SCHEDA - Zona euro, rating sovrani e debito in circolazione

venerdì 13 luglio 2012 13:44
 

13 luglio (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 by two notches to Baa2.  
     
                   S&P       Moody's     Fitch      DBRS    
                                                            Debt on issue   
                                                              (USD bln)*  
    Austria       AA+  n     Aaa  n      AAA  s     AAA  s        $334   
    Belgium       AA   n     Aa3  n      AA   n     AA (high) n   $438  
    Cyprus        BB+  n     Ba3  rur    BB+  n     ---            $12 
    Estonia       AA-  n     A1   s      A+   s     ---             $1   
    Finland       AAA  n     Aaa  s      AAA  s     ---           $111   
    France        AA+  n     Aaa  n      AAA  n     AAA  s      $2,194   
    Germany       AAA  s     Aaa  s      AAA  s     AAA  s      $2,252   
    Greece        CCC  s     C           CCC  s     ---           $261   
    Ireland       BBB+ n     Ba1  n      BBB+ n     A (low) URN   $144   
    Italy         BBB+ n     Baa2 n      A-   n     A (high)URN $2,053   
    Luxembourg    AAA  n     Aaa  s      AAA  s     ---            $14   
    Malta         A-   n     A3   n      A+   s     ---             $6   
    Netherlands   AAA  n     Aaa  s      AAA  s     AAA  s        $429   
    Portugal      BB   n     Ba3  n      BB+  n     BBB (low)URN  $191   
    Slovakia      A    s     A2   n      A+   s     ---            $41   
    Slovenia      A+   n     A2   n      A    n     ---            $19   
    Spain         BBB+ n     Baa3 rur    BBB  n     A (high) URN  $866  
  
  * USD equivalent, 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.