Sovereign Credit Insights EMEA Edition

June Spotlight: An update on Croatia, Israel and Bulgaria

  • How the crystallisation of tail risks drives large shifts in credit conditions
  • Update on Croatia following the recent placement of the country’s Ba1 ratings on review for upgrade 
  • Update on Israel’s (A1 positive) political environment, with new elections likely to take place in Q4 2022
  • Update on the collapse of the Bulgarian (Baa1 stable) government after the opposition won a no-confidence vote

How the crystallisation of tail risks drives large shifts in credit conditions
Are tail risks reflected in Moody’s ratings? What if they crystallize? What are recent examples of such tail risks?

Update on Croatia following the recent placement of the country’s Ba1 ratings on review for upgrade  

What were the key drivers for rating action? How long will be the review period and how sizeable could be the rating upgrade?

Update on Israel’s (A1 positive) political environment, with new elections likely to take place in Q4 2022
What are the implications for Israel's economic and fiscal policy?  What are Moody’s expectations with respect to the new government’s fiscal consolidation plans?

Update on the collapse of the Bulgarian (Baa1 stable) government after the opposition won a no-confidence vote 
What are the likely outcomes of the current political crisis? What are Moody’s views on the potential policy implications?

  • Speakers keyboard_arrow_down
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    Dietmar Hornung Associate Managing Director, Sovereign Risk Moody's Investors Service Bio
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    Heiko Peters Vice President - Senior Analyst, Sovereign Risk Group Moody's Investors Service Bio
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    Colin Ellis EMEA Chief Credit Officer and Managing Director, Credit Strategy Moody's Investors Service Bio
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    Nikola Apostolov Associate Analyst, Sovereign Risk Group Moody's Investors Service
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