Financial News

OECD: Hungary must stabilise its economy for a durable recovery

The OECD report, released on Tuesday, March13th, in Budapest, shows that the fragile and highly-indebted Hungarian economy has been hard hit by the global slowdown and heightened financial market stress. It points out that controversial domestic measures have added to the uncertainty that is undermining business, household and market confidence. According to the OECD's latest Economic Survey of Hungary, swift action is needed to stabilise the Hungarian economy and put growth on a sound footing for a durable recovery.

FITCH Affirms Poland at 'A-'; Stable

Fitch Ratings has affirmed Poland's Long-term foreign currency Issuer Default Rating (IDR) at 'A-', and its Long-term local currency IDR at 'A'. The Outlook on both ratings is Stable. Fitch has simultaneously affirmed Poland's Short-term rating of 'F2' and Country Ceiling of 'AA-'.

CEE-7 countries' fiscal balaces will improve in 2012; Hungary still in a fragile position

The central governments of the larger Central and Eastern European (CEE) countries will need to borrow EUR 94 billion in 2012 to finance deficits and roll over existing debt, equivalent to an estimated 10% of their combined GDP, forecasts FITCH in a recent report published by the agency. This puts CEE-7 countries (Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia) on a par with their peers in the eurozone's healthy core.

2012 Aon's Political Risk Map: 2 upgrades and 3 downgrades for the CEE&CIS countries

In the CEE and CIS regions, Republic of Moldova and Ukraine's political risk lowered, while Azerbaijan, Belarus, Croatia are bearing a higher political risk as compared to 2011, according the 2012 Aon Political Risk Map. Although EU and OECD member states were not rated in the 2012 edition of the map, Romania and Bulgaria were still taken into consideration and assigned a Low-Risk rate.

Weak demand for Hungarian bonds at February 9th auctions

Hungary's Government Debt Management Agency (AKK) has received HUF 62.2 billion worth of bids from primary dealers on a HUF 43 bn lot of bonds and in response to the muted demand it sold only HUF 40 bn worth of debt at auctions on Thursday, February 9th. The average yields were set close to yesterday's benchmark fixings, while they were considerably below the average yields at the previous bond auctions a fortnight ago thanks to the marked drop in yields during this period.

S&P: Affirmed ratings for 7 European insurers, but the bias of agency's insurance ratings in Europe remains negative

Standard & Poor's Ratings Services affirmed on January 17th the ratings on the following insurers and removed them from CreditWatch, while the outlooks remained negative: ALLIANZ PLC, AVIVA Insurance (Europe) SE, AXA Insurance Ltd., Irish Public Bodies Mutual Insurances Ltd. (IPB), RSA Insurance Ireland Ltd. (RSA Ireland), Pozavarovalnica SAVA d.d. and TRIGLAV Group.

FITCH: EC Ruling shows fiscal measures being put into practice

Fitch Ratings says that the European Commission's efforts to enforce fiscal discipline on five EU member states show that the measures adopted to tackle the eurozone debt crisis last year are being put into practice, although this does not alter the European authorities' gradualist approach to resolving the eurozone sovereign debt crisis.

S&P's: 15 European Insurers Placed On CreditWatch Negative Following Recent Sovereign Rating Actions

LONDON (Standard & Poor's) Dec. 9, 2011--Standard & Poor's Ratings Services today placed its ratings on the following insurers (and certain related operating subsidiaries and certain holding companies) on CreditWatch with negative implications: ALLIANZ Group (including the Euler Hermes group), AVIVA Group, AXA Group, CAISSE CENTRALE de REASSURANCE (CCR), CNP Group, GENERALI Group, Irish Public Bodies Mutual Insurances Ltd. (IPB), MAPFRE Group, MILLENNIUM bcp - Ageas Group, NACIONAL de Reaseguros S.A. (Nacional), Pozavarovalnica SAVA d.d. (SAVA), RSA Insurance Ireland Ltd (RSA Ireland), Societa Cattolica di Assicurazione (CATTOLICA), TRIGLAV Group, UNIPOL Group.