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Sovereign ratings wrap: S&P, Fitch downgrade Argentina; DBRS confirms Belgium

S&P Global Market Intelligence presents a summary of ratings actions on sovereigns and other key territories from Aug. 12 to Aug. 18.


* Fitch Ratings affirmed Hungary's long- and short-term foreign- and local-currency issuer default ratings at BBB/F2, with a stable outlook on the long-term ratings. Fitch said Hungary's BBB rating reflects the country's strong structural indicators and stable macroeconomic performance, offset by high general government debt and risks from policy unpredictability.

* Fitch affirmed Georgia's long- and short-term issuer default ratings at BB/B, which it said are supported by the country's track record of resilience against regional shocks. The outlook on the long-term ratings is stable.

* DBRS confirmed Austria's long- and short-term issuer ratings at AAA/R-1 (high), with a stable trend. The rating agency said Austria's ratings reflect its stable economy and the government's conservative fiscal policy, adding that political uncertainty following the collapse of the coalition government in May is unlikely to substantially hinder the downward path of the country's public debt-to-GDP ratio.

* DBRS confirmed Belgium's long- and short-term issuer ratings at AA (high)/R-1 (high), citing the country's wealthy economy and strong net external asset position, balanced against high public sector debt and its exposure to external shocks. The trend on all ratings is stable.


* S&P Global Ratings downgraded Argentina's long-term credit ratings to B- from B, with a negative outlook, saying the market reaction to President Mauricio Macri's defeat in the Aug. 11 primary elections "has meaningfully weakened the sovereign's already vulnerable financial profile." S&P affirmed Argentina's short-term ratings at B.

* Fitch also downgraded Argentina's long- and short-term issuer default ratings to CCC/C from B/B, warning that the market reaction is weighing on the country's macroeconomic environment and financing conditions, increasing the prospects of a sovereign default or restructuring.

* Moody's withdrew Venezuela's C local- and foreign-currency issuer ratings for its own business reasons. The move came after Fitch also withdrew its ratings on Venezuela in June, citing U.S. sanctions imposed on the Latin American country.

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The S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in the news article were not prepared by S&P Global Ratings.