Economy
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EMEA: A Tale Of Two Halves
June 2006 | Sovereign Risk RatingSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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In the Emerging Europe ratings universe, our two top rated sovereigns offer a series of interesting contrasts. Both are rated in the B category, Russia at B+4 (composite total: 77) and Bulgaria at B4 (72), but have very different rating characteristics. While Russia has willingness and ability to pay ratings of 46 and 31 respectively, Bulgaria scores 32 and 40. This means that for the two sovereigns to be assigned higher BMI Risk Ratings, significant progress will have to be made in their weaker areas. Indeed, Russia's plans to continue paying down its US$75.2bn debt pile will not by itself