...The market rally in peripheral sovereign debt continues. Market access is restored for Ireland and Portugal, while Spanish yield spreads over bunds have reached their lowest levels since 2010. But credit risk in Europe remains alive and well; the risks to the fiscal and economic adjustment under way remain significant. So while our long-standing base case of a "muddle-through" and a low-growth recovery remains on track, upward pressure on our ratings in the region is building only slowly. Fitch Ratings currently has 16 eurozone ratings on Stable Outlook, one (Netherlands) on Negative, and one (Portugal) on Positive....
