Ratings are important in attracting foreign capital so they play a great role in the financial system of a country. The aim of the study is to investigate the impact of macroeconomic indicators on sovereign credit ratings assigned by Fitch. For this aim Panel ordered probit model was applied to the annual data from 2000 to 2011. The analysis rests on panel of 44 countries. According to the results obtained it can be concluded that gross domestic product growth rate, per capita gross domestic product, unemployment, export, default history and the level of economic development significantly affect ratings.