Archive

Tag Archives: fitch

Fitch Ratings has downgraded Austria’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘AA+’ from ‘AAA’. The Outlooks are Stable. The issue ratings on Austria’s unsecured foreign and local currency bonds have been downgraded to ‘AA+’ from ‘AAA’. Fitch has affirmed the Short-term foreign currency IDR at ‘F1+’ and Country Ceiling at ‘AAA’.

Read More

Advertisements

Fitch Ratings has downgraded Russia’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘BBB-‘ from ‘BBB’. The issue ratings on Russia’s senior unsecured foreign and local currency bonds have also been downgraded to ‘BBB-‘ from ‘BBB’. The Outlooks on the Long-term IDRs are Negative. The Country Ceiling has been lowered to ‘BBB-‘from ‘BBB’. The Short-term foreign currency IDR has been affirmed at ‘F3’.

Read More

London, 12 December 2014

Fitch Ratings has downgraded France’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘AA’ from ‘AA+’. This resolves the Rating Watch Negative (RWN) placed on France’s ratings on 14 October 2014. The Outlooks on France’s Long-term ratings are now Stable. The issue ratings on France’s unsecured foreign and local currency bonds have also been downgraded to ‘AA’ from ‘AA+’ and removed from RWN. At the same time, Fitch has affirmed the Short-term foreign currency IDR at ‘F1+’ and the Country Ceiling at ‘AAA’.

Read More

London 25 April 2014

Fitch Ratings has upgraded Spain’s Long-term foreign and local currency Issuer Default Ratings (IDRs) to ‘BBB+’ from ‘BBB’ The issue ratings on Spain’s senior unsecured foreign and local currency bonds have also been upgraded to ‘BBB+’ from ‘BBB’. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling was raised to ‘AA+’ from ‘AA’ and the Short-term foreign currency IDR affirmed at ‘F2’.

Read More

London 25 April 2014

Fitch Ratings has revised Italy’s Outlook to Stable from Negative. At the same time the agency has affirmed Italy’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘BBB+’. The issue ratings on Italy’s senior unsecured foreign and local currency bonds were also affirmed at ‘BBB+’. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F2’.

Read More

Fitch Ratings, London 08 March 2013

Fitch Ratings has downgraded Italy’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘BBB+’ from ‘A-‘. The Outlook on the Long-term IDRs is Negative. Fitch has simultaneously affirmed the Short-term foreign currency IDR at ‘F2’ and the common eurozone Country Ceiling for Italy at ‘AAA’.

KEY RATING DRIVERS

The downgrade of Italy’s sovereign ratings reflects the following key rating factors:

  • The inconclusive results of the Italian parliamentary elections on 24-25 February make it unlikely that a stable new government can be formed in the next few weeks. The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession.
  • Q412 data confirms that the ongoing recession in Italy is one of the deepest in Europe. The unfavourable starting position and some recent developments, like the unexpected fall in employment and persistently weak sentiment indicators, increase the risk of a more protracted and deeper recession than previously expected. Fitch expects a GDP contraction of 1.8% in 2013, due largely to the carry-over from the 2.4% contraction in 2012.
  • Due to the deeper recession and its adverse impact on headline budget deficit, the gross general government debt (GGGD) will peak in 2013 at close to 130% of GDP compared with Fitch’s estimate of 125% in mid-2012, even assuming an unchanged underlying fiscal stance.
  • A weak government could be slower and less able to respond to domestic or external economic shocks.

Read More