Unintended consequences for sovereigns could include higher financing costs and reduced financial flexibility, particularly for lower-rated EU sovereigns.
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But links between banks and sovereigns remain strong, as most EU banks are heavily exposed to their domestic sovereigns.
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There's an exception, however, known as the separate-sovereigns doctrine, that allows multiple prosecutions if the defendant is charged by different legal sovereigns.
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"Negative outlooks peaked in late 2016 in EM sovereigns and are now in decline," Fitch's head of Sovereigns James McCormack said in a recent speech.
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Further detailed information can be found in "Fitch 2018 Outlook: Emerging Asia Sovereigns", available through the link above, and "Fitch 2018 Outlook: Developed Asia Sovereigns", which can be accessed on www.fitchratings.com.
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As separate sovereigns, the state and federal governments have different and independent interests, and thus the crimes for which a person is charged by those different sovereigns are treated as different crimes.
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Only 12 sovereigns currently have a positive outlook, it said.
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"Central American sovereigns trade technically tight," said a syndicate manager.
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The report, '2018 Outlook: MENA Sovereigns', is available on www.fitchratings.
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Commodity dependence is among the highest of all rated sovereigns.
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Most APAC sovereigns are on Stable Outlook, with some exceptions.
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The report, '5003 Outlook: MENA Sovereigns', is available on www.fitchratings.
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Public debt remains a key rating driver for European sovereigns.
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The answer used to be other states, empires or sovereigns.
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Around this time, other prominent sovereigns were facing a reckoning.
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The courts have read a separate sovereigns exception into the clause.
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This is a rather broad panel, also relative to comparable sovereigns.
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" Another scientist proclaimed them "the unchallenged sovereigns of the world's oceans.
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Click here to find out why Cramer's backing these software sovereigns.
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Sovereigns are immune from suit in other countries and their home courts.
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The 11 sovereigns rated "AAA" carry 40 percent of the debt load.
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The Supreme Court is being asked to get rid separate sovereigns exception.
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The total number of sovereigns in default is also hitting new lows.
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Then, on March 30th, law enforcement arrested Doucette and seven other sovereigns.
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Often emerging-market sovereigns default on their duty to protect human rights.
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Moody's measured sovereigns' vulnerability by their "exposure" and "resilience" to climate change.
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Both indicators will become worse than the medians for 'BBB' category sovereigns.
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The report, "AAA Sovereigns: Smallest Ever Portfolio Share ", is available on www.fitchratings.
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Norum will cover financial institutions and sovereigns, supranationals and agencies, IFR reported.
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Hong Kong's external finances are among the strongest across Fitch-rated sovereigns.
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Both sovereigns probably opted for bond financing to help attract international investors.
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Thirty-eight sovereigns were crowned there, and 17 are buried on site.
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Russia wants full repayment, arguing the debt is bilateral between two sovereigns.
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Even the states are not immune, despite their legal status as sovereigns.
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Since 2012 multiple sovereigns have been able to effectively restructure their debt, and today the vast majority of bond contracts include collective action clauses that enable sovereigns to completely restructure their debt should they confront a future crisis.
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"If the ECB is going to target purchases on some sovereigns at the expense of other sovereigns, then effectively you have got an unequal application of that monetary policy," said Mark Dowding, a portfolio manager at BlueBay Asset Management.
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The subsequent depreciation was the second-largest among Fitch-rated sovereigns in 2016.
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Public sector indebtedness remains among the highest of 'AA' and 'AAA' range sovereigns.
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Contact:: Charles Seville Senior Director, Sovereigns +1 212 908 0277 Fitch Ratings, Inc.
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Contact: Charles Seville Senior Director Sovereigns +1 212 908 35303 Fitch Ratings, Inc.
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The rationale is that the states and the federal government are different sovereigns.
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Governance and human development indicators are more akin to the highest-rated sovereigns.
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It has been the official London residence of the UK's sovereigns since 1837.
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Contact: Charles Seville Senior Director, Sovereigns +1 212 908 0277 Fitch Ratings, Inc.
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The majority of perpetrators were either sovereigns or their ideological cousins, tax defiers.
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It was the main home of sovereigns until 1760, when George II died there.
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The report, "Foreign Currency Debt: Rising Risks to EM Sovereigns", is available on www.fitchratings.
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Not all sovereigns are con men, but their belief system lends itself to deceit.
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The EU is not allowed to borrow for other purposes than on-lending to sovereigns.
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That yield stands tall compared to the yields of the sovereigns from other developed nations.
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Its governance indicators and human development indicators are more akin to the highest-rated sovereigns.
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The February edition of "Asia-Pacific Sovereigns Chart of the Month" is available at www.fitchratings.
|
|
Japan has the highest GGGD/GDP ratio among Fitch-rated sovereigns based on our calculations.
|
|
In our system, the federal government and the states are deemed to be different sovereigns.
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We would not expect Brexit to trigger any immediate negative actions on other EU sovereigns.
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We rate 28 frontier sovereigns included in JP Morgan's Next Generation Emerging Markets (NEXGEM) index.
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For companies, agencies paint a cautious picture, given corporate ratings generally lag their underlying sovereigns.
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Fortunately, these near-sovereigns are afforded gilded rites of passage for royal watchers to consume.
|
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That had led to a period of underperformance for quasi-sovereigns, especially in the energy complex.
|
|
These criteria apply globally to corporates, financial institutions, sovereigns, supranationals, public finance, insurers and global infrastructure.
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Conversely, sovereigns with strong fundamentals going into a catastrophe usually emerge with their credit profiles intact.
|
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A lot of sovereigns expect you to give them special terms, and we don't do that.
|
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Other similar-rated sovereigns, such as Abu Dhabi and Qatar, will be used as reference points.
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Combined with the potential economic impact of Brexit, these factors are credit negative for EU sovereigns.
|
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Limiting exposure to sovereigns is seen by Berlin as a means to strengthen banks' balance sheets.
|
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Private digital currencies were created by non-sovereigns and lacked the attributes of currency, it said.
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Since the start of 2016, Fitch has upgraded two sovereigns in Emerging Europe and downgraded two.
|
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Recent bond sales by euro zone sovereigns have been well-subscribed, and borrowing costs have fallen.
|
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Bulgaria's GDP per capita still lags the median level of 'BBB' peers and higher rated sovereigns.
|
|
The March edition of "APAC Sovereigns Chart of the Month, March 2016" is available at www.fitchratings.
|
|
The separate-sovereigns doctrine, as it's called by legal experts, is widely supported in international law.
|
|
Media stereotypes would encourage us to expect a "party line" decision upholding the separate sovereigns exception.
|
|
Record-low interest rates make it extremely easy for corporates and sovereigns to borrow more money.
|
|
"Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns," said Moody's.
|
|
Israel's public finances remain a weakness relative to 'A' category sovereigns, despite a trend of improvement.
|
|
We are, after all, the ultimate sovereigns in this country, so we must be informed voters.
|
|
Planned reforms to the ESM include measures to boost support for both troubled banks and sovereigns.
|
|
"They would be the first Fitch-rated sovereigns to regain their 'AAA' ratings," the agency added.
|
|
But the ratings agency noted that foreign reserves adequacy was the fifth-highest among Fitch-rated sovereigns.
|
|
More sovereigns such as Poland, Hungary, Sri Lanka and Nigeria are among those mulling tapping panda markets.
|
|
Sovereigns were also bid well, with the Philippines' 2041 bonds (Baa2/BBB/BBB-) continuing their standout performance.
|
|
Among sovereigns, the country's 4.4% 2028s retreated a third of a point to 99.8 on a bid.
|
|
Today's full report, "Fitch 2018 Outlook: Global Sovereigns", is available at the above link or at www.fitchratings.
|
|
The analysis is based on 110 Fitch-rated sovereigns, and uses IMF classification of EMs and DMs.
|
|
Three of the 13 MENA sovereigns rated by Fitch (more than 20%) are on a Negative Outlook.
|
|
A weaker commitment to fiscal consolidation would put pressure on ratings, particularly for sovereigns with large deficits.
|
|
That compares with an average yield of 8.98 percent for other oil-exporting sovereigns in Exotix's universe.
|
|
The last thing Sunni sovereigns in the region want at this moment is a failed Palestinian state.
|
|
It wants measures such as introducing caps on lenders' exposure to the debt of their own sovereigns.
|
|
"Putting in place limitations on exposure to any single counterparty, including sovereigns, makes perfect sense," she added.
|
|
With sovereigns like the bund at very low levels, that keeps a lid on U.S. long rates.
|
|
The proposals could also impact sovereign financing costs and reduce financing flexibility, particularly for lower-rated sovereigns.
|
|
America was the first nation to declare itself independent of all sovereigns save its people and constitution.
|
|
"The sovereigns look risky," Blankfein said at a luncheon hosted by the Boston College Chief Executives Club.
|
|
Stress is also building among certain sovereigns, particularly those that were in trouble before the virus outbreak.
|
|
Stress is also building among certain sovereigns, particularly those that were in trouble before the virus outbreak.
|
|
Belgium's gross general government debt/GDP is the highest among 'AA' rated sovereigns at 106.1% in 2015.
|
|
But some sovereigns write in fake OID income, and fake withholding, in order to claim illegitimate refunds.
|
|
Most SSA sovereigns started from relatively low levels of debt after restructurings and debt forgiveness in the 2000s.
|
|
Nine of the eleven Fitch-rated EM Asia sovereigns carry a Stable Outlook as we near year-end.
|
|
The average maturity of debt is favourable at 18 years, among the longest across all Fitch-rated sovereigns.
|
|
In order for those two sovereigns to cooperate, the commission has to respect what the states are doing.
|
|
Other eurozone sovereigns and one or two supranationals would also have access to the tenor, SSA bankers said.
|
|
The Netherlands follows Poland, France, Belgium and Ireland as sovereigns that have issued green bonds in recent years.
|
|
"The link between sovereigns and banks is indeed loosening," Dombrovskis told a conference on the European financial sector.
|
|
He's tried to recruit some locals to help him build his compound with his little group of sovereigns.
|
|
Moreover, the banks' interbank exposures are with sound counterparties, and debt securities are mostly with highly rated sovereigns.
|
|
We work to secure to sovereign tribes the same rights and benefits enjoyed by other sovereigns, like states.
|
|
External finances are among the strongest across Fitch-rated sovereigns and represent a key support to the rating.
|
|
Fitch's 'AAA' sovereigns are: Australia, Canada, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden, Switzerland and the United States.
|
|
It is rare for a sovereigns States to default on debt which in turn leads to currency collapse.
|
|
Nobody. They got high on their own supply and anointed themselves the "real American" sovereigns of the realm.
|
|
This contrasts with the trend in the last decade of stable-to-improving ratings for large EM sovereigns.
|
|
For millennia, sovereigns inflated away debts by reducing the amount of precious metals like gold in their coins.
|
|
"There's barely any discrimination among sovereigns anymore," said Frederik Ducrozet, senior economist for Europe at Pictet Wealth Management.
|
|
The FSIA has allowed suits against sovereigns that cause personal injury or death for nearly half a century.
|
|
The two AA+ rated sovereigns have been on 'Positive Outlook' since 2018, Fitch said in its latest report.
|
|
A hit to the economy would close the "doom loop", where weak sovereigns and banks drag each other down.
|
|
General government debt is now the lowest among Fitch 'A' rated sovereigns, and one-fifth of the 'AA' median.
|
|
Many of the causes of the last one—the "death loop" of banks and sovereigns, for example—remain unresolved.
|
|
He soon became one of the most influential sovereigns in Colorado, with a savant-like recall of legal precedents.
