FACTBOX-Europe's emerging market ratings under pressure
LONDON, Oct 30 (Reuters) - Ratings agencies have slashed their outlooks and debt ratings for a string of emerging European and other countries as the credit crunch sparks crises in several economies.
Here is a list of long-term foreign currency ratings and outlooks for countries in emerging Europe, until recently seen as one of the safest regions across emerging markets but now exposed to credit worries, recession in the euro zone and increased banking problems.
In the latest ratings moves, Standard & Poor's cut Bulgaria's foreign currency credit rating one notch to BBB with negative outlook on Oct 30, citing worries about external imbalances.
COUNTRY S&P MOODY's FITCH
BULGARIA BBB Baa3 BBB
Negative Stable Negative
Standard & Poor's cut Bulgaria's foreign currency credit rating one notch to BBB with negative outlook on Oct 30, citing worries about external imbalances.
CROATIA S&P MOODY'S FITCH
BBB Baa3 BBB-
Negative Positive Stable Standard & Poor's cut Croatia's outlook to negative from stable on Oct 27, citing risks to Croatia's ability to finance high external imbalances.
ESTONIA A A1 A-
Negative Stable Negative Fitch downgraded the ratings of Estonia along with those for its Baltic neighbours Latvia and Lithuania on Oct. 3, citing the risk of a prolonged and deep recession.
HUNGARY BBB+ A2 BBB+
Negwatch Stable Negative S&P put the country on review for a possible downgrade on Oct. 15 and Fitch on Oct. 17 cut its outlook as worries over external debt weighed on the forint currency and markets.
KAZAKHSTAN BBB- Baa2 BBB
Negative Stable Negative S&P has warned that Kazakhstan could face a sovereign rating downgrade if the cost of a financial sector bailout rises further. The country has said it would pump in $15 billion to aid its economy, battered by rising bad bank debt.
LATVIA BBB A2 BBB
Negative Negative Negative Standard & Poor's said on Oct 27 it had cut the rating on Latvia to BBB from BBB+ with a negative outlook, reflecting the increased risk Latvia would have to support its banks.
LITHUANIA BBB+ A2 A-
Negative Stable Negative Standard & Poor's cut its rating on Lithuania to BBB+ from A- on Oct 27, saying it expected the country's debt burden to increase.
POLAND A- A2 A-
Stable Stable Stable Standard & Poor's cut its outlook on Poland to stable from positive on Oct 27, citing the deterioration in the international markets and tightening credit conditions.
ROMANIA BB+ Baa3 BBB
Negative Stable Negative
Standard & Poor's cut Romania's foreign currency credit rating one notch to BB+ on Oct 27, putting it at junk status with a negative outlook and citing a lack of policy response to mounting economic risks.
RUSSIA BBB+ Baa1 BBB+
Negative Positive Stable
S&P said on Oct. 23 it had cut its outlook on Russia to negative from stable, with a downgrade likely if the costs to the Russian government of bank rescue operations continue to increase.
SERBIA BB- BB-
Negative Stable
S&P in July said the arrest of wanted war criminal suspect Radovan Karadzic augured well for Serbia's path to EU accession but retained its negative outlook on the country citing economic overheating risks.
TURKEY BB- Ba3 BB-
Stable Stable Stable
Moody's and S&P have warned of heightened risks to the Turkish banking sector from an adverse global credit environment and slowing domestic growth.
UKRAINE B B1 B+
NegativeStable Negative Standard & Poor's cut Ukraine's long-term foreign currency rating to B from B+ on Oct 24 and said the outlook was negative, citing the cost of bailing out the country's banking sector.
(Compiled by Carolyn Cohn)
