Posts Tagged ‘credit rating’

top of the popped

December 16, 2009

After today’s downgrade of the Hellenic Republic, the league table looks like that:

SOVEREIGN ENTITY CDS SPREAD (BP) MOODYS/SP/FITCH
Ukraine 1339.95 B2/CCC+/B-
Venezuela 1223.13 B2/BB-/B+
Argentina 956.21 B3/B-/B-
Pakistan 687.50 B3/B-/NR
Latvia 544.38 Baa3/BB/BB+/
Iceland 436.48 Baa3/BBB-/BBB-
Dubai 436.08 NR/NR/NR
Lithuania 314.45 Baa1/BBB/BBB
Romania 281.25 Baa3/BB+/BB+
Lebanon 269.60 B2/B-/B-
GREECE 236.86 A1/BBB+/BBB+
Egypt 235.60 Ba1/BB+/BB+
Hungary 233.78 Baa1/BBB-/BBB
Vietnam 230.67 Ba3/BB/BB-
Kazakhstan 226.73 Baa2/BBB-/BBB-
Bulgaria 217.18 Baa3/BB/BB+
Croatia 217.11 Baa3/BBB/BBB-
Bahrain 207.39 A2/A/A
Turkey 192.81 Ba3/BB-/BB+
Russia 191.47 Baa1/BBB/BBB
Estonia 187.69 A1/A-/BBB+
Indonesia 187.23 Ba2/BB-/BB
Philippines 164.92 Ba3/BB-/BB
Ireland 155.38 AA1/AA/AA-
Abu Dhabi 152.90 Aa2/AA/AA
South Africa 147.69 A3/BBB+/BBB+
Colombia 143.09 Ba1/BBB-/BB+
Mexico 136.48 Baa1/BBB/BBB
Panama 131.45 Ba1/BB+/BB+
Peru 121.55 Ba1/BBB-/BBB-
Israel 121.40 A1/A/A
Poland 119.76 A2/A-/A-
Brazil 118.69 Baa3/BBB-/BBB-
Morocco 117.00 Ba1/BB+/BBB-
Qatar 99.12 Aa2/AA-/NR
Spain 94.05 Aaa/AA+/AAA

If you ask me, the BBB+ rating is probably still a bit high, given the company Greece keeps in the table. The next BBB+ country, that is Estonia, is insured for half-a-percent less. The markets keep saying that Greece is a straight BBB country, and rating agencies are typically lagging behind in their actions. Hence the ‘rating watch negative’ and the further downgrades that seem likely in the next month or so.

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