The relationship between education and country-risk is an almost neglected question in economic literature, despite the several reasons for which these two issues could be related. In a recent article by Sequeira — Ferraz (2009) a linear relationship is documented. The present article provides evidence that the strength of the relationship between country-risk and education decreases for higher levels of GDP. It also proves that this decrease consistently applies for secondary and tertiary education levels and for the three types of risk considered: economic, financial and political. The relationship obtained here is quite robust across the different subcomponents of country-risk.