Nonsovereign Entities In EMU Candidate Countries See Foreign Exchange Access Risks Recede Aug 05

Standard & Poors, August 2005

Abstract
(Editor's note: In table 1 of this article, originally published on July 28, 2005, The Czech Republic was not listed in the appropriate EMU accession band and, therefore, the highest foreign currency rating that a nonsovereign debtor domiciled in the Czech Republic can achieve was misstated. A corrected version of the article follows.) The prospect of EMU candidate countries joining the Eurozone raises the level of foreign currency ratings that are potentially achievable by private sector borrowers. As candidate countries move toward their accession, the risks of foreign exchange controls being imposed by the sovereign correspondingly decline. This in turn spawns a potential uplift in the foreign currency ratings on those nonsovereign issuers domiciled in accession countries, where such ratings...

Companies mentioned in this report are:
- Cyprus (Republic of)
- Hungary
- Czech Republic
- Slovak Republic
- Malta (Republic of)
- Poland (Republic of)
- Romania
- Slovenia (Republic of)
- Latvia (Republic of)
- Lithuania (Republic of)
- Estonia (Republic of)
- Bulgaria (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.

- Cyprus (Republic of)
- Hungary
- Czech Republic
- Slovak Republic
- Malta (Republic of)
- Poland (Republic of)
- Romania
- Slovenia (Republic of)
- Latvia (Republic of)
- Lithuania (Republic of)
- Estonia (Republic of)
- Bulgaria (Republic of)

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