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Fitch revises country ceilings for 40 countries
Fitch Ratings said it revised upwards the country ceilings for 40 countries. The country ceilings are an effective cap on all foreign-currency ratings of entities and transactions originating within each country.
Country ceilings capture the risk of exchange controls being imposed that would prevent or materially impede the private sector's ability to convert local currency into foreign currency and make transfers to non-resident creditors - transfer and convertibility risk. Country ceilings are not ratings but rather a key analytical input and constraint on the foreign-currency ratings of entities and transactions originating in the sovereign's jurisdiction.
Fitch raised the country ceiling of Armenia to BB from BB-, Aruba to A- from BBB+, Brazil to BB+ from BB, Bulgaria to A- from BBB, Cape Verde to BB- from B+, Chile to AA from A+, Colombia to BB+ from BB, Costa Rica to BB+ from BB, Croatia to BBB+ from BBB-, Cyprus to AA+ from AA, Czech Republic to AA from AA-, El Salvador to BBB- from BB+, Estonia to AA from AA-, Guatemala to BBB- from BB+, Hong Kong to AAA from AA, Hungary to A+ from A, Indonesia to BB from BB-, Israel to A+ from A, Kazakhstan to BBB+ from BBB, South Korea to AA from AA-, Latvia to AA- from A+, Lesotho to A from A-, Lithuania to AA- from A+, Macedonia to BBB- from BB+, Malaysia to A from A-, Malta to AA from AA-, Mexico to A- from BBB+, Namibia to A from A-, Panama to BBB+ from BBB, Peru to BB+ from BB, Philippines to BB+ from BB, Poland to A+ from A, Romania to BBB+ from BBB-, Russia to A- from BBB+, Slovakia to AA from AA-, South Africa to A from A-, Taiwan to AA from AA-, Tunisia to BBB+ from BBB, Turkey to BB from BB- and Uruguay to BB from BB-.
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