A few days ago I saw a report that the IMF was breaking off negotiations with Hungary regarding a debt package. I knew what was next: a weakening currency and more downgrades. The downgrades came in spades.
Bloomberg reports Hungary Hit by Second Debt Downgrade to Junk on Orban’s Policies
Fitch Ratings downgraded Alcoa Inc.’s (AA) credit rating on Friday after the closing bell. The credit rating agency cited Alcoa’s financial constraints, including falling aluminum prices as the primary reasons behind its decision to downgrade the largest aluminum producer in the US.
Fitch Ratings has broken rank with its two fellow ratings agencies and upgraded the Philippines’ sovereign rating to investment grade for the first time, citing the resilience of the domestic economy, improved fiscal management and prudent monetary policy.
The Philippine stock index surged to a record high on Wednesday following the long-awaited ratings action, which is expected to precipitate similar moves by the other major debt watchers in the coming months.
DETROIT (Reuters) - Fitch Ratings upgraded Ford Motor Co to investment grade on Tuesday, marking a key step that brings the second-largest U.S. automaker closer to reclaiming its Blue Oval trademark. Fitch upgraded Ford and its captive finance arm to "BBB-" from "BB+" to reflect the improvement in Ford's finances since its near collapse in 2006. Ford has lowered its break-even point since the last recession and improved its vehicle lineup. ...
The France-based ratings agency has just joined China's Dagong, and US Moody's by Fitch-slapping Italy with a BBB ratings handle. Citing four main reasons: election results which and 'non-conducive' for further structural reforms, deeper than expected recession, greater than expected budget deficits, and a weak government less able to respond to shocks. But apart from all that, as we noted earlier, Italian stocks and bonds are bid. Via Fitch:
Fitch ratings agency on Friday said it had cut Greece's long-term debt rating by one notch to BB+ from BBB-, dropping the eurozone member's debt from investment grade to speculative or "junk" level."The downgrade acknowledges that while Greece's economic and fiscal performance under the EU-IMF programme has in many respects exceeded expectations, its heavy public debt burden renders fiscal solvency highly vulnerable to adverse shocks," Fitch Ratings said in a statement.Fitch warned further downgrades were possible.