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.
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