The agency reported that this was caused by oil price decline. Thus, the countries, of which ratings were downgrades, are mainly Middle Eastern and African countries. Their economies depend on oil. Totally, 10 of 22 negative outlooks by Fitch since early 2016 concerned the Middle Eastern and African countries.
Downgrade of UK rating to “AA+” after Brexit was normal. The outlook is negative.
On February 26, Fitch downgraded Azerbaijan`s Long-term foreign and local currency Issuer Default Ratings (IDR) to `BB+` from `BBB-`. The Outlooks are Negative. The agency says low oil prices have caused a significant deterioration in the fiscal position.
Fitch downgrades ratings on 15 countries, including Azerbaijan
08 July 2016
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Fitch has downgraded ratings on 15 countries in the first half of 2016.
