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Sovereign ratings wrap: S&P affirms Turkey; Fitch affirms Greece

S&P Global Market Intelligence presents a summary of ratings actions on sovereigns and other key territories from July 29 to Aug. 4, 2019.


* S&P Global Ratings affirmed Turkey's long-term foreign- and local-currency sovereign credit ratings at B+ and BB-, respectively, with a stable outlook, as well as its short-term ratings at B. The agency said Turkey's ratings remain constrained by weak government institutions, adding that limited checks and balances raise questions about the country's ability to address economic challenges and make future policy actions difficult to predict.

* Fitch Ratings affirmed Greece's long- and short-term issuer default ratings at BB-/B, citing the country's "exceptionally favorable" general government debt stock and strong fiscal performance, offset by weak growth potential over the medium term and high levels of banks' stock of nonperforming loans. The outlook on the long-term ratings is stable.

* Fitch affirmed Lithuania's long-term foreign-currency issuer default rating at A-, with a positive outlook. The rating agency said Lithuania's ratings reflect the country's strong economic institutions and public finances, set against a vulnerability to external shocks and a low GDP per capita compared with rating peers.

* Fitch affirmed Andorra's long- and short-term foreign-currency issuer default ratings at BBB+/F2, citing the principality's high GDP per capita, political stability and prudent fiscal policy. The outlook on the long-term rating is stable.

* DBRS confirmed Ireland's long- and short-term issuer ratings at A (high)/R-1 (middle), with a stable rating trend. The action reflects the rating agency's view that while Ireland's credit profile is supported by strong economic growth and an improving debt-to-GDP ratio, its ratings remain constrained by external developments, mainly the U.K.'s impending departure from the EU.

* Moody's affirmed Albania's long-term issuer and senior unsecured ratings at B, citing the country's favorable economic prospects, elevated but declining debt burden, and moderate susceptibility to banking system risk. The outlook remains stable on the back of broadly balanced credit risks.


* S&P affirmed Argentina's long- and short-term foreign- and local-currency ratings at B/B, citing the country's continued compliance with targets under its $57 billion bailout package from the IMF despite a second year of economic contraction and ahead of national elections in October. The outlook on the long-term ratings remains stable.


* S&P affirmed the Democratic Republic of the Congo's long- and short-term sovereign credit ratings at CCC+/C and revised the outlook on the long-term ratings to positive from stable. The outlook revision reflects decreasing domestic tensions and strengthening international relations, which could lead to improved political stability and in turn support economic growth.

* Moody's affirmed Iraq's long-term issuer and senior unsecured ratings at Caa1 and maintained the stable outlook, reflecting the country's weak institutions, high levels of political risk and vulnerability to fluctuations in oil prices.

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