...Positive Rating Actions: Fitch Ratings has taken several positive rating actions on sovereigns in the eurozone periphery as the intensity of the crisis has eased and countries have started to recover and repair damage to their creditworthiness. These include upgrades for Greece and Spain, and positive changes in Outlooks (including from Negative to Stable) for Ireland, Portugal, Cyprus, Italy and Slovenia, as well as Belgium. Some Improving Credit Fundamentals: These rating actions reflect an end to the recession, a move into current account surpluses, a narrowing in budget deficits, enhanced financing flexibility and market access, reduced tail risk of eurozone exits, structural reforms and gains in competitiveness, an easing in banking sector risks and reforms at the eurozone level, particularly banking union as well as the ECBs Outright Monetary Transactions (OMT) facility. Eurozone Risks Remain: Nevertheless, Fitch remains generally cautious about the medium- term outlook for the eurozone....
