...Upgrades Outnumber Downgrades: As of October 2015, there had been 27 upgrades of 25 sovereigns to investment grade (IG), and 18 downgrades of 17 sovereigns to speculative grade (SG). Romania and Uruguay have been upgraded twice, having been downgraded back to SG after earlier upgrades, while Croatia has been downgraded twice, having been upgraded to IG after an earlier downgrade. Most Downgraded Sovereigns Regain IG: Ten of the 18 downgrades to SG were eventually reversed, with sovereigns later being upgraded back to IG after an average of 6.1 years. Egypt (B/Stable) is the only one of 11 sovereigns downgraded to SG prior to 2011 that retains an SG rating. None of the sovereigns downgraded to SG since 2011 has yet regained IG status. Positive Outlooks Lengthier Than Negative: Sovereigns upgraded to IG are on Positive Outlook prior to the upgrade for an average of 12.6 months, while those downgraded to SG are on Negative Outlook prior to the downgrade for an average of 7.3 months. Outlook...
