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A Review of Credit Trends in Eastern Europe, the Middle East, and Africa Jan 99
Standard & Poors, Jan 1999
Abstract
LONDON (Standard & Poor's CreditWire) Jan. 26, 1999--The fragile global economy had a broadly negative impact on Eastern Europe, the Middle East, and Africa (EEMEA) in 1998. However, credit experiences and absolute rating levels varied significantly throughout the region and in different sectors. Russia's economic crisis, ultimately resulting in a sovereign downgrade to triple-'C'-minus, was the leading credit event in Central and Eastern Europe. This crisis negatively impacted the ratings and credit quality of numerous banks, regional governments, and corporations in Russia. It also overshadowed the steady reform progress of several Central European states, particularly those on a conversion path to EU membership. On balance, investment grade credits in EEMEA demonstrated relative stability and, in some cases, positive improvements. Given...
Companies mentioned in this report are: Greece (Hellenic Republic),Israel (State of),Turkey (Republic of),Hungary,Czech Republic,South Africa (Republic of),Romania,Russian Federation,Kazakhstan (Republic of)
Action: General Comment
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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