|
|
The expected 2016 growth rate of 6.3% is well above the median forecast of 4.5% for 'B' rated sovereigns.
|
|
Fitch's report '2017 Outlook: Latin America Sovereigns - A Weak Economic Recovery Amid Subdued Commodity Prices' is available at 'www.fitchratings.
|
|
Related Research 21 Outlook: Latin America Sovereigns here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
|
|
However, at only 11% of GDP, the revenue take is still one of the lowest of all rated sovereigns.
|
|
He said the U.S. 2-year is much more attractive, based on its 2.37 percent yield, than other sovereigns.
|
|
"It is likely no coincidence that Grotius's new theory favored sovereigns and their trading companies," Hathaway and Shapiro note.
|
|
In reality, as princes of the tiny Umbrian village of Sismano, the Corsinis were sovereigns of their own backyard.
|
|
The UK's gross external financing needs were the highest among all 131 sovereigns rated by the agency, it said.
|
|
General government debt is the third highest among Fitch-rated sovereigns at an estimated 3371852% of GDP in 33712263.
|
|
The Justice Department has urged the court to uphold the separate sovereigns exception, citing the intent of the framers.
|
|
After all, from the Treaty of Westphalia to the digital age, sovereigns have held some very basic, unchanging attributes.
|
|
Turkey, Pakistan, Bahrain and Malaysia are among the sovereigns that have issued dollar-denominated sukuk in the past year.
|
|
Still, Turkey is one of the most attractive sovereigns in the Double B sector on a relative value basis.
|
|
With the upgrade, Portugal joins the club of sovereigns that have clawed their way out of the eurozone crisis.
|
|
The restructured bonds pay 7.75 percent coupons, he noted, on par with some African sovereigns but with better liquidity.
|
|
Analysts at Commerzbank believe it is one of three eurozone sovereigns considering a deal at the tenor this week.
|
|
Contact: Toby Iles Director, Sovereigns +852 2263 9832 Fitch (Hong Kong) Limited 68 Des Voeux Road Central Hong Kong Jan Friederich Senior Director, Sovereigns +852 2263 0003 Mark Brown Senior Analyst, Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Marina Stefani Associate Director, Sovereigns +44 20 3530 1809 Fitch Ratings Limited 30 North Colonnade London E14 5GN Jan Friederich Senior Director, Sovereigns +852 2263 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Douglas Winslow Director, Sovereigns +5003 20 3530 1721 Fitch Ratings Ltd 30 North Colonnade London E14 5GN James McCormack Managing Director, Sovereigns +44 203 530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Look, the Middle East investors, the sovereigns and a lot of these folks, are the capital behind the capital. Right?
|
|
This would still be broadly in line with the median public debt/GDP ratio for 'AAA'-rated sovereigns, of 42%.
|
|
The first step is ensuring that banks and sovereigns are less liable to drag each other down in a crisis.
|
|
A 2014 survey of law enforcement officials ranked sovereigns as the number one terrorist threat, above jihadis and neo-Nazis.
|
|
There are now nine sovereigns with 10-year bonds that trade at market prices implying a negative yield to maturity.
|
|
On Tuesday, Fitch's head of Middle East and Africa sovereigns said the ANC was in "panic mode" after August's vote.
|
|
These names were seen gaining traction while demand for sovereigns waned, but that sector was still unchanged on the day.
|
|
Luxembourg has the lowest public debt/GDP amongst 'AAA' rated sovereigns at 20.6%, with the entire debt stock euro-denominated.
|
|
Event risk is rising, raising the specter of reversals in capital flows that would crystallize vulnerabilities facing the weakest sovereigns.
|
|
With three of the 12 MENA sovereigns (more than 20%) on a Negative Outlook, the overall Outlook is deemed Negative.
|
|
Stephane Marciel, formerly head of sovereigns, local authorities for CEEMEA, has been appointed head of sustainable bonds, debt capital markets.
|
|
The two separate sovereigns (the national and state governments) are expected to compete and check the acts of the other.
|
|
Bankers at Standard Chartered and HSBC told Reuters they were working with European sovereigns on deals, but gave no details.
|
|
For example, the sub-Saharan African sovereigns in this category had a median credit/GDP ratio of 26.5% in 13.
|
|
However, while many European sovereigns have sold negative yielding bonds at auction, none has achieved this feat via syndication before.
|
|
Saudi stocks also fell by 25%, while international bonds issued by Saudi Arabia, Aramco and other Gulf sovereigns also sank.
|
|
Or you can do one better than the sovereigns and pay a visit to the royal rooms at Montacute House.
|
|
"The Commission has not meddled, has not intruded on the tax system in place determined by national sovereigns," Stromsky said.
|
|
Spain, Portugal and Italy are among the few investment-grade rated sovereigns still paying positive yields on 10-year debt.
|
|
Spain, Portugal and Italy are among the few investment-grade rated sovereigns still paying positive yields on 10-year debt.
|
|
For those offering more juice, such as non-eurozone or non-proxy eurozone sovereigns, the execution strategy may be easier.
|
|
Telegrams sent by or to foreign sovereigns, princes, and diplomatists were treated like the despatches of Tom, Dick or Harry.
|
|
As sovereigns tell it, your birth certificate and Social Security card are not benign documents, but contracts that enslave you.
|
|
Some sovereigns have even lashed out violently at law enforcement officers, which is why they're considered a domestic terrorism threat.
|
|
Contact: Kit Ling Yeung Associate Director Sovereigns +5003 203 530 1527 Fitch Ratings Limited 30 North Colonnade London E14 5GN Paul Gamble Senior Director Sovereigns +44 203 530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Maria Malas-Mroueh Director, Sovereigns +5003 20 3530 1081 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Ed Parker Managing Director, Sovereigns +44 20 3530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Jermaine Leonard Director, Sovereigns +852 2263 9830 Fitch (Hong Kong) Limited 5003 Des Vouex Road Central Hong Kong Jan Friederich Senior Director, Sovereigns +852 2263 9910 Mark Brown Senior Analyst, Fitch Wire +44 20 3530 1588 (Disclosure Statement): The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
The median general government debt/GDP ratio for Fitch-rated SSA sovereigns climbed from 30.2% in 2011 to 49.7% in 2015.
|
|
The debt/GDP ratio is projected to increase for all Fitch-rated SSA sovereigns other than the Seychelles in 2012-2017.
|
|
This is more readily evident in small sovereigns, often in Africa or Latin America, as their economies fail or currencies devalue.
|
|
In her dissent, Ginsburg wrote that under the Constitution, it is the governed, not the governments, who are the ultimate sovereigns.
|
|
Since then the 10-year and 30-year yields have been aiming higher with the German bund and other global sovereigns.
|
|
If China reduces it bond purchases, buyers that could step in include other sovereigns, banks, large asset managers and insurance companies.
|
|
Many sovereigns have seen their bond yields turn negative, while smaller government budget deficits have reduced debt sustainability concerns, he said.
|
|
For more information on the potential impacts, see the report "'Brexit' Would Raise Downside Risks to EU Sovereigns," available at www.fitchratings.
|
|
"We're in dialogue with insurance companies, pensions and sovereigns, talking about ways they can participate in our growth," said Mr Cagney.
|
|
For the majority of sovereigns, fiscal break-even oil prices are still considerably above current or expected actual oil price levels.
|
|
Any proposal forcing banks to hold capital against sovereign bonds would be controversial because it would affect both banks and sovereigns.
|
|
Alastair Wilson, head of global sovereigns at Moody's, told CNBC Wednesday that there is a separate story for every emerging market.
|
|
"It certainly has the capability to set a benchmark for others to follow, from supranationals to other sovereigns," said an investor.
|
|
Ethiopia's structural features remain a major credit weakness, with human and economic indicators ranking among the lowest of Fitch-rated sovereigns.
|
|
Opinion polls find a large majority favors women remaining in the imperial family after marriage and allowing them to become sovereigns.
|
|
Problems for CEEMEA sovereigns in the euro market were compounded on Thursday with Slovakia struggling with a 1bn 15-year trade.
|
|
Companies like CenturyLink, the AGs said, cannot be allowed to "weaponize" private class actions to squelch enforcement litigation by state sovereigns.
|
|
British sovereigns, French francs, German marks, and many more coins (some now out-of-circulation) can be found within its vaults.
|
|
Sixteen EM sovereigns are on Negative Outlook, of which half are heavily dependent on commodity exports, signalling that further downgrades are likely.
|
|
Paul Gamble, Fitch's head of Emerging Europe sovereigns, said Turkey's economy had shown a "significant degree of resilience" since the failed coup.
|
|
Currently Portugal is included in the iBOXX EUR Sovereigns High Yield index, which has a market value of about 22014 billion euros.
|
|
Related Research 'Brexit' Would Raise Downside Risks to EU Sovereigns here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
|
|
The FBI keeps databases on violent gang members that local police can access, so why can't they do the same for sovereigns?
|
|
This doctrine acknowledges that the states and the federal government are separate "sovereigns," with distinct interests in criminalizing and prosecuting certain conduct.
|
|
Japan's 'A' IDRs also reflect the following rating factors: - Japan's structural fundamentals sit comfortably alongside those of the most highly-rated sovereigns.
|
|
Sunni sovereigns condemned as blasphemous, by both Iranian-Shi'a and Sunni Islamists, are aware that their fiefdoms have been targeted for destruction.
|
|
Worldwide corporate green bond issuance is at $41.3 billion so far this year, Refinitiv data showed, while sovereigns have raised $17.8 billion.
|
|
The government's revenue intake is very low; among Fitch-rated sovereigns, only four have lower government revenue as a percentage of GDP.
|
|
In 2017, we forecast the average budget deficit of Fitch-rated GCC sovereigns to narrow but remain large, at 5.2% of GDP.
|
|
That would move debt closer to the median of 13% for sovereigns rated in the 'BBB' range (India is rated BBB-/Stable).
|
|
He is joining from RBC Capital Markets where he had worked as debt syndicate for sovereigns, supranationals and agencies since August 2012.
|
|
Sovereigns, courtiers and unruly royal children are cast in unforgiving light as Tinniswood, in some cases quite literally, airs their dirty laundry.
|
|
Demand for Latin American sovereigns remains robust as accounts look to put money to work following an issuance drought late last year.
|
|
Saudi debt has underperformed other triple-B rated emerging- market sovereigns such as Russia and Morocco by around 20 bps in October.
|
|
In 212.7, the total return for EM dollar denominated sovereigns was 24% and he expects just mid-single digit returns this year.
|
|
These sovereigns were among the commodity exporters that accounted for two-thirds of Fitch's emerging-market downgrades in the last two years.
|
|
Justice Gorsuch stated in a recent Supreme Court case that he takes very seriously the exchange between sovereigns memorialized in Indian treaties.
|
|
The bottom line: Any interaction between public sector firms and the sovereigns that control them will not require approval by other shareholders.
|
|
In 2019, the total return for EM dollar denominated sovereigns was 14.4% and he expects just mid-single digit returns this year.
|
|
The company has communicated similar limitations for sovereigns with an exception for China (Long-Term Foreign Currency IDR of 'A+'/Stable Outlook).
|
|
Back in a time when Vince McMahon and Ronald Reagan were the undisputed sovereigns of the universe, freeze-dried ice cream flowed aplenty.
|
|
In our view, there is more upside potential for Santander's ratings than BBVA's given the former's more pronounced diversification towards higher-rated sovereigns.
|
|
Posterity finds something horrifying about the sovereigns of Europe, who virtually formed a single extended family, sending their subjects to slaughter one another.
