This study examines whether geopolitical risk is associated with sovereign credit ratings. Using an annual panel of 36 countries over 1994–2024, we estimate ordered logit models based on sovereign foreign-currency long-term ratings from three major credit rating agencies. The analysis distinguishes between-country and within-country components of geopolitical risk and other explanatory variables. The results show that increases in geopolitical risk within countries are consistently associated with lower sovereign credit ratings, whereas the between-country association is more sensitive to model specification and sample composition. Additional analysis provides selective evidence on potential macroeconomic and fiscal channels, with robust support emerging from the within-country inflation channel. Overall, the findings suggest that rising geopolitical risk is reflected in lower sovereign credit ratings over time.