martes, 20 de enero de 2015

Management with Web Hacking. Inserting links

http://www.albertsalvany.com/blog-home-1.html

traducido por Federico Dilla


Hacking Web. Inserting links

by Albert Salvany

  Posted on 21/12/2014 8:22 p.m.

This week, our website regarding our proposed trading in the forex market, FOREXperiences.com has suffered a cyber attack. How have we solved?

This attack was not a specific thing our domain but reports of specialized companies indicate that there has been a spike of activity on websites using CMS like Wordpress or Joomla. It has not been a virus, but an issue of introduction of external links to improve the positioning of certain websites on the Internet. We thought it might be useful to other webmasters who are in this situation know how we managed to reverse the situation and eliminate the threat was being detected by our antivirus and staff Google has warned us of this fact through Google Webmaster Tools.


Anatomy of a crime

If we step, we can see how the antivirus detects threats as JS / HiddenLink, ie a type of malware that artificially generates links to other websites to gain positioning. To do this it uses a call to a JavaScript method that puts us a link in a coordinate off-screen so that it actually is not detected. If the only activity of malware is this, someone might think it's not so necessary to act, as they are not hurting us directly, but keep in mind that Google penalizes such practices, and thus the web descend positioning search engine if we act quickly, since this is a prohibited activity. On the other hand we have a picture theme which is also quite important: Many antivirus detect this malware and give appropriate notice to the user, so if we do not act it all you will see is that no action is taken in a situation of this, probably without knowing the scope of this malware


Research line

As in these cases, we started to investigate what could be the source. Keep in mind that when code that is generated on the server, what we can see in the original source code are all procedures that end up generating this code, therefore we have two main tools to indicate the solution issue:


The source code file server (php in this case)

The source code generated by the browser (which in the case of Chrome you can get with this option by pressing the right mouse button.

And I say this because I am going to show a specific case, but obviously the situation may have other variants, but all with the same base. Seeing that the documentation from the antivirus did not give me much more information that was useful, since they affect the elimination of virus "client" part is what makes the product, but not eliminate the source, I decided to look other resources and found an interesting page:


sitecheck.sucuri.net/

Examining malware

This page is a free malware scanner. All you have to do is put your URL in the box and examine the code to identify possible sources of this malware. The process will take a detail of all incidents encountered, and most importantly, a small window in which some malicious code that gives us important information in our case shows: dnnViewState.


dnnViewState is a Javascript function that is being used in this case to inject the code with the link. As mentioned, this link is not visible because it is placed outside of the screen and also encoded so we can not find a particular string within the code, but despite these difficulties, it is possible to identify the point where the code has been altered.


Identifying the insertion point

The more complicated and exhausting step certainly is this, since for them must be computer literate. We will use the extracted code browser, in which we will look into it the point where it is insertanto Javascript procedure that generates the link. As mentioned, we will find the link physical form in our file on the server because it is generated by interpreting the relevant language in which is developed the web (php).


Once we have located the point, we turn to our source code from the server looking for the same point where the code is inserted, and that we must seek the php process that is generating and its corresponding file on the server. Keep in mind that if we work with template, the module can be physically housed in corresponding to the same directory.


Within the module we will look something like this:


Once located we only remove this sentence and this should be solved the problem. I hope this helps to close affected by this issue and will provide the solution, but if you need more help just have to send a message



Hacking Web. Inserción de enlaces

por Albert Salvany
 Posteado on 21/12/2014 20:22 PM

Durante esta semana, nuestra web referente a nuestro proyecto de trading en el mercado de divisas, FOREXperiences.com ha sufrido un ataque informático. Cómo lo hemos solucionado?
Este ataque no ha sido una cosa específica de nuestro dominio sino que los reportes de las empresas especializadas indican que se ha producido un pico de actividad en las webs que utilizan CMS como Wordpress o Joomla. No se ha tratado de un virus, sino un tema de introducción de links externos para mejorar el posicionamiento de ciertas webs en Internet. Hemos pensado que podría ser útil para otros webmasters que se encuentren en esta situación saber cómo hemos logrado revertir la situación y eliminar la amenaza que estaba siendo detectada por nuestro antivirus y el personal de Google que nos ha advertido de este hecho a través de las Google Webmaster Tools.

