EUR

A list of who's next in the downgrade schedule

by MNI

RATINGS: A quick guide on 'who's next' on the rating agencies hit list:
1. Belgium and France's sovereign ratings also remain in the spotlight
after both offered to prop up Dexia bank and guarantee all funds and
stand behind its customers and creditors. Whilst all 3 rating agencies
agree on ratings, Moody's put Belgium on Review last Friday.

2. Portugal: Fitch announced in July that it expects to resolve the
Rating Watch Negative (RWN) on Portugal's BBB- rating in the fourth
quarter of 2011. "The review will take into account the improved EFSF
lending terms announced at the 21 July Eurogroup summit", Fitch then
said. Fitch first gave RWN view on April 1 and along with S&P is lagging
Moody's rating by 2 notches. S&P affirmed Portugal's BBB rating on Oct 4

3. Spain: Fitch downgraded Spain's sovereign rating by 2 notches to AA-
on Oct 7 and maintained outlook negative. This now leaves Moody's & S&P
lagging Fitch by 1 notch, which have Spain rating at
AA+. Moody's last downgraded Spain by 1 notch to Aa2 on Mar 10 -- in
line with S&P's AA. All 3 have ratings on negative outlook.


Ashraf