LONDON, July 31 (Reuters) - Standard & Poor's on Friday
raised Ukraine's ratings outlook to "positive" from "negative",
saying progress made with the International Monetary Fund (IMF)
showed broad support for the ex-Soviet state.
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 Negative
Fitch on Apr. 30 lowered Bulgaria's credit outlook to
negative from stable, saying the country's growing current
account deficit raised concerns about its long-term external
solvency. Fitch rates Bulgaria's long-term foreign-currency debt
at BBB-, the lowest investment-grade level.
CROATIA BBB Baa3 BBB-
Negative Stable Negative
Fitch on May 21 on 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+
Stable Stable Stable
Fitch on June 23 affirmed its A+ rating and stable outlook
on the Czech Republic, saying the economy was entering recession
from a relatively robust position because of moderate government
debt levels and the absence of economic and financial imbalances
seen in its peers.
ESTONIA A A1 BBB+
Negative Negative Negative
Moody's on Apr. 23 confirmed Estonia's A1 rating and
negative outlook. On Apr. 21, S&P affirmed its A long-term
sovereign rating on the country and removed the country on credit
watch negative, saying bilateral support from the Baltic state's
neighbours was a strong positive factor.
GEORGIA B -- B+
Stable Negative
Fitch on Apr. 7 placed Georgia's long-term foreign and local
currency issuer default ratings on negative watch, saying rising
domestic political tensions were making it more difficult for
authorities there to help the economy recover from the twin
shocks of the 2008 war with Russia and the global financial
crisis.
HUNGARY BBB- Baa1 BBB
Negative Negative Negative
Moody's on March 31 cut Hungary's rating to Baa1, citing its
weak financial position. A day earlier, S&P cut Hungary's rating
to BBB-, one notch above junk.
ICELAND BBB- Baa1 BBB-
Negative Negative Negative
Moody's on Dec. 4 cut Iceland's rating by one notch with a
negative outlook, saying the island's banking crisis and
currency collapse had significantly damaged the government's
financial strength.
KAZAKHSTAN BBB- Baa2 BBB-
Stable Stable Negative
S&P on May 8 raised its outlook on Kazakhstan to stable from
negative, saying the government was likely to limit liabilities
arising from banking pressures.
LATVIA BB+ Baa3 BB+
Negative Negative Negative
S&P on Jun. 8 placed Latvia's BB+ long-term rating on
creditwatch with negative implications due to increased pressure
on the Baltic currency. Moody's in April cut Latvia's rating by
two notches. In February, S&P cut Latvia's rating to "junk",
making the Baltic state the only European Union country aside
from Romania to be non-investment grade.
LITHUANIA BBB A3 BBB
Negative Negative Negative
Moody's on Apr. 23 downgraded Lithuania's sovereign rating,
saying the deteriorating economy would pressure government
liquidity. Fitch on Apr. 8 lowered Lithuania's rating, warning
that government austerity measures could be threatened by a
public backlash. S&P cut the country's rating on March 24.
MOLDOVA -- Caa1 B-
Stable Stable
Fitch on Apr. 8 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 Sep. 15.
MONTENEGRO BB+ Ba2 --
Negative Negative --
Moody's on Dec. 18 lowered its outlook on Montenegro to
negative from stable, citing the reduced liquidity of its
banking system due to the global financial crisis, falling
aluminium prices and shrinking foreign direct investment.
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
Moody's said on July 9 that it had kept its outlook on
Romania stable but warned that failure to stick to an IMF-led
financing deal would put downward pressure on the country's Baa3
rating. Fitch on Jun. 5 affirmed Romania's long-term foreign
currency issuer default rating at BB+ with a negative outlook.
RUSSIA BBB Baa1 BBB
Negative Stable Negative
Fitch on Feb. 4 downgraded Russia to BBB and said further
cuts were possible due to low commodity prices, high capital
outflows, melting reserves and mounting corporate debt problems
-- leaving Russia two notches away from being "junk" grade.
SERBIA BB- -- BB-
Negative -- Negative
S&P on July 31 affirmed its ratings on Serbia at BB- with a
negative outlook, citing the country's continued dependence on
external funding to support economic growth and limited economic
policy flexibility.
TURKEY BB- Ba3 BB-
Negative Stable Stable
Moody's said on May 27 that Turkey's rating would probably
not change whether the country signs a loan accord with the
International Monetary Fund (IMF) or not. Fitch on Jan. 14
affirmed Turkey's BB- long-term foreign currency ratings, saying
the country has proved resilient to the global credit crunch.
S&P on Nov. 13 revised its outlook on Turkey to negative from
stable but affirmed the country's BB-/B foreign currency rating.
UKRAINE CCC+ B2 B
Positive Negative Negative
S&P on July 31 raised its outlook on Ukraine to positive
from negative on the strong multilateral support received by
the country but affirmed its CCC+ long-term foreign currency
rating.
(Compiled by Sebastian Tong and Carolyn Cohn; Editing by Toby
Chopra)
