S&P rates 15 territories (or 12 percent of all rated sovereigns) that have Queen Elizabeth as their monarch, including the likes of Australia and Canada, which along with the U.K. enjoy a flawless AAA credit score.
Monarchies are also heavyweights when it comes to the amount of debt or bonds they issue, making up around 40 percent of the sovereign debt that Standard & Poor's rates around the world, even though there are almost three times more sovereigns without a king or queen as head of state.
S&P also note the difference between constitutional monarchies, those that have a king or queen but the ability to pass legislation lies with an elected parliament, and absolute monarchies, where the ruler's powers are not limited by law or constitution.
"There is no difference between constitutional and absolute monarchies in our assessment of their debt risk," credit analyst at the agency," Mukherji said.
"However, absolute monarchies score higher than constitutional monarchies in external risk and fiscal risk, largely reflecting the strong general government balance sheets and high external asset positions of wealthy monarchies in the eastern Arab world," he added.