During the 13th Country Risk Conference, Coface announces the downgrades of 22 country ratings. For the first time, two of the biggest emerging countries are negative watch-listed simultaneously: China and Russia.
On a worldwide level, the growth differential anticipated is now 3.1 GDP points from 2007 to 2009. It was only 2.5 points between 2000 and 2001 during the previous credit crisis due to the collapse of the Internet bubble. This slacking of growth explains the rise of over 50% in the Coface payment default index between 2007 and 2008. Coface forecasts that the credit crisis will only end when the year 2009 comes to a close.
The credit crisis no longer spares any zone and even reaches the BRICs: Coface announces at its Country Risk Conference that China and Russia have been placed on negative watch.
Ratings changes
| Country | Former classification | Changes | |
Industrialized countries | A1 | Negative watch | A1 î | |
A1 | Negative watch | A1 î | ||
A1 | Downgrade | A2 | ||
A1 î | Downgrade | A2 | ||
A2 | Negative watch | A2 î | ||
A2 | Negative watch | A2 î | ||
A1 | Negative watch | A1 î | ||
A1 î | Downgrade | A2 | ||
A1 î | Downgrade | A2 | ||
A3 | Negative watch | A3 î | ||
C | Negative watch | Cî | ||
Emerging | A1 | Negative watch | A1 î | |
A3 ì | Positive watch withdrawal | A3 | ||
A3 | Negative watch | A3 î | ||
A4 | Negative watch | A4 î | ||
B | Negative watch | Bî | ||
C | Negative watch | Cî | ||
D ì | Positive watch withdrawal | D | ||
A2 | Negative watch | A2 î | ||
A3 î | Downgrade | A4 | ||
C | Negative watch | Cî | ||
UAE | A2 | Negative watch | A2 î | |
