Fitch Ratings changed Cyprus's long-term foreign-currency issuer default rating to A- from BBB+, with a stable outlook. This upgrade followed a decline in Cyprus' public debt/GDP ratio, which has been one of the steepest among Fitch-rated sovereigns in recent years. The agency expects this trend to continue over its forecast period, estimating Cyprus' debt/GDP to fall to 65.5% in 2024 from a peak of 113.5% in 2020. The rating agency forecasts Cyprus's general government surplus to reach 3.9% of GDP in 2024, with a primary surplus of 5.3%, the highest in the EU. In the meantime, Standard & Poor's credit rating for Cyprus stands at BBB+ with positive outlook. Moody's credit rating for Cyprus was last set at A3 with stable outlook. DBRS' credit rating for Cyprus was last reported at BBB (high) with positive outlook.

Fitch Upgrades Cyprus Rating to 'A-'

Fitch Ratings changed Hungary’s Long-Term Foreign-Currency Issuer Default Rating (IDR) outlook to 'stable' from 'negative' and affirmed the debt grade at 'BBB', citing a reduction in macroeconomic imbalances driven by improved coherence between fiscal and monetary policies. The agency noted that the National Bank of Hungary (MNB) has maintained a tight monetary policy stance, while the government has taken steps to reduce the primary deficit since 2023. Fitch forecasts Hungary's economy to recover gradually, driven by stronger private consumption, investment, and exports. "The expected decline in interest expenditure will support a further decline in the fiscal deficit to 4.2% in 2025 and 3.7% in 2026," Fitch added. The government expects a 3.4% economic growth rebound in 2025. Meanwhile, Standard & Poor's credit rating for Hungary stands at BBB- with a stable outlook, while Moody's last set Hungary’s credit rating at Baa2 with a negative outlook.

Fitch Upgrades Hungary’s Outlook to Stable

Brunei's trade surplus decreased to BND 341.8 million in September 2024 from BND 629.1 million in the same month a year earlier. It was the smallest trade gain since October 2023, mainly due to a plunge in exports. Shipments contracted 20.5% yoy to a three-month low of BND 1,165.5 million, pressured by mineral fuels (-21.5%) and chemicals (-16.6%). The highest share of exports went to China, representing 22.7% of the total, Australia (-22.7%), Thailand (-10.9%), Japan (9.8%), and Vietnam (9.4%). Meanwhile, purchases shrank 1.6% to BND 823.7 million, largely weighed by mineral fuels (-7.1%). The biggest share of imports came from United Arab Emirates (30.4%), Malaysia (25.2%),  China (9.2%), and Canada (6.1%). For the first nine months of the year, Brunei logged a trade surplus of BND 4,053.5 million, widening from BND 3,381.9 million in the same period of 2023, with exports increasing 10.2% while imports grew at a steeper 19.9%.

Brunei Trade Surplus Hits 11-Month Low

China’s foreign exchange reserves rose by $4.8 billion to $3.266 trillion in November 2024, above market expectations of $3.23 trillion. Meanwhile, gold reserves decreased to an equivalent of $193.4 billion from an equivalent of $199 billion in the previous month, aligned with a fall in gold prices.

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最新ニュース

Fitch Upgrades Cyprus Rating to 'A-'

Fitch Upgrades Hungary’s Outlook to Stable

Brunei Trade Surplus Hits 11-Month Low

China Forex Reserves Above Forecasts