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Sovereigns

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Rating Action

Fitch Downgrades the UK to 'AA-'; Negative Outlook

The downgrade reflects a significant weakening of the UK's public finances caused by the impact of the COVID-19 outbreak and a fiscal loosening stance that was instigated before the scale of the crisis became apparent. The downgrade also reflects the deep near-term damage to the UK economy caused by the coronavirus outbreak and the lingering uncertainty regarding the post-Brexit UK-EU trade relationship.

Rating Action

Fitch Affirms United States at 'AAA'; Outlook Stable

The U.S. sovereign rating is supported by structural strengths that include the size of the economy, high per capita income and a dynamic business environment. The U.S. benefits from issuing the U.S. dollar, the world's pre-eminent reserve currency, and from the associated extraordinary financing flexibility.

Outlook 2020

Fitch Ratings Updates 2020 Sector Outlooks To Reflect Coronavirus Impact

Fitch Ratings has reviewed and updated our sector outlooks globally in response to the rapidly deteriorating macroeconomic and operational environment linked to the effects of the coronavirus pandemic: 83% of sector and structured finance asset performance outlooks are negative, up from 21% at the beginning of 2020. There are no positive sector outlooks. 

Oil Price Fall Weakens GCC Buffers

The fall in oil prices will significantly widen fiscal deficits in the Gulf Cooperation Council (GCC) countries, Fitch Ratings says. Wider deficits will accelerate drawdowns from wealth funds and debt issuance.
 

Global Economic Outlook

Coronavirus Crisis Is Crushing Global GDP Growth

The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly "Global Economic Outlook" (GEO). We have nearly halved the Fitch baseline global growth forecast for 2020 - to just 1.3% from 2.5% in the December 2019 GEO. The revision leaves 2020 global GDP USD850 billion lower than in the previous forecast.  Related Report: Global Economic Outlook

WebinarGlobal Economic Outlook
March 27, 2020 at 9:30am (EDT) | 1:30pm (GMT)
Join Brian Coulton, Fitch Ratings Chief Economist in conversation with James McCormack, Global Head of Sovereigns, to discuss our Global Economic Outlook. Listen Now

More on Coronavirus

Fixed Interests Podcast

Lockdown

With the coronavirus crisis taking an extraordinarily heavy toll on the world economy, Tony Stringer, Chief Operating Officer, Sovereigns and Brian Coulton, Chief Economist, discuss the latest Global Economic Outlook forecasts and downside scenarios.

 

Related:

Coronavirus Crisis Is Crushing Global GDP Growth

Coronavirus to Weaken Eurozone Fiscal Positions amid Recession

The ECB's EUR750 billion bond-buying reduces refinancing risk for eurozone sovereigns and will help facilitate their fiscal responses to the coronavirus crisis, Fitch Ratings says. In line with our global approach, we will aim to assess how far urgent fiscal measures could lead to medium-term deteriorations in public finances when incorporating crisis responses into our sovereign credit analysis.

Fitch Downgrades Lebanon's Long-Term Foreign-Currency IDR to 'RD'

Fitch Ratings has downgraded Lebanon's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'RD' from 'C'. The issue rating on the USD1.2bn Eurobond on which the government has defaulted was downgraded to 'D' and withdrawn for the following reason: Bankruptcy of the rated entity, debt restructuring or issue/tranche default.

Oil Shock Compounds Sovereign Credit Risks from Coronavirus

The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings. In developed markets, the key drivers will be the effect on growth, if it persists, and the fiscal and monetary responses. Emerging markets face additional risks related to commodity export receipts, capital flows and exchange-rate pressures.

Related: Oil Shock Compounds Sovereign Credit Risks from Coronavirus

Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters

The economic impact of the coronavirus combined with the associated policy responses is likely to result in a higher-than-average number of sovereign rating actions in 2020, and a more pronounced downward bias in sovereign rating changes than in any year since the aftermath of the global financial crisis in 2009.

UK Budget Loosens Fiscal Stance as Coronavirus Adds to Uncertainty

The UK budget represents significant fiscal loosening and will lead us to increase our deficit projections as part of our regular sovereign rating review process, Fitch Ratings says. The forecasts will also reflect our initial assessment of the possible economic impact of COVID-19, the disease caused by the coronavirus.
 

New Malaysia Govt Confronts Coronavirus and Oil Price Shocks

The challenges posed by Malaysia's recent political volatility and the global coronavirus epidemic are being exacerbated by a sharp drop in oil prices that will add to the strains on the nation's public finances.

