S&P Global Market Intelligence presents a summary of ratings actions on sovereigns and other key territories from Sept. 9 to Sept. 15.
EUROPE
* S&P Global Ratings affirmed Portugal's long- and short-term sovereign credit ratings at BBB/A-2 and revised the outlook to positive from stable, citing improvements in the country's ability to service external debt. The rating agency said a supportive monetary policy from the European Central Bank has helped Portugal reduce the cost of servicing its commercial external debt.
* DBRS confirmed Slovakia's long- and short-term foreign- and local-currency issuer ratings at A (high)/R-1 (middle), with a stable trend on all ratings. The confirmation reflects DBRS' view that while Slovakia's economic growth is decelerating amid a wider European slowdown, it is still expected to remain sound at about 2.5% in the 2019-2020 period.
* Capital Intelligence Ratings affirmed Cyprus' long- and short-term foreign-currency ratings at BB+/B. The outlook on the long-term rating remains positive.
AMERICAS
* DBRS upgraded Argentina's short-term issuer ratings to R-5 from selective default, or SD, after the country started making payments on its newly rescheduled short-term debt obligations. The agency also placed the ratings under review with negative implications, saying short-term debt repayments still remain in doubt since they will come due shortly after the inauguration of a likely new administration, with a general election slated to take place in October.
* DBRS confirmed Brazil's issuer ratings at BB (low)/R-4, with a stable trend on all ratings. The agency said planned pension reforms, if fully approved by the legislature, will reduce fiscal risk, though additional tightening measures will still be required to further improve the country's debt sustainability.
* Moody's affirmed Cuba's long-term foreign- and local-currency issuer ratings at Caa2, with a stable outlook. The rating agency cited Cuba's unfavorable near-term growth prospects due to tighter U.S. travel restrictions, balanced against expectations that the country's credit metrics will remain broadly stable.
ASIA
* DBRS confirmed Singapore's issuer ratings at AAA/R-1 (high), with a stable trend on all ratings. The agency said its confirmation reflects Singapore's solid economic and institutional fundamentals, its prudent fiscal framework and large net creditor position.
MIDDLE EAST AND AFRICA
* S&P affirmed Jordan's sovereign credit ratings at B+/B, with a stable outlook. The ratings reflect the country's large external financing needs and the impact of regional conflicts, balanced against expectations of strengthening economic growth prospects.
* S&P affirmed Nigeria's sovereign credit ratings at B/B, citing the country's low economic wealth and weak institutional capacity, balanced against its relatively low general government debt stock and moderate international reserves. The rating agency noted that Nigeria's external debt is rising, but it is considered moderate and it remains lower than similarly rated peers.
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