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Sovereigns

Global Home > Sovereigns
rating action

Affirmed: Malaysia at 'A-'; Outlook Stable

The 'A-' rating reflects higher growth rates than the peer median and a net external creditor position which is supported by steady current account surpluses and large external assets.

rating action

Namibia's Outlook Revised to Negative; Affirms at 'BB+'

The revision of the Outlook to Negative reflects Namibia's weak growth performance and our downward assessment of growth prospects with adverse implications for the government's ability to stabilise the public debt trajectory. 

Eskom Support Shows South Africa's Mounting Fiscal Challenge

The South African government's announcement of support to Eskom has only a limited effect on the country's sovereign risk profile, as large contingent liabilities are already partly reflected in the sovereign rating. Efforts to contain the impact on the budget deficit by raising taxes and cutting wage expenditure three months before a parliamentary election show the government's commitment to fiscal sustainability.
 

Rating Action

Fitch Places the UK's 'AA' IDRs on Rating Watch Negative

This action reflects primarily the heightened uncertainty over the outcome of the Brexit process, and an increased risk of a disruptive 'no-deal' Brexit, where the UK would leave the EU without a withdrawal agreement in place. Fitch believes that a 'no-deal' Brexit would lead to substantial disruption to UK economic and trade prospects, at least in the near term. 

Webcast

Fitch Ratings on Uzbekistan - The Newest EM Sovereign Issuer

Now On-Demand

Fitch Ratings hosted a webcast with Erich Arispe, the primary analyst on Uzbekistan, and Paul Gamble, Head of Emerging Europe, in Fitch Ratings’ Sovereigns group. Erich and Paul discuss the key rating drivers on Uzbekistan, the newest emerging markets sovereign issuer.

 

Listen Now

rating action

Affirmed: Russia at 'BBB-'; Positive Outlook

Russia's ratings balance a very strong sovereign balance sheet, robust external finances and a credible macroeconomic policy framework against weaker growth prospects than peers, high commodity dependence, weak governance standards and geopolitical tensions. 

rating action

Greece Affirmed at 'BB-'; Outlook Stable

We expect the Greek economic recovery to gather further momentum in 2019. Pent-up investment demand, a declining unemployment rate, rising disposable income and moderate fiscal loosening are set to support domestic demand, which will offset the negative contribution to GDP growth of net trade.

rating action

Fitch Affirms Panama at 'BBB'; Outlook Stable

Macroeconomic imbalances are low in the context of high growth reflected by low inflation (0.8% in 2018) and a high current account deficit (8% of GDP in 2018) but fully funded by robust FDI inflows.

Webcast

Sovereign Hot Spots: Argentina, Brazil, Mexico, Turkey and South Africa

Now On-Demand

Fitch Ratings is hosting a panel discussion with senior analysts from the global Sovereigns team to discuss our most asked about “Hot Spots”.

 

Topics of discussion will include:

  • Argentina: Macro Policy Adjustment and Risks Ahead
  • Brazil: Is the Optimism Justified?
  • Mexico: Factors to Resolve its Negative Outlook
  • Turkey: Navigating Economic Adjustment, Policy Settings, and Political Risks
  • South Africa: Weak Growth, Fiscal Pressures, and Risks Around Parliamentary Elections

Available On-Demand Here

Bloomberg

Fitch's McCormack Says a Hard Brexit Could Push U.K. Into Recession

James McCormack, global head of sovereign and supranational group at Fitch Ratings, talks about the Brexit negotiations and the implications for the U.K. economy. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East."

rating action

Affirmed: Slovenia at 'A-'; Outlook Stable

Slovenia's ratings reflect GDP per capita levels and governance and human development indicators that are above the current 'A' median. The ratings are further supported by institutional strengths and a credible policy framework that come with EU and eurozone membership. 

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.

CNBC

James McCormack Discusses Generating jobs in Saudi Arabia on CNBC

Fitch's James McCormack, global head of sovereign ratings, discusses the changing workforce in the kingdom and the opportunities for the private sector. Watch video at CNBC

rating action

Andorra Affirmed at 'BBB+'; Outlook Stable

The Positive Outlook reflects increased confidence that the policy framework will continue to underpin macroeconomic stability and mitigate the economy's vulnerability to external shocks, and falling government debt/GDP underpinned by general government surpluses. 

rating action

Lithuania Affirmed at 'A-'; Outlook Positive

General government debt/GDP, at 34.1% at end-2018 is below peers (current 'A' median; 48.6%). Debt dynamics are distorted by pre-financing. Fitch forecasts debt/GDP to rise to 37.4% at end-2019, based on the planned pre-financing of an early 2020 maturity, before returning to a downward path in 2020. 

rating action

Affirmed: Greece at 'BB-'; Outlook Stable

Greece's 'BB-' rating is underpinned by high income per capita levels, which far exceed 'BB' and 'BBB' medians. While Greece's financial crisis exposed shortcomings in government effectiveness and put acute pressures on political and social stability, governance is still significantly stronger than in most sub-investment-grade peers.

Podcast: Fixed Interests

Public Finances at Risk When Next Recession Strikes

Public finances in several developed markets look exposed when the next recession eventually strikes, with potential negative consequences for some sovereign ratings.
 

Tune into the latest Fixed Interests with Tony Stringer, Managing Director, Global Sovereigns and Ed Parker, Head of EMEA Sovereign Ratings, to learn more.

Romania 2019 Budget Fails to Lift Fiscal Uncertainty

Romania's draft 2019 budget targets a reduction in the budget deficit, but is based on optimistic assumptions and fails to clarify uncertainty over the new bank tax, Fitch Ratings says. 

Rating Action

Fitch Affirms New Zealand at 'AA'; Outlook Stable

New Zealand's ratings are underpinned by very high governance standards, a demonstrated commitment to prudent fiscal management, and a credible policymaking framework that helps manage risks and respond to pressures.

Contacts

James McCormack

Global

James McCormack

Analytical Group Head

+44 20 3530 1286

Tony Stringer

Global

Tony Stringer

Analytical Chief Operating Officer

+44 20 3530 1219

Jose Santos

Global

Jose Santos

Business Group Head

+34 93 323 9044

Brian Coulton

Economics

Brian Coulton

Analytical

+44 20 3530 1140

Sing Chan Ng

APAC

Sing Chan Ng

Business

+65 6796 7210

Stephen Schwartz

APAC

Stephen Schwartz

Analytical

+852 2263 9938

Ed Parker

EMEA

Ed Parker

Analytical

+44 20 3530 1176

Claire Dopson

EMEA

Claire Dopson

Business

+44 203 530 1405

Paul Gamble

Emerging Europe

Paul Gamble

Analytical

+44 20 3530 1623

Jan Friederich

Middle East & Africa

Jan Friederich

Analytical

+852 2263 9910

Shelly Shetty

Latin America

Shelly Shetty

Analytical

+1 212 908 0324

Diego Alcazar

Latin America

Diego Alcazar

Business

+1 212 908 0396

Charles Seville

North America

Charles Seville

Analytical

+1 212 908 0277

Michele Napolitano

Western Europe

Michele Napolitano

Analytical

+44 20 3530 1623

Arnaud Louis

Global

Arnaud Louis

Analytical

Supranationals

+33 144 299 142

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