Oil Shock Compounds Sovereign Credit Risks from Coronavirus

The dual impact of COVID-19 and the significant oil price shock will pressure some sovereign credit fundamentals and potentially ratings. In developed markets, key drivers will be the effect on growth, if it persists, and the fiscal and monetary responses. Emerging markets face additional risks related to commodity export receipts, capital flows and exchange-rate pressures.

Coronavirus Increases Pressure on Morocco's External Finances

Downside risks for Morocco's current account deficit (CAD) and external finances have increased significantly due to the COVID-19 pandemic global shock, Fitch Ratings says. Nonetheless, Morocco has buffers to manage increased pressures, including recently displayed willingness to adjust the flexibility of the exchange rate regime.

Fiscal Space Limited for Many Sovereigns

Fiscal easing will be part of the optimal policy response to economic shocks or downturns, particularly for sovereigns with strong public finances, Fitch Ratings says. However, fiscal loosening rarely pays for itself, and persistent deterioration in public finances will increase the risk of sovereign rating downgrades.
 

Highlight Report
Global Sovereigns Face Limits to Fiscal Space

Ireland: Elections and Rating Assessment

In the latest edition of  Fixed Interests, Michele Napolitano, Head of Western Europe Sovereigns and Alex Muscatelli, Director, Western Europe Sovereigns, discuss the  outcome of Fitch's rating review for the region, and the implications of Ireland’s recent election which resulted in a fragmented parliament and a potentially long government formation process. 

 

Related:

Fitch Affirms Ireland at 'A+'; Outlook Stable

Coronavirus

Oil and Coronavirus Shocks Add Pressure for MEA Sovereigns

A sharp drop in oil prices adds to rating pressures for oil-exporting Middle East and Africa (MEA) sovereigns with vulnerable public and external finances. A slump in tourism, weakening demand for non-oil exports, and financial volatility associated with the coronavirus epidemic could also pressure rating metrics in the region.

Related:

 

More on the Coronavirus

Fitch Affirms Tunisia at 'B+'; Outlook Negative

Tunisia's ratings are weighed down by wide current account deficits, high fiscal and external debt, a challenging political environment and subdued economic growth. This is balanced against strong governance indicators, continued support from official creditors underpinning the sovereign's financing flexibility and a diversified economy. .

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ESG Monthly

Our new ESG monthly newsletter includes our global ESG perspectives across all rated sectors and countries, with commentary covering our views on ESG credit risk and the broader macro trends in ESG and the debt capital markets. 

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Hong Kong Budget Sees Sustained Softening of Public Finances

The considerable weakening of Hong Kong's medium-term fiscal position - as outlined in the budget delivered on 26 February - is unlikely by itself to put downward pressure on the territory's rating, given its large fiscal reserve.

South Africa Budget Highlights Scale of Fiscal Deterioration

South Africa's 2020 Budget highlights the severe deterioration underway in public finances and the long-term policy challenge of stabilising government debt. Fiscal metrics worsened moderately compared with the Medium-Term Budget Policy Statement (MTPBS) in October, despite the announcement of significant expenditure cuts. 

Webinar

CFA Franc Reform and Francophone African Sovereigns

Topics of discussion will include:

  • Sub-Saharan Africa Sovereigns  Outlook
  • WAEMU and CEMAC Currency Reforms – Sovereign Implications
  • Cote d’Ivoire – Presidential Elections and Rating Trends

Listen Now

Fixed Interests Podcast

Unrest in Chile and Colombia: The Economic Impact & Risks Ahead

What are the economic and political implications of the recent social protests in Chile and Colombia, and what does the future hold? In the latest edition of Fixed Interests, Shelly Shetty, Co-Head of Sovereigns-Americas and Richard Francis, Director of Sovereign Ratings and Primary Analyst for Colombia and Chile, discuss the aftershocks of the recent social unrest.
 

Related:
Chile’s Policy Response to Unrest Will Erode Buffers
Colombia’s 2020 Fiscal Target Will Prove Challenging To Meet

Webinar

What Investors Want to Know: India Sovereign and Financial Institutions

Please Join Fitch Sovereigns and Financial Institutions analytical teams as they discuss their views on key issues affecting Indian sovereign, banks and NBFIs.

