European Credit Ratings Co.

[Ebria]

EUROPEAN CREDIT RATINGS CO.
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The European Credit Ratings Co. is a Natal based financial services company, first registered through the Capital Markets Authority of the Federation of Natal in 1980, achieving in time full independence and offering world wide services.. It publishes financial research on stock bonds and commodities, being best known for its financial analysis, stock market indices and assigning risk ratings on an unsolicited and solicited basis.

The Q1 report for 2019 shows a general stabilisation towards the end of the quarter, after last winter's Vesper Crisis and the spring's Long Sea crisis, the world sees a calming of the general crisis hotspots around Europe, even with the Occitania issue fizzling out into what is clearly becoming the new status quo in the Long Sea and Gallo-Germania. Some minor concerns appear from the arbitrariness of the Sikandari government in its so-called war against shoelaces, with fears that it might engulf other consumer goods too. Other concerns are the actions of the Justosian government, which even so, have been tamer than the last year. Currently the biggest destabilising and problematic action is the war that the Two Kingdoms wave against Gouw Marken, but it is fairly limited in intensity.. More importantly, the closing up of Bourgogne, Elben and Gunnland in northern Germania and the opening of the Larsian and Eiffellandian markets to the companies of the Council of the North nations, together with the more recent rapprocement of the Engell world makes Europe end the 1st quarter of the year in a stabilising and positive note.

The National Ratings at the end of Q1:

• Westernesse:
  • West Engell Republic
    • Rating: BBB-;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;
  • Sylvania
    • Rating: BB;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Beautancus
    • Rating: AA-;
    • Outlook: Stable;
    • Description: Investment Grade - High grade;
  • Vaquero Free State
    • Rating: B-;
    • Outlook: Stable;
    • Description: Non-investment grade - Highly speculative;
  • Tapenaga Republic:
    • Rating: CCC;
    • Outlook: Stable;
    • Description: Non-investment grade - Extremely speculative;
• Thaumantica:
  • SoCRER
    • Rating: AA;
    • Outlook: Stable;
    • Description: Investment Grade - High grade;
  • Clarenthia
    • Rating: A+;
    • Outlook;Stable;
    • Description: Investment Grade - Upper medium grade;
  • NoCRER:
    • Rating: BBB+;
    • Outlook: Stable;
    • Description: Investment Grade - Lower medium grade;
• Scania:
  • The Two Kingdoms:
    • Rating: BBB;
    • Outlook; Negative;
    • Description: Investment Grade - Lower medium grade;
  • Gouw Marken:
    • Rating: C;
    • Outlook: Negative;
    • Description: Non-investment grade - Default imminent with no prospect of recovery;
  • Pohjanmaa:
    • Rating: NR;
    • Outlook: N/A;
    • Description: Not Rated;
  • Merioneth:
    • Rating: BBB-
    • Outlook: Stable;
    • Description: Investment Grade - Lower medium grade;
  • Virumaa:
    • Rating: BBB-;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;
• Gallia:
  • Bezonveaux:
    • Rating: BB;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Serenierre:
    • Rating: BBB;
    • Outlook: Stable;
    • Description: Investment Grade - Lower medium grade;
  • Auraria:
    • Rating: BBB-;
    • Outlook: Negative;
    • Description: Investment Grade - Lower medium grade;
  • Neustria:
    • Rating: BB-;
    • Outlook: Positive;
    • Description: Non-investment grade - speculative;
  • Friuli:
    • Rating: BBB-;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;
  • Bourgogne:
    • Rating: CCC+;
    • Outlook: Stable;
    • Description: Non-investment grade - Extremely speculative;
  • West Occitania:
    • Rating: D;
    • Outlook: Positive;
    • Description: Non-investment grade - In Default;
  • East Occitania:
    • Rating: C;
    • Outlook:Negative;
    • Description: Non-investment grade - Default imminent with no prospect of recovery;
  • Nicosia:
    • Rating: BBB+;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;

• Germania:
  • Salen:
    • Rating: AA+;
    • Outlook: Stable;
    • Description: Investment Grade - High grade;
  • Gunnland:
    • Rating: BB;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Crotobaltislavonia:
    • Rating: B+;
    • Outlook: Positive;
    • Description: Non-investment grade - Highly speculative;
  • Elben:
    • Rating: BBB-;
    • Outlook: Stable;
    • Description: Investment Grade - Lower medium grade;
  • Lars:
    • Rating: A+;
    • Outlook: Positive;
    • Description: Investment Grade - Upper medium grade;
  • Eiffelland-Retalia:
    • Rating: BBB-;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;
  • Bergenheim:
    • Rating: BB+;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Ostmark:
    • Rating: D;
    • Outlook: Positive;
    • Description: Non-investment grade - In Default;
  • Polesia:
    • Rating: D;
    • Outlook: Stable;
    • Description: Non-investment grade - In Default;

• Himyar:
  • Pelasgia:
    • Rating: BB;
    • Outlook: Positive;
    • Description: Non-investment grade - speculative;
  • Sikandara:
    • Rating: B+;
    • Outlook: Negative;
    • Description: Non-investment grade - Highly speculative;
  • ETCAS:
    • Rating: BB-;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Natal:
    • Rating: BBB-;
    • Outlook: Positive;
    • Description: Investment Grade - Lower medium grade;
  • Songa:
    • Rating: B+;
    • Outlook: Negative;
    • Description: Non-investment grade - Highly speculative;
  • Dune Sea:
    • Rating: BBB-;
    • Outlook: Stable;
    • Description: Investment Grade - Lower medium grade;
  • Port Stanley:
    • Rating: B+;
    • Outlook: Positive;
    • Description: Non-investment grade - Highly speculative;
  • Loago:
    • Rating: CCC;
    • Outlook: Positive;
    • Description: Non-investment grade - Extremely speculative;
  • Azraq:
    • Rating: BB+;
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;
  • Cabaon:
    • Rating: D;
    • Outlook: Positive;
    • Description: Non-investment grade - In Default;

• Sarmatia:
  • Kadikistan
    • Rating: BB+;
    • Outlook: Negative;
    • Description: Non-investment grade - speculative;
  • NCU:
    • Rating: NR;
    • Outlook: N/A;
    • Description: Not Rated;

• Toyou:
  • Anti-State:
    • Rating: NR;
    • Outlook: N/A;
    • Description: Not Rated;
  • Brecosta:
    • Rating: D;
    • Outlook: Stable;
    • Description: Non-investment grade - In Default;
  • Kollam:
    • Rating: BB
    • Outlook: Stable;
    • Description: Non-investment grade - speculative;

• Implaria:
  • Justosia:
    • Rating: B;
    • Outlook: Stable;
    • Description: Non-investment grade - Highly speculative;