Moody's: Latvia, Hungary, Iceland fragile

Latvia, Hungary and Iceland can be characterized as being in a state of "fragile stabilization," but it is too early to speak of a recovery, said Moody's Investors Service said it in a new report.

Moody's said it cannot yet conclude with any certainty that the economies of Latvia, Hungary and Iceland - the European countries that have been hardest hit by the global economic and financial crisis - have reached the bottom of their respective downturns, which have been exacerbated by the crisis.

These three countries are the only ones whose government ratings have experienced multiple downgrades over the past two years, the agency said.

The ratings still carry negative outlooks, signaling the possibility of further downgrades in the next 12 to 18 months, Moody's added.

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