|
|
Sovereigns are still grinding tighter, but, apart from that, people are still waiting for more news and greater clarity on what is coming.
|
|
French bond yields ticked higher on the news, pushing the spread between 10-year French sovereigns and German bunds above 70 basis points.
|
|
French bond yields ticked higher on the news, pushing the spread between 211.5-year French sovereigns and German bunds above 252 basis points.
|
|
By her estimate, there may be 100,000 hardcore sovereigns in the country, with another 220,230 who have tried out their schemes in courts.
|
|
A number of LAC sovereigns maintain contingency reserves, sovereign catastrophe insurance and disaster credit lines with multilaterals to protect budgets and balance sheets.
|
|
Despite the medium-term risks, developed-market (DM) sovereigns are in the midst of their best rating performance since the global financial crisis.
|
|
Some large sovereigns with a high tolerance for illiquidity said they planned to ramp up alternatives further, towards 50 percent in certain cases.
|
|
Analysts say the driver for U.S. long-end yields right now is the interest rate differential between the U.S. and these other sovereigns.
|
|
Political risk has been a persistent feature of Fitch's ratings of GCC sovereigns, but further shocks remain a significant risk factor in 2018.
|
|
S&P said that smaller island sovereigns were generally more willing to promote their competitiveness by lowering tax rates to below mainland countries.
|
|
Austrian banks have strengthened their financial positions in the reinforced regulatory environment, but the sector is weaker than in most high-grade sovereigns.
|
|
Fitch-rated sovereigns with identifiable OBOR projects are typically of speculative grade, but as a whole range from the 'B' to 'BBB' categories.
|
|
"The credit is well supported with improvements in Brazil and it is one of the cheapest quasi sovereigns out there," said an investor.
|
|
Based in Paris, Vion takes on these responsibilities in addition to his current role as head of syndication for sovereigns, supranationals and agencies.
|
|
We, as citizen-sovereigns and the atomic elements of a democracy, have an obligation to do our part to serve the democratic process.
|
|
The subjects facing the camera included some of the pop culture sovereigns of the 1940s and '50s: Carl Sandburg, Tyrone Power, Leopold Stokowski.
|
|
More crucially, Mary was also crowned "queen regnant" as opposed to queen consort, which meant that she and William ruled as dual sovereigns.
|
|
This applies to some of Britain's most popular coins such as Britannias and Sovereigns, which are produced by the U.K.'s Royal Mint.
|
|
The fundamental problem, of course, is one the founders envisioned: They did not want our government officials being paid off by foreign sovereigns.
|
|
Berlin is urging a reduction in banks' risks first, such as by introducing caps on lenders' exposure to the debt of their own sovereigns.
|
|
Only four out of 27232 rated sovereigns have a smaller revenue intake as a percentage of GDP and they are in lower rating categories.
|
|
The reaction in financial and commodity markets could also affect sovereigns outside the US. Some commodity prices rose in anticipation of US fiscal stimulus.
|
|
"We see the continuation of worries about the banking sector and potential systemic risk towards sovereigns," Natixis head of strategy Jean-Francois Robin said.
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"Sovereigns controlling a reserve currency benefit from extensive external and monetary flexibility, which supports government creditworthiness," S&P Global Ratings analyst Frank Gill said.
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France and Poland have in recent months become the first sovereigns to issue 'green' bonds, previously the domain mainly of development banks and companies.
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Abu Dhabi and Qatar proved that there's plenty of demand for Gulf sovereigns, with both generating huge books, enabling them to print jumbo deals.
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"Chinese Treasurys certainly offer a premium to say, developed market sovereigns, with a very stable currency," said Brendan Ahern, chief investment officer at KraneShares.
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Asia frontier sovereigns rated by Fitch include Bangladesh (BB-/Stable), Mongolia (B/Stable), Pakistan (B/Stable), Sri Lanka (BB-/Stable), and Vietnam (BB-/Stable).
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The chapel itself is a masterpiece of the late Gothic style, and Windsor Castle has been home to British sovereigns for nearly 1,000 years.
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SaarLB's asset quality benefits from its exposures to highly rated sovereigns and financial institutions, which account for a material share of gross credit exposures.
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He also argued for some sort of debt restructuring mechanism for sovereigns to ensure that bondholders share the risk before public institutions become liable.
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Each queen is, to some degree, a pawn, manipulated by opportunistic courtiers and politicians who proclaim loyalty to the sovereigns they seek to undermine.
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Saudi stocks fell by more than 230% in early trade, while international bonds issued by Saudi Arabia, Aramco and other Gulf sovereigns also sank.
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EM sovereigns are being challenged by higher US interest rates, a stronger US dollar, weak commodity prices, sluggish global trade and heightened political risks.
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Eight different investors and legal experts contacted by Reuters in recent days agreed that the PDVSA bonds were a safer bet than the sovereigns.
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Public debt remains the primary rating constraint for many sovereigns in the region, and we expect this to remain the case for several years.
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By 2027, the paper estimated a deterioration in countries' fiscal positions would push the average rating of Gulf sovereigns down to 'BBB' from 'BBB+'.
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The total return for dollar-denominated emerging market sovereigns and corporate bonds has been positive since the virus began spreading on a large scale.
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Czerwonko, speaking Wednesday, said the spread for the JPMorgan emerging market bond index, covering 230 dollar-denominated sovereigns, was 210 basis points, on Jan.
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The European Stability Mechanism (ESM) fund, owned by euro zone governments, borrows money on the market to lend it on to sovereigns in need.
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Sovereigns, who sometimes call themselves "freemen" or "state citizens," have no foundational document, but broadly they subscribe to an alternate version of American history.
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As a result, only 13% of sovereigns plan on raising allocations to Europe, compared to a 40% for Asia and 36% to emerging markets.
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A Europe-wide banking union was initiated in 2012 as a way to prevent further financial shocks and to separate sovereigns from their banking systems.
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"Our macroeconomic fundamentals are on par with, if not better than, those of higher-rated sovereigns and continue to improve," he said in a statement.
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Indeed, in the recent history of Fitch-rated Latin America and Caribbean (LAC) sovereigns, no rating action can be tied exclusively to a natural disaster.
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Peter Diamond who was head of FIG flow for Western Europe, is now head of flow origination for financial institutions and supranationals, sovereigns and agencies.
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At a conference in London Tuesday, Fitch's head of sovereigns said that developed countries, particularly European ones, faced unfavorable debt dynamics despite low funding costs.
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And for the first time, that now includes some higher-risk debt categories -- junk-rated corporate bonds and emerging market debt -- alongside top-rated sovereigns.
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And for the first time, that now includes some higher-risk debt categories — junk-rated corporate bonds and emerging market debt — alongside top-rated sovereigns.
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Abu Innab was Goldman Sachs executive director responsible of coverage of sovereigns, corporates, private equity firms, and family offices, with a focus on Saudi Arabia.
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Several Gulf sovereigns have sold bonds in the international markets this year, led by Saudi Arabia's record breaking US$17.5bn triple-tranche offering in October.
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Mongolia also scores well on political stability and lack of violence in the World Bank's governance indicators compared with other sovereigns in the 'B' category.
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This means a federal prosecution does not insulate a defendant from a state prosecution and vice versa as federal and state governments are separate sovereigns.
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More generally, if Libra were to become a ubiquitous global digital currency, it would fundamentally change the relationship between the Libra consortium and monetary sovereigns.
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Government debt/GDP, at around 150%, is one of the highest among Fitch-rated sovereigns and interest spending consumed 48% of budget revenue in 5003.
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Supranationals, agencies and corporates have been at the forefront of Green issuance in recent years, but sovereigns have so far been few and far between.
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In spread terms, that was a pick-up of more than 130bp over Nigeria 2023s - a much bigger difference than for other Single-B sovereigns.
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The subjects facing the camera included some of the pop culture sovereigns of their day, the 1940s and '50s: Tyrone Power, Carl Sandburg, Leopold Stokowski.
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Greece joins other European sovereigns that have also sold bonds that have received record levels of demand, including its southern European peers Spain and Italy .
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Greece joins other European sovereigns that have also sold bonds that have received record levels of demand, including its southern European peers Spain and Italy .
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The subjects facing the camera included some of the pop culture sovereigns of the day, the 1940s and '50s: Carl Sandburg, Tyrone Power, Leopold Stokowski.
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An infamous feature of the sovereign-debt crisis in 2009-15 was the "doom loop", through which weak banks and sovereigns dragged each other down.
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"In addition to directional changes in debt, ratings could be affected by the degree to which sovereigns have - and draw upon - fiscal space," it added.
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The so-called doom loop between highly-indebted banks and sovereigns is regarded as one of the euro zone's most serious vulnerabilities since its debt crisis.
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"Sovereigns controlling a reserve currency benefit from extensive external and monetary flexibility, which supports government creditworthiness," said Frank Gill, director of sovereign ratings at S&P.
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The cover pool's obligors are located in seven different countries, with 80% of the cover assets being exposed to 'AAA' rated sovereigns and 6% to supranationals.
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The exception, recognized since the 1800s, allows "dual sovereigns," in this case a state and the federal government, to charge a person for the same offense.
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In 2012 the euro area introduced reforms to create a "banking union" in order to integrate national systems and loosen the ties between banks and sovereigns.
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"This in turn could delay much-needed fiscal and structural reforms and could in a worst-case scenario reignite pressures on more vulnerable sovereigns," it said.
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The materialisation of these risks would provide an unfavourable backdrop for economic growth, putting pressure on public finances that may have rating implications for some sovereigns.
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In 2012 he said he would do "whatever it takes" to save the euro, promising to buy unlimited amounts of government bonds if sovereigns hit trouble.
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While some of those fears have abated of late, Italian yields trade significantly higher than those of other southern European sovereigns such as Spain or Portugal.
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Other notable deals from Gulf sovereigns in 2016 include Oman's return after a 20-year absence, Qatar's US$9bn trade and Abu Dhabi's US$5bn transaction.
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Constancio pointed to the sudden surge in bond yields after November's U.S. election as evidence of the potential turbulence that could envelop some euro zone sovereigns.
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S&P expects the 22016 Middle East and Northern African (MENA) sovereigns it rates to borrow around $22.9 billion from long-term commercial sources in 22015.
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The investment grade-rated country should find a decent reception in a Latin American primary market only accessible to sovereigns and quasi-sovereign credits this year.
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"I think they have made much less progress than most other [emerging market sovereigns] in recent structural reform," said Oliver Weeks, economist at Emso Asset Management.
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This led me to see the players' posture in terms of the age-old gesture of fealty to the highest of all sovereigns, our Creator, God.
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The court reasoned that transgressions against the laws of separate sovereigns (Alabama and the United States) do not constitute the "same offence" under the Fifth Amendment.
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Most sovereigns are far more content to exercise limited control and outages within their own boundaries using far less labor-intensive methods than physical infrastructure attacks.
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Among sovereigns, five-year CDS for the United Kingdom added 2 bps to 39 bps, levels last seen in July 2016 after the shock Brexit vote.
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Saying that the federal government and the states are independent sovereigns, the court has allowed separate prosecutions of the same conduct in state and federal courts.
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To begin with, there is nothing unusual about an international investment firm — DST Global is headquartered in Hong Kong — accepting investments from international investors, including sovereigns.
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He donned a top hat and tails and lived in a fine stone house with, as Ms Grenville writes, "a box of sovereigns at his feet".
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"If the market understood we did not lose this money on the Euro sovereigns, we would have been in a much more secure position," he said.
