Sovereign Rating Actions Recap: May 19-25, 2025

S&P Global Ratings

?affirmed Rwanda at 'B+' with the stable outlook.
?affirmed Nigeria at 'B-' with the stable outlook.
affirmed Cote d`Ivoire at 'BB' with the stable outlook.
?affirmed South Africa at 'BB' with the positive outlook.
?affirmed Cyprus at 'A-' with the stable outlook.
?affirmed Senegal at 'B' with the negative outlook.
?affirmed Uzbekistan at 'BB-/B' and changed outlook to positive from stable.

The positive outlook indicates that we expect the government will continue to implement economic and governance reforms, while progressing with fiscal consolidation measures. The upside scenario also reflects our expectation of elevated gold prices, which will buttress Uzbekistan's export and fiscal receipts.

?upgraded Guatemala to 'BB+' from 'BB' with the stable outlook.

The 'BB+' ratings on Guatemala reflect its track record of macroeconomic stability and economic resiliency. The country's manageable fiscal deficits, very low net debt, strong external profile, and history of sound monetary policy constitute key credit strengths.

Fitch Ratings

?affirmed Luxembourg at 'AAA' with the stable outlook.
affirmed Angola at 'B-' with the stable outlook.
?affirmed Slovakia at 'A-' with the stable outlook.
?affirmed Bangladesh at 'B+' with the stable outlook.
?affirmed Hong Kong at 'AA-' with the stable outlook.
?affirmed Namibia at 'BB-' with the stable outlook.
?affirmed Cyprus at 'A-' with the stable outlook.
?affirmed Nicaragua at 'B' with the stable outlook.

Moody's

?affirmed Italy at 'Baa3' and changed outlook to positive from stable.

The outlook change to positive reflects the improved fiscal outlook against the backdrop of a better-than-expected fiscal performance in 2024, and a stable domestic political environment which increases the likelihood of fiscal metrics continuing to improve in line with the government's medium-term fiscal-structural plan.