Sovereign Rating Actions Recap: May 26- June 1, 2025

S&P Global Ratings

affirmed Bahrain at 'B+' with the negative outlook.
?affirmed Bulgaria at 'BBB' with the positive outlook.
?affirmed Zambia at 'SD'.
affirmed Kuwait at 'A+' with the stable outlook.
?affirmed Liechtenstein at 'AAA' with the stable outlook.
?affirmed European Union at 'AA+' with the stable outlook.
?affirmed Hong Kong at 'AA+' with the stable outlook.

Fitch Ratings

affirmed Ukraine at 'RD'.
?affirmed Georgia at 'BB' with the negative outlook.

Moody's

?affirmed China at 'A1' with the negative outlook.
affirmed Macau at 'Aa3' with the negative outlook.
?affirmed Hong Kong at 'Aa3' and changed outlook to stable from negative.

The stable outlook for Hong Kong's ratings reflects our view that the SAR's credit profile is likely to be resilient to a period of global trade tensions and lower trade growth.

affirmed Ukraine at 'Ca' with the stable outlook.
?affirmed Brazil at 'Ba1' and changed outlook to stable from positive.

The change in outlook to stable reflects a tapering of upside credit risks in light of a pronounced deterioration in debt affordability and slower-than-expected progress in addressing spending rigidity and building credibility around fiscal policy, despite adherence to primary balance targets.

upgraded Nigeria to 'B3' from 'Caa1' and changed outlook to stable from positive.

The upgrade reflects significant improvements in Nigeria's external and fiscal positions. A more flexible exchange rate has greatly bolstered external reserves. The stable outlook means we expect Nigeria's recent progress on external and fiscal fronts to continue, though at a slower pace if oil prices fall.