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Ratings

Multi-Notch Sovereign Downgrades Likely Across Emerging Markets – Fitch

The onset of the coronavirus and a slump in the oil price is leading to a rise in the likelihood of multi-notch sovereign downgrades.

7 Apr 2020

Ratings Agencies Expect Sukuk Issuance to Rise in 2020 Despite Global Slowdown

The asset class had a record-breaking year in 2019 and remains resilient as investors seek safer waters during a highly volatile period, experts at Moody’s and RAM ratings conclude.

2 Apr 2020

“Triple Shock” of Pandemic, Commodity Plunge and Capital Outflows Shakes Emerging Markets

Emerging economies are in for a rough ride as the crisis escalates, ratings agencies warn, but growth is likely to rebound in 2021 if the pandemic subsides.

31 Mar 2020

Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

Fiscal Stimulus Seen Putting Pressure on Credit Ratings Globally – RenCap

As most of emerging and developed markets announce massive fiscal stimulus packages to compliment monetary policy easing in efforts to contain the fallout from the COVID-19 pandemic, mass credit downgrades are likely to follow, Renaissance Capital analysts warn.

24 Mar 2020

Saudi Banks’ Margins Squeezed by Fed Cut – Fitch

The US Fed’s recent decision to cut interest rates by a further 50bp is placing additional pressure on the margins of Saudi Arabia’s banks, according to a recent report from Fitch Ratings. Following the lead of the Fed, the Saudi Arabian Monetary Authority (SAMA) cut its repo rate on Monday by 50bp, bringing rates in the Kingdom to an all time low of 1%. But the Kingdom’s banks will feel the…

20 Mar 2020

Downgrade of South African Sovereign Now 'Probable' – Nedbank Analysts

As the ongoing COVID-19 pandemic collides with a crash in the oil price and a broader deceleration of growth, the South Africa sovereign looks set to struggle. According to Jones Gondo, Senior Credit Analyst and Nthulleng Mphahlele, Analyst at Nedbank, the risk of the big three rating agencies downgrading South Africa has been significantly heightened.

19 Mar 2020

Corporate Bond Meltdown Could Expose Debt Vulnerabilities in Emerging Markets Despite Coordinated Easing

The ongoing sell-off could raise fears over a global corporate debt bubble, with EM companies particularly vulnerable as uncertainty over the extent and timeline of the COVID19 epidemic persists, IIF analysis explain in a recent research update.

16 Mar 2020

Moody's Follows Oman Sovereign Rating Move with Corporate, Bank Downgrades

Seven lenders and eight non-financial companies saw their ratings cut by one notch, a week after Moody's trimmed Oman's sovereign rating.

13 Mar 2020

Downgrade Would Lead to Exponential Growth in Borrowing Costs – Rand Merchant Bank

The possibility of a Moody’ downgrading the South African sovereign has long been under discussion. But according to Ettienne Le Roux, Chief Economist and Elena Ilkova, Credit Research Analyst at Rand Merchant Bank, a rating downgrade could provoke a much more severe reaction than the simply exclusion of the country’s debt from global indices.

9 Mar 2020

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