VIENNA, Oct 11 (Reuters) - Sovereign credit ratings in
eastern and central Europe have improved as economies stabilise
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:
BULGARIA BBB Baa3 BBB-
Stable Positive Negative
Moody's said on April 21 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, citing
the government's tight monetary policy and relatively low budget
deficit.
CROATIA BBB Baa3 BBB-
Negative Stable Negative
Fitch cut Croatia's ratings' outlook in May to negative,
citing the Balkan state's large external debt burden and
vulnerability to external shocks.
CZECH REPUBLIC A A1 A+
Positive Stable Positive
Standard & Poor's on Aug. 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. []
ESTONIA A A1 A
Stable Stable Stable
Fitch on July 19 raised its credit rating on Estonia to A,
following European Union approval on July 13 for entry to the
euro area in 2011. Fitch said euro membership would reduce
foreign exchange risk.
HUNGARY BBB- Baa1 BBB
Negative Negative Negative
Moody's on July 23 put Hungary on review for a possible
downgrade, citing increased fiscal risks following the
suspension of its talks with the IMF and the EU on its $25
billion loan deal. []
S&P said on the same day that it had revised its outlook for
the country to negative from stable.
LATVIA BB Baa3 BB+
Stable Stable Positive
Fitch on Sept. 3 raised its outlook on Latvia's ratings to
stable from negative, citing the country's financial and
economic stabilisation and improved external liquidity.
LITHUANIA BBB Baa1 BBB
Stable Stable Stable
Moody's on March 31 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
S&P raised Macedonia's outlook to stable from negative on
Sept. 21 2009, citing a narrowing current account deficit.
MONTENEGRO BB Ba2 --
Negative Negative --
S&P on March 31 cut Montenegro's rating to BB from BB+ and
lowered its credit outlook to negative, warning that the country
was at risk from a severe economic contraction and a worsening
quality of bank loans.
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 was becoming
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 raised its outlook on Romania to stable from negative on
March 9, citing the government's success so far in undertaking
fiscal consolidation.
Fitch raised Romania's ratings' outlook to stable from
negative on Feb. 2, citing a narrowing of the country's external
shortfall and a resumption in aid disbursements from the
International Monetary Fund.
SERBIA BB- -- BB-
Stable -- Negative
S&P raised its outlook for Serbia to stable from negative on
Dec. 1, 2009, saying external pressures facing the country have
eased.
(Compiled by Sebastian Tong, Carolyn Cohn, Sujata Rao)
