The sovereign rating is an important indicator of whether a country is able to repay its liabilities. It serves as a guide for investors to decide whether to invest in government bonds or to lend a government money for its activities. The results of the evaluation are also of interest to other persons who are undertaking activities in that country. The potential possibility that the state will not meet its obligations also poses a higher risk for them. Thus, ratings agencies should publish reliable and trustworthy results corresponding with reality. However, the world financial crisis after 2007 showed that ratings agencies did not always correctly assess the solvency of a country and that their evaluations were too optimistic. Therefore, the article examines the methodology used by ratings agencies and tries to determine whether evaluations depend on macroeconomic indicators.