Following the first round of presidential elections in Argentina on Oct. 25, which the ruling party won by a lower-than-expected margin, credit rating agency Moody's Investors Service upgraded on Monday the country's debt rating to stable from negative.
Brazil’s currency Real declined from its highest level in two weeks after Moody’s Investors Service cited rising debt and weak growth in lowering its outlook on the country’s credit rating to stable from positive.
President Mariano Rajoy making the round of financial media in New York this week, said Spain had emerged from recession in the third quarter with estimated economic growth of 0.1% to 0.2% forecast and 0.5% to 1% in 2014.
Moody's Investors Service has changed the rating outlook on Argentina to negative from stable, citing haphazard economic policy decisions coupled with increasing questions about the reliability of official statistics.
Moody's has lowered its outlook for the European Union's AAA credit rating to negative and warned that the bloc's rating could be downgraded. The move reflected the negative outlook for the ratings of the EU key budget contributors.
UniCredit SpA and Intesa Sanpaolo SpA were among 13 Italian banks that had long-term debt, deposit or issuer ratings cut by Moody’s Investors Service, which cited the government’s weakened creditworthiness.
US rating agency Moody's had downgraded the ratings of 11 Brazilian banks by one to three notches, almost all of them to the level of Brazil's sovereign credit rating.
Moody's Investors Service decided to slash the long-term rating of Spanish oil company Repsol after the Argentine government seized 51% stake of Argentina based YPF, formally run by Repsol.
Moody's warned Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the Euro zone government debt crisis is spreading throughout the global financial system.
Rating agency Moody's announced on Tuesday it had downgraded six European nations including Italy, Spain and Portugal, citing growing risks from Europe's debt crisis, and warned it may cut the triple-A ratings of France, Britain and Austria.