LONDON, May 19 /PRNewswire/ -- As part of the ratings reconciliation
process prior to the merger of Fitch IBCA and Duff & Phelps Credit Rating Co.
(DCR), DCR has today made changes to the existing long-term sovereign ratings
of the countries listed below. DCR became a subsidiary of Fitch IBCA on
April 12, 2000 and it is expected that the combined companies will merge in
June.
Rating actions have already been announced aligning the agencies' ratings
of Hong Kong, Kazakhstan, Mexico, Russia and Venezuela. The changes to DCR's
sovereign ratings announced in this notice align the ratings for all countries
other than South Africa. An analytical team will visit South Africa shortly
to determine this country's sovereign ratings.
Changes to existing long-term sovereign ratings:
Argentina: local currency rating to BB+ (Double-B-Plus) from
BBB- (Triple-B-Minus)
Belgium: foreign and local currency to AA- (Double-A-Minus) from
AA+ (Double-A-Plus)
Brazil: local currency: to B+ (Single-B-Plus) from B (Single-B)
Czech Republic: foreign currency to BBB+ (Triple-B-Plus) from
A- (Single-A-Minus) and local currency to A+ (Single-A-Plus) from
AA- (Double-A-Minus)
El Salvador: local currency to BBB (Triple-B) from A- (Single-A-Minus)
Finland: foreign and local currency to AAA (Triple-A) from
AA+ (Double-A-Plus)
India: local currency to BBB- (Triple-B-Minus) from BBB (Triple-B)
Indonesia: foreign currency to B- (Single-B-Minus) from
CCC (Triple-C) and local currency to B+ (Single-B-Plus) from
B (Single-B)
Italy: foreign and local currency to AA- (Double-A-Minus) from
AA (Double-A)
Japan: foreign currency to AA+ (Double-A-Plus) from AAA (Triple-A)
Korea: foreign currency to BBB+ (Triple-B-Plus) from BBB (Triple-B) and
local currency to A (Single-A) from A- (Single-A-Minus)
Malaysia: local currency to A- (Single-A-Minus) from BBB+ (Triple-B-Plus)
Poland: foreign currency to BBB+ (Triple-B-Plus) from BBB (Triple-B) and
local currency to A+ (Single-A-Plus) from A (Single-A)
Singapore: foreign currency to AA+ (Double-A-Plus) from AA (Double-A)
Spain: foreign and local currency to AA+' (Double-A-Plus) from
AA (Double-A)
Thailand: foreign currency to BBB- (Triple-B-Minus) from
BB+ (Double-B-Plus)
Any changes to DCR's short-term sovereign ratings will be announced later.
For additional research on Sovereign Ratings, visit DCR's web site at
http://www.dcrco.com (Quick Search: Sovereigns). DCR's research is also
available on Bloomberg at DCR, First Call's BondCall Direct/Research
Direct at http://www.firstcall.com and Multex at http://www.multex.com , as
well as through other third-party providers.
SOURCE Duff & Phelps Credit Rating Co.
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Related links:
http://www.dcrco.com
CONTACT:
Lionel Price of Fitch IBCA,
+44-0-20-7417-4206, or lprice@fitchibca.com; or Roger M. Scher of
Duff & Phelps Credit Rating Co., 212-908-0240, or scher@dcrco.com
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