Fitch Ratings affirms Russia, Kazakhstan, Georgia, Turkey, Bulgaria and Hungary

3 March 2020 — press.release
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').


Russia affirmed at 'BBB'; Outlook Stable


On February 7, 2020, Fitch Ratings has affirmed Russia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BBB', Outlook is Stable. "Russia's 'BBB' IDRs reflect its credible and consistent policy framework, which supports improved macroeconomic stability and resilience to shocks, and strong public and external balance sheets underpinned by a solid sovereign net foreign asset position, low government debt and increasing fiscal savings." full press release


Kazakhstan affirmed at 'BBB'; Outlook Stable

On February 21, 2020, Fitch Ratings has affirmed Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. "Kazakhstan's 'BBB' IDRs balance large fiscal and external buffers, underpinned by accumulated oil-related fiscal revenues and a strong sovereign net foreign asset position, against high commodity dependence, a weak banking sector relative to peers, and lower governance scores than 'BBB' medians." full press release


Georgia affirmed at 'BB'; Outlook Stable

On February 14, 2020, Fitch Ratings has affirmed Georgia's Long-Term Foreign Currency (LTFC) Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. "Georgia's ratings are supported by governance and business environment indicators that are above the current medians of 'BB' category peers, and a track record of macroeconomic resilience against regional shocks. Confidence in the authorities' economic strategy is also anchored by an IMF Extended Fund Facility (EFF) programme. These credit strengths are balanced by government debt's significant exposure to foreign-currency (FC) risk, high financial dollarisation, and external finances that are significantly weaker than the majority of 'BB' category rated peers'." full press release


Turkey affirmed at 'BB-'; Outlook Stable

On February 21, 2020, Fitch Ratings has affirmed Turkey's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. "Turkey's 'BB-' rating reflects weak external finances, a track record of economic volatility, high inflation and political and geopolitical risks. These factors are set against Turkey's large and diversified economy, GDP per capita and Ease of Doing Business indicators that compare favourably with 'BB' medians, and moderate levels of government and household debt." full press release


Bulgaria affirmed at 'BBB'; Outlook Positive

On February 21, 2020, Fitch Ratings has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Positive Outlook. "Bulgaria's ratings are supported by its strong external and fiscal balance sheets and credible policy framework, underpinned by EU membership and gradual progress towards euro membership. The ratings are constrained by slightly lower income levels compared with the current 'BBB' median and unfavourable demographics, which could hinder growth over the long term. Governance indicators are in line with peers." full press release


Hungary affirmed at 'BBB'; Outlook Stable

On February 14, 2020, Fitch Ratings has affirmed Hungary's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. "Hungary's 'BBB' rating balances strong structural indicators and stronger and more stable macroeconomic performance than peers against high general government debt and risks from policy unpredictability and pro-cyclicality." full press release


Visit www.fitchratings.com for more information.
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