Listen Now

Related Content
Indian FIs' Challenges Ongoing Amid Slowdown and Weak Funding

Fiscal Space Facilitates Singapore's Use of Stimulus Measures

Singapore retains exceptionally strong external and fiscal balance sheets, and the wider budget deficit unveiled this week does not jeopardise Singapore's 'AAA' rating, which was affirmed with a Stable Outlook last August.

special report

China Perspectives: An Economic Roadmap for COVID-19

The inaugural issue of our monthly commentary series discusses the economic roadmap for COVID-19. The severity of the economic shock from the outbreak of the COVID-19 novel coronavirus, even if eventually short-lived, will almost certainly command some kind of economic policy response.

Lebanon's Financial Position Points to Debt Restructuring

Although Lebanon technically retains foreign-exchange reserves sufficient to service its sovereign debt repayment obligations in 2020-21, the costs of meeting its obligations would be so high that this outcome appears politically unrealistic. Fitch believes that some form of government debt restructuring is probable, as reflected in our decision to downgrade the sovereign's rating to 'CC' in December 2019.

South Africa President's Speech Highlights Challenges to Credit Outlook

The scale of the challenges outlined in the South African president's state of the nation address highlights factors behind Fitch Ratings' Negative Outlook on the South Africa sovereign rating of 'BB+'. President Cyril Ramaphosa's speech on 13 February promised progress, but offered only partial detail on key policy areas, including stabilising the electricity sector, improving public finances, accelerating growth and land reform.

Fixed Interests Podcast

CIS and Black Sea Region Rating Cycle Slowing

Improved economic policy frameworks have helped Commonwealth of Independent States (CIS) and Black Sea sovereigns recover from the 2014 commodity price slump and Ukraine crisis.

 

Related:

CIS and Black Sea Sovereign Rating Momentum Likely to Slow

Irish Election Inconclusive, but Some Fiscal Easing Is Likely

Ireland's parliamentary elections point to a fragmented parliament and potentially a long government formation process, Fitch Ratings says. Detailed policy implications may take time to emerge, but some fiscal loosening seems likely.

CIS and Black Sea Sovereign Rating Momentum Likely to Slow

Improved economic policy frameworks have helped Commonwealth of Independent States (CIS) and Black Sea sovereigns recover from the 2014 commodity price slump and Ukraine crisis.

India's Budget Targets Slide Amid Growth Slowdown

The Indian government's budget for the fiscal year ending March 2021 (FY21) implies a modest degree of slippage from previous targets to consolidate public finances, says Fitch Ratings. However, its contents are consistent with our expectations when we affirmed the country's sovereign rating at 'BBB-'/Stable in December 2019.

Indonesian Government-Related Entities' Leverage to Continue to Rise

Indonesian government-related entities' (GRE) leverage is likely to keep rising in the next few years due to their role in executing the government's infrastructure development plans, their own capacity expansions, and mergers and acquisitions.

award

Fitch Ratings Named Best ESG, Investment Grade, Public Finance and Sovereigns Agency

Fitch Ratings has been recognised by The Asset as the Credit Rating Agency of the Year (2019) in four categories. This includes a first-time win in the publication's Triple A Award for ESG, a back-to-back award for Investment Grade, the third award in a row for Sovereigns and the fifth consecutive win for Public Finance.

UK's EU Exit Does Not End Uncertainty

The effect of post-Brexit developments in the UK-EU relationship on the UK's economy and public finances will remain an important factor in our UK sovereign rating assessment after the UK leaves the EU on 31 January.

Preview of the Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Stephen Schwartz, Head of APAC Sovereigns and Lim Guan Eng, Finance Minister of Malaysia discuss Malaysia’s economic outlook and challenges, budget policies, outlook of the political developments, governance and Malaysia’s role on the international stage.

 

Watch the full interview here

 

Related:

Malaysia Confronts Challenge of Shoring up Investor Confidence

Cote d'Ivoire's Presidential Election to Test Stability

High political risks around the upcoming presidential election in October continue to weigh on Cote d'Ivoire's credit profile, Fitch Ratings says. Our baseline remains for the election to pass peacefully but with a significant risk of a disruptive political crisis.
 

Coronavirus' Severity Will Frame Effect on Corps, Sovereigns

The scale of the current Wuhan coronavirus outbreak would have to increase substantially to have a significant impact on credit ratings. However, under such a scenario, we would expect global corporates exposed to travel and tourism to be most at risk of being affected.

