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Mexico… Mexiiiiiiiiiiiiico…

Last week, Standard & Poor’s and Moody’s took actions and decided to respectively downgrade the outlooks on China and Mexico. Regarding the Middle Empire, S&P turns out to be the second credit rating agency to make such a move in less than a month. We already discussed here that CRA’s moves on the Chinese giant […]

By |April 4th, 2016|Categories: Analyst's Insight|Tags: , , , |

Algeria selling the Crown jewels?

Is Algeria going to make it? After several months of collapsing oil prices, the question deserves to be addressed. The country, whose governance has been rightfully put into doubts, now seems to be moving in against the global trend. On February 29th, the Chief Executive Officer of the national hydrocarbon company Sonatrach, Amine Mazouzi, declared […]

By |March 23rd, 2016|Categories: Analyst's Insight|Tags: , , , , , , |

Monthly scoreboard, France and Canada on a slippery slope?

Last month, our monthly scoreboard took a closer look at North African countries and pointed out that our opinion on Algeria (EE-, with negative short-term and long-term outlooks) was likely to be downgraded in the coming months, due to the fiscal and economic burden of low oil price in the country. Governance is the pivotal […]

By |March 14th, 2016|Categories: Analyst's Insight|Tags: , , , , , |

The Monday effect you don’t expect

“Smell that? You smell that? (What?) Napalm, son. Nothing else in the world smells like that. I love the smell of napalm in the morning”… This line from the Lieutenant Colonel Bill Kilgore in Apocalypse Now (1979) might have crossed the mind of many energy observers this morning. Reading the news, the first order of […]

By |March 7th, 2016|Categories: Analyst's Insight|Tags: , , , , , , |

China, no fear of downgrades…

There might be a time when you grow up and you are not afraid of your parents’ punishments anymore. And likely the same goes for countries and markets. This is what is probably happening with China (the former child in that story) and credit rating agencies (the parental authority). Indeed, Moody’s decided today to downgrade […]

By |March 2nd, 2016|Categories: Analyst's Insight|Tags: , , , , |

A few words on the downgrades

Last Wednesday S&P downgraded several countries. Among these was Brazil, which fell from BB+ to BB. This marks the second time in less than six months that S&P has downgraded Brazil. After hitting junk status on September 9th 2015, Brazil now plunges further down.
 The Brazilian downgrade falls within the scope of rating revisions impacting oil […]

By |February 23rd, 2016|Categories: Analyst's Insight|Tags: , , , |

Saudi Arabia: S&P rocks the Kasbah?

As you might have seen or heard, Standard & Poor’s downgraded Saudi Arabia foreign- and local-currency sovereign credit rating by one notch, from AA-/A-1+ to A+/A-1. The agency added that its outlook on the country remained negative. The Kingdom reacted promptly indicating that this move was made on an “unsolicited basis”. The National stated that […]

By |November 9th, 2015|Categories: Analyst's Insight|Tags: , , , , , |