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Sovereign Ratings Calendar 2020

Country

Scheduled Publication Date

1st Quarter
UAE 17-Jan-2020
Qatar 24-Jan-2020
Kuwait 31-Jan-2020
Oman 07-Feb-2020
Egypt
06-Mar-2020
Cyprus
20-Mar-2020
2nd Quarter
Bahrain 03-Apr-2020
Iran 24-Apr-2020
Lebanon 15-May-2020
Turkey 29-May-2020
Jordan 12-Jun-2020
Saudi Arabia 26-Jun-2020
3rd Quarter
UAE 10-Jul-2020
Qatar 17-Jul-2020
Kuwait 24-Jul-2020
Oman 21-Aug-2020
Egypt
04-Sep-2020
Cyprus
18-Sep-2020
4th Quarter
Bahrain
09-Oct-2020
Iran
23-Oct-2020
Lebanon 13-Nov-2020
Turkey 20-Nov-2020
Jordan 04-Dec-2020
Saudi Arabia 18-Dec-2020

 

INFORMATION NOTICE

30 April 2020

Deviation from Sovereign Ratings Publication Calendar

This information notice is made in accordance with Article 8a(4) of the European Union (EU) regulation on credit rating agencies, which requires rating agencies to publish an explanation of the reasons for any deviations from their announced calendar for sovereign credit ratings.

Capital Intelligence Ratings (CI Ratings or CI) deviated from its publications calendar on 29 April 2020 when it lowered Oman's sovereign issuer credit ratings to BB+/B/Negative from BBB-/A3/Negative.

The deviation was motivated by the Covid-19-related slump in global oil demand and the deterioration in global investor sentiment over the past two months.

The outlook for the public and external finances has changed markedly since CI's last review in February 2020. In view of the sharp fall in oil prices and the spread of Covid-19, CI has revised its forecasts and now expects Oman to incur much larger government budget and external current account deficits over the forecast horizon than previously envisaged. CI deems the revised forecasts for the government budget and current account deficits to be no longer consistent with the ratings assigned to Oman in February 2020.

Oman's credit profile has also been impacted by rising external and government financing risks. In recent years, large deficits in the government budget and external current account were largely financed by external commercial borrowing and sales of stakes in state-owned enterprises to foreign investors. Going forward, CI believes it will be challenging to sustain large capital inflows from international debt and equity investors given the strong deterioration in international investor sentiment towards Oman in recent months. In CI's view, the marked increase in external and government financing risks also necessitated a reassessment of Oman's credit profile.

Further details of the rating action, including the issuer ratings affected, may be found in the Credit Rating Announcement entitled Oman's Sovereign Ratings Lowered; Outlook Remains Negative, which is available in the newsroom section of CI Ratings' website.

 

INFORMATION NOTICE

31 March 2020

Deviation from Sovereign Ratings Publication Calendar

This information notice is made in accordance with Article 8a(4) of the European Union (EU) regulation on credit rating agencies which requires rating agencies to publish an explanation of the reasons for any deviations from their announced calendar for sovereign credit ratings.

Capital Intelligence Ratings (CI Ratings) deviated from its publications calendar on 27 March when it lowered the foreign currency issue ratings assigned to Lebanon's eurobonds to 'D' (default) from 'CC'. The ratings were subsequently withdrawn.

The rating action was triggered by the announcement of the Lebanese government on 23 March that the missed coupon payments (due on the same day) would not be cured before the end of the 30-day grace period for the repayment of coupons.

Further details of the rating action, including a list of all related issue ratings, may be found in the Credit Rating Announcement entitled Issue Ratings on Lebanon's Eurobonds Lowered to 'D'; All Ratings Subsequently Withdrawn, which is available in the newsroom section of CI Ratings' website.

 

INFORMATION NOTICE

12 March 2020

Deviation from Sovereign Ratings Publication Calendar

This information notice is made in accordance with Article 8a(4) of the European Union (EU) regulation on credit rating agencies which requires rating agencies to publish an explanation of the reasons for any deviations from their announced calendar for sovereign credit ratings.

Capital Intelligence Ratings (CI Ratings) deviated from its publications calendar on 11 March when it lowered Lebanon’s Long- and Short-Term Foreign Currency Issuer Ratings to SD/SD from C-/C/Negative.

The rating action was triggered by the announcement of the Lebanese government on 7 March that it would withhold all payments on its USD1.2bn bonds due 9 March and would enter into negotiations with creditors to explore options to make public debt sustainable.

Further details of the rating action, including a list of all related issuer and issue ratings, may be found in the Credit Rating Announcement entitled Lebanon’s Foreign Currency Ratings Lowered to ‘SD’, which is available in the newsroom section of CI Ratings’ website.

 

INFORMATION NOTICE

9 March 2020

Deviation from Sovereign Ratings Publication Calendar

This information notice is made in accordance with Article 8a(4) of the European Union (EU) regulation on credit rating agencies, which requires rating agencies to publish an explanation of the reasons for any deviations from their announced calendar for sovereign credit ratings.

Capital Intelligence Ratings (CI Ratings) deviated from its publications calendar on 6 March when it lowered Lebanon's sovereign issuer credit ratings to C-/C/Negative from C+/C/Negative.

In the opinion of the rating committee, changes in the credit quality of Lebanon since the completion of the previous review on 29 November 2019 warranted a revision of the ratings and that revision needed to take place before the next scheduled review date of 15 May.

The principal changes related to the further weakening of the financial capacity and willingness of the authorities to meet their debt service obligations in full and on time, and the heightened risk that upcoming eurobond payments would not be made.

Further details of the rating action, including the issuer and issue ratings affected, may be found in the Credit Rating Announcement entitled Lebanon's Sovereign Ratings Downgraded; Outlook Remains Negative, which is available in the newsroom section of CI Ratings' website.

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