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Analysis
Fitch downgrades several emerging markets
Following the conclusion of its global review of the sovereign ratings of 17 major investment-grade 'emerging market' economies, Fitch Ratings downgraded the sovereign ratings of Bulgaria, Hungary, Kazakhstan and Romania, while it affirmed the sovereign ratings of, among others, Poland.Fitch affirmed the long-term foreign currency IDR of Poland at ‘A-’ with stable outlook, the long-term local currency IDR at ‘A’ with stable outlook, the short-term foreign currency IDR at ‘F2′ and the country ceiling at ‘AA-’.
In late October, another international credit rating agency, Standard & Poor’s, revised its outlook on the long-term foreign currency sovereign credit rating of Poland to stable from positive citing the expected adverse impact of the deteriorated international economic and financial environment on the economy. At the same time, the ‘A-/A-2′ foreign currency and ‘A/A-1′ local currency ratings were affirmed. The outlook on the long-term local currency sovereign credit ratings is stable.
