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S&P raises Turkey's debt rating

March 27, 2013 17:30
Standard & Poor's raised its sovereign debt rating for Turkey by one step to "BB+" on Wednesday, citing the boost given to the government's finances from improved exports. The new rating, just one step below investment grade, "reflects our view of a steady and sustained decline in Turkey's still-sizable net external financing requirements as export performance has improved amid some deceleration in domestic demand," S&P said.

S&P cuts Cyprus rating as banking meltdown looms

March 21, 2013 17:31
Ratings firm Standard & Poor's dealt a further blow to reeling Cyprus Thursday, cutting its credit rating as the eurozone country struggles to avoid a banking sector meltdown. S&P lowered Cyprus's rating to 'CCC' from 'CCC+' as the country raced under a tight deadline to formulate an acceptable rescue plan with the European Union. The lowered credit rating would make it more costly for Cyprus to borrow, further exacerbating the stricken nation's woes.

URGENT ¥¥¥ S&P cuts Cyprus rating one notch to 'CCC'

March 21, 2013 16:47
Ratings firm Standard & Poor's cut Cyprus' sovereign credit rating by one notch to 'CCC' and said the outlook was negative, citing "acute problems" in Cyprus's banking sector. "We believe that risks of a sovereign default are rising," said S&P in a statement. vs/pmh

S&P revises Hungary credit outlook to 'negative'

March 21, 2013 14:47
Standard & Poor's revised the outlook on Hungary's credit rating to "negative" from "stable" on Thursday, citing concerns over recent constitutional changes and new leadership at the central bank. The agency maintained the country's credit rating at BB, but warned the negative outlook could lead to a downgrade. "The outlook revision reflects our view that the predictability and credibility of Hungary's policy framework has continued to weaken," S&P said in a statement.

S&P raises Portuguese rating outlook to stable

March 7, 2013 07:45
The international ratings agency Standard & Poor's raised on Thursday its outlook on Portuguese sovereign debt to stable from negative, owing to increased support from European institutions, but maintained the rating itself in speculative territory at "BB". The announcement came two days after eurozone finance ministers approved in principle an extension of the time allowed to Ireland and Portugal to pay back emergency aid extended by the European Union, International Monetary Fund and European Central Bank.

S&P removes Jamaica from 'default' after debt swap

March 6, 2013 18:46
Standard & Poor's removed Jamaica from "default" status on its debt Wednesday after the country completed a new debt restructuring, while Moody's downgraded the country, saying its fiscal challenges remained deep. S&P put Jamaica's sovereign rating at a low CCC+, still "junk" level but no longer "selective default," the grade assigned after the government announced in February it would launch a crucial domestic debt swap. Prior to rating the country in default, S&P had given Jamaica a higher B- grade.

S&P removes Jamaica from 'default' after debt swap

March 6, 2013 17:01
Standard & Poor's removed Jamaica from "default" status on its debt Wednesday after the country completed its second debt restructuring in two years. S&P put Jamaica's sovereign rating at a low CCC+, still "junk" level but no longer "selective default," the grade assigned after the government announced in February it would launch a crucial domestic debt swap. That swap, urged by the International Monetary Fund, was aimed at replacing high-cost debt with bonds issued at lower rates, in order to reduce the government's debt service burden.

US economy can weather short sequester storm: S&P

March 1, 2013 18:45
The United States economy can weather the drastic spending cuts known as the sequester if they are short-lived, ratings firm Standard & Poor's said Friday. S&P said the cuts, as well as a potential government shutdown at the end of March due to the budget fight, "could have far-reaching, although probably shallow, effects on the US economy and its prospects for a strengthening recovery."

US economy can weather short sequester storm: S&P

March 1, 2013 17:16
The United States economy can weather the drastic spending cuts known as the sequester if they are short-lived, ratings firm Standard & Poor's said Friday. S&P said the cuts, as well as a potential government shutdown at the end of March due to the budget fight, "could have far-reaching, although probably shallow, effects on the US economy and its prospects for a strengthening recovery."

Cyprus default risk is real: S&P

February 20, 2013 15:01
Eurozone nation Cyprus is a genuine and growing default risk, the global credit rating giant Standard & Poor's said on Wednesday. A key player behind bond market runs on Greek, Irish, Portuguese, Spanish and Italian debt over three years of eurozone debt doubts, the agency's assessment serves as a reminder that the crisis in the currency area is not yet over. "We view the risk of a sovereign debt default as material and rising," S&P's experts wrote of the Cypriot government's prospects in a note to investors.
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