December 8, 2016 / 11:56 AM / 8 months ago

FACTBOX-Euro zone sovereign ratings and outstanding debt

LONDON, Dec 8 (Reuters) - Below is a list of euro zone sovereign ratings
currently assigned by Standard & Poor's, Moody's, Fitch and smaller rival DBRS,
after Moody's cut Italy's rating outlook to negative on Wednesday. bit.ly/2hhI7xM
    
                  S&P       Moody's     Fitch      DBRS   Debt outstanding
                                                              (bln euros)*
    Austria       AA+  s     Aa1  s      AA+  s     AAA  s         271
    Belgium       AA   s     Aa3  s      AA   n     AA (high)s     471
    Cyprus        BB   p     B1   p      BB-  p     B    p           7
    Estonia       AA-  s     A1   s      A+   s     ---              1
    Finland       AA+  s     Aa1  s      AA+  s     AA (high)s     113
    France        AA   s     Aa2  s      AA   s     AAA  s       2,069
    Germany       AAA  s     Aaa  s      AAA  s     AAA  s       2,230
    Greece        B-   s     Caa3 s      CCC  -     CCC (high)s    135
    Ireland       A+   s     A3   p      A    s     A (high)s      141
    Italy         BBB- s     Baa2 n      BBB+ n     A (low) rur  1,896
    Latvia        A-   s     A3   s      A-   s     ---              8
    Lithuania     A-   s     A3   s      A-   s     ---             13
    Luxembourg    AAA  s     Aaa  -      AAA  s     ---              9
    Malta         A-   s     A3   s      A    p     A s              6
    Netherlands   AAA  s     Aaa  s      AAA  s     AAA  s         364
    Portugal      BB+  s     Ba1  s      BB+  s     BBB (low)s     158
    Slovakia      A+   s     A2   s      A+   s     A (high)s       40
    Slovenia      A    s     Baa3 p      A-   s     ---             30
    Spain         BBB+ s     Baa2 s      BBB+ s     A (low)s       949
 
  * according to Reuters data
p= positive outlook; s= stable outlook; n= negative outlook; CWn credit watch
negative; rur= rating under review; dev= constantly under review due to fast
changing circumstances  urn=under review due to fast changing circumstances
    
 ******************** LONG-TERM CREDIT RATINGS*****************
 STANDARD & POOR'S            MOODY'S                  FITCH 
 --------------------- INVESTMENT GRADE RATINGS --------------- 
      AAA                      Aaa                     AAA
     Obligations for which there is the lowest expectation of investment risk. 
Capacity for timely repayment of principal and interest is substantial, such 
that adverse changes in business, economic or financial conditions are unlikely 
to increase investment risk substantially.
    AA                        Aa                       AA
    Obligations for which there is a very low expectation of investment risk. 
Capacity for timely repayment of principal and interest is substantial. Adverse 
changes in business, economic or financial conditions may increase investment 
risk albeit not very significantly.
    A                         A                        A
    Obligations for which there is a low expectation of investment risk. 
Capacity for timely repayment of principal and interest is strong, although 
adverse changes in business, economic or financial conditions may lead to 
increased investment risk.
    BBB                       Baa                      BBB
    Obligations for which there is currently a low expectation of investment 
risk. Capacity for timely repayment of principal and interest is adequate, 
although adverse changes in business, economic or financial conditions are more 
likely to lead to increased investment risk than for obligations in previous 
categories. 
 --------------- SPECULATIVE GRADE RATINGS --------------------
    BB                        Ba                       BB
    Obligations for which there is a possibility of investment risk developing. 
Capacity for timely repayment of principal and interest exists but is 
susceptible over time to adverse changes in business, economic or financial 
conditions.
    B                         B                        B
    Obligations for which investment risk exists. Timely repayment of principal 
and interest is not sufficiently protected against adverse changes in business, 
economic or financial conditions.
    CCC                       Caa                      CCC
    Obligations for which there is a current perceived possibility of default. 
Timely repayment of principal and interest is dependent on favourable business, 
economic or financial conditions.
    CC                        Ca                       CC
    Obligations which are highly speculative.
    C                         C                        C
    This rating may be used to cover a situation where a bankruptcy petition has
been filed or similar action has been taken, but payments on this obligation are
continued.
    SD                                                 RD
    S&P defines its "selective default" status as one where the obligor has 
selectively defaulted on a specific issue or class of obligations but will 
continue to meet its payment obligations on other issues or classes of 
obligations in a timely manner. Fitch Ratings has a similar category termed 
"restricted default."
    D                                              DDD/DD/D
    Obligations which are currently in default. Fitch DDD designates the highest
potential for recovery of amounts outstanding on any securities involved, and D 
the lowest recovery potential.
    
    ** S&P and Fitch ratings from AA to CCC may be modified by a plus or minus 
sign to show relative standing within the major rating categories. DBRS adds a 
'high' or 'low' to its ratings.
    ** S&P ratings may have an 'r' attached to the ratings of instruments with 
significant non-credit risks to highlight risks to principal or volatility of 
expected returns which are not addressed in the credit rating.
    ** S&P's credit watch negative signals a one in two chance of a downgrade in
no more than three months. 
    ** Moody's applies numerical modifiers 1, 2 and 3 in each generic rating 
classification from Aa through B. Modifier 1 indicates the obligation is ranked 
at the higher end of its generic rating.

 (Reporting by Peter Hobson; Editing by Hugh Lawson)

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