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U.S. yields are also moving lower as Treasurys draw in buying from pensions and global investors who view U.S. Treasurys more attractive than other negative yielding sovereigns.
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Charles Seville, a senior director and co-head of Americas sovereigns, told Reuters that the potential need to support Pemex was also weighting on Mexico's sovereign rating.
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"We would not expect to take any immediate negative rating actions on other EU sovereigns if the UK left," Fitch said in a report published on Monday.
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"Since the start of 2016, a third of rated sovereigns have experienced a decline in their economic strength, and two-fifths in their fiscal strength," it said.
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Green bonds comprise a small fraction of the overall bond market, but interest has soared as banks, sovereigns and companies look to tap into increasing investor appetite.
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Prolonged low oil prices also weaken the ability of GCC sovereigns to support the banking sector, although there is no change in their willingness to do so.
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However, like many other Italian insurers, Unipol could face a significant increase in regulatory capital charges if European authorities remove the zero risk-weighting for European sovereigns.
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The CP, which consists of cash investments, sovereigns and highly rated bonds, is held to serve insurance claims, and durations are managed with reference to insurance liabilities.
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The so-called "separate sovereigns exception" provides that a person can be tried twice for the same offense if the prosecutions occur in state and federal courts.
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"The persistent economy-wide increase in EM borrowing continues to feed into higher contingent liabilities for many sovereigns," IIF deputy director Emre Tiftik wrote in a note.
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This would leave Italy as one of the most highly indebted sovereigns in Fitch's rated universe, and compares with a 'BBB' peer median of 0003% of GDP.
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Now, "the abundance of issuance from sovereigns and corporates has given insurers a pool of assets in which to invest which simply wasn't available before," he said.
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Nevertheless, Belarus's gross external financing requirement (not including short-term debt), as a percentage of international reserves, is 146%, among the highest of Fitch-rated emerging market sovereigns.
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Moritz Kraemer, head of EMEA sovereigns at Standard and Poor's, said there were too many legal and economic complications for his firm to give a view on Iran.
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Public debt is the lowest amongst 'AAA' rated sovereigns at 22.6% of GDP in 2016, and is forecast to rise only slightly to 23.0% of GDP in 2018.
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Regis Chatellier, credit strategist at Societe Generale, highlighted Nigeria's $1 billion and Egypt's $4 billion sale as examples of low-rated sovereigns that squeezed in before the Fed.
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However, highly rated borrowers whose liabilities could be risk-free substitutes for US Treasurys are typically sovereigns as well, and they almost always borrow in their own currencies.
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Bonds from highly rated sovereigns with still-positive yields may appeal to those unable to invest outside the debt world, or to those who are too risk adverse.
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Since 1850, though, the Supreme Court's "separate sovereigns" doctrine has permitted such dual prosecutions on the theory that each level of government gets to enforce its own laws.
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"Current 'separate sovereigns' doctrine hardly serves that objective", she added, with a citation to Alexander Hamilton, as "states and nation are 'kindred systems' yet 'parts of ONE WHOLE'".
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This relationship between exposure and mitigants is captured by the disaster deficit index (DDI), a version of which is calculated in the special report for select LAC sovereigns.
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Green bonds make up a small fraction of the overall bond market, but interest has soared as banks, sovereigns and companies look to tap into increasing investor appetite.
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Alex Millar, head of EMEA sovereigns at Invesco, said survey participants had been "pretty far-sighted" in highlighting the risk of a trade war early in the year.
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"The budget itself does not change our assessment made in September when we affirmed the country's triple A ratings," said Mervyn Tang, director, Asia-Pacific Sovereigns at Fitch.
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This is one of the reasons why government revenue is low, at just 21.4% of GDP in 2016, compared with a median of 29.9% for 'BBB' range sovereigns.
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As no significant recovery is expected in the near term, we think low oil prices will continue to weigh on the credit quality of sovereigns in the region.
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The Royal Victorian Order is one of those within the gift of Sovereigns – and is used by the Queen to reward those who have served the royal family.
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Some sovereigns are made vulnerable in this respect by high private foreign-currency debt, such as in Malaysia, or a dependence on foreign inflows - such as in Indonesia.
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Borrowing costs among other euro zone sovereigns were little changed with the yield on Germany's 10-year government bond, the benchmark for the region, flat at 0.41 percent.
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"Despite the rally so far today, we think BTPs (Italian bonds) have more room to outperform versus other Euro area sovereigns," the bank told clients in a note.
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He also said he prefers high yield sovereigns over investment grade this year, and he would stick to dollar-denominated bonds which typically perform better than local currency.
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All of the bank's operations are essentially conducted within New Zealand where Fitch expects solid GDP growth of 2.7% in 2017, above the median for 'AA' rated sovereigns.
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However, the government's revenue intake of 9.8% of GDP is the second lowest of 113 rated sovereigns after Nigeria, implying limited fiscal space to boost badly needed infrastructure development.
|
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But higher US Treasury yields could push up funding costs for other sovereigns, while a stronger dollar may be negative for emerging markets with significant foreign currency debt burdens.
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"Sovereigns nevertheless face a difficult balancing act between curbing public spending and ensuring the adequacy of benefits to prevent otherwise growing risks of poverty and inequality," S&P said.
|
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The Supreme Court has said that the federal government and the states are independent sovereigns, meaning that the same conduct can be prosecuted separately in state and federal courts.
|
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The Omani issue may set the tone for other regional sovereigns which are expected to borrow internationally in the first half of this year, including Saudi Arabia and Qatar.
|
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Government debt as a share of GDP is at or near multi-year highs for a large number of sovereigns spanning the entire rating spectrum and across all regions.
|
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However, given the large exposure to Italian sovereign debt, ITAS could face a significant increase in capital charges if European authorities remove the zero risk-weighting for European sovereigns.
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Thirty-one of the 131 sovereigns rated by the ratings agency are islands and have a median rating of "BBB+", trumping "BB+" for those nations attached to a mainland.
|
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Israel's IDRs also reflect the following key rating drivers: Despite the fall in its public debt/GDP ratio, Israel's public finances remain a weakness relative to 'A' category sovereigns.
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Posch notes quasi-sovereigns such as Brazil's Petrobras or Mexico's Pemex make up more than 80 percent of the bonds maturing in the sector over the next four years.
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"The antagonistic political environment is also weakening global and national institutions, lowering the shock-absorption capacity of sovereigns with high debt burdens and low fiscal buffers," the report said.
|
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This study analyzed the debt issues from the 21 Fitch-rated investment-grade sovereigns with at least $2212 billion in debt outstanding, according to Fitch calculations on July 2908.
|
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The programme of the day included a session of Parliament, the entry of the Sovereigns into the Palace and a reception in the afternoon at the Hôtel de Ville.
|
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Belgium's gross general government debt is the highest among 'AA' rated sovereigns at 106.7% of GDP at end-2015, and is estimated to remain flat in 2016 before declining.
|
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Thailand's strong external and fiscal buffers make it less exposed to potential shocks than many Asian peers, according to Mr. Andrew Fennell, Director, Asia-Pacific (APAC) Sovereigns at Fitch Ratings.
|
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SSA sovereigns benefit from access to concessional lending (the median share of concessional debt in total external debt for Fitch-rated SSA credits excluding South Africa in 2014 was 62%).
|
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Rising debt servicing costs are an obstacle to fiscal consolidation among SSA sovereigns, and larger or unchanged deficits will lead to further increases in public debt, pushing debt ratios higher.
|
|
In 2012 Mario Draghi, the ECB's president, said he would do "whatever it takes" to save the euro, committing to buy unlimited amounts of government bonds if sovereigns hit trouble.
|
|
U.S. yields have fallen to stunningly low levels and traded in a tight range all summer as buyers found them attractive compared to negative and low yielding sovereigns from elsewhere.
|
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"One of the key credit constraints for most rated sovereigns is the persistently low growth environment," said Alastair Wilson, Moody's managing director for sovereign risk, in a statement on Monday.
|
|
Lower oil prices have put significant pressure on the fiscal and external positions of all GCC sovereigns and governments are cutting spending and looking to raise additional revenue in response.
|
|
Federal law enforcement agencies consider the movement a serious enough threat to put out reports on them, but they don't actually collect intelligence on individual sovereigns like they would jihadists.
|
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"Our forecast is 3.9 percent reflecting some easing of government stimulus measures," said Paul Gamble, head of emerging Europe sovereigns at Fitch Ratings, speaking at a Fitch conference in London.
|
|
The authorities' ability to monitor and manage the economy is still limited by data weaknesses and by the lack of institutional structures enjoyed by other sovereigns in the peer group.
|
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"We think going underweight EM financials against developed market financials is the direct way of benefitting from the negative feedback loop between financials, sovereigns and corporates in EM," he said.
|
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Fiscal breakeven prices - the oil price needed to balance a country's budget - for all Gulf sovereigns are well above the $35-a-barrel that Brent ploughed down to on Monday.
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Fiscal breakeven prices - the oil price needed to balance a country's budget - for all Gulf sovereigns are well above the $35-a-barrel that Brent ploughed down to on Monday.
|
|
The U.S. mostly leads in terms of exiting long running easy money policies, and U.S. rates are higher and more attractive to bond investors than those of other major sovereigns.
|
|
There is still quite some distance between where the pars and discounts are trading and levels on euro-denominated bonds issued by investment-grade sovereigns from other Latin American countries.
|
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"We know how in the euro sovereign space, especially for eurozone sovereigns, you get very technical in how these bonds trade - who's buying, what's pushing spreads tighter," said one banker.
|
|
And, unlike golf-course kingdoms with questionable profitability, tech companies have all the real power these days: as data monarchs, nabobs of news, sovereigns of communications and lords of information.
|
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"That's why we're not forecasting any kind of global recession," Tony Stringer, COO of Fitch's global sovereigns group, told Axios on the sidelines of the ratings agency's Global Sovereign Conference.
|
|
Gulf Cooperation Council sovereigns are tipped to raise US$15bn from the bond market this year - more than all GCC sovereign dollar debt issuance from 2013 to the end of 2015.
|
|
Private-sector risk sharing through banks and capital markets is insufficient, the doom loop connecting banks and sovereigns has not been fully severed, and there is no avenue for fiscal stimulus.
|
|
While potentially enhancing their profitability, the regional expansion of Moroccan banks in Africa will increase their exposure to riskier operating environments and debts of sovereigns that are lower rated than Morocco.
|
|
"It is very clear that the U.K. government has done no effective contingency planning for Brexit, " Ed Parker, Fitch's head of Europe, Middle East and Africa sovereigns, said at the conference.
|
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However, given the large exposure to Italian sovereign debt, Poste Vita could face a significant increase in regulatory capital charges if European authorities remove the zero risk-weighting for European sovereigns.
|
|
Sovereigns, banks and corporates in the Gulf Cooperation Council have relied increasingly on the international debt markets to replenish their coffers hit by the drop in oil prices in late 2014.
|
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The sovereigns granting them, or the charters themselves, were called liberal when the rights they conferred were regarded as robust and, for example, involved generous economic concessions and considerable self-government.
|
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Britain's impending exit from the European Union (EU) as well as the potential breakaway of Scotland would be "a bad scenario", according to the global head of sovereigns at Fitch Ratings.
|
|
"Policy settings in recent years have been very loose, and contributed to pressures on Mongolia's external accounts," said Andrew Fennell, associate director, Asia Pacific Sovereigns, at Fitch Ratings in Hong Kong.
|
|
The 214% weighting is in line with the Basel framework, which allows supervisors discretion to set low - generally 25% - risk weights on domestic-currency exposures to their sovereigns and central banks.
