CORRETTO-SCHEDA - Zona euro, rating sovrani e debito in circolazione

lunedì 24 febbraio 2014 12:37
 

(Corregge aggiornando outlook Moody's su Italia)
24 gennaio (Reuters) - Di seguito una lista dei rating sovrani della zona euro assegnati da
Standard & Poor's, Moody's, Fitch e DBRS, dopo la decisione di Moody's venerdì in tarda serata
di migliorare la valutazione sulla Spagna a 'Baa2' da 'Baa3' con un outlook positivo.



                   S&P       Moody's     Fitch      DBRS   
                                                            Debt on issue  
                                                              (bln euros)*
    Austria       AA+  s     Aaa  n      AAA  s     AAA  s         264 
    Belgium       AA   n     Aa3  n      AA   s     AA (high) n    453 
    Cyprus        B-   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         100    
    France        AA   s     Aa1  n      AA+  s     AAA  s       1,803  
    Germany       AAA  s     Aaa  n      AAA  s     AAA  s       1,744  
    Greece        B-   s     Caa3 s      B-   s     CCC (high) n   155  
    Ireland       BBB+ p     Baa3 p      BBB+ s     A (low) n      144  
    Italy         BBB  n     Baa2 s      BBB+ n     A (low) n    1,743
    Latvia        BBB+ p     Baa2 s      BBB+ s     ---              4
    Luxembourg    AAA  s     Aaa  n      AAA  s     ---             10  
    Malta         BBB+ s     A3   s      A    s     ---              5  
    Netherlands   AA+  s     Aaa  n      AAA  n     AAA  s         389  
    Portugal      BB   n     Ba3  s      BB+  n     BBB (low)n     145  
    Slovakia      A    s     A2   s      A+   s     ---             38  
    Slovenia      A-   s     Ba1  s      BBB+ n     ---             21  
    Spain         BBB- s     Baa2 p      BBB  s     A (low) n      899 

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.