Europe 2007: As Good As It Gets?

Across our CEE sovereign risk universe one thing is for certain: it is going to be another year of very strong growth in the region. The only notable exception to the 4%+ growth rates recorded in recent years will be Hungary (D-4), which is in the midst of a massive economic restructuring. This has naturally underpinned our view that the debt repayment capabilities of emerging Europe sovereigns remain very strong. It is worth noting, though, that our individual 2007 country ability to pay ratings are largely flat from the 2006 numbers. Why is this the case? Primarily, it is because

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