The article analyzes how sovereign credit ratings changed after the global financial crisis from 2008 to 2012. It looks at actual ratings, estimated "shadow" ratings for countries without official ratings, and a new "relative risk rating" scale. The study found that many unrated countries are more creditworthy than previously thought and can access international markets. Developing economies like Azerbaijan and Indonesia improved their relative ratings, while high-income countries like Cyprus and Greece saw a decline. Surprisingly, some countries like India and the United Kingdom had their outlook downgraded by rating agencies but actually improved relative to others. The research helps policymakers understand the factors influencing sovereign ratings changes.