Monday, November 10, 2008
Fitch Downgrades Credit Ratings of 10 Countries
Fitch downgraded the credit ratings of 10 countries today, including Russia, Mexico, South Korea, South Africa, Chile, Malayasia, Hungary, Romania, Bulgaria and Kazakhstan. As stated in a press release:
" The Long-term foreign currency Issuer Default Ratings (IDR) of Bulgaria and Kazakhstan are downgraded to 'BBB-' (BBB minus) from 'BBB', with Stable and Negative Outlooks respectively. Hungary's Long-term foreign currency IDR is downgraded to 'BBB' from 'BBB+' and the Outlook revised to Stable from Negative given the IMF-led rescue package. Romania's Long-term foreign currency IDR is downgraded to 'BB+' from 'BBB' with Negative Outlook, as the risk of a severe economic and financial crisis increases.According to the International Monetary Fund, Russia is the world's 11th biggest economy; Mexico is number 13; and South Korea is 14.
The rating Outlooks on four - Korea ('A+'), Mexico ('BBB+'), Russia ('BBB+') and South Africa ('BBB+') - are revised to Negative from Stable; while the rating Outlooks on Chile ('A') and Malaysia ('A-' (A minus)) have also been revised to Stable from Positive."
So some major economies took a hit today.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment
→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).
→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).
→ The following types of comments will be deleted if we happen to see them:
-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over
-- Comments that explicitly call for violence
→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.