Anatomía de un crimen

Si vamos por pasos, podemos ver como el antivirus detecta la amenaza como JS/HiddenLink, es decir un tipo de malware que genera artificialmente enlaces a otras webs para ganar posicionamiento. Para ello se vale de unallamada a un procedimiento JavaScript que nos coloca un link en unas coordenadas fuera de la pantalla para que éste hecho no sea detectado. Si la única actividad del malware es ésta, alguien podría pensar que tampoco es tan necesario que actuemos, pues no están perjudicándonos de forma directa, pero hay que tener en cuenta que Google penaliza este tipo de prácticas, y por tanto la web descenderá de posicionamiento en los buscadores si no actuamos rápidamente, puesto que esto es una actividad prohibida. Por otro lado tenemos un tema de imagen que también es bastante importante: Muchos de los antivirus detectan este malware y dan el correspondiente aviso al usuario, por lo que si no actuamos éste lo único que verá es que no se toman medidas ante una situación de este tipo, seguramente sin conocer el alcance de este malware

Línea de investigación

Como ocurre en estos casos, nos pusimos a investigar cual podría ser el origen. Hay que tener en cuenta que al ser código que se genera en el servidor, nosotros lo que podemos ver en el código fuente original son todos los procedimientos que acaban generando este código, por tanto, debemos contar con dos herramientas principales para indicar la solución al problema:
  • El código fuente del fichero del servidor (php en este caso)
  • El código fuente generado por el navegador (que en el caso de Chrome lo puedes obtener con una opción presente pulsando el botón derecho del ratón.
Y digo esto porque yo os voy a mostrar un caso concreto, pero evidentemente la situación puede tener otras variantes, aunque todas con la misma base. Viendo que la documentación procedente del antivirus no me daba mucha más información que fuera de utilidad, dado que ellos inciden en la eliminación del virus de la parte “cliente” que es la que realiza el producto, pero no como eliminar la fuente, decidí buscar otros recursos y encontré una página interesante:
sitecheck.sucuri.net/

Examinando el malware

Esta página es un scanner de malware gratuito. Lo único que debes hacer es poner tu URL en la casilla y el examinará el código para identificar posibles orígenes de ese malware. El proceso te saca un detalle de todas las incidencias encontradas, y lo más importante, una pequeña ventana en donde se visualiza parte del código malicioso que nos da una importante información en nuestro caso: dnnViewState.
dnnViewState es una función de Javascript que se está utilizando en este caso para inyectar el código con el enlace. Tal y como hemos comentado, éste enlace no es visible, ya que se coloca fuera de la pantalla y además, se codifica para que no podamos buscar un string concreto dentro del código, pero a pesar de estas dificultades, es posible identificar el punto donde el código se ha alterado.

Identificando el punto de inserción

El paso más complicado y agotador sin duda es éste, dado que para ellos hay que tener conocimientos de informática. Para ello utilizaremos el código extraído del navegador, en el que pasaremos a buscar dentro de él el puntodónde se está insertanto el procedimiento Javascript que genera el enlace. Como hemos comentado, no encontraremos el enlace de forma física en nuestro fichero en el servidor porque se genera al interpretar el lenguaje correspondiente en el que está desarrollado la web (php).
Una vez hemos localizado el punto, pasamos a examinar nuestro código fuente procedente del servidor buscando el mismo punto en el que está insertado el código, y ahí debemos buscar el procedimiento php que lo está generando y su fichero correspondiente en el servidor. Hay que tener en cuenta, que si trabajamos con plantilla, el módulo puede estar alojado físicamente en los directorios correspondientes a la misma.
Dentro del módulo deberemos buscar algo parecido a esto:
Una vez localizado debemos eliminar únicamente esta sentencia, y con esto debería quedar solucionado el problema. Espero que esto sirva de ayuda a próximos afectados por este problema y os facilite la solución, pero si necesitáis más ayuda sólo tenéis que enviar un mensaje
at

lunes, 19 de enero de 2015

“Sovereign Risk Indicators” contains comparative statistics for rated sovereigns.

https://ccraprogram.wordpress.com/2015/01/14/sovereign-risk-indicators/

traducido por Federico Dilla

Sovereign Risk Indicators

About CCRA, AIWM India, Asia, Credit Analysis, Credit Policy analysis, Credit Rating, Fixed Income, Regulation, Risk, S&P
“Sovereign Risk Indicators” contains comparative statistics for rated sovereigns. Tables 1-4 include economic measures, fiscal and debt indicators, balance-of-payments information, and external balance sheet data. To view the full data set, please click on the “View Expanded Table” tab at the top of each table. A glossary at the end of this article explains the reported concepts.

