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Sovereigns

Our extensive coverage of sovereign debt includes ratings for 119 sovereigns across developed and emerging markets and a robust understanding of policies and macroeconomic drivers.

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01Insights

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Fitch Solutions

Go Beyond

Make better-informed credit decisions with access to an expanded suite of Sovereigns research produced by expert Fitch Ratings analysts.

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Resilience, Nearshoring and What to Expect from Mexico’s Economy

Shelly Shetty, Managing Director, Americas Sovereigns, and Carlos Morales, Director, Latin America Sovereigns, discuss the resilience of Mexico's economy to the economic slowdown in the US, and what to expect moving forward.

Non-Rating Action Commentary

Global Economic Outlook

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Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months.

Economics

20/20 Vision

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The 20/20 Vision chart pack offers a unique graphic snapshot of economic developments across 20 major economies – developed and emerging – to assess global economic prospects and global macro risks.

PODCAST

China Perspectives

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China Perspectives is a podcast series covering the latest credit market and economic developments from China, featuring a range of experts from both within and outside of Fitch Ratings.

02Webinars

03Events

04Videos

India’s Retail Central Bank Digital Currency Project Makes Headway

India’s Retail Central Bank Digital Currency Project Makes Headway

China’s Recovery Reduces Risks to APAC Sector Mid-Year Outlooks

Japan’s Demand for Foreign Bonds to Remain Weak

Tighter Lending Standards to Further Constrain U.S. Consumer Spending

Short-Term US Debt Limit Increase Would Not Prevent Future Standoffs

China Preserves Fiscal Support to Safeguard Economic Recovery

China 2023 Growth Forecast Revised Up to 5%

China’s Reopening Lifts Tourism Recovery Prospects in APAC Economies

Credit Outlook 2023 - APAC Sovereigns to Face Risks from Slowing Global Growth in 2023

