More countries likely to have credit ratings cut: S&P Global - Reuters

More countries likely to have credit ratings cut: S&P Global - Reuters:

Governments around the world are likely to face more credit rating cuts as the economic cost of the coronavirus continues to take its toll, S&P Global said on Monday.

S&P has reviewed 90 countries, over two-thirds of those it rates since early March, either downgrading or cutting the outlook in almost half of the cases.

It now has 25 countries on negative outlooks - effectively a downgrade warning - compared to just six on positive outlooks and 104 on stable outlooks.

“We think more negative rating actions are likely,” two of S&P’s senior analysts wrote in a new report, estimating that the average government deficit this year would be around 6.3%.