Fitch Group

The budget revisions proposed by the caretaker cabinet highlight how over-spending, slower growth forecasts and bank runs i will weigh on Bulgaria's public finances, Fitch Ratings has said.

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A long-awaited decision on the markets by the international rating agency Fitch was made public on Friday

Rating agency warns of a change of the country’s sovereign rating outlook, as it highlights a risk of ‘economic populism’ The continuation of rapid credit growth and a sustained downturn in capital inflows would pose a serious risk to Turkey’s sovereign rating, Fitch Ratings agency said Sept.

Fitch Ratings has affirmed Bulgaria's First Investment Bank (FIBank) Long-term Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook and its Viability Rating (VR) at 'b-'.

The rating action reflects Fitch's view that "as a domestically-owned systemically important bank in Bulgaria, extraordinary support from the Republic of Bulgaria (BBB-/Stable) may be available, if needed".

Fitch Ratings has affirmed Macedonia's Long-term  foreign and local currency Issuer Default Ratings (IDR) at 'BB+' with Stable Outlooks.

The issue ratings on senior unsecured foreign currency bonds have also been affirmed at 'BB+'. Fitch has also affirmed Macedonia's Short-term IDR at 'B' and Country Ceiling at 'BBB-'.

International ratings agency Moody’s has warned that Prime Minister Recep Tayyip Erdoğan’s victory in Turkey’s recent presidential elections might not abate political tension, stressing that economic risks remain.  

Economy Minister Nihat Zeybekci has lashed out at ratings agency Fitch over its statement warning of the continuation of political risks in Turkey following Recep Tayyip Erdoğan’s presidential election win, only days after targeting its fellow agency Moody’s.

One of the world’s top credit rating agencies, Fitch Ratings has lowered Croatia’s long-term credit rating in foreign currency from BB+ to BB, lowering its domestic currency rating from BBB- to BB+.

Standard & Poor’s has given Croatia a BB rating since the start of the year. Croatia’s rating with Moody’s remains BB+.

Fitch Ratings has upgraded the mortgage-covered bond programs of four Greek banks.

The banks are National Bank of Greece, Alpha Bank, Eurobank Ergasias and Piraeus Bank to B-/Stable/B with a b- viability rating (VR.

The outlook is stable, reflecting that on the respective banks’ Issuer Default Ratings (IDR).

Fitch Ratings announced on Monday it has affirmed the rating of Bank of Cyprus’s 1-billion-euro outstanding residential mortgage covered bonds at CCC.

This follows the upgrade of BoC’s long-term issuer default rating (IDR) to CC from RD (Restricted Default) as a result of the lifting of capital controls in Cyprus.

Fitch has also upgraded Hellenic Bank to CCC from RD. [Reuters]