S&P Global Market Intelligence presents a summary of ratings actions on sovereigns and other key territories from Sept. 16 to Sept. 22.
EUROPE
* S&P Global Ratings upgraded Spain's unsolicited long- and short-term foreign- and local-currency sovereign credit ratings to A/A-1 from A-/A-2, with a stable outlook. The rating agency said that despite the ongoing political impasse that is set to lead to the fourth general election in four years, Spain's economy remains resilient, with GDP growth expected to continue exceeding the eurozone average over the next three years.
* DBRS confirmed Spain's long- and short-term foreign- and local-currency issuer ratings at A/R-1 (low) and changed the trend on all ratings to positive. The rating agency also expects the Spanish economy to continue to outperform the eurozone average growth in 2019-2020.
* Moody's affirmed Cyprus' long-term issuer and senior unsecured ratings at Ba2 and changed the outlook to positive from stable, citing the island's declining exposure to event risk and improving fiscal strength. The rating agency also affirmed Cyprus' short-term ratings at Not Prime and (P)NP.
* Moody's affirmed Georgia's long-term issuer and senior unsecured ratings at Ba2 and maintained the stable outlook, citing the country's strong governance and its moderate debt burden, weighed against low income levels and a small economy that is subject to shocks.
* Fitch Ratings affirmed Denmark's long- and short-term foreign- and local-currency issuer default ratings at AAA/F1+, reflecting the country's wealthy economy, though it is vulnerable to a weaker external environment. The outlook on the long-term ratings is stable.
ASIA
* Moody's revised the outlook on Hong Kong's Aa2 issuer rating to negative from stable, reflecting the growing risk that the ongoing protests will erode the strength of the territory's institutions and undermine its credit fundamentals.
MIDDLE EAST AND AFRICA
* Moody's upgraded Mozambique's long-term issuer ratings to Caa2 from Caa3 and maintained the stable outlook, following progress in a bond restructuring that will see holders of the country's sole bond, which is due in 2023 and in default since early 2017, against a new one with a longer maturity and lower coupon. The upgraded ratings still indicate a high risk of default and limited access to funding, the rating agency noted.
* Moody's changed the outlook on Ethiopia to negative from stable and affirmed the country's long-term issuer and senior unsecured ratings at B1, citing rising risks related to the decline in government revenue generation and rise in state-owned enterprises' external debt. Although the government is bringing structural reform and privatization in the country, the implementation risk is still persistent, Moody's said.
Links are current as of publication time; we are not responsible if those links are unavailable later.