Fixed Interests Podcast

Asian Frontier Markets

Asia’s Frontier Markets have great potential, but are also prone to external financing pressures. In the latest edition of Fixed Interests, Stephen Schwartz, Head of Asia-Pacific Sovereign Ratings, moderates a discussion with Sagarika Chandra and Jeremy Zook, Associate Directors on the Sovereigns team, to discuss the ratings outlook for Sri Lanka, Pakistan and Vietnam.

Related:

 

Political and Policy Risks Weigh on EM Sovereign Creditworthiness in 2020

Heightened tensions in the Middle East following the killing of Iranian general Qassem Soleimani as well as a wave of protests reflecting public discontent centred on economic issues has underlined the vulnerability of emerging markets (EM) to political risk. 

outlooks 2020

Credit Journal: 2020 Credit Outlooks

Our Credit Journals are a curated compilation of Fitch Ratings’ in-depth research and commentary. This special edition covers our global sovereigns and macroeconomic credit outlooks for 2020.

Download the 2020 Credit Outlooks edition.

outlooks 2020

Fitch’s View of the World - Global Sovereign Outlook 2020

Speaking at our Credit Outlook Conference in London, James McCormack, Global Head of Sovereign and Supranational Ratings, discusses Political Risks noting “there could be a significant change in the direction of economic policy in the U.S., which could have global implications”

View all Outlooks: 

Credit Outlooks 2020

Global Sovereigns Outlook 2020

US-China Deal Helps World Growth Stabilise; Uncertainties Persist

The signing of the US-China "Phase One" trade deal will boost business confidence and supports our view that global economic growth will stabilise in 2020.

Turkish Monetary Policy Credibility Still a Key Rating Weakness

Weak monetary policy credibility and the large reduction in Turkish real interest rates since last summer continue to weigh on Turkey's rating of 'BB-' with a Stable Outlook, Fitch Ratings says.

Oman's Fiscal Challenges to Remain Post-Succession

The elevation of Haitham bin Tariq al-Said as Oman's new Sultan will entail continuity of fiscal policies, Fitch Ratings believes. The rapid succession is in line with our long-standing assumption of a smooth transition from his cousin, Sultan Qaboos, who died January 10 aged 79. Twin fiscal and external deficits and rising indebtedness remain the key risks to Oman's BB+/Stable rating, which was affirmed in July 2019.

Sharp Rise in Cross-Strait Tensions Unlikely Despite DPP Win

The outcome of Taiwan's elections further underscores the geopolitical risks associated with the island's complex relations with the mainland, as captured in Fitch Ratings' 'AA-' rating and Stable Outlook. However, the re-election of President Tsai Ing-wen, and the renewed majority for her Democratic Progressive Party (DPP) in the legislature, is unlikely to mark a sea change in cross-Strait relations.

Webinar

2020 Outlook for Latin America Sovereigns

Fitch expects mild economic recovery for Latin America in 2020. Growth will remain below potential for most countries. Material downside risks persist especially in the context of slowing US and China growth coupled with domestic idiosyncratic risks. Join us for a webinar with the Latin America Sovereign Ratings Group to discuss the outlook for the region.
 

Listen Now

Webinar

Middle East Sovereigns Ratings - Implications of current events and 2020 Outlook

 Topics of discussion will include:

  • Implications of rise in US-Iran tensions for MENA sovereigns
  • Oman after the succession
  • Lebanon – scenarios through the crisis
  • GCC fiscal prospects: breakeven oil prices, debt issuance, SWFs and contingent liabilities
  • Non-GCC MENA – fiscal trends and social pressures     

Listen Now

Political Uncertainty Persists as Spain's New Govt Takes Office

The formation of Spain's new government is consistent with our expectations in our most recent sovereign rating review, but political uncertainty will persist, Fitch Ratings says. The government only narrowly secured parliamentary backing, and the Catalan regional government's policy of pursuing independence remains a potential source of political volatility.

New Austrian Government Looks Set to Maintain Fiscal Prudence

Austria's new government looks set to maintain prudent fiscal settings under the policy platform that it has put forward, Fitch Ratings says. This would be consistent with our expectations and underscores our view that debt/GDP will continue to fall.

Rise in US-Iran Tensions Already Captured in Sovereign Ratings

The potential for a broader escalation of conflict in the Middle East has increased with the death of senior Iranian general Qassem Soleimani, but remains contained as the US and Iran do not seem to have an interest in a full-scale confrontation, Fitch Ratings says. 

