The international rating agency Fitch Ratings upgraded the long-term foreign-currency ratings of seven states joining the European Union
Published:
13 November 2003 y., Thursday
The international rating agency Fitch Ratings upgraded the long-term foreign-currency ratings of seven states joining the European Union: Cyprus (A+), Latvia (BBB+), Lithuania (BBB), Malta (A), Poland (BBB+), Slovakia (BBB) and Slovenia (A+). Fitch expects that the ratings of the countries scheduled to join the EU will increase by 2-3 points over the present level after these countries adopt the euro. Full membership in the euro zone will reduce the risk resulting from unbalanced payments and sudden external changes.
Raising the rating for Poland to BBB+ means that, in the opinion of Fitch, the budget bill and medium-term financial strategy will not influence the evaluation of Polish debt in zlotys and foreign currencies, and that there is no danger of lowering the rating of the country's credibility.
Thus, it was quite a surprise that S&P agency decided Nov. 5 to lower the long-term rating for Polish Treasury bonds issued in domestic currency from A to A-. At the same time, the agency maintained its previous rating for foreign currency debt at BBB+. According to S&P analysts, the main reasons behind the decision include the growing budget deficit and public debt.
Šaltinis:
warsawvoice.pl
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission today concluded on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.
more »
Over 2000 former construction workers in Spain and nearly 600 ex-employees of Irish glass company Waterford Crystal and its suppliers will receive a total of €11 million in aid from the EU Globalisation Adjustment Fund to help with training, business start-ups and job guidance under plans agreed by MEPs and the Council of Ministers.
more »
MEPs on Tuesday decided six top priorities and a number of additional key issues for the upcoming negotiations on the 2011 budget.
more »
The EU-China Science and Technology Week starts today at the heart of World Expo Shanghai.
more »
European Climate Action Commissioner Connie Hedegaard and European Investment Bank President Philippe Maystadt agreed on Monday to explore a joint climate finance initiative for developing countries as part of the European Union commitment made at the UN climate conference in Copenhagen last December.
more »
Sustainability, competitiveness and security of energy supply: the three pillars to the foundation of a new EU energy community.
more »
EU Trade Commissioner Karel De Gucht and Palestinian Minister of National Economy Hasan Abu-Libdeh today discussed measures to enhance EU-Palestinian bilateral trade relations and to facilitate trade of Palestinian products to EU markets.
more »
Some of the most innovative and exciting transport research projects funded by the EU are being showcased at the Transport Research Arena (TRA) in Brussels this week.
more »
Nowadays we rely heavily on satellite positioning and navigation, but the only available technology is American.
more »
The European Commission will reveal how it aims to revamp its transport networks policy in response to the challenges of the 21st century at a conference dedicated to the Trans-European Transport Network (TEN-T) in Zaragoza on 8 and 9 June.
more »