Sovereign Risk Indicators

15-Dec-2014
"Sovereign Risk Indicators" contains comparative statistics for rated sovereigns. Tables 1-4 include economic measures, fiscal and debt indicators, balance-of-payments information, and external balance sheet data. To view the full data set, please click on the "View Expanded Table" tab at the top of each table. A glossary at the end of this article explains the reported concepts.
An interactive version of the Sovereign Risk Indicators can be found at www.spratings.com/SRI. Sovereign Risk Indicators is published quarterly; the next publication will be released on March 23, 2015.

Economic Data

Table 1  |  Download Table  |  View Expanded Table

Sovereign Risk Indicators: Economic Data
Nominal GDP (bil. US$)Per capita GDP (US$)Savings / GDP (%)Investment / GDP (%)Real GDP (% chg.)Real investment (% chg.)Unemployment rate (% of workforce)CPI growth (avg % chg.)DC claims on resident non-govt. sector (% chg.)
LT FC rating2014e2014e2014e2014e2014e2014e2014e2014e2014e
Abu DhabiAA277101,894N/AN/A4.8N/A3.01.5N/A
AlbaniaB144,71317.227.72.01.513.02.31.0
AndorraBBB+343,284N/AN/A0.8N/A3.20.40.0
AngolaBB-1607,25433.930.64.08.035.07.05.0
ArgentinaSD55813,09915.816.4(1.5)(6.5)7.435.033.5
ArubaBBB+325,02617.025.52.714.2N/A1.03.8
AustraliaAAA1,45361,89524.227.22.5(1.5)5.82.75.6
AustriaAA+43751,47524.022.00.4(0.1)5.31.50.5
AzerbaijanBBB-788,29039.226.84.010.05.53.018.0
BahamasBBB923,9589.927.01.1(0.7)13.31.52.5
BahrainBBB3526,92121.315.24.02.04.32.87.0
BangladeshBB-15196628.527.45.76.52.07.416.0
BarbadosBB-415,0635.914.8(0.1)5.513.01.60.8
BelarusB-747,84925.734.31.0(5.0)1.019.025.0
BelgiumAA53648,00721.222.91.03.98.50.52.0
BelizeB-25,01417.824.43.0N/A11.70.92.1
BermudaAA-688,75424.111.71.01.57.02.00.0
BoliviaBB343,03022.019.15.75.74.05.211.0
Bosnia and HerzegovinaB184,7457.318.10.510.027.71.02.0
BotswanaA-167,90537.432.55.24.721.05.920.0
BrazilBBB-2,11010,53712.516.70.2(7.0)5.96.59.3
BulgariaBB+557,54523.221.11.20.512.8(0.5)2.0
Burkina FasoB-1374714.723.45.05.0N/A2.715.0
CameroonB321,40213.719.45.66.0N/A4.015.0
CanadaAAA1,82151,25121.623.72.32.37.12.05.0
Cape VerdeB23,84520.829.02.05.29.00.51.0
ChileAA-25214,15420.722.31.7(4.1)7.03.81.8
ChinaAA-10,5447,57447.545.57.46.24.12.313.7
ColombiaBBB3948,26520.924.85.07.58.02.810.4
CongoB+163,41250.354.66.015.00.02.520.0
Congo, DRB-4054012.021.38.510.4N/A4.035.0
Cook IslandsB+023,87023.80.02.0N/AN/A3.7(7.5)
Costa RicaBB5010,36016.121.03.63.67.04.611.5
CroatiaBB601419.518.9(0.6)(1.5)17.41.2(2.0)
CuracaoA-323,232N/AN/A0.5N/A10.02.04.4
CyprusB+2326,91511.511.6(3.0)(17.0)18.7(0.1)(7.0)
Czech RepublicAA-21320,18324.325.72.43.96.70.45.0
DenmarkAAA34861,88125.419.51.41.07.10.62.8
Dominican RepublicB+646,08711.215.05.510.014.34.59.9
EcuadorB+1006,27921.824.44.23.25.52.96.7
EgyptB-2903,48310.612.72.11.014.010.17.3
El SalvadorBB-253,96710.015.12.22.26.22.16.9
EstoniaAA-2619,58426.426.91.91.87.80.03.2
EthiopiaB6163232.940.89.110.3N/A8.022.0
FijiB44,833N/AN/A3.8N/A8.83.410.0
FinlandAA+27149,64119.421.1(0.5)(1.2)8.71.13.6
FranceAA2,83943,07820.221.80.4(2.2)10.20.61.0
GabonBB-1810,67238.930.75.05.00.23.030.0
GeorgiaBB-173,85723.432.15.014.014.54.520.0
GermanyAAA3,84146,72526.119.81.42.15.10.92.0
GhanaB-461,7273.915.65.0(5.0)11.215.025.0
GreeceB23721,32711.811.20.4(4.0)27.8(1.2)(3.5)
GuatemalaBB583,67211.414.53.64.8N/A4.814.4
GuernseyAA+457,284N/AN/A0.9N/A2.31.7N/A
