Credit rating agency

Standard & Poor's has confirmed its long- and short-term foreign and local currency rating on Bulgaria at 'BB +/ B' with stable outlook, the Finance Ministry in Sofia said on Friday.

Standard and Poor’s lowered its long-term sovereign credit rating for Greece to CCC from CCC+, warning that the Greek government would likely default on its commercial debt over the next 12 months if no deal is reached with institutional creditors.

The outlook on Greece remained negative, S&P reported, while the short-term credit rating was unchanged.

Moody's Investors Service has said its outlook on Greece's banking system is ?negative,? owing to acute deterioration in funding and liquidity.

?These pressures are unlikely to ease over the next 12-18 months and there is a high likelihood of an imposition of capital controls and a deposit freeze,? the credit ratings agency said in a report released Wednesday.

Moody?s Investors Service announced it downgraded 18 notes and affirmed one note in eight Greek structured finance transactions late on Monday.

This follows Moody?s lowering of its country ceiling on Greece to B3 from Ba3 and its downgrade of Greece?s sovereign rating to Caa2 from Caa1 that occurred on April 29.

Moody?s rating agency warned on Thursday that the impacts of a Greek euro exit could be much wider than many people think.

Fitch Ratings downgraded four Greek banks' long-term issuer default ratings (IDR) to 'CCC' from 'B-' on Wednesday, following the downgrade of the country's sovereign rating last week.

The downgrade reflected Greece's weaker economic prospects, which put the banks' asset quality and solvency at further material risk, the ratings agency said.

Ratings agency Fitch has downgraded Greeces sovereign rating amid growing uncertainty over the new government's pledge to overhaul reforms needed to restart bailout loan payments and avoid default.

The agency late on Friday said it had lowered the country's rating deeper into non-investment grade status from B to CCC, citing «extreme pressure on Greek government funding."

Ratings agency Moody?s gave a negative outlook on Turkey?s banking sector for the second straight year on late March 25, citing subdued economic growth and currency volatility.

International Credit Rating Agency Fitch did not change Turkey?s outlook in its recent evaluation of the country, which resulted in comforting the markets slightly. Many people were not expecting Fitch to lower the ratings with elections approaching, but looking at the positive reaction of the markets, we concluded that ?it means some uneasiness did exist.?

The international credit rating agency, Fitch, has affirmed Turkey's long-term foreign and local currency Issuer Default Ratings at BBB- and BBB, respectively with a stable outlook.