dependence of the selected macroeconomic factors on the Czech Republic’s rating and to measure their impact. The results the authors receive can then be used to estimate future ratings of the country, and thus also ensure a better predication of the rate of return on government bonds.