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[HarshBuzz]

I don't understand, are implied ratings the ratings that each nation now actually has? Or are they just based on trading, and unconnected to the agency's actual forecasts for that nation? At the start of the month Fitch said they didn't expect to be downgrading us past AA-.

they're not the current (official) ratings

they're based\implied on the market's view (expressed via CDS pricing) of how risky our sovereign debt is

the market thus views us as having an implied rating of BBB

Mexico's is BBB+

ay caramba!

[Dreaded_Estate]

I don't understand, are implied ratings the ratings that each nation now actually has? Or are they just based on trading, and unconnected to the agency's actual forecasts for that nation? At the start of the month Fitch said they didn't expect to be downgrading us past AA-.

The implied ratings are worked out from the CDS and bond market prices.
Ireland's implied rating is BBB but its current rating is AA- mainly because of the belief the the EU would probably bail us out.