Credit Outlook 2023 - Growth and Funding Costs Weigh on 2023 Sovereign Outlook

EMs Closer than DMs to Restoring Pre-Pandemic Fiscal Positions

Vietnam’s Policy Tightening Heightens Property Sector Refinancing Risk

APAC Sovereigns Face External Headwinds

Rapid Unwind of Supply Chain Disruption Cuts Goods Inflation

Fitch on Africa - South Africa’s Public Finances Explained

Fitch on Africa - South Africa’s Sovereign Rating Update

Fitch on Africa - South Africa’s Sovereign Rating Scenario Analysis

Risk to India’s Sovereign Rating from External Pressures is Limited

Energy Crisis to Weaken CEE Growth in 2023

Sustained Fall in APAC Sovereign Reserves Could Erode External Buffers for Some

Understanding the SSA 50 Handbook in Three Minutes

Global Food Price Inflation Likely to Fall Sharply in 2023

Non-European Emerging Markets Vulnerable to an EU Growth Shock

India Macroeconomic and Sovereign Outlook

2022 Mid-Year Outlook - Sovereign Sector Outlook Revised to Neutral from Improving on Ukraine War Impact

2022 Mid-Year Outlook - APAC Corporate Sector Outlooks Shift Amid Global Shocks

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

Singapore's Green Sovereign Bonds to Boost Sustainable Finance Capacity

Housing Market Slowdown Influences Canadian Bank, Sovereign Ratings

Australian Fiscal Outlook Steady as New Government Focuses on Climate Change

Macro Policy and Performance Key Tests for New Philippine President

Monetary Tightening Poses Medium-Term Risks to Japan’s Debt Dynamics

China 2022 Growth Forecast Cut Amid Covid-19 Outbreaks

Pandemic Entrenched State Population Changes, Migration Key Factor

Fitch Expects Significant Economic Shock to CIS+ Region from War in Ukraine

China Loosens Fiscal Policy to Support Slowing Economy

Bank of Canada Raises Interest Rates and Mulls Quantitative Tightening

Russia-Ukraine Conflict Raises Risks for Some Emerging Markets

Chinese Developers’ Funding

Singapore Budget Shifts Focus to Medium-Term Challenges

Stronger Dollar Remains a Risk for Emerging-Market Sovereigns

Japan’s Income Policies Help, But Insufficient to Spur Wage Growth

2022 Credit Outlook - More Entrenched Recovery Underpins Fiscal Improvement in Western Europe

2022 Credit Outlook - Policy Tightens but Sovereigns Outlook for 2022 is Improving

2022 Credit Outlook - Asia-Pacific Sovereigns - Gradual Turn to Policy Normalisation

2022 Credit Outlook - North America to Grow Strongly in 2022, Policy Will Tighten

Australian Monetary Policy Recalibration Signals Inflation Risk

China Property Tax May Add to Near-Term LRG Cash-Flow Strains

Japan’s New Leader Unlikely to Shift Policy Approach Sharply

Emerging Markets Central Banks Respond to Inflation Shock

Credit Impact of Inflation Risk Varies for Australian Issuers

External Liquidity Strains Ease in Some APAC Frontier Economies

Fitch in the Middle East

Exclusive Interview with Australian Treasurer

Central Bank Digital Currencies May Disrupt Financial Systems

Australia’s Budget Highlights Credit-Positive Growth Recovery

Exclusive Q&A with New Zealand Finance Minister

Tighter Regulation to Trim China Household Lending Growth

‘Taper Tantrum Two’ Risk

Exclusive Q&A with Indonesian Finance Minister

US Stimulus Will Boost Growth at a Cost of Higher Deficits, Debt

China Strikes Cautious Note on Fiscal Consolidation

Credit Outlook Highlights - 2021 Major Credit Themes

Credit Outlook Conference Key Takeaways - Global Macro and Sovereigns

ESG Impact on Strategy, Financing, Policies Will Grow in 2021

Fitch Ratings 2021 Outlook - APAC Sovereigns

Latin America Sovereign Rating Pressures Persist into 2021

Coronavirus Dominates Global Sovereigns 2021 Outlook

Rebound in Global Travel Will Be Gradual Despite Probable Vaccines

US Election – Divided Congress Limits Credit Impact

Indonesia’s Reform Package Boosts Growth Prospects

2021 Credit Outlook Conferences - See it All Come Together in January 2021

Drawn-Out U.S. Presidential Election Scenario Highlights Governance Risks

Abe Resignation Brings Japan’s Policy Settings into Focus

COVID-19 Investor Poll: A Gradual U-shaped Recovery

Coronavirus Darkens Fiscal Outlook for MEA Sovereigns

Coronavirus, Commodity Shocks Amplify Pressure on LatAm Sovereigns

Oil Shock Compounds Sovereign Credit Risks from Coronavirus

LATAM Sovereign, Corporate Commodity Focus Ups Coronavirus-Linked Risk

Coronavirus Set to Dampen China’s Economic Growth

German 2030 Climate Package May Become Green Law Blueprint

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Fitch Ratings – Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Fitch Ratings – Preview of the Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Global Sovereign Outlook 2020: Fitch’s View of the World

Global Sovereign Outlook 2020: Key Risks to Watch in 2020

Global Economic Outlook 2020: Fitch’s View of the World

Credit Outlook 2020 - China Credit Outlook

Japan Consumption Tax Rise Helps Medium-Term Fiscal Consolidation

2019 Global Sovereign Conference Hong Kong - Why did we downgrade Hong Kong?

2019 Global Sovereign Conference Hong Kong – The Rating Watch Negative on the United Kingdom

2019 Global Sovereign Conference Hong Kong – Why do we maintain the United States’ AAA rating?

2019 Global Sovereign Conference Hong Kong – Overview on the Asia-Pacific Sovereign Ratings

2019 Late Cycle Roundtable: Key Risks for U.S. States in a Potential Downturn

GSC 2019: Is Eurozone economy resilient?

GSC 2019: What would happen to the UK if there’s no deal?