Fiscal Pressures Raise LatAm Vulnerability in Next Downturn

Growth in public debt burdens and fiscal deficits in many Latin American countries over the past decade will undermine the ability of governments to respond to shocks and a sharper than expected global slowdown in 2020. 

Outlooks 2020: The Coming Storm

High Indebtedness, Low Growth Shapes 2020 Global Credit Outlook

A combination of slowing economic growth, sustained low interest rates and unprecedented levels of indebtedness will broadly influence the global credit outlook in 2020, says Fitch Ratings. The aggregate rise in global indebtedness in 2019, which occurred as monetary authorities reversed course on rate hikes, will increase vulnerabilities for key sectors in the event of a more rapid than expected economic downturn.
 

Read the ReportFitch Ratings 2020: The Coming Storm

WAEMU Currency Reforms Unlikely to Affect Sovereign Ratings

The currency reforms in the West African Economic and Monetary Union (WAEMU) announced by Cote d'Ivoire's President, Alassane Ouattara, on 21 December 2019 are mainly symbolic, as the peg to the euro will be maintained and the currency will continue to benefit from a convertibility guarantee, says Fitch Ratings.

ratings action

Fitch Affirms South Africa at 'BB+'; Outlook Negative

Fitch Ratings has affirmed South Africa's's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Negative Outlook.

Webinar

Emerging Europe Sovereign Ratings: 2020 Outlook

Fitch Ratings hosted a webinar with Paul Gamble, Head of Emerging Europe Sovereigns, and Ed Parker, Head of EMEA Sovereigns, to discuss the 2020 outlook for Emerging Europe Sovereigns. 


Listen Now

outlooks 2020

China Credit Outlook

Stephen Schwartz, Head of APAC Sovereigns, discusses the outlook for China sovereign, banking sector and LGFVs with Andrew Fennell, Lead China Sovereign Analyst, Grace Wu, Head of Greater China Banks, and Terry Gao, Head of APAC Public Finance.

 

View all Outlooks: Credit Outlooks 2020

Rating Action

Fitch Affirms the UK at 'AA'; Off Rating Watch Negative; Outlook Negative

The outcome of the UK general election on 12 December means it is highly likely that the UK will leave the EU with a Withdrawal Agreement on 31 January 2020. This removes the short-term risk of a disruptive 'no-deal' Brexit, where the UK would leave the EU without a Withdrawal Agreement in place and is reflected in the removal of the RWN and affirmation of the UK's 'AA' rating.

US-China Trade Tensions Eased But Not Resolved

The "Phase One" trade deal reported to have been reached between US and Chinese negotiators offsets much of the damage done to global trade and activity prospects from earlier US plans to raise tariffs in October and December, according to Fitch Ratings. Nevertheless, trade tensions remain high and renewed escalation remains a significant risk.

Fitch Downgrades Lebanon to 'CC'

The downgrade of Lebanon's ratings reflects Fitch's view that a government debt restructuring or default is probable owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector that will deter capital inflows needed for Lebanon to meet its financing needs. 

outlooks 2020

Service Sector Resilience to Help Global Growth Stabilise in 2020

The resilience of the service sector and consumer spending growth in the advanced economies should help global growth stabilise next year, after a sharp decline in 2019, says Fitch Ratings in its new Global Economic Outlook (GEO).

View all Outlooks: 

Credit Outlooks 2020
Global Economic Outlook

Smoother Italy-EU Relations Do not Remove Fiscal Uncertainty

Italy's Draft Budgetary Plan (DBP) for 2020 and the European Commission's response confirm Fitch Ratings' view that the change of government in September has reduced the near-term risk that Italy disengages from EU fiscal rules and processes. However, it also highlights the likelihood of friction and the continuing absence of a credible longer-term strategy to reduce public debt in the face of weak real and nominal growth.

outlooks 2020

APAC Sovereign Outlook Stable despite Growth Challenges

Fitch’s senior analysts from APAC Sovereign team discussed the 2020 outlook - Financial buffers and policy easing help sustain growth in APAC.

Listen now

Related Reports

View all outlooks: Credit Outlooks 2020

Kuwait Political Disputes to Delay Debt Issuance, Reform

The Kuwaiti government's resignation and subsequent cabinet reshuffle point to political frictions that could delay new debt issuance and weigh on broader fiscal and economic reforms, Fitch Ratings says. Kuwait has been the slowest reformer in the Gulf Cooperation Council in recent years, partly due to these frictions and partly due to its exceptionally large sovereign assets, which could finance decades' worth of fiscal deficits.

