LONDON, Oct 11 (Reuters) - Moody's raised Ukraine's ratings
outlook to stable from negative on Monday, citing improved
external liquidity following a new IMF agreement and recent
Eurobond launch.
Moody's raised Turkey's outlook to positive from stable on
Oct 5, citing improved economic and fiscal resilience.
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 affirmed Belarus' B+ rating, saying that the
country's public finances have 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 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 in May 2009 cut Croatia's ratings outlook 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. It said that euro membership would reduce
foreign exchange risk.
GEORGIA B -- B+
Stable Stable
HUNGARY BBB- Baa1 BBB
Negative Downgrd revw 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.
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
Fitch on Dec 16, 2009 raised Kazakhstan's rating outlook to
stable from negative, citing higher oil prices and capital
inflows.
LATVIA BB Baa3 BB+
Stable Stable Positive
Fitch on Sep 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 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.
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.
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 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, 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.
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 -- Negative
S&P raised its outlook for Serbia to stable from negative on
Dec. 1, 2009, saying external pressures facing the country have
eased.
TURKEY BB Ba2 BB+
Positive Positive Stable
Moody's raised Turkey's outlook to positive from stable on
Oct 5, citing improved economic and fiscal resilience.
UKRAINE B+ B B
Stable Stable Stable
Moody's raised Ukraine's ratings outlook to stable from
negative on Oct 11, citing improved external liquidity following
a new IMF agreement and recent Eurobond launch.
S&P said on July 22 that it placed Ukraine's credit rating
on CreditWatch but with positive implications. The rating agency
cited Kiev's increasing fiscal consolidation efforts, which it
sees as a sign that the country is trying to renew an
interrupted IMF programme. It expects to resolve the CreditWatch
placement in the next few months.
(Compiled by Sebastian Tong, Carolyn Cohn, Sujata Rao)
