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Fitch acts on EMEA sovereigns

Fitch Ratings on July 22 changed various ratings of severalsovereigns in Europe, the Middle East and Africa as it applied its revisedsovereign criteria.

Fitch downgraded to BB from BB+ Croatia's long-term senior unsecuredlocal-currency bonds rating and its long-term local-currency issuer defaultrating, with a negative outlook. Fitch assigned the country a new short-termlocal-currency issuer default rating of B, while affirming its short-termforeign-currency issuer default rating at B.

The rating agency lowered to A+ from AA- Czech Republic'slong-term senior unsecured local-currency bonds rating and its long-termlocal-currency issuer default rating, with a stable outlook. The country wasassigned a new short-term local-currency issuer default rating of F1+ as itsshort-term foreign-currency issuer default rating was upgraded to F1+ from F1.

The agency downgraded Romania's long-term local-currencyissuer default rating and its senior local-currency bonds to BBB- from BBB,with a stable outlook. The agency also affirmed the country's various ratingsand assigned it a new short-term local-currency issuer default rating of F3.

Fitch downgraded Turkey's long-term local-currency issuerdefault rating to BBB- from BBB, with a stable outlook. The issue ratings onTurkey's long-term senior unsecured local-currency bonds were also cut to BBB-from BBB, with a short-term local-currency issuer default rating of F3 assignedto the country.

The agency downgraded Poland's long-term local-currencyissuer default rating and the issue ratings on the country's long-term seniorunsecured local-currency bonds to A- from A, with a stable outlook on theissuer default rating. The country's short-term foreign-currency issuer defaultrating was affirmed at F2, and a new F1 short-term local-currency issuerdefault rating was assigned.

Fitch also downgraded to F3 from F2 Andorra's short-termforeign-currency issuer default rating and to A from A+ Israel's long-termlocal-currency issuer default rating, while revising the outlook for Israel topositive from stable. Israel was also assigned a short-term local-currencyissuer default rating of F1.

Nigeria's long-term local-currency issuer default rating waslowered to B+ from BB-, with a stable outlook. The country was assigned a newshort-term local-currency issuer default rating of B.

South Africa's long-term local-currency issuer defaultrating was downgraded to BBB- from BBB, with a stable outlook, as the ratingagency assigned the country a short-term local-currency issuer default ratingof F3.

The agency lowered to BBB+ from A- Iceland's long-termlocal-currency issuer default rating, with a stable outlook, and assigned thecountry a short-term local-currency issuer default rating of F2. The issueratings on Iceland's long-term senior unsecured local-currency bonds have alsobeen downgraded to BBB+ from A-. In addition, the agency cut Lesotho'slong-term local-currency issuer default rating to B+ from BB-, with a stableoutlook, and assigned the country a short-term local-currency issuer defaultrating of B.

Fitch also downgraded to BBB- from BBB, with stableoutlooks, Morocco's and Namibia's long-term local-currency issuer defaultratings and the issue ratings on the countries' long-term senior unsecuredlocal-currency bonds. The rating agency also assigned both countries' newshort-term local-currency issuer default ratings of F3 and affirmed theirshort-term foreign-currency issuer default ratings at F3.

The rating agency assigned the U.K., Austria, Belgium,Luxembourg, France, Germany, Netherlands, Finland, Denmark, Norway, Kuwait,Qatar and Saudi Arabia short-term local-currency issuer default ratings of F1+.Ireland, Latvia and Malta were assigned F1 short-term local-currency issuerdefault ratings as their various ratings were affirmed. In addition, Fitchassigned B short-term local-currency issuer default ratings to Portugal,Macedonia, Georgia, Cyprus, Belarus, Azerbaijan, Serbia, the Republic of Congo,Gabon, Rwanda, Ethiopia, Bahrain, Egypt, Ghana, Kenya, Lebanon, Uganda, Zambiaand Côte d'Ivoire. The rating agency assigned an F3 short-term local-currencyissuer default rating to Hungary, F2 short-term local-currency issuer defaultratings to Kazakhstan and Italy, B short-term local-currency issuer defaultrating to Angola and C short-term local-currency issuer default rating toMozambique and Greece. The rating agency also affirmed San Marino's short-termforeign-currency issuer default rating at F2, among other actions on several othercountries.