S&P Global Market Intelligence presents a summary of ratings actions on sovereigns and other key territories from Sept. 23 to Sept. 29.
EUROPE
* S&P Global Ratings upgraded Ukraine's long-term foreign- and local-currency sovereign ratings to B from B- and affirmed the short-term ratings at B, citing the country's improving economic growth and narrowing fiscal deficits. The rating agency also upgraded Ukraine's national-scale ratings to "uaA" from "uaBBB" and raised its real GDP growth forecast for the country to 3.2% for 2019 from a previous estimate of 2.5%.
* Moody's affirmed Slovakia's long-term issuer and senior unsecured ratings at A2 and changed the outlook to stable from positive. The outlook revision reflects the absence of material improvements to Slovakia's institutional strength and the deterioration in long-term fiscal sustainability after parliament passed a law capping the retirement age at 64, reversing past pension reforms that had originally set the pension age in line with life expectancy.
* Fitch upgraded Serbia's long-term foreign- and local-currency issuer default ratings to BB+ from BB and affirmed the short-term ratings at B, citing a consolidation of the country's stable macroeconomic position in recent years. The rating agency said progress in addressing weaknesses in state-owned banks remains mixed. The outlook is stable.
* Fitch affirmed Poland's long-term issuer default ratings at A-, with a stable outlook, reflecting the country's diversified economy and strong macroeconomic fundamentals, balanced against lower GDP per capita and higher net external debt than the peer median. The rating agency also affirmed the country's short-term foreign- and local-currency issuer default ratings at F2 and F1, respectively.
* Capital Intelligence Ratings affirmed Slovenia's long- and short-term foreign- and local-currency ratings at A-/A2, with the outlook on all ratings remaining stable. The rating agency withdrew the sovereign ratings.
AMERICAS
* S&P upgraded Jamaica's long-term sovereign credit ratings to B+ from B, with a stable outlook, citing the country's improving external liquidity and ability to withstand external shocks. The rating agency affirmed Jamaica's short-term ratings at B.
* Fitch affirmed Peru's long-term foreign- and local-currency issuer default ratings at BBB+ and A-, respectively, with a stable outlook, citing the country's strong balance sheets and consistent macroeconomic policies, balanced against its high commodity dependence and low government revenue base. The rating agency has revised down its economic growth forecasts for Peru to 2.5% from 3.5% for 2019 and to around 3.0% from 3.7% for 2020-2021, as global growth and trade uncertainty is expected to weigh on the country's exports. Peru's short-term ratings were affirmed at F1.
ASIA
* Fitch affirmed Taiwan's long- and short-term issuer default ratings at AA-/F1+, with a stable outlook. The affirmation reflects the island's robust external finances and strong macroeconomic policy framework, balanced against its relatively low per capita income and complex relations with mainland China that could raise the risk of economic and political shocks.
* Fitch affirmed Sri Lanka's long- and short-term issuer default ratings at B/B, with a stable outlook, reflecting the country's high government debt and subdued economic growth, as well as higher human development standards and per capita income levels. The rating agency warned that upcoming presidential and parliamentary elections risk policy slippage and a resumption of political tensions.
MIDDLE EAST AND AFRICA
* S&P affirmed Saudi Arabia's unsolicited long- and short-term sovereign credit ratings at A-/A-2. The outlook is stable, reflecting the agency's expectation that oil production facilities that were hit in drone attacks earlier this month will be quickly repaired, and that the country will maintain a moderate pace of economic growth over the next two years.
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