Western Europe Sovereign Ratings- 2020 Outlook

Fitch Ratings hosted a webinar with Michele Napolitano, Head of Western Europe Sovereigns, and Ed Parker, Head of EMEA Sovereigns, to discuss the 2020 outlook for Western Europe Sovereigns.

Listen Now

outlooks 2020

Emerging Europe Sovereign Outlook Stable in 2020

Fitch Ratings has a Stable Outlook for sovereign credit ratings in emerging Europe in 2020 following a wave of upgrades in 2019. A weaker external environment will offset relatively buoyant domestic demand and test the recent improvement in public finances in CEE. Policy frameworks in the CIS will continue to evolve, with reform momentum appearing strong, most notably in several sub-investment-grade sovereigns.

outlooks 2020

Sub-Saharan Africa Sovereign Outlook Stable but Upward Debt Risk

Sovereigns in the SSA region largely absorbed the earlier commodity price shock, and will see median government debt decline in 2020 after a marginal reduction in 2019. However, weak PFM, persistent high-priority infrastructure needs and pressure for improved public services raise risks for debt trajectories. 

Escaping Japanification Difficult for Eurozone If It Takes Root

The eurozone has some of the symptoms of 'Japanification', but not the full-blown condition. Critically, it has avoided outright price deflation - a key element of the experience in Japan. However, if Japanification were to become entrenched, it would leave the eurozone more vulnerable to pernicious debt deflation, prolonged stagnation, rapidly rising government debt ratios and sovereign rating downgrades

FTEurozone at risk of Japan-style stagnation, Fitch warns

Fixed Interests Podcast: Demographic trends

Demographic trends such as declining or rapidly expanding populations, a bulging youth cohort or pronounced ageing can create risks to sovereign creditworthiness. Key channels of impact include stagnant potential GDP growth, unsustainable pension systems and public debt, and risks to social and political stability. Demographic forces are already affecting some sovereign ratings and Fitch Ratings believes they are likely to become a more important driver over the medium term.

The Cost to Sovereigns of Support for Supranationals

The cost of support to supranational entities for their controlling sovereigns is overall limited relative to GDP. On average, legally binding obligations, which constitute contingent liabilities, represent 1.4% of GDP. However, for some emerging countries, these commitments are much larger. 

20/20 Vision

Manufacturing and Labour Market Disconnect Persists in Advanced Economies

The contrast between labour market performance and manufacturing activity indicators in the advanced economies is persisting. There has been widespread further weakness in recent months in Manufacturing Purchasing Managers' indices across larger economies including eurozone, UK, Germany, Spain, Russia and South Africa.

Argentina Debt Challenges Go Beyond Liquidity

Argentina's new president-elect, Alberto Fernandez, faces urgent policy challenges including turning vague campaign promises into a detailed economic plan, renegotiating the IMF Stand-by Arrangement, and restructuring debts with bondholders.

Related

Contacts

James McCormack

Global

James McCormack

Analytical Group Head

+852 2263 9625

Tony Stringer

Global

Tony Stringer

Analytical Chief Operating Officer

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Jose Santos

Global

Jose Santos

Business Group Head

+34 93 323 9044

Brian Coulton

Economics

Brian Coulton

Analytical

+44 20 3530 1140

Sing Chan Ng

APAC

Sing Chan Ng

Business

+65 6796 7210

Stephen Schwartz

APAC

Stephen Schwartz

Analytical

+852 2263 9938

Ed Parker

EMEA

Ed Parker

Analytical

+44 20 3530 1176

Claire Dopson

EMEA

Claire Dopson

Business

+44 203 530 1405

Paul Gamble

Emerging Europe

Paul Gamble

Analytical

+44 20 3530 1623

Jan Friederich

Middle East & Africa

Jan Friederich

Analytical

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Shelly Shetty

Latin America

Shelly Shetty

Analytical

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Diego Alcazar

Latin America

Diego Alcazar

Business

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Charles Seville

North America

Charles Seville

Analytical

+1 212 908 0277

Michele Napolitano

Western Europe

Michele Napolitano

Analytical

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Arnaud Louis

Global

Arnaud Louis

Analytical

Supranationals

+33 144 299 142

Frank Laurents

North America

Frank Laurents

Investor Outreach

+1 212 908 9127

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