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Prospect News home > News index > List of issuers V > Headlines for Vietnam > News item
Published on 12/14/2005 in the Prospect News Emerging Markets Daily.

Fitch upgrades some Brady bonds

Fitch Ratings said it upgraded the ratings of 27 collateralized Brady bonds issued by 11 sovereigns with a total value of $12.7 billion.

Performing Brady bonds with adequate collateral are now rated either one or two notches above their respective sovereign issuer default rating. The ratings on all other bonds issued by these sovereigns remain unchanged - including those of uncollateralized Brady bonds.

The action follows the assignment of issuer default ratings to all sovereigns and of recovery ratings to sovereigns with issuer default ratings of B+ or lower, the agency said.

The upgrades of the collateralized Brady bonds reflect Fitch's view that in the event of default, the recoveries on these securities are likely to exceed the recoveries of senior unsecured bonds, an assessment based on a review of actual recoveries in recent sovereign bond exchanges.

The following issues are upgraded as detailed: Argentina USD par 2023 to CCC-, Argentina DEM par 2023 to CCC-, Argentina USD discount 2023 to CCC-, Argentina DEM discount 2023 to CCC-, Brazil par 2024 to BB, Brazil discount 2024 to BB, Dominican Republic discount 2024 to B, Ecuador discount 2025 to B, Ecuador par 2025 to B, Panama discount 2026 to BBB-, Panama par 2026 to BBB-,Peru discount 2027 to BB+, Peru par 2017 to BB+, Philippines par A 2018 to BB+, Philippines par B 2017 to BBB-, Poland RSTA 2024 to A-, Poland par 2024 to A-, Uruguay Fixed A 2021 to BB-, Venezuela USD discount 2020 to BB, Venezuela DEM discount 2020 to BB+, Venezuela DEM par 2020 to BB+, Venezuela FRF par 2020 to BB+, Venezuela ITL par 2020 to BB, Venezuela CHF par 2020 to BB+, Venezuela USD par A 2020 to BB, Venezuela USD par B 2020 to BB and Vietnam discount 2028 to BB.


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