Macro Risks To Elevate But Sovereign Positions Remain Sound

The macroeconomic challenges we highlighted in our last quarterly Emerging Europe sovereign risk ratings update have escalated further in the second quarter, with little sign of easing through the short term. Most notably, inflation continues to spiral higher. As a result, in the past three months, we have revised up our expectations for end-2008 consumer price growth for every one of the region's 14 rated sovereigns including

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