Recession in the eurozone has now become the most likely possibility against the backdrop of the intensifying natural gas crisis, Fitch Ratings estimates in its new report. In particular, as the rating agency reports, the complete cessation of Russian natural gas flows to the EU increasingly looks like the logical assumption for the elaboration of […]
Tag: Fitch
Ukraine: S&P and Fitch declare Kyiv in a state of selective bankruptcy
The international rating agencies S&P and Fitch Ratings yesterday downgraded the creditworthiness of the Ukrainian government in terms of bonds and other securities denominated in foreign currencies, explaining that they consider the two-year moratorium on the repayment of Ukraine’s foreign debt to be a selective default. Earlier this week, Ukraine’s sovereign overseas creditors, including the […]
Fitch downgrades Ukraine’s economy after proposal to postpone bond payments
Ratings agency Fitch Ratings downgraded Ukraine’s economy after the country began the formal process of suspending payments on its foreign bonds and restructuring $22.8 billion in public debt following Russia’s invasion. As Bloomberg reports, the country’s credit rating was downgraded to C from CCC on Friday by Fitch, which said the government’s request to defer […]
‘Bell’ from Socete Generale for Turkey: The Turkish lira will reach 22 against the dollar
The Turkish lira is expected to be among the emerging market currencies hardest hit by the global economic downturn, a report by Societe Generale says. In the short term, the pound and the currencies of other developing countries face fresh problems, according to a report by Societe Generale strategists. The French bank said the Turkish […]
Fitch: Draghi’s resignation portends political uncertainty in Italy
The rating agency Fitch in its analysis underlines that “the resignation of Italian Prime Minister Mario Draghi, after the rift that occurred within the government of national unity, portends greater political uncertainty, even if early parliamentary elections are avoided in Italy”. “The short-term consequences for fiscal policy depend on the political outcome of the whole […]
Fitch: ‘Prohibitive’ to any exit of the Greek banks to the markets by the current crisis
Her Eleftherias Kourtalis Although the road to single-digit NPEs for the entire Greek banking sector remains open despite the current difficult economic environment, Fitch estimates that plans to exit the markets will be put on hold due to the jump in credit spreads. In more detail, as Fitch notes in today’s report on the outlook […]
Fitch: Turkey’s economic policy raises risks to public finances and forex
Ratings agency Fitch warned in a new report last week that Turkey’s recent economic policy is raising risks to public finances and the state’s position in the foreign exchange (FX) market. “Increasingly interventionist and unpredictable policies could further undermine domestic confidence and access to external financing, as authorities continue to focus on maintaining high growth […]
Fitch: Further downgrade to junk for the Turkish economy
Ratings agency Fitch Ratings further downgraded Turkey’s public debt rating to “junk” level, stressing that the government’s policies are contributing to “spiking inflation” and discouraging capital inflows. The rating agency lowered Turkey’s rating to B from B+, taking it five notches below investment grade. The outlook for Turkey is negative, Fitch said. “Guided by policy […]
Fitch: Greece’s rating unchanged at ‘BB’, stable outlook
LAST UPDATE: 00.40 The American rating agency Fitch kept Greece’s credit rating unchanged at “BB”, while keeping the outlook at “positive”, according to the report published late Friday evening. The main assessment factors: Positive outlook: Greece has a high per capita income that far exceeds the median of “BB” and “BBB” rated countries. Its governance […]
SocGen, Citi: How well-founded are the hopes for an upgrade of Greece today by Fitch
Her Eleftherias Kourtalis Following the recent moves by S&P and DBRS which brought Greece just one rung ahead of investment grade, keeping within reach the government’s goal of regaining this milestone by 2023, the market hopes that similar positive news will be “heard” ” and from Fitch today. However, both Société Générale and Citigroup estimate […]