External debt is not directly considered by credit rating agencies when evaluating a country's sovereign rating. However, it can indirectly affect the rating through its impact on other factors, such as economic growth and political stability.

Economic growth is generally considered to be the most important factor in determining a country's sovereign rating. This is because strong economic growth indicates that the country is able to generate sufficient revenue to meet its debt obligations and is less likely to default.

Social risk is not a type of risk that credit rating agencies consider when evaluating a country's sovereign rating. This is because social risk is difficult to quantify and is not directly related to the country's ability to repay its debts.

Private debt is not a type of debt that is considered by credit rating agencies when evaluating a country's sovereign rating. This is because private debt is not the responsibility of the government and does not affect the country's ability to repay its debts.

Economic growth is not a factor that can affect a country's political stability. In fact, economic growth can often lead to increased political stability, as people are more likely to be satisfied with the government when the economy is doing well.

Natural disasters are not a factor that can affect a country's economic growth. While natural disasters can cause short-term disruptions to the economy, they do not typically have a long-term impact on economic growth.

Economic growth is not a factor that can affect a country's fiscal deficit. In fact, economic growth can often lead to a decrease in the fiscal deficit, as the government is able to collect more tax revenue.

Economic growth is not a factor that can affect a country's external debt. In fact, economic growth can often lead to a decrease in external debt, as the country is able to generate more revenue to repay its debts.

Junk bond is not a type of sovereign rating. Junk bonds are high-yield, high-risk bonds that are issued by companies that are considered to be at risk of default.

Reduced risk of default is not a benefit of having a high sovereign rating. In fact, a high sovereign rating indicates that the country is at a lower risk of default.

Improved access to international capital markets is not a consequence of having a low sovereign rating. In fact, a low sovereign rating can make it more difficult for a country to access international capital markets.

Inflation rate is not a factor that credit rating agencies consider when evaluating a country's sovereign rating. This is because inflation rate is not directly related to the country's ability to repay its debts.

Currency risk is not a type of risk that credit rating agencies consider when evaluating a country's sovereign rating. This is because currency risk is not directly related to the country's ability to repay its debts.

Economic growth is not a factor that can affect a country's political stability. In fact, economic growth can often lead to increased political stability, as people are more likely to be satisfied with the government when the economy is doing well.

Technological progress is not a factor that can affect a country's economic growth. While technological progress can lead to increased productivity and efficiency, it does not directly affect the country's ability to produce goods and services.