The purpose of this study is to examine the determinants of the sovereign credit ratings and the sovereign CDS spreads. We include government finance factors, macroeconomic factors and political risk indicator as explanatory variables. Results show that sovereign ratings are influenced by current account balance, growth rate of GDP, per capita income, inflation rate and political risk indicator. It is worth noting that the impacts caused by current account balance, government debt and per capita income on ratings are different from developed countries to developing ones. As for the CDS spreads, we find that current account balance, per capita income, growth rate of GDP and inflation rate have significant explanatory power, while the influence of inflation rate for developed countries, though significant, are relatively lower than developing countries.