Euromoney Country Risk scores changes:
- Improved score for Hungary driven by gains in Economic Assessment, Political Assessment and Structural Assessment
- Cyprus scores continue to deteriorate despite the claims from the Troika that the economy is close to 'stabilising'. Cyprus risk metrics are tanking at a rapid rate from 58.0 in March post-default rating to 52.1 only 6 months later.
- Spain is rated below Italy, but the two counter-moved in recent ratings, with scores differntials driven by the following:
The political cycle clearly disfavours Italy, but economic performance is on Italy's side.
Here's ECR's analysis on Italy v Spain, with comment from myself (you can click on slides to enlarge):