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Fitch revises upwards the country ceilings for 40 countries

21/08/2006 11:18
In a report released last week, the international credit rating firm, Fitch Ratings, revised upwards the Country Ceilings for 40 countries including Cyprus.

The Fitch analysts revised Cyprus’ country ceiling from AA to AA+, while other countries included in the report are Bulgaria (A- from BBB), the Czech Republic (AA from AA-), Hungary and Israel (A+ from A) and Malta (AA from AA-).

According to Fitch, “the upward revision to Country Ceilings since they were first assigned more than two years ago reflects greater liberalisation of capital and exchange controls in many "emerging market" economies, such as Russia and Brazil, the strengthening of monetary and exchange rate regimes and the deepening integration of emerging markets in the global economy”.