Many successful companies in emerging markets, such as Cambodia, are capped at the credit rating of the country in which they are located. The ceiling reflects the assessment of the international credit rating agencies (such as Standard & Poor’s and Moody’s) of the country’s sovereign risk, not the company’s standalone risk. No matter how strong the company is, its credit rating cannot exceed the country’s sovereign rating. As of May 16, 2024, Moody’s rated Cambodia B2; obligations rated B2 are considered speculative and a high credit risk.