LONDON, Nov 12 (Reuters) - Ratings agency Fitch downgraded
the sovereign ratings of Latvia for the second time in little
more than a month on Tuesday, following Standard & Poor's which
also cut its ratings for the Baltic state on Monday.
Fitch downgraded the sovereign ratings of Bulgaria, Hungary,
Kazakhstan and Romania on Monday, as the economic crisis
worsened in eastern and central Europe.
Here is a list of long-term foreign currency ratings and
outlooks for countries in emerging Europe, until recently seen
as one of the safest regions across emerging markets but now
exposed to credit worries, recession in the euro zone and
increased banking problems.
COUNTRY S&P MOODY's FITCH
BULGARIA BBB Baa3 BBB-
Negative Stable Stable
Fitch cut Bulgaria's foreign currency rating on November 10
to BBB- with a stable outlook from BBB with a negative outlook,
saying the move reflected an increased risk of recession.
CROATIA BBB Baa3 BBB-
Negative Positive Stable
Standard & Poor's cut Croatia's outlook to negative from
stable on Oct 27, citing risks to Croatia's ability to finance
highexternal imbalances.
ESTONIA A A1 A-
Negative Stable Negative
Fitch downgraded the ratings of Estonia along with those for
its Baltic neighbours Latvia and Lithuania on Oct. 3, citing the
risk of a prolonged and deep recession.
HUNGARY BBB+ A2 BBB
Negwatch Stable Stable
Fitch downgraded Hungary Nov 10 from BBB+, saying the move
reflected the depths of the recession and post-crisis correction
of macroeconomic imbalances. S&P put the country on review for a
possible downgrade on Oct. 15.
KAZAKHSTAN BBB- Baa2 BBB-
Negative Stable Negative
Fitch cut Kazakhstan's rating on Nov 10 from BBB, retaining
its negative outlook. S&P has warned that Kazakhstan could face
a sovereign rating downgrade if the cost of a financial sector
bailout rises further.
LATVIA BBB- BBB- BBB
Negative Negative Negative
Fitch said on Nov 11 it had cut ratings on Latvia with a
negative outlook to BBB- as the country was likely to face "a
severe financial and economic crisis". Standard & Poor's also
lowered its ratings on Latvia to BBB- on Nov 10, citing an
increased risk facing Latvian banks of a weakening deposit base.
LITHUANIA BBB+ A2 A-
Negative Stable Negative
Standard & Poor's cut its rating on Lithuania to BBB+ from
A- on Oct 27, saying it expected the country's debt burden to
increase.
POLAND A- A2 A-
Stable Stable Stable
Standard & Poor's cut its outlook on Poland to stable from
positive on Oct 27, citing the deterioration in the
international markets and tightening credit conditions.
ROMANIA BB+ Baa3 BB+
Negative Stable Negative
Fitch cut Romania's rating from BBB, retaining its negative
outlook. Standard & Poor's cut Romania's foreign currency credit
rating one notch to BB+ on Oct 27, putting it at junk status
with a negative outlook and citing a lack of policy response to
mounting economic risks.
RUSSIA BBB+ Baa1 BBB+
Negative Positive Stable
S&P said on Oct. 23 it had cut its outlook on Russia to
negative from stable, with a downgrade likely if the costs to
the Russian government of bank rescue operations continue to
increase.
SERBIA BB- BB-
Negative Stable
S&P in July said the arrest of wanted war criminal suspect
Radovan Karadzic augured well for Serbia's path to EU accession
but retained its negative outlook on the country citing economic
overheating risks.
TURKEY BB- Ba3 BB-
Stable Stable Stable
Moody's and S&P have warned of heightened risks to the
Turkish banking sector from an adverse global credit environment
and slowing domestic growth.
UKRAINE B B1 B+
Negative Stable Negative
Standard & Poor's cut Ukraine's long-term foreign currency
rating to B from B+ on Oct 24 and said the outlook was negative,
citing the cost of bailing out the country's banking sector.
(Compiled by Carolyn Cohn and Peter Apps)
