March 3 (Reuters) - Fitch on Thursday revised its outlook
for Georgia's ratings to positive from stable and affirmed its
long-term ratings at B+, citing a strong economic recovery, a
reduction in budget and current account deficits and some easing
of political risk.
Sovereign credit ratings in eastern and central Europe have
largely begun to improve after foreign debt and banking problems
triggered downgrades during the global financial crisis.
Here is a list of long-term foreign currency ratings and
outlooks for countries in emerging Europe:
COUNTRY S&P MOODY'S FITCH
BELARUS B+ B1 -
Negative - -
S&P on May 4 2010 affirmed Belarus' B+ rating, saying that
the country's public finances weathered the economic downturn
well. But the rating agency has a negative credit outlook on
Belarus because the country's gross external financing needs are
continuing to rise.
BULGARIA BBB Baa3 BBB-
Stable Positive Negative
Moody's said on April 21 2010 that a ratings upgrade for
Bulgaria was still possible in the next 12-18 months despite a
larger than expected 2009 fiscal gap. The ratings agency raised
Bulgaria's outlook to positive from stable on Jan 21 2010,
citing the government's tight monetary policy and relatively low
budget deficit.
CROATIA BBB- Baa3 BBB-
Negative Stable Negative
S&P on Dec 21 cut Croatia's credit rating to BBB- with a
negative outlook, saying the country's fiscal position had
deteriorated while its external financing flexibility remained
weak. The ratings agency warned of the likelihood for another
downgrade over the next two years.
CZECH REPUBLIC A A1 A+
Positive Stable Positive
Standard & Poor's on August 10 revised its outlook on the
Czech Republic's A long-term foreign currency rating to positive
from stable, and said upgrades are likely if the new coalition
government manages to implement spending cuts.
GEORGIA B -- B+
Stable Positive
Fitch revised Georgia's outlook to positive and affirmed its
ratings at B+ on Mar. 3, reflecting its strong economic recovery
and some easing of political risk.
S&P affirmed Georgia's ratings at B on Sept. 28 2009 with a
stable outlook, saying the economic impact from the country's
brief but intense war has been offset by substantial
international aid.
HUNGARY BBB- Baa3 BBB-
Negative Negative Negative
Fitch on Dec 23 cut Hungary's rating by a notch to BBB-,
warning that the lack of a coherent medium-term fiscal strategy
put the country at risk of further downgrades.
Hungary is now on the brink of 'junk' credit status with all
three major ratings agencies.
Moody's on Dec 6 cut Hungary's rating by two notches to
Baa3, warning of further downgrades if the government failed to
put public finances on a sustainable footing.
S&P on Nov. 3 affirmed Hungary's BBB- credit rating but kept
its negative outlook on the country, warning that the deficit
would rise again in 2013 after the special taxes levied on
certain sectors expire at the end of 2012.
ICELAND BBB- Baa3 BB+
CW negative Negative Negative
Moody's cut Iceland's outlook to negative from stable on
July 29, due to a recent Supreme Court ruling on the illegality
of foreign exchange-linked loans and failure to resolve the
dispute with Britain and the Netherlands over deposits frozen
when Icesave bank collapsed in 2008.
KAZAKHSTAN BBB Baa2 BBB-
Stable Stable Stable
S&P on Dec 23 raised its credit rating for Kazakhstan,
declaring the country's banking crisis over and noting that
rising oil output and foreign investment should underpin the
central Asian republic's economic growth.
LATVIA BB+ Baa3 BB+
Stable Stable Positive
S&P on Dec 7 raised its ratings on Latvia to BB+ with a
stable outlook, saying its economy was rebalancing quickly with
public debt remaining at a moderate level.
Fitch on Sept 3 raised its outlook on Latvia's ratings to
stable from negative, saying the country's financial and
economic stabilisation and improved external liquidity.
LITHUANIA BBB Baa1 BBB
Stable Stable Stable
Moody's on March 31, 2010, lifted Lithuania's ratings
outlook to stable from negative to reflect a brightening
economic picture and easing financial stress in the Baltic
economy.
MACEDONIA BB -- BB+
Stable Stable
MOLDOVA -- Caa1 B-
Stable Stable
Fitch in April 2009 said Moldova's B- rating could be
threatened if political unrest proved prolonged and damaged the
economy. The ratings agency lowered the country's outlook to
stable from positive on Sept 15 2008.
MONTENEGRO BB Ba2 --
Negative Negative --
S&P on March 31 2010 cut Montenegro's rating to BB from BB+
and lowered its credit outlook to negative, warning that the
country was at risk from severe economic contraction and
worsening bank loans quality.
POLAND A- A2 A-
Stable Stable Stable
S&P on July 16 affirmed its rating on Poland, saying the
economy continued to stay competitive and become increasingly
diversified. The agency said these ratings were tempered by
Poland's rising levels of government debt.
ROMANIA BB+ Baa3 BB+
Stable Stable Stable
S&P's raised its outlook on Romania to stable from negative
on March 9, 2010, citing the government's success so far in
fiscal consolidation.
Fitch raised Romania's ratings outlook to stable from
negative on Feb 2, 2010, citing a narrowing of the country's
external shortfall and a resumption in aid disbursements from
the International Monetary Fund.
RUSSIA BBB Baa1 BBB
Stable Stable Positive
Fitch on Sept 8 raised Russia's credit outlook to positive
from stable, saying sizeable private sector debt repayments and
the stabilisation in the banking sector had reduced the
country's financial vulnerabilities.
SERBIA BB- -- BB-
Stable -- Stable
Fitch on Nov 11 raised its outlook on Serbia to stable from
negative, citing the reduced risk of an external financing
crisis and the resumption of economic growth.
TURKEY BB Ba2 BB+
Positive Positive Positive
Fitch on Nov 24 lifted its outlook on Turkey's rating and
said a ratings upgrade was possible if Ankara continued to
reduce its government debt-to-GDP ratio.
Moody's on Oct. 5 raised Turkey's rating outlook to positive
from stable saying the country's economic and fiscal resilience
had improved.
UKRAINE B+ B2 B
Stable Stable Stable
Moody's on Oct 11 raised Ukraine's credit rating outlook to
stable from negative, citing improved external liquidity
following a new IMF agreement and recent Eurobond launch.
(Compiled by Caroline Copley, Sebastian Tong, Carolyn Cohn;
Editing by Ruth Pitchford)
