There are signs that April marked the trough of the recession in Western Europe and that a recovery is on the way. However, the resurgence of the virus in some countries makes the picture asymmetric and highly uncertain. The sharp fall in economic activity so far this year and the policy response imply a marked deterioration in public finances, which has put western European sovereign ratings under some pressure.
Michele Napolitano, head of Western European sovereign team at Fitch Ratings, will discuss Fitch’s approach to sovereign ratings in this difficult context, during a Central Bank of Malta public webinar being held on September 14 at 11am.
In this webinar, he will discuss the following topics:
- the credit impact of the coronavirus crisis on Western European sovereign ratings: Fitch’s analytical approach;
- how the “lower for longer” rate environment impacts Fitch’s rating assessment;
- the impact of the European Recovery Fund on Fitch’s ratings and a discussion of whether this constitutes the first step towards a fully-fledged fiscal union;
- year-to-date rating actions and outlook changes in Western Europe.
Participation is free but those interested are asked to send an email to publicrelations@centralbankmalta.org in order to be sent a link to the webinar.