Handy sovereign risk summary via ECR for Eastern and Central Europe. Note changes over time:
Interestingly, Cyprus - default event took place - is still ranked higher than a number of non-default states. Another interesting bit: Latvia, Hungary, Romania are ranked in 4th tier - low quality sovereign risks, all are EU countries, while Croatia is barely above Cyprus and Bulgaria is below - one is accession state another is the member of the EU. For much talk about 'heterogeneity' not being a problem, with differences between the US states evoked often to support this proposition, I doubt there is such a divergence between individual states in any function federal or near-federal structure anywhere... not even in Italy or Spain...
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