|
|
The sovereigns still entertain in an ornate dining room and parlor, where chairs have silver lions for armrests and walls are painted with gold dust and extracts of rubies and emeralds.
|
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"The O.E.C.D. process is hanging by a thread and the consequences of failure are underappreciated by European sovereigns," said Itai Grinberg, an international tax policy professor at Georgetown University Law Center.
|
|
"While economic growth will remain slow and fiscal strength will continue eroding, we expect South Africa's credit profile to remain in line with those of Baa3-rated sovereigns," the report said.
|
|
The downward pressure on EM ratings is evident in the high and rising share of ratings on Negative Outlook, at 21549% for sovereigns and 23% for both corporates and financial institutions.
|
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Related Research Fed Lift-Off: Emerging Market Cross-Sector Risks here Rising Private Sector Debt: Risks to EM Sovereigns here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
|
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If the congressman had approached us as tribal sovereigns, we would have sought to bring our traditional knowledge into decision-making on a sovereign-to-sovereign basis with the federal government.
|
|
A loose network of perhaps tens of thousands of far-right antigovernment extremists, sovereigns share certain conspiratorial beliefs and, sometimes, a desire to profit off a government whose legitimacy they deny.
|
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The gross external financing requirement as a percentage of FX reserves is 260%, the highest of Fitch-rated emerging market sovereigns, reflecting international reserves of just 1.3 months of current external payments.
|
|
Two key drivers are the commodities slump that has led to a sharp decline in fiscal revenues among exporters, and continuing reliance by some sovereigns on infrastructure investment to drive GDP growth.
|
|
Conversely, none of the sovereigns holding 'AA+' status, which sits one tier below the top rung, have a Positive Outlook, meaning an upgrade over the same time frame would be equally unlikely.
|
|
MOSCOW (Reuters) - U.S. sanctions will weigh on Russia's economic growth but are unlikely to imminently deprive Moscow of its investment-grade rating, the head of Fitch Ratings Sovereigns group said on Tuesday.
|
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That would mean completing a common banking union, to break the self-reinforcing link between wobbly sovereigns and wobbly banks, and creating quasi-federal fiscal tools to support struggling economies in downturns.
|
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It is urging governments and the European Parliament to complete the EU's banking union by 2019 and thus cut the "doom loop", in which weak banks and sovereigns drag each other down.
|
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Rajeev de Mello, head of Asian fixed income at Schroders, said the two sovereigns bore the brunt of the sell-off because they were key components of broader emerging market bond indexes.
|
|
Sovereigns were the story this week and with the backup in yields, surprising to some but not to those who read last week's weekly, was the continued slaughter in yield-bearing equities.
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Concentration in Low-Rated Sovereigns: Despite the diversification benefit, MIC's ratings are tempered by its operational footprint in countries in Latin America and Africa with low sovereign ratings and GDP per capita.
|
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Charles Seville, co-head of Latin America sovereigns at ratings agency Fitch, said the rate cut reflected lower inflation risks and greater domestic and global growth risks since the bank's last meeting.
|
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Discord will recur throughout the cycle, as traditional ideas of kingship and the rights of rulers evolve under the pressure of more modern ideas about the responsibilities of sovereigns to their subjects.
|
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"It's really an urgent problem about the central bank credibility and… the president steps in and casts further doubt on that," said James McCormack, global head of sovereigns rating at Fitch ratings.
|
|
Just a handful of foreign entities — including sovereigns Poland and South Korea — have sold Panda bonds in recent years, although Hong Kong's smaller, offshore, yuan-denominated "dim sum" market is well established.
|
|
"Just to put things into perspective, Malaysia's government debt-to-GDP is about 51 percent and the median for A-rated sovereigns is 41 percent," Moody's sovereign risk analyst Anushka Shah said.
|
|
Gamble's attorney, Louis Chaiten, focused the bulk of his arguments on the text and original meaning of the double jeopardy clause, arguing the separate sovereigns exception is unconstitutional within its original meaning.
|
|
The Supreme Court has made one exception, saying that the federal government and the states are independent sovereigns, meaning that the same conduct can be prosecuted separately in state and federal courts.
|
|
If you give them higher yields at home, it makes those other sovereigns less attractive and our yields should move higher, either as demand wanes or to attract those or other investors.
|
|
The court ruled that, as long as the two prosecutions are brought by "separate sovereigns" -- in Gamble's case, the state of Alabama and then the federal government -- there is no double jeopardy problem.
|
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"Sovereigns have financing needs that they feel can be partially met with relatively low sovereign yields compared to the higher local yields at this time," said Jane Brauer, fixed income strategist at BAML.
|
|
Only eleven countries currently hold the coveted highest rating which compares to a peak of 16 sovereigns in the period from 2004 – 2009, according to a press release from Fitch Ratings on Thursday.
|
|
Rather than contest the facts on the second go-around, Mr Gamble wagered his freedom on a bold constitutional claim: that the "separate sovereigns" principle—entrenched though it may be—violates the constitution.
|
|
The gross general government debt/GDP ratio is by far the highest among Fitch-rated sovereigns, at 230% of GDP in 2016, and our baseline projections show it rising to 238% by 2024.
|
|
"It is very clear that the U.K. government has done no effective contingency planning for Brexit," Ed Parker, Fitch's head of Europe, Middle East and Africa sovereigns, said at a conference on Tuesday.
|
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Related Research 21 Outlook: Global Sovereigns here Trump's Election Raises Global Uncertainties; Trade, Foreign Policy Switches Could Have a Sizeable Impact here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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At the other end, behemoths like SoftBank, sovereigns, as well "early-stage" firms raising larger funds are seeking breakout companies ready for checks that are in the mid-tens to hundreds of millions.
|
|
Eurozone banks diversifying into debt issued by other eurozone sovereigns could include these bonds as part of their liquidity buffers without incurring any FX risk, but non-eurozone banks could face more difficulties.
|
|
Commodity dependence is generally lower across Asia frontier sovereigns compared with peers in other regions, which in part reflects economic models focused on the export of garments and other labour-intensive manufactured goods.
|
|
After all, Disney Castle is the seat of King Mickey and Queen Minnie, the sovereigns that project power out into the pseudo-space between the worlds that make up the Kingdom Hearts experience.
|
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Some legal experts have warned that jettisoning the separate-sovereigns doctrine could endanger Mueller's ability to pressure witnesses to cooperate and make it easier for President Donald Trump to shut down the inquiry.
|
|
We know that she held a special position, unlike that of any other woman, because she issued royal decrees and coins were minted bearing her name, something done for sovereigns, not their wives.
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"The government has decided to postpone the tax increase, which leaves us to revise our assessment of the government's commitment to fiscal consolidation," said Andrew Colquhoun, head of Asia-Pacific sovereigns at Fitch.
|
|
The question is: is this real business or are these white elephants and how will they pay them back over time, and will they ultimately go on the balance sheets of those sovereigns?
|
|
Indeed, Parliament insisted that, as a condition of assuming the throne, the new sovereigns — William and Mary — agree to a declaration of rights that, in part, protected fundamental liberties of the English people.
|
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Instead, Chinese investors are likely taking tactical positions away from Treasuries in the dollar debt of sovereigns, supranationals and agencies (SSA), a sector that includes EIB and KfW, a debt capital markets banker said.
|
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"We think that sanctions are going to remain a risk and are going to weigh on Russia' credit profile," Erich Arispe, sovereigns' and supranationals group director at Fitch, said in an interview in Moscow.
|
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Technology stakes still make up only a tiny fraction of investment portfolios for sovereigns, with most sticking with conventional fixed income and equity investments and long-term projects like hotels, shopping centers and ports.
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Clarke has worked at the German lender since July 2013, according to his LinkedIn profile, firstly on the emerging markets bond syndicate and latterly on the sovereigns, supranationals and agencies, and covered bond syndicates.
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Debt denominated in foreign currency is more risky than local-currency debt as exchange rate depreciation raises debt and debt-service ratios of sovereigns, households or corporates that lack foreign exchange incomes or assets.
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While the balance of rating outlooks is improving with 15% of Fitch's portfolio on a Positive Rating Watch or Outlook compared with 4% last year, a number of risks continue to face global sovereigns.
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Sectarian and ethnic tensions continue to undermine political stability, relations with the Kurdish regional government are volatile and Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator.
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Syndications from euro zone sovereigns have been hugely successful this year and with orders in excess of 0.523 billion euros, Spain's 20.52 billion euro sale of 227-year bonds on Tuesday was no exception.
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LONDON, Nov 7 (Reuters) - Countries' creditworthiness could be increasingly affected by climate change, with African and South Asian sovereigns most susceptible to the economic effects of global warming, ratings agency Moody's said on Monday.
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"I think ... the protection of rights of the Russian Federation as a creditor will be carried out by an independent, authoritative court, which will impartially consider the dispute between the two sovereigns," he said.
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Syndications from euro zone sovereigns have been hugely successful this year and with orders in excess of 44 billion euros, Spain's 5 billion euro sale of 15-year bonds on Tuesday was no exception.
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At 128% of GDP in 2015, Cyprus's net external debt (NXD) is the third-highest of Fitch-rated sovereigns, reflecting a highly indebted private sector and the capital-intensive nature of the shipping industry.
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The moves are not part of a wider restructuring and it is expected that they will be replaced as the bank remains committed to the area as a primary dealer for 12 European sovereigns.
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But S&P reiterated its concerns about India's gross domestic product (GDP) per capita income, saying on Friday it was "the lowest of all investment-grade sovereigns that we rate" at an estimated $2,000.
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"It is a sign of returning risk appetite that we have seen a number of emerging markets sovereigns coming back to the market to raise money," said Marcus Svedberg, chief economist at East Capital.
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But generally, Chief Justice John Marshall "set out this idea that tribes are diminished sovereigns," Robert Williams, faculty chair of the Indigenous Peoples Law and Policy Program at the University of Arizona, told me.
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As I've written before, as a store of value and an alternative to fiat currencies that have been conjured up by sovereigns in which one must put one's faith, it continues to increase in suitability.
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Courts "can, and regularly do" take care to avert defendants' over-punishment "by taking account of previous prosecutions by different sovereigns", but neither states nor the federal government should be stopped from enforcing their laws.
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Banks' excessive reliance on their home market also ties their fortunes to the local economy, maintaining a so-called 'doom loop' between banks and their sovereigns, a major vulnerability exposed during the bloc's debt crisis.
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KEY RATING DRIVERS The downgrade and Negative Outlook reflect the following key rating drivers: Oman's budget deficit will remain one of the largest among Fitch-rated sovereigns at an expected 12.8% of GDP in 2017.
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James McCormack, global head of sovereigns at Fitch Ratings, hinted to CNBC's Joumanna Bercetche that the agency could change the U.K's credit rating as government borrowing returned to pre-2008 financial crisis levels this year.
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The changes are intended to reduce banks' exposures to their own sovereigns, as part of a package of measures to strengthen the EU's banking union, and ahead of possible future proposals from the Basel Committee.
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Some in the market had thought high 9s to 10 more suitable, but the B1/B+/B+ rated deal drew a decent crowd thanks to index eligibility and a nice pick-up to African sovereigns.
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"It will become a great platform for the two major sovereigns to use as a potential platform for a broader level of financial or strategic investment decisions," Li added, referring to China and Saudi Arabia.
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Dollar borrowing costs for emerging sovereigns have blown out to multi-month highs and investors have pulled $5.6 billion from emerging debt and equity funds since mid-April, according to the Institute of International Finance.