HondurasB202,26816.023.83.13.14.46.59.8
Hong KongAAA29140,24226.424.42.42.53.53.512.0
HungaryBB12913,10325.521.43.211.07.50.00.0
IcelandBBB-1654,28620.316.31.512.05.22.14.0
IndiaBBB-1,9611,54727.729.55.53.0N/A7.213.0
IndonesiaBB+8423,33129.332.25.15.15.96.019.0
IrelandA24453,08218.213.24.51.011.20.6(10.6)
IsraelA+30338,43320.518.82.3(1.0)6.10.66.0
ItalyBBB-2,15935,81419.017.4(0.2)(2.3)12.60.20.0
JamaicaB-144,87414.021.01.21.212.07.08.3
JapanAA-4,67136,77123.122.60.61.83.62.72.1
JerseyAA+660,611N/AN/A1.0N/A5.01.9(3.4)
JordanBB-365,40818.727.13.34.012.83.010.0
KazakhstanBBB+21412,51225.824.24.06.05.37.715.0
KenyaB+591,30112.320.15.23.5N/A7.013.0
KoreaA+1,44529,17836.230.13.63.53.61.33.0
KuwaitAA20158,04652.617.32.83.02.13.56.0
LatviaA-3216,04020.823.32.41.810.90.7(4.0)
LebanonB-479,420(0.2)24.01.52.013.03.08.0
LiechtensteinAAA6163,556N/A0.01.3N/A2.30.02.0
LithuaniaA-5016,91920.519.02.77.011.00.01.0
LuxembourgAAA63114,17021.216.52.9(0.7)6.01.02.0
MacedoniaBB-105,07822.125.23.36.528.20.38.0
MalaysiaA-33110,96133.026.76.06.02.93.17.5
MaltaBBB+1024,70920.520.02.415.06.61.3(0.5)
MexicoBBB+1,26810,59319.621.52.21.84.84.26.5
MongoliaB+124,1537.527.48.0(30.0)4.913.040.0
MontenegroB+57,2324.520.02.25.216.0(0.7)0.2
MontserratBBB-012,864(1.3)26.42.0N/A0.01.0(0.6)
MoroccoBBB-1143,40223.630.23.33.09.62.14.0
MozambiqueB18678(21.3)18.78.012.80.05.020.0
NetherlandsAA+86551,36228.018.40.82.16.80.3(1.0)
New ZealandAA19042,16918.320.83.59.85.91.54.2
NigeriaBB-5423,03617.214.46.37.024.08.020.0
NorwayAAA47091,92435.924.61.56.03.61.95.8
OmanA8621,51027.121.73.65.9N/A1.18.0
PakistanB-2471,32611.212.45.40.56.08.613.8
PanamaBBB4711,72411.721.55.65.64.53.59.3
Papua New GuineaB+162,149N/AN/A5.8N/A0.05.313.0
ParaguayBB324,65715.515.24.810.05.54.415.7
PeruBBB+2016,52321.727.02.63.96.52.79.9
PhilippinesBBB2852,84925.020.76.49.07.24.415.0
PolandA-56514,65316.819.63.17.09.80.15.0
PortugalBB23222,19415.214.90.91.014.2(0.2)(3.0)
QatarAA21894,207N/AN/A6.0N/A0.13.510.0
Ras Al KhaimahA816,795N/AN/A6.0N/A3.52.0N/A
RomaniaBBB-1969,84623.024.12.20.57.22.00.3
RussiaBBB-1,91113,32323.620.40.5(4.0)5.37.715.0
RwandaB870015.626.06.08.0N/A5.016.0
Saudi ArabiaAA-75224,39838.625.04.27.05.52.814.0
SenegalB+161,08516.125.44.56.0N/A1.79.0
SerbiaBB-456,27512.017.5(1.2)(0.6)27.02.8(2.0)
SharjahA2327,373N/AN/A6.0N/AN/A2.4N/A
SingaporeAAA30655,92743.324.83.2(1.1)2.01.24.4
Slovak RepublicA10118,55923.021.02.41.514.00.15.5
SloveniaA-4923,77525.520.01.43.09.90.51.5
South AfricaBBB-3446,46414.319.81.4(1.0)24.26.18.0
SpainBBB1,41230,13619.918.51.31.824.6(0.1)(5.0)
Sri LankaB+783,76724.527.77.35.83.94.09.0
SurinameBB-69,995N/AN/A4.0N/A8.91.73.6
SwedenAAA57359,50428.922.71.84.57.80.06.0
SwitzerlandAAA71086,30336.023.61.32.43.10.01.5
TaiwanAA-53222,73333.021.73.62.34.01.55.0
ThailandBBB+3825,86327.226.61.10.51.32.18.0
Trinidad and TobagoA2921,97515.012.41.01.04.05.58.8
TurkeyBB+80210,57914.219.62.9(2.1)9.58.914.0
Turks and CaicosBBB+123,299(37.7)16.74.04.014.02.05.6
UgandaB2665914.224.46.08.0N/A5.510.0
UkraineCCC1272,81013.217.3(7.0)(9.0)9.023.013.0
United KingdomAAA2,99247,15911.916.93.26.56.11.62.0
United StatesAA+17,43154,66119.521.12.28.26.21.74.2
UruguayBBB-5616,72017.222.93.03.06.58.515.0
VenezuelaCCC+40012,95622.219.3(3.5)3.07.565.059.4
VietnamBB-1932,13225.422.15.56.03.44.813.5
ZambiaB+251,67425.224.96.57.5N/A7.55.0
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.

