What question did this study set out to answer?

The aim is to establish a robust credit rating framework specific to network states, differing from traditional methodologies.

April 16, 2026Open Access

Network State Credit Rating Framework (NSCRF) v1.1: A First-Principles Methodology for Assessing Creditworthiness of Network States — 32-Entity Cohort Application

Key Points

The aim is to establish a robust credit rating framework specific to network states, differing from traditional methodologies.
Constructed NSCRF by surveying existing credit rating practices
Developed a five-pillar rating methodology with explicit weightings
Expanded illustrative ratings cohort from 7 to 32 network states
Gelephu Mindfulness City is identified as a potential investment-grade candidate
Liberland's rating was downgraded after new external risk analysis
No network state fully meets investment-grade criteria as of 2026, except for select state-backed entities

Abstract

No credit rating methodology exists for Network States. The three major credit rating agencies — Moody's, S 10. 7B arbitration pending). Key v1. 1 finding: Gelephu Mindfulness City may be the first Network State approaching investment-grade due to its state-backed Special Administrative Region status. Liberland's rating reduced (NS-CC → NS-C) after deeper external-risk analysis. No Network State in 2026 fully meets investment-grade criteria, with the possible exception of state-backed entities. Indicative ratings (selected): Network School NS-BB (55. 6), Prospera/Infinita NS-CCC (49. 7), Zuzalu NS-B (42. 5), Praxis NS-CCC (39. 7), CityDAO NS-CCC (39. 3), plus 25 newly-rated entities. The paper also assesses the commercial viability of establishing a Network State credit rating agency. The NSCRF is the second paper in a four-paper research programme. Companion papers: Grey, K. M. (2026). Network State Classification Framework (NSCF) v2. 1. DOI: 10. 5281/zenodo. 19561980 Grey, K. M. (2026). Network State Economic Index (NSEI) v1. 0. DOI: pending Day 1 mint Grey, K. M. (2026). Network State ESG Framework (NS-ESG) v1. 0. DOI: pending Day 1 mint Licensed under CC BY-NC-ND 4. 0.

Network State Credit Rating Framework (NSCRF) v1.1: A First-Principles Methodology for Assessing Creditworthiness of Network States — 32-Entity Cohort Application

Key Points

Abstract

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