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That spread differential between the two sovereigns in the dollar market - where Colombia 4.5% 2026s are trading at 3.28% versus 5.62% on Argentina's 7.5% 2026s - could provide a good measuring stick in euros, say bankers.
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About 43%, or $24 trillion, of sovereigns' gross borrowing will be to refinance maturing long-term debt, though the expected $22019 trillion of new borrowing will still be worth at least 22020% of global GDP.
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Last month, ratings agency Moody's issued a negative outlook for sovereign creditworthiness in 2020, citing a "disruptive and unpredictable" political environment for the $63.2 trillion in outstanding government debt across the 142 sovereigns it rates.
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The company's foreign government bond buying in the first half was limited to modest purchases of French sovereigns, Masanori Nakamura, general manager at the investment planning department of Taiyo Life, told Reuters in an interview.
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"I think it's no surprise that in a world that is increasingly globalized that emerging markets are sensitive to monetary movements globally," Mervyn Tang, director of Asia-Pacific Sovereigns at Fitch Ratings, told CNBC on Wednesday.
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Other central banks are less competent, less independent, more political or corrupt, and most importantly cannot undo the errors of their sovereigns, such as autocratic nationalism, and running economies that are overly dependent on a commodity.
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"Sovereigns can issue debt in hard currency or local currency, but that's a luxury which is not there yet for most corporates," said Abhishek Kumar, lead portfolio manager for emerging markets at State Street Global Advisors.
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"Our estimates thus strongly and consistently suggest that collusion between banks and sovereigns (or 'moral suasion') took place during the sovereign debt crisis," authors Steven Ongena, Alexander Popov and Neeltje Van Horen wrote in the study.
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"Both are essential elements to severe the links between banks and sovereigns and to bolster the ability of the area to deal with large macroeconomic shocks," Bank of Spain Governor Luis Maria Linde said on Wednesday.
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The previous two games in the series have taken place during the waning periods of Ages of Fire, periods of time in which the civilizations and the sovereigns that govern them are coming to a close.
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Around 26 percent, or 35 out of 134 sovereigns, have a negative outlook as of Monday, Moody's said in a note, adding that it was the largest proportion since late 2012 during the European debt crisis.
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Most downward rating pressure remains in commodity-exporting economies where a number of EM sovereigns have not yet fully adjusted to the decline in commodity prices that began in 2014, particularly in the Middle East & Africa.
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A third worry is that nervous markets might again drive up the debt-financing costs of highly indebted countries (eg, Italy), and set in motion the "doom-loop" between banks and sovereigns in the euro area.
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"The founders very clearly intended that officers of the United States, including the president, not accept presents from foreign sovereigns," Norman Eisen, who was President Obama's chief White House ethics lawyer, told the New York Times.
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Over that period, just 13 high-grade names have tapped this market, and many have either been banks like Morgan Stanley, and Bank of America, or quasi sovereigns like Korea Export Import Bank and Mexico's Nafina.
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Two-thirds of such exposures, or EUR220trn, is concentrated in the banks' domestic sovereigns, reflecting the role domestic banks play in the government bond market and the need to invest in "safe" assets for liquidity purposes.
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The eclectic group of issuers that has tapped the market of late underscores the overall bullish tone, with off-the-run sovereigns such as Ecuador and Honduras - and debut credits like Argentine utility Genneia - printing bonds.
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Reforms to weaken the sovereign-bank nexus by protecting sovereigns from bank failures have already been implemented in the EU, notably through its Bank Recovery and Resolution Directive, which came into effect fully in January 2033.
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In the longer term, non-zero risk-weights for sovereign exposures may benefit private-sector credit flow by reducing the risk-weight advantage that sovereigns enjoy, especially for higher RWA classes, such as corporates and SMEs.
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However, in most cases EM banks whose Outlooks have reverted to Stable have done so after rating downgrades, both of banks and sovereigns, in such markets as Turkey, Saudi Arabia, South Africa, Costa Rica and Oman.
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The ECB said on Thursday that financial stability risk is rising in the euro zone and concern may re-emerge about whether some countries can sustain their debt, potentially raising pressure on the bloc's weakest sovereigns.
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In a strategy that echoes those of other CEE sovereigns such as Latvia and Slovenia, Hungary has also bought back some of its US dollar debt to rebalance its liabilities in favour of the single currency.
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The ratio of consolidated sector NPEs (non-performing exposures) to total loans stood at 45% in December 2015, one of the highest of Fitch-rated sovereigns, though down from a peak of over 50% in 2014.
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The sovereigns most at risk are those with close economic and financial ties with the US that come under scrutiny due to existing financial imbalances or perceptions of unfair frameworks or practices in their bilateral relations.
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Poland (A2/A-/A-), Chile (Aa3/AA-/A+), Mexico (A3/BBB+/BBB+) and Slovakia (A4.1253/A+/A+) all issued bonds, though the two European sovereigns, which both raised euros, struggled in terms of pricing and performance.
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"A lot of sovereigns are not necessarily comfortable or have no need for private placements, but there are some, like Austria, that can be responsive to investor requests," said a banker away from the new trade.
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The non-retail book was mainly represented by granular, low to moderate risk exposures to Russian sub-sovereigns and municipalities and top tier companies, which are predominantly state-owned or highly rated (BB rating category or higher).
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As well as banks - seeking cash as local liquidity is squeezed - and companies, Gulf sovereigns are expected to make rare forays into international debt markets this year to cover budget shortfalls, including Qatar, Kuwait and Saudi Arabia.
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Year-to-date sales of euro-denominated debt by emerging market sovereigns were $33 billion by early July, making up about one third of all hard-currency debt sales by developing nations, according to calculations from J.P.Morgan.
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"We see a spread risk and think there is better value to be found in emerging markets with sovereigns such as Brazil or Turkey," said Andrew Belshaw, head of investment management at Legg Mason affiliate Western Asset.
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Higher oil prices this year and a series of government initiatives aimed at diversifying the region's economies from oil revenues have improved budget deficits and have slowed the pace at which Gulf sovereigns accumulated debt in 2018.
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Earlier on Friday, Moody's said eurozone sovereigns' ratings will likely remain stable in 2016-2017, but that a decline on fiscal consolidation, a lack of progress on structural reforms and a rise in political risks all lingered.
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"Climate change is expected to become an increasingly dominant factor in our analysis of the credit profiles of those sovereigns that are most susceptible to its effects over the coming decades," it said in a new report.
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"While climate change does not have near-term implications for sovereign ratings, it already exerts some influence on credit profiles of those sovereigns most susceptible to its effects," Moody's said, adding this influence would grow over time.
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An in-depth review of EU proposals to break the sovereign-bank nexus and scenario analysis for banks, sovereigns and capital markets is contained in a report, published today and available by clicking on the link below.
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Other than a couple of outliers, such as Turkey and Greece, the debt/GDP ratios of EM sovereigns have remained stable at between 40 percent and 50 percent — less than half the ratios in developed market countries.
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Justices at each end the court's ideological spectrum seemed concerned that getting rid of the separate sovereigns exception to double jeopardy would prevent the U.S. government from prosecuting someone who's already been tried in a foreign country.
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But the federal government argued the Supreme Court has held that prosecution in federal and state court for the same crime does not violate the double jeopardy clause because the state and federal government are separate sovereigns.
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A report by the agency said a "hypothetical long-run stress test" where oil prices fell to below $40 by 2040 suggested the average rating of Gulf sovereigns could fall by two notches from 'BBB+' to 'BBB-'.
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LONDON (Reuters) - The European financial system remains fragile and fragmented due to the close relationship between sovereigns and banks, European Central Bank policymaker and Governor of the Bank of Spain Pablo Hernandez de Cos said on Monday.
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MADRID (Reuters) - A common fiscal backstop for the single resolution fund and a common European deposit scheme (EDIS), with eventual full risk mutualization, are essential to cut links between banks and sovereigns, the Bank of Spain head said.
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Antonelli was a director in debt capital markets coverage focused on sovereigns at Credit Suisse, and was put at risk at the end of last year as part the Swiss bank's strategic review of its fixed income division.
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"[The search for yield is] pushing down yields for issuers such as emerging market sovereigns and high-yield corporates with weaker credit profiles," Robert Grossman, head of macro credit research at Fitch Ratings, said in a research note.
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With eight emerging-market (EM) sovereigns on Positive Outlook and 13 on Negative Outlook, 2018 is set to be the fourth consecutive year in which downgrades outnumber upgrades, albeit by a much smaller margin than in recent years.
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The government also assured Fitch that the country's debt to GDP ratio will come down to 40 percent in the next few years, the finance ministry official said, a median level for BBB rated sovereigns cited by Fitch.
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In fact, just last month, a Supreme Court decision confirmed that both the state and federal government can prosecute a person over the exact same offense, with it not being considered double jeopardy because they are separate sovereigns.
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One Tokyo-based banker said he planned to pitch the yen markets to other Triple B rated sovereigns, especially after witnessing a blowout response last week for Bank of America Corporation's 110 billion yen ($1 billion) Pro-bond.
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In a case Thursday testing a longstanding "separate sovereigns" exception to the Constitution's double jeopardy clause, Alito was skeptical of a lawyer's assertion that the original understanding of the Constitution would forbid dual prosecutions for the same offense.
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Fitch views UBA Senegal's tangible common equity to tangible assets (17.7% at end-June 2015) as only acceptable when compared with international peers, given the bank's high loan concentration and significant exposure to low or non-rated sovereigns.
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"The founders very clearly intended that officers of the United States, including the president, not accept presents from foreign sovereigns," said Norman Eisen, who was the chief White House ethics lawyer for Mr. Obama from 2009 to 2011.
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On a macro scale, our system of government controls for bias by dividing up power into three branches — the executive, the legislative, and the judicial — and amongst a multitude of sovereigns, the federal government and the various states.
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"A quarter of the sovereigns are on a negative outlook, which is the highest proportion we've had since 2012," the peak of the euro crisis, Alastair Wilson, Moody's managing director of sovereign risk told Reuters in an interview.
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In the two years leading up to their IMF loans, Fitch took negative rating action on five of the eight sovereigns that entered Standby Arrangements or Extended Fund Facilities in 2016 - Iraq, Kenya, Sri Lanka, Suriname and Tunisia.
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The territory's robust external finances are exemplified by its status as the third-largest net external creditor among Fitch-rated sovereigns (275% of GDP), as well as its record of current account surpluses going back more than 20 years.
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The Financial Conduct Authority (FCA) drew criticism from major institutional investors and British lawmakers when it outlined plans in July last year for a premium stock market category that would exempt businesses controlled by sovereigns from meeting certain requirements.
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The premium offered by KMG's $3.4 billion jumbo buyback in November provided an immediate boost to its bond prices, worth around 10 points on some issues, and has raised hopes among investors that other quasi-sovereigns might follow suit.
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Of the 131 sovereigns tracked by S&P Global, a rating agency, Mozambique is the only other country in default, having missed payments on its Eurobond (and failed to make good on guaranteed loans to two state-owned enterprises).
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Debt issuance from companies has been falling all year as the U.S. steadily raises rates, while a turbulent summer effectively closed the market for emerging sovereigns such as Turkey and Russia - a marked contrast to 2500's bumper issuance.
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The number on Positive Outlook reached an all-time high in October 2017, at seven, implying an upward bias to rating changes in 2018 including for some of the sovereigns that were worst affected by the eurozone financial crisis.
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To further increase financial stability and reduce risks from excessive bank exposure to the debt of their sovereigns, the commission said it will consider proposing in 2018 a legal framework for the so-called sovereign bond-backed securities (SBBS).
