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Moody's downgrades Malta’s country ceiling
Moody's has downgraded the country ceilings for Malta, Estonia and Slovakia, in a move which it says is “based on its assessment of the elevated risk for economic and financial dislocations in the euro area.”
21 December 2012, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
The downgrade means change in the highest rating that can be assigned to a domestic issuer in these countries, or to a structured finance security backed by local currency receivables.
Credit ratings agency Moody's has changed Malta's long-term foreign currency bond and deposit ceilings, and the local currency country risk ceiling to A1 from Aaa.
The downgrade means change in the highest rating that can be assigned to a domestic issuer in these countries, or to a structured finance security backed by local currency receivables.
In a statement, the New York-based agency said that the short-term foreign currency bond and deposit ceilings remain unchanged at P-1.
Moody's said it was also downgrading the ceilings for Estonia and Latvia.
Slovakia it is now Aa2 from Aaa, while Estonia has been downgraded from Aa2 from Aaa.
The short-term foreign currency bond and deposit ceilings remain unchanged at P-1 for all three. The lower ceilings for euro area members also reflect the impact on domestic issuers from the unlikely event a country exits the monetary union, Moody's said.
