WORLD ECONOMY: Major European Business Credit Ratings Downgraded
Recent Gauteng Business News
International credit insurer Coface has downgraded the business credit risk of a number of European countries meaning that there is an increased risk of debtor defaults from the EuroZone.
Business Credit Ratings for Top Countries
Despite the strong Swiss franc, Coface has downgraded that countrys debtor risk rating from A1 to A1 negative watch.
France has been downgraded from A2 to A2 negative watch, Spain A3 to A4 and Italy A3 to A4.
South Africa has a credit risk rating of A3 negative watch which has remained constant at this level since 2008, indicating relative stability in the local economy compared to Europe and other emerging economies.
Other Countries with Downgraded Business Credit Ratings
A number of other countries had their business credit risk downgraded. Egypt was downgraded from B negative watch to C, Nigeria to D, and a number of emerging European countries downgraded which included Croatia, Hungary, Slovenia and Slovakia.
Business News Sector Tags: Economy|