In the second wave of financial crisis, namely the sovereign debt crisis, the country’s most affected by this phenomenon are Greece, Italy, Spain, Portugal, Ireland and last year Cyprus joined. Future more the crisis in Greece in 2015 requires local authorities to evaluate constantly their rating in order to prevent bankruptcy. In this paper we conducted a comparative analysis using Altman method and the Stickney method and correlate the scores with ratings agencies Standard & Poor's and Moody's.