Country Risk Rating Alert - September 2018

Dun & Bradstreet upgrades Iceland's country risk rating on the back of ongoing economic improvements, illustrated by a return to healthy real GDP growth.

Dun & Bradstreet upgrades Japan's country risk rating after record public company profits were reported and GDP growth resumed in Q2.

Dun & Bradstreet upgrades Kazakhstan's country risk rating on the back of ongoing economic improvements, illustrated by a return to healthy real GDP growth.

Dun & Bradstreet downgrades Iran's country risk rating as US sanctions are imposed, further undermining the worsening economic position and raising social tensions.

Dun & Bradstreet downgrades Nicaragua's country risk rating as the sociopolitical crisis intensifies, with the government continuing to repress protesters, and little prospect of a peaceful resolution.

Dun & Bradstreet downgrades Tunisia’s country risk rating, owing to the challenging economic situation and its socio-political implications.

An elevated FX risk continues, with the lira being hit by an almost perfect storm, affecting transfer risk and the short-term economic outlook.

Argentina

Dun & Bradstreet downgrades its rating outlook for Argentina as economic activity contracts in April, with agricultural output hit by the country's worst drought in 30 years.

Dun & Bradstreet upgrades its rating outlook for Cambodia after the election result consolidates short-term political stability and boosts the economic outlook.

Croatia

While growth in 2018 will be respectable at 2.7%, a worsening external environment will cause the economy to slow over the remainder of the forecast period.

El Salvador

Private consumption, fuelled by robust remittance inflows and low inflation, will continue to support growth, although downside risks to the outlook prevail.