European Sovereign Risk Ratings Rebound

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Two of the world's biggest energy and commodity producers have felt further downward ratings pressure in Q3, with some agencies taking the significant step in lowering their ratings from investment grade back into speculative. “Fiscal budgets in both countries are under review given revenue shortfalls, with capital investment programmes most at risk,” Randolph said.

Mixed growth picture in sub-Saharan Africa

A new swathe of 14 downgrades in Q3 2015 took place across sub-Sahara Africa. But, despite the difficult overall growth and commodity export picture, there is still considerable growth variation across the sub-Sahara region.

In most low-income countries, growth is generally holding up, supported by infrastructure investment and private consumption. Countries such as Cote d’Ivoire, Ethiopia, and Tanzania are expected to grow at 7 percent or more this year and next.

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