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Summary of Friday’s Slate: DBRS and Scope Pessimistic on Slovakia

RATINGS

Sovereign rating reviews of note from after hours on Friday include:

  • Fitch affirmed Finland at AA+; Outlook Stable.
  • Moody’s affirmed Germany at Aaa; Outlook Stable. From the decision r.e. the German fiscal situation: "As a result of Germany's constitutional court ruling that limits borrowing through off-budget entities, Moody's now expects a slightly faster fiscal consolidation".
  • S&P affirmed Switzerland at AAA; Outlook Stable.
  • DBRS Morningstar changed Slovakia's trend outlook to Negative (from Stable) and confirmed current rating at A: "The trend change from Stable to Negative reflects the risks related to Slovakia’s structurally large fiscal deficit".
  • Scope Ratings affirmed Italy at BBB+; Outlook Stable.
  • Scope Ratings downgraded Slovakia to A (from A+) and revised the Outlook to Stable from Negative: "The downgrade reflects Scope’s updated assessments under the ‘public finance risk’ and ‘domestic economic risk’ categories of its sovereign methodology".
  • Scope Ratings affirmed the USA at AA; Outlook Negative.
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Sovereign rating reviews of note from after hours on Friday include:

  • Fitch affirmed Finland at AA+; Outlook Stable.
  • Moody’s affirmed Germany at Aaa; Outlook Stable. From the decision r.e. the German fiscal situation: "As a result of Germany's constitutional court ruling that limits borrowing through off-budget entities, Moody's now expects a slightly faster fiscal consolidation".
  • S&P affirmed Switzerland at AAA; Outlook Stable.
  • DBRS Morningstar changed Slovakia's trend outlook to Negative (from Stable) and confirmed current rating at A: "The trend change from Stable to Negative reflects the risks related to Slovakia’s structurally large fiscal deficit".
  • Scope Ratings affirmed Italy at BBB+; Outlook Stable.
  • Scope Ratings downgraded Slovakia to A (from A+) and revised the Outlook to Stable from Negative: "The downgrade reflects Scope’s updated assessments under the ‘public finance risk’ and ‘domestic economic risk’ categories of its sovereign methodology".
  • Scope Ratings affirmed the USA at AA; Outlook Negative.