Credit FAQ: Sovereign Ratings And The Next Wave Of EU Enlargement Sep 05

Standard & Poors, September 2005

Abstract
Anxiety about EU enlargement featured in both the French and Dutch referendum vetoes of the proposed European constitution in May 2005. This is leading to calls from within the EU for a halt or delay to further expansion of the Union. The two second-wave EU candidates, Bulgaria and Romania (for full names and credit ratings of sovereigns mentioned, see table 1 at end of article) have already been accepted for membership in 2007, with the possibility of a one-year postponement, leaving limited scope for setbacks. By contrast, five other rated sovereigns, namely Turkey, Croatia, Serbia, Montenegro, and Macedonia, are at much earlier stages in the EU integration process, and could see their membership aspirations delayed by internal tensions in the...

Companies mentioned in this report are:
- Turkey (Republic of)
- Romania
- Croatia (Republic of)
- Bulgaria (Republic of)
- Macedonia (Republic of)
- Serbia (Republic of)
- Montenegro (Republic of)

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Turkey (Republic of)
- Romania
- Croatia (Republic of)
- Bulgaria (Republic of)
- Macedonia (Republic of)
- Serbia (Republic of)
- Montenegro (Republic of)

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