Down­grades set to fall, says Fitch

The Star Late Edition - - BUSINESS REPORT -

THE RECORD cy­cle of sov­er­eign rat­ing down­grades looks to be over, rat­ing agency Fitch said yes­ter­day, pre­dict­ing that there would be as many up­grades as down­grades next year. “It’s been a very neg­a­tive pic­ture, but we now think that cy­cle is end­ing,” Fitch’s sov­er­eign group chief op­er­at­ing of­fi­cer, Tony Stringer, said at a con­fer­ence hosted by the firm. He said it ex­pected to make about 20 down­grades this year, af­ter a record num­ber of cuts last year. With the ra­tio be­tween pos­i­tive and neg­a­tive out­looks on rat­ings 1:1, Stringer ex­pected the amount of down­grades to con­tinue to fall. – Reuters

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