SCHEDA - Zona euro, rating sovrani e debito in circolazione

venerdì 8 novembre 2013 13:00
 

Nov 8 (Reuters) - Below is a list of euro zone sovereign ratings assigned by Standard & Poor's,
Moody's, Fitch and smaller rival DBRS after S&P cut France's rating to AA from AA+ on Friday.
 
             
                   S&P       Moody's     Fitch      DBRS    
                                                            Debt on issue   
                                                              (bln euros)* 
    Austria       AA+  s     Aaa  n      AAA  s     AAA  s         263  
    Belgium       AA   n     Aa3  n      AA   s     AA (high) n    432  
    Cyprus        CCC+ s     Caa3 n      B-   n     CCC n            8 
    Estonia       AA-  s     A1   s      A+   s     ---              1   
    Finland       AAA  s     Aaa  s      AAA  s     AAA  s          99     
    France        AA   s     Aa1  n      AA+  s     AAA  s       1,800   
    Germany       AAA  s     Aaa  n      AAA  s     AAA  s       1,742   
    Greece        B-   s     C    s      B-   s     CCC (high) n   156   
    Ireland       BBB+ p     Ba1  s      BBB+ s     A (low) n      144   
    Italy         BBB  n     Baa2 n      BBB+ n     A (low) n    1,725   
    Luxembourg    AAA  s     Aaa  n      AAA  s     ---             12   
    Malta         BBB+ s     A3   s      A    s     ---              5   
    Netherlands   AAA  n     Aaa  n      AAA  n     AAA  s         384   
    Portugal      BB   CWn   Ba3  n      BB+  n     BBB (low)n     147   
    Slovakia      A    s     A2   s      A+   s     ---             37   
    Slovenia      A-   s     Ba1  n      BBB+ n     ---             19   
    Spain         BBB- n     Baa3 n      BBB  s     A (low) n      891  
  
  * 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. 
 
 (Compiled by Sakari Suoninen; Editing by John Stonestreet)