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 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.
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.
Hungary's economic growth forecast will have to be lowered to maximum 0.5%, while projected forint exchange rates must be raised; fiscal planning will be based on the new figures after an upcoming budget overhaul which will mainly target the key areas of the public sector, from education to the judiciary to the pension system, said Hungary's PM Viktor ORBAN in an interview aired by the public television on Sunday evening and whose main ideas were reproduced by Portfolio.hu.
With the Czech economy's export-driven recovery slowing, swift implementation of new reforms is needed to ensure sustainable, inclusive long-term growth and better resilience to external shocks, according to the OECD's latest Economic Survey of the Czech Republic.
After Polish Prime Minister Donald TUSK set out a program of tough reforms, in his Friday policy speech, the coalition of his centre-right Civic Platform and the agrarian Polish People's Party won a vote of confidence from Parliament's lower chamber on Sunday, November 20th. According TUSK, Poland will focus pending policy initiatives on tax policy, fiscal policy and pension reform as it focuses its efforts on areas it believes can insulate Poland from the global financial crisis to build Poland's position in Europe.
The outlook on Poland's banking system has been changed to negative from stable, reflecting the expectation that the banks' operating environment will deteriorate, said Moody's Investors Service in a Banking System Outlook published on November 15th. Both the NBP Central Bank's President, Marek BELKA and the head of KNF, Poland's financial market regulator, Andrzej JAKUBIAK, called Moody's assesment as "astonishing" and "surprising", and said that there is "no justification for the decision in the condition of the financial sector in Poland" other than the situation of the banking system in Europe.
The medium-to longer-term outlook for banking sector growth remains very favourable in at least six CEE markets, a group that includes some of the region's largest economies: Russia, Poland, the Czech Republic, Romania, Slovakia and Albania are likely to remain high growth markets in which nominal loan and asset growth is likely to clearly outpace nominal GDP growth going forward. It is worth noting that these six markets represent 80% of total banking sector assets in CEE, says Raiffeisen's Bank analysts in the most recebt edition of the CEE Banking Sector Report.
Standard & Poor's Ratings Services said on Nov.7th that it raised its long- and short-term foreign currency sovereign credit ratings on the Republic of Kazakhstan to 'BBB+/A-2' from 'BBB/A-3'. The agency affirmed the local currency ratings at 'BBB+/A-2'. The outlook is stable. At the same time, S&P's affirmed the 'KzAAA' national scale rating on Kazakhstan. The 'BBB+' transfer and convertibility assessment remains unchanged.
Contrary to what many commentators are predicting, Italian insurers may not be able to pass on most of the losses incurred from an unlikely default of Italian government debt, FitchRating says.
Hungary's government decided on November 9th to lower its initial economic growth forecast for 2012, of 1.5%, to 0.9%. According to Hungarian financial press, the downward adjustment means that previously announced fiscal adjustment measures will need an additional HUF 250 billion package in order to meet the deficit target. This would total an adjustment of about HUF 1,600 billion.
The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe including Turkey (CEE) has increased by 13.0 points in October 2011 for the first time in the last five months. The indicator has climbed up to the minus 25.0 points mark. Economic Expectations for the Eurozone have also increased by 18.3 points to a level of minus 49.1 points. The economic sentiment indicator for the CEE region and further financial market data have been surveyed monthly by the Centre for European Economic Research (ZEW), Mannheim, with the support of Erste Group Bank, Vienna, since 2007.
"The euro has lost some of its in attractiveness and Poland is in no rush to enter the euro-zone", governor of the National Bank of Poland (NBP) Marek BELKA stated recently, on the occasion of the NBP's Conference.