Global Sovereign Update in 2019

Global Sovereign Conference 2019

Commodities and Trade Stress Latin America’s Vulnerability to China

UK Politics Remain Volatile as No-Deal Risk Rises

Fitch on Vietnam Forum

2019 China Credit Conference – China’s economy in 2019

Trade War Causing Collateral Damage to Global Economic Outlook

FT-Fitch Global Banking Conference - The negative outlook across Latin America

FT-Fitch Global Banking Conference - The economic and geopolitical outlook for EMEA

FT-Fitch Global Banking Conference - The probability of a US recession

FT-Fitch Global Banking Conference - The impact of Brexit on the global and regional economy

Brexit Path Increasingly Unclear

2019 Late Cycle Roundtable - China’s Policy Response and Way Forward

Brazil's Rating Outlook Amid Sluggish Growth & Persistent Fiscal Challenges

Milken Institute Global Conference 2019 - The Macroeconomic Outlook: A Balancing Act

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on the Economy

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on North Korea and China

Fitch Ratings Exclusive – South Korean Deputy Prime Minister on Labour and Governance Policy

Fitch Ratings Exclusive Interview with South Korean Deputy Prime Minister

Fitch Ratings is the Leader in Latin America - Brazil

Fitch on Indonesia 2019: (1 of 7) Election – A Promise of Reform for Indonesia to Grow Further

Fitch on Indonesia 2019: (2 of 7) Indonesia Economy – In Time of Volatile Global Economy

Fitch on Indonesia 2019: (6 of 7) 2019 Indonesia Budget Theme – HR Development, Competitiveness, Exports & Investment

Fitch on Indonesia 2019: (3 of 7) 2018 Indonesia Resilient Economy – Growth & Stability

Fitch on Indonesia 2019: (7 of 7) Further Reform in 2019 – Optimise Economic Growth Momentum

Fitch on Indonesia 2019: (5 of 7) Tax Reform – Balance Between Collecting Tax Revenue and Improving Investment Climate

Fitch on Indonesia 2019: (4 of 7) Fiscal Policy – Support Robust Economic Growth

Fitch on Indonesia 2019

Milken Institute MENA Summit - New Opportunities From a World in Transition

Credit Outlook Conference 2019 - Salient risk for APAC in 2019

Video Roundtable: United States and the Global Economy - September 2018

The United States and the Global Economy - A Video Roundtable

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05Podcasts

OUR APPROACH

Criteria

Criteria explain our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis.

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We rate over 160 sovereign and supranational entities

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06Sector Analysts

James Mc Cormack
Sovereign Ratings
Global Group Head
+852 2263 9625 |

Ed Parker
Sovereign Ratings
Global Head of Research
+44 20 3530 1176 |

Brian Coulton
Chief Economist
+44 20 3530 1140 |

Shelly Shetty
Sovereign Ratings
Head of Americas & APAC
+1 212 908 0324 |

Jan Friederich
Sovereign Ratings
Head of EMEA
+852 2263 9910 |

Paul Gamble
Sovereign Ratings - Emerging Europe
Senior Director
+44 20 3530 1623 |

Toby Iles
Sovereign Ratings – Middle East & Africa
Senior Director
+852 2263 9832 |

Todd Martinez
Sovereign Ratings
Co-Head of the Americas
+1 212 908 0897 |

Richard Francis
Sovereign Ratings
Co-Head of the Americas
+1 212 908 0858 |

Thomas Rookmaaker
Sovereign Ratings – APAC
Senior Director
+852 2263 9891 |

Arnaud Louis
Supranational Ratings
Senior Director
+33 1 44 29 91 42 |

07Business Contacts

Kathleen Holtzman
Head of LATAM Sovereigns & Corporates, BRM
Managing Director
+1 212 908 9103 |

Sing Chan Ng
Co-Head of APAC, BRM
Managing Director
+65 6796 7210 |

David Turner
Head of EMEA Sovereigns, BRM
Senior Director
+44 20 3530 1442 |

Aymeric Poizot
Global Head of
Investor Development
+33 1 44 29 92 76 |

Frank Laurents
Investors
Senior Director | Global Strategist - Investor Outreach
+1 212 908 9127 |