How to Evaluate Country Risk  either in the North American region, the Asian region, Europe , Middle East and Latin America.
Definitions of Country Risk are based on soveriegn default  or Insurance Risk. A.M. Best defines country risk (read the methodology) as the risk that country-specific factors could adversely affect an insurer’s ability to meet its financial obligations

Other sites that can help include:

OECD country risk classification |A.M. Best |Credendo |
COFACE Country Risk |
Defining country risk |
How to Evaluate Country Risk |
Analysing country risk  | Other 
Country Risk Analysis & Risk Ratings Websites |