Moody’s revises foreign currency country ceilings
A number of Europe, Middle East and Africa foreign currency issuers have seen their family ratings rise after Moody’s revised its methodology for foreign currency country ceilings for bonds and notes. The new policy incorporates the possibility that a foreign currency government bond default would not be accompanied by a moratorium on foreign currency external payments. A moratorium is defined as a government-imposed restriction on foreign currency debt repayments.
Resulting upgrades included a number of issuers that are upgraded to Baa2 from Baa3 on stable outlook: Food Contract Corp, Intergas Central Asia, Ordu Yardimlasma Kurumu and KazTransOil.
Two issuers saw their ratings go up two notches to Baa1 from Baa3: Kazakhstan Electricity Grid Operating Company and Kazakhstan Temir Zholy, which is on review for upgrade and its rating is constrained by the new country ceiling.
Naftogaz of Ukraine is upgraded to Ba3 from B1 and its rating stays constrained by
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