Region Improves, Despite Some Worrying Trends

Sovereign risk in emerging Europe has improved marginally since our last Sovereign Risk Rating update in March. The mean Sovereign Risk Rating (SRR) score for the 17 rated countries in Europe has edged up 0.4 points to 64.2 this quarter, reflecting upgrades to some of our economic growth forecasts, and in the case of Russia, improved fiscal accounts as energy prices soared. Several upgrades to the 'willingness to pay' components of our rating, after a number of elections and a strong show of commitment to prudent fiscal policy and debt management, have also helped to buoy the overall SRR for the emerging Europe region.

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