EMerging Equity
sovereign ratings
Nouriel Roubini: Why The World Needs A Financial Early-Warning System
By Nouriel Roubini Recent market volatility – in emerging and developed economies alike – is showing once again how badly ratings agencies and investors can err in assessing countries’ economic and financial vulnerabilities. Ratings agencies wait too long to spot risks and downgrade countries, while investors behave like herds, often ignoring the build-up of risk … Continue reading
The Philippines: A Big Winner From Falling Oil Prices With Robust Growth, Strong Banking Sector – Moody’s
Moody’s Investors Service said on Tuesday that the Philippine government’s sovereign rating of Baa2 is supported by improvements in government finances alongside ongoing debt reduction in addition to benefiting from low oil prices. “The country has favorable prospects for strong economic growth, and as a net oil importer, stands to benefit from a prolonged period of lower oil … Continue reading
Barclays Cuts Russian Government Bonds From Indices Following Junk Downgrade
Foreign currency debt issued by the Russian government will be cut from British bank Barclays’ global bond indices following Moody’s downgrade it to junk, Reuters reports. Exclusion from an index puts securities off limits for many asset managers and can lead to heavy selling as investors drop the stocks or bonds that have been pushed outside their … Continue reading
Sanctions Push Russian Banks Toward Islamic Finance
By Ben Aris Cut off from Western capital markets, Russia is stepping up efforts to tap into the huge pools of capital in the Middle East by issuing Islam’s answer to bonds, sukuk, which are not subject to Western sanctions. Sukuk are especially attractive for Russia following its downgrade to junk status by rating agency Standard & … Continue reading
Kazakhstan Slashes Budget, Blaming ‘Global Crisis’
By Naubet Bisenov Kazakh President Nursultan Nazarbayev has ordered his government to adopt new “anti-crisis” measures including cutting budget spending by 10% in order to overcome the current economic difficulties. Nevertheless he claimed that “there is no economic crisis in Kazakhstan” and blamed the “global” economic crisis for the country’s economic troubles. At a government meeting … Continue reading
As Oil Remains Under Pressure, S&P Cuts Kazakhstan To BBB
Standard & Poor’s Ratings Services has cut its long-term foreign and local currency sovereign credit ratings of Kazakhstan from BBB+ to BBB with a negative outlook. At the same time, the agency affirmed the country’s short-term foreign and local currency sovereign credit ratings at A-2. In addition, the agency downgraded the country’s national scale rating to … Continue reading
Russian PM Vows ‘Unrestricted’ Response If Banned From SWIFT International Payment System
Russia’s response to a possible cut-off from the SWIFT international banking payment system will be “unrestricted,” Prime Minister Dmitry Medvedev vowed. The West is pushing for hitting Moscow with more sanctions as the Ukraine crisis deteriorates. “We will see what happens, but of course if such decisions are made, I want to note that our … Continue reading
‘Financial Meteorologists’ And Their Political Predictions About The Russian Economic Storm – OpEd
By Andrew Korybko Credit rating agencies are predicting quite a storm for the Russian economy, and they are therefore threatening to lower the country’s status to ‘junk’ level. Just as a weatherman may be incorrect about their storm predictions, so too may a ‘financial meteorologist’, except the latter has ulterior motives in doing so. S&P has … Continue reading
China, Russia Launching New Credit Ratings Agency In 2015
By Sputnik The first ratings of Universal Credit Rating Group (UCRG), which was created with the participation of Russia and China, are expected as early as 2015, the Head of the Research Department at RusRating Alexander Ovchinnikov told Sputnik on Tuesday. “In our opinion, the first ratings [will] appear … during the current year,” Ovchinnikov told Sputnik. According to him, the project is in its final stage. … Continue reading
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