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Analysts said euro Treasury bills made sense, particularly for banks, which need high grade sovereign debt to fund their operations and are concerned about a dwindling supply as Germany and the Netherlands, both triple A rated sovereigns, issue less.
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The US will enter the next downturn with a general government "structural deficit" (subtracting the impact of the economic cycle) larger than any other 'AAA' sovereign, leaving the US more exposed to a downturn than other similarly rated sovereigns.
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In addition to low oil prices curbing growth and appetite for new cash, the bond markets have provided stiff competition as cash strapped sovereigns that tapped the loan market last year have turned to the capital markets for funds.
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Mr. Mervyn Tang, Director, Asia-Pacific Sovereigns at Fitch Ratings, highlighted that so far this year, there have been a relatively large number of sovereign downgrades and many ratings are currently on Negative Outlook, in particular among emerging markets.
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Political risk and insecurity are among the highest faced by any Fitch-rated sovereign, and Iraq scores worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, which also reflects corruption, government ineffectiveness and weak institutions.
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The American Declaration of Independence and the Constitution ushered in an epoch when rights and liberties would no longer depend on the liberality of well-disposed sovereigns but would issue from a generous and free people legislating for itself.
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At current yields, euro zone governments will save an average 0.10% of gross domestic product in interest this year, or almost 12 billion euros, Frank Gill, senior director in the sovereigns team at ratings agency S&P Global, estimates.
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These also remain key areas of focus for our credit analysis and the possibility of populist parties challenging the European project is one that we highlighted as a key risk to ratings in our Outlook for western European sovereigns.
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These requests are opposed by Italy and other euro zone countries, however, who worry that the move would cause market turbulence as banks would be forced to sell off assets at fire-sale prices and sovereigns' borrowing may become more costly.
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LONDON, June 2239 (Reuters) - Emerging market sovereigns borrowed just over $3553 billion in international bond markets in the first six months of 2355, a 22012 percent jump over year-ago levels, thanks to hefty new issues from Argentina and Qatar.
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Kaspar Hense, portfolio manager at BlueBay Asset Management, said an Italy/Germany 10-year spread of 300 basis points was more compatible with a junk-rated issuer, based on a model comparing Italy with other developed and emerging market sovereigns.
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"A lack of fiscal discipline, the delay of fiscal and structural reforms, or even the reversal of past reforms, may reignite pressures on more vulnerable sovereigns," the ECB said without naming Italy but alluding to rises in Italian risk premiums.
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"If you've tapped out your VCs and you're now going to sovereigns and other money managers, they're used to different investment styles," observes Shriram Bhashyam, founder of the secondaries marketplace EquityZen, which works with an increasingly broad base of investors.
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A strong dollar has already weakened the external-debt dynamics of Mongolia and Sri Lanka - exacerbated by low commodity prices, in Mongolia's case - and the combination of this and severe fiscal slippage prompted us to downgrade both sovereigns in 2016.
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Just two years ago, in a highly unusual cross-ideological pairing, Justice Ruth Bader Ginsburg, joined by Justice Clarence Thomas, wrote separately in Puerto Rico v Sanchez Valle to suggest that the separate-sovereigns doctrine was ripe for "fresh examination".
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"While higher public investment in infrastructure could stimulate demand over the near term and raise longer-term potential growth, very few sovereigns can afford to take on more debt without incurring some loss of credit strength," the Moody's report said.
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JPM said appetite for emerging new debt was being supported by abundant cash flows to bondholders in the form of coupon payments and maturities that it estimated at $26.5 billion so far this year for sovereigns and $72 billion for corporates.
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The accords gave enough clarity to investors on how Greece can manage its crushing debt burden that it should be able to borrow on the market again "in due course" after effectively relying on bailout support from other sovereigns since 303.
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The deal from Dubai-based VMMEA, a mobile virtual network operator with a presence in Saudi Arabia, Oman and South Africa, is a rare addition to a market that is comprised mostly of sukuk originated by sovereigns and financial firms.
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Ireland has begun its annual fundraising with a syndicated sale every year since 2013 and was among the first euro zone sovereigns out of the traps again in one of the busiest weeks of the year for issuance in the bloc.
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LONDON, Nov 1 (Reuters) - Changing Lebanon's currency peg to the dollar would be a painful move that would see the country's pound weaken sharply though it could also reap long-term benefits, ratings agency Fitch's Director, Sovereigns Toby Iles said.
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LONDON, March 9 (Reuters) - The rise in costs of insuring exposure to debt issued by sovereigns and banks affected by the economic fallout from the coronavirus, plummeting bond yields and the oil price crash on Monday continued to rise sharply.
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The final terms of the 30-year paper put it around 20 basis points below Qatar's 2046 bonds, issued last year, but wider than other emerging market sovereigns rated single A or above, such as Chile, Israel and South Korea.
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The document made no mention of Brexit or of European plans to complete its so-called "banking union", a vital project aimed at removing the link between troubled banks and sovereigns that has plagued countries like Ireland, Spain and Italy.
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StanChart said in a report on Tuesday that the CDS spreads of 35 countries showed Venezuela, Greece and Ukraine are still perceived as the sovereigns most at risk of default, with Venezuela trading with spreads of more than 423,000 basis points.
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Also last year, American relations with Saudi Arabia came under strain when Congress, overriding President Obama's veto, enacted a bill that widened the terrorism exception to foreign sovereigns' immunity from civil lawsuits, clearing the way for victims of the Sept.
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The SBBS would help break the interdependency of banks and sovereigns that led to the sovereign debt crisis, the Commission and the ESRB believe, providing a high quality "safe" asset banks could hold without too much exposure to one sovereign.
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Rather than embracing states as legitimate co-sovereigns and representatives of the people, it has sought to expand states' power where doing so would advance its substantive policy ends — while sharply reining them in when it disagrees with their priorities.
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JP Morgan's Bareau estimated that EM sovereigns have sold roughly $95 billion of debt so far this year, which means the $40-$50 billion expected still to come would take the total well over the $106 billion set in 2014.
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A delay undermines the credibility of the political commitment to fiscal consolidation, Andrew Colquhoun, head of Asia-Pacific sovereigns, said in an e-mail, adding that Fitch will await further detail on the government's fiscal plans before drawing conclusions for Japan's ratings.
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A European-wide banking union that was initiated in 2012 in the region as a way to prevent further financial shocks, and to separate sovereigns from their banking systems, is still not entirely complete with a European deposit insurance scheme still missing.
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This is anathema to finance ministers who want to stay in full control of the finances of the bailout fund, given that their national budgets guarantee the repayment of money borrowed by the fund on the markets to lend on to distressed sovereigns.
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"Governments have to think about diversifying their funding sources in a context where all sovereigns of the region will probably have to tap the international bond markets on a regular basis," said Richad Soundardjee, Societe Generale's chief executive in the Middle East.
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Changes agreed in the Basel Committee affect banks globally, not just in the EU. Our report "Breaking the Sovereign-Bank Nexus: Prudential Reform" gives an in-depth review of the EU policy debate and the impact of different scenarios on banks and sovereigns.
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LONDON (Reuters) - There would not be any direct or immediate rating impact from Britain leaving the European Union on any of the bloc's other members, although some longer-term political risks may arise, the head of global sovereigns at Moody's said on Thursday.
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"The separate-sovereigns exception originated in ill-considered dicta and solidified through a series of decisions that ignored prior precedents and never meaningfully engaged with the text or original meaning of the Double Jeopardy Clause," he wrote in his brief for the court.
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There were a total 62 net negative rating actions - downgrades or negative outlooks - on emerging sovereigns across the three big agencies Moody's, Fitch and S&P Global, in the first quarter of this year, according to data compiled by ICBC Standard Bank.
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S&P, in a statement affirming the possibility of a further downgrade Britain's sovereign debt rating which it cut after the Brexit vote, said the U.K.'s gross external financing needs were the highest among all 131 sovereigns rated by the agency.
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The debt of the two, lower-rated sovereigns outperformed on a day where much safer German bunds also fell to their lowest in nearly three months on the back of growing concern that China's coronavirus is more of a threat than anticipated.
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"As European debts have higher yields than U.S. Treasuries or Japanese government bonds (JGBs) after deducting the cost of currency hedging, U.S. credit and European bonds, including peripheral European sovereigns, look more attractive to us," said Ryosuke Fukushima, general manager, Investment Planning Department.
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"Putting in place limitations on exposure to any single counterparty, including sovereigns, makes perfect sense," she added, showing her support for a plan to break the link between banking and sovereign risks, which is under discussion at technical level in the European Union.
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Washington (CNN)The Supreme Court on Monday said a person can be charged and tried in state and federal court for the same conduct without running afoul to the double jeopardy clause of the US Constitution because state and federal governments are separate sovereigns.
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The EU's indebtedness (EUR56bn at end-2015) is only incurred for the purpose of on-lending to MS (through the balance of payments and the European Financial Stabilisation Mechanism programmes - BoP and EFSM) or to neighbouring sovereigns (through the Macro-Financial Assistance programme - MFA).
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Earlier this month, however, the Supreme Court ruled that a person can be charged and tried in state and federal court for the same conduct without running afoul of the double jeopardy clause of the US Constitution, saying state and federal governments are separate sovereigns.
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The plan, which confirms an earlier Reuters report, is meant to address a weakness that came to light during the 2010-2012 euro zone debt crisis, when banks' high exposure to their sovereigns' own debt exacerbated the problems facing banks and euro zone authorities alike.
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The federal government counters that the Supreme Court has authored an "unbroken line" of rulings upholding the dual sovereigns doctrine for a reason: violations of state and federal law are "distinct" offences under the double-jeopardy clause, and both "text and federalism" bear that out.
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Sovereigns most at risk from adverse changes to their credit fundamentals are those with close economic and financial ties with the US that come under scrutiny due to either existing financial imbalances or perceptions of unfair frameworks or practices that govern their bilateral relations.
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"In Europe, the situation is the opposite: Despite the fragmentation resulting from 28 sovereigns in the EU, (European Securities and Markets Authority) and other pan-European regulators have required the use of the LEI in all but a handful of reporting requirements," says the study.
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Emirates REIT's sukuk will be the latest corporate addition to the Gulf debt capital markets, which are in their second consecutive record-breaking year in terms of volume of issuance as corporates and sovereigns borrow funds internationally to mitigate the impact of lower oil prices.
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"Because the ultimate source of Puerto Rico's prosecutorial power is the Federal Government—because when we trace that authority all the way back, we arrive at the doorstep of the U.S. Capitol — the Commonwealth and the United States are not separate sovereigns," she said.
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The Italian central bank governor warned against attempts led by Germany and the Netherlands to make the euro zone impose such limits to break the so-called "doom loop" between weak sovereigns and weak banks, saying it could actually increase the severity of financial crises.
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"To the extent that bank lending to the private sector is relatively low as a share of (gross domestic product), this lessens the spur to economic activity from lower borrowing costs," said Charles Seville, co-head of Latin America sovereigns at ratings agency Fitch.
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All told, this evidence does not establish that those who ratified the Fifth Amendment took it to bar successive prosecutions under different sovereigns' laws — much less do so with enough force to break a chain of precedent linking dozens of cases over 170 years.
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Weaker oil prices would accelerate the fall in its gross foreign currency reserves, already down 4% in 2019, Fitch said, noting that at $16.6 billion, Oman had enough reserves to cover four months of current external payments, below the median for 'BB' rated sovereigns.
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We need to get to the bottom of exactly what it was, exactly what was wrong about it, and how that impropriety affects his ability credibly to carry out his duties — informed by precedents we seem to have established for executive relations with foreign sovereigns.
