Fitch Ratings has resolved the Negative Rating Watch on six Eurozone sovereigns, downgrading the IDRs for Belgium, Cyprus, Italy, Slovenia and Spain while affirming ratings for Ireland. The Negative Outlook on all six countries indicates a slightly greater than 50% chance of a downgrade over a two-year time horizon.
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U.S. prime money market funds (MMFs) continued to reduce their exposure to euro zone banks. As of month-end December, exposure to eurozone banks was approximately 10% of total MMF holdings in Fitch Ratings' sample.
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Fitch Ratings' annual reviews and outlooks provide analysis on trends and issues from both industry and credit rating perspectives. In addition, the agency produced a selection of short video interviews with senior analysts discussing outlooks.
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CDS on European sovereigns firmed 10% on average, last week, with Greece leading the spread tightening (22%) according to Fitch Solutions' latest Risk and Performance Monitor. In contrast, Portugal is bucking the trend, with CDS widening 12% through yesterday.
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Islamic finance has risen in prominence over the last 30 years. In the current market, where there is an increasing interest in ethical finance, the emerging Islamic banking sector has achieved acceptance, and funds managed by Islamic institutions continue to grow.
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