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KEY RATING DRIVERS Iceland's ratings are underpinned by a very high level of income per capita compared with 'BBB' rating peers (USD48,800 compared with the rating peer median of USD9,200), and indicators of human development and governance more akin to the highest-rated sovereigns.
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It was one of the biggest issuance in the Taiwanese market – 630 million dollars and with very thin pricing five per cent, 30 years so I think this is one of the best – even sovereigns cannot issue at this rate and at this size.
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The one-notch upgrade to BBB- led to a rally in Portugal's yields, with the 10-year dropping to a 2.36% weekly low on Wednesday, and the gap between itself and other peripheral sovereigns, such as Italy, narrowing to a low for the year.
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ANDREW ROSS SORKIN: In such a fractured world, do you ever see a risk that sovereigns say, "You know what, we actually don't want to use a BlackRock or we don't want to use an American so-called company in this sort of grander trade war"?
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S&P Global Ratings said in a research note this week that if diplomatic and military tensions escalate to the point of threatening a blockage of the Strait, this could lead to an increase in Gulf sovereigns' funding costs, and to a disruption in foreign direct investment.
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Fitch Ratings does not expect populist, eurosceptic parties to come to power in France or Italy, but such a tail risk would have severe political, economic and financial consequences across the EU. Most of the 22 Fitch-rated sovereigns in the region are on a Stable Outlook.
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Large pre-election spending programmes and weaker economic growth contributed to a dramatic widening of the general government deficit to 19.7% of GDP in 2016, the highest among Fitch-rated sovereigns based on our adjusted measure that includes commercial spending by the Development Bank of Mongolia (DBM).
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Abu Dhabi has long been seen as the safest credit among Gulf Cooperation Council sovereigns and its issue on Tuesday, of five, 2105 and 23 year maturities, had attracted more than $22047 billion in demand, a document issued by one of the banks leading the deal showed.
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"By end-2020 we project that the commercial debt stock of all sovereigns we rate will rise by 5% to reach a record of $53 trillion compared to 20193 and by 30% compared to 2015," a report headed by analysts Karen Vartapetov and Roberto Sifon-Arevalo said.
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" A spokeswoman for Kushner Companies told the Times that the business has partners across the globe, adding that it "does no business with foreign sovereigns or governments, and is not precluded from doing business with any foreign company simply because Jared is working in the government.
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Seeing the pages in question, I tentatively compared Melania Trump to Queen Esther — both were outsiders married to difficult sovereigns, after all, and the first lady's trip to the Southern border had seemed to coincide with a softening of Trump's heart regarding the family-separation policy.
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Fitch's Head of Middle East and Africa Sovereigns Jan Friederich said recently that the ruling ANC party was in "panic mode" after suffering its worst local electoral results in August since the end of Apartheid, the system of racial segregation that ended in the country in the early 1990s.
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On the other hand, given that several sovereigns already have a Negative Outlook and others are also confronting external headwinds, Fitch will continue to focus on how authorities adjust policies to reduce macroeconomic and fiscal pressures and implement requisite reforms to boost growth prospects and aid fiscal consolidation.
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One of the drivers for the surge in issuance, mostly by governments, quasi-sovereigns or international development banks, is lenders' need to hold enough high-quality liquid asset (HQLA) to withstand a 21.496-day market stress scenario, instead of 2200-day long crash, as regulators had previously demanded.
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"There's more than nothing to the concern that, if the court overturns the separate-sovereigns doctrine, a state could not then prosecute someone like Paul Manafort for the federal crimes for which he might be pardoned," said CNN legal analyst and University of Texas Law School Professor Steve Vladeck.
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Internationalisation of the Chinese yuan (CNY) has slowed as measured by its share in global payments and the size of offshore deposits, but its designation as a reserve currency by the IMF in late 2016 provides an important rating cushion shared by only a limited number of sovereigns globally.
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On her way home, the blockade runner she traveled on ran aground; she then convinced several men to row her to shore near Wilmington, North Carolina, but she drowned; the boat capsized, and it was said the gold sovereigns she was carrying back to Davis had weighed her down.
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" The exceptions the court identified to birthright citizenship were for "children of foreign sovereigns or their ministers, or born on foreign public ships, or of enemies within and during a hostile occupation of part of our territory, and ... children of members of the Indian tribes owing direct allegiance.
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"This is less than 10% of Fitch's global sovereign portfolio, the smallest ever share for the rating category, and consistent with 'AAA' sovereigns now accounting for 40% of global government debt at end-2016, down from 48% a decade ago," said James McCormack, Global Head of Sovereign Ratings at Fitch.
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"What we've heard from the federal government suggests there's quite a bit of willingness to negotiate its debt in good faith, but there's willingness and there's capacity, and even if the willingness is there, Argentina is in a very difficult spot," said Todd Martinez, director of Latin America sovereigns at Fitch.
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While yields across the bloc nudged down ahead of the ECB meeting, strains have become obvious in the likes of Portugal and Italy which are wrestling with financial sector worries — a sign that the link between banks and sovereigns revealed by the euro zone debt crisis has yet to be broken.
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The government has not stated any intention to inject fresh funding into the PIF and we think it will try to limit its on-budget exposure, conscious of still-high fiscal deficits and wanting to try to preserve its balance sheet strengths, said Krisjanis Krustins, a director of sovereigns at Fitch Rating agency.
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Sometimes, you have people on one of those websites where you can put anything on a cap or a T-shirt—they'll put something, with like [the part of the Uniform Commercial Code sovereigns believe preserves their common law rights] UCC 1-207 or the sovereign citizen flag on one of those.
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"The government has not stated any intention to inject fresh funding into the PIF and we think it will try to limit its on-budget exposure, conscious of still-high fiscal deficits and wanting to try to preserve its balance sheet strengths," said Krisjanis Krustins, a director of sovereigns at Fitch Rating agency.
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"Many euro area sovereigns — specifically Belgium, Cyprus, France, Greece, Italy, Portugal, and Spain — have debt ratios around 100% of GDP (or significantly higher in some cases), which is unprecedented for the last few decades and significantly constrains their ability to use fiscal policy to cushion a sharp slowdown in growth," Moody's report said.
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"Some say that if President Trump pardons those close to him who have been convicted of federal offenses, like Michael Cohen, Michael Flynn or Paul Manafort, a ruling that got rid of this 'separate sovereigns' idea would prevent states from trying to hold those same individuals to account under state law," Vladeck said.
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KAF's ratings also consider (i) the company's significant foreign wholesale obligations (16% of total liabilities at end-2015); and (ii) the indirect state ownership of the company through KazAgro, which may have negative implications for the timeliness and sufficiency of state support, especially if the state needs to prioritise support among quasi-sovereigns.
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Appearing as part of the Music Before 1800 series, this extraordinarily thoughtful and accomplished British vocal ensemble sings music "by and for Renaissance women," including compositions by Raffaella Aleotti, Leonora d'Este and Maddalena Casulana and works commissioned by female sovereigns such as Queen Mary I and Queen Elizabeth I from Tallis, Sheppard, Byrd and others.
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"Recent revisions to our 2020 price projections for oil imply more elevated current account deficits for Bahrain, raising external vulnerabilities," it said However, the provision of zero-interest loans from neighbouring sovereigns - Saudi Arabia, Kuwait and United Arab Emirates - and the expectation of further support, if needed, provide the government with an important financing buffer.
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If we think about it, if it's the policymaker swinging policy back and forth, that is where the risk really needs to start to reside, it goes in the sovereign balance sheets ... So, if I look at it, a black swan event, more likely than not it's probably going to come out of one of the sovereigns.
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After years of neglect and, at times, willful opposition from our own government to our efforts, we now learn that the administration is campaigning in Congress to stop them from passing a very simple, bipartisan bill that says anyone, including foreign sovereigns, can be held liable if they indeed assist in an attack on American soil.
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Conversely, the main factors that could lead to a positive rating action are: --Sustained growth that reduces Peru's income gap and improves social indicators relative to higher-rated sovereigns; --Strengthened institutional capacity that improves the effectiveness of economic and social policy implementation; --Significant improvements in Peru's fiscal and external balance sheets and material reduction of financial dollarization.
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Net external debt is still high compared to other 'BBB' category sovereigns, but current account surpluses (largely due to tourism and fish export earnings and low import prices), and central bank buying of FX to bolster reserves and in response to ISK appreciation mean reserves have risen to around 21153% of GDP; this provides a substantial buffer.
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Conversely, the main factors that could lead to a positive rating action are: --Higher growth that reduces Peru's income gap and improves social indicators relative to higher-rated sovereigns; --Strengthened institutional capacity that improves the effectiveness of economic and social policy implementation; --Significant improvements in Peru's fiscal and external balance sheets and material reduction of financial dollarization.
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Supreme Court precedent holds however, that one can be tried for the same offense in state and federal courts because, for purposes of the Constitution, the state and federal governments are separate sovereigns possessing their own authority, and so are not exercising the same prosecutorial power even when trying the same individual for the same offense.
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Gone from the bill were provisions that would have (1) given US courts more authority to entertain claims against individual or private Saudi defendants situated overseas; (2) allowed claims against foreign sovereigns based solely on indirect support for 93/11; and (3) made it possible for plaintiffs to actually collect any damages they were awarded as a result of such claims.
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"With the lack of investment from outside oil companies, the sovereigns will be the best hope to raise production next year in a situation where it is likely that demand will exceed global output and that in and of itself is a reason that a production freeze at current levels still matters," said Phil Flynn, senior energy analyst at Price Futures Group.
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But Alito and Gorsuch joined with Chief Justice John Roberts and Justices Kennedy and Clarence Thomas on the great irony of ATS history: The statute was drafted in the early days of the American Republic to "promote harmony in international relations" by promising recourse to foreign plaintiffs, yet modern ATS cases like the Arab Bank litigation are undermining U.S. relations with foreign sovereigns.
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Within the chapel are the tombs of ten sovereigns, including Henry VIII and his third wife Jane Seymour, and Charles I. In more recent memory, it was the venue of the wedding of Harry's uncle Prince Edward to Sophie Rhys-Jones in 1999, and of a service of prayer and dedication to mark the wedding of Harry's father, Prince Charles, to Camilla Parker Bowles in 2005.
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"We see a huge run-up in debt and leverage in this cycle, whether it's emerging markets or mature markets, whether it's corporates, sovereigns or households, and yet interest rates don't move, so maybe markets are telling us that we still have more capacity … but I worry about it nonetheless," IIF President and CEO Tim Adams told CNBC at the World Economic Forum in Davos on Thursday.
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Future developments that could individually, or collectively, result in a positive rating change include: --A sharp reduction in the country's external vulnerabilities; --Fiscal consolidation that results in a significant reduction of the public debt burden; --Higher growth prospects that supports improved debt dynamics and improves Colombia's income gap with higher-rated sovereigns; KEY ASSUMPTIONS --Fitch assumes the oil prices average USD52.5 in 2017 and USD55 in 2018.
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The one-notch differential also captures (i) significant leverage at DBK, which is funded mainly by external borrowings; (ii) the absence of a special legal status for HCSBK; and (iii) the moderate risk that the sovereign could cease providing full support to all quasi-sovereign entities before defaulting on its own obligations in a stress scenario, given the sizable debt of Kazakh quasi-sovereigns.
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"The analogy takes hold because... the assumption that the $21 trillion dollars of carbon-based assets that are marked to market on the books of multinationals and sovereigns and others will all be put to their intended use and burned is an assumption even more absurd than the assumption that someone who can't make a down payment or a monthly payment is a good risk for a home mortgage," he said.
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