Government Data

Table 2  |  Download Table  |  View Expanded Table

Sovereign Risk Indicators: General Government Data
General government debt (% GDP)Fiscal performance (% GDP)
NetNet of gov. depositsGrossSurplus (deficit)Primary balanceRevenuesExpendituresInterest
LT FC rating2014e2014e2014e2014e2014e2014e2014e2014e
Abu DhabiAA(211)(14)28.28.342340.1
AlbaniaB666668(5.5)(2.4)25303.1
AndorraBBB+(2)39393.74.721171.0
AngolaBB-111124(1.0)0.135361.1
ArgentinaSD404042(3.2)(1.1)30342.1
ArubaBBB+235458(3.1)0.843463.8
AustraliaAAA212932(3.9)(2.5)33371.4
AustriaAA+788081(2.7)0.250522.9
AzerbaijanBBB-(46)07(0.4)(0.1)37370.3
BahamasBBB494951(5.0)(2.5)22272.4
BahrainBBB102742(2.8)(0.9)27291.9
BangladeshBB-293035(3.9)(1.7)12162.3
BarbadosBB-8198103(7.0)(1.3)37445.8
BelarusB-1919290.21.541401.3
BelgiumAA99103104(2.9)0.351543.2
BelizeB-606173(1.7)1.228302.9
BermudaAA-(6)3438(3.8)(1.9)18212.0
BoliviaBB56271.11.937360.8
Bosnia and HerzegovinaB414346(4.5)(3.8)44490.8
BotswanaA-(2)(2)141.01.738370.7
BrazilBBB-494961(5.2)(0.1)41465.2
BulgariaBB+191929(3.5)(2.7)37410.8
Burkina FasoB-262631(4.0)(3.5)23270.5
CameroonB181823(4.9)(4.3)18230.6
CanadaAAA476569(2.1)0.538412.6
Cape VerdeB98103108(8.0)(5.9)24322.2
ChileAA-21418(1.9)(1.4)23250.5
ChinaAA-151519(1.3)(0.8)27280.5
ColombiaBBB252832(1.8)0.527292.3
CongoB+1219376.06.239330.2
Congo, DRB-141416(0.7)(0.3)13140.4
Cook IslandsB+1919272.12.444420.4
Costa RicaBB374345(5.7)(3.3)26312.5
CroatiaBB767680(4.6)(0.7)40453.8
CuracaoA-(43)21340.61.646451.0
CyprusB+102102107(3.1)0.138413.2
Czech RepublicAA-383846(1.5)(0.2)41431.3
DenmarkAAA333545(1.2)0.256571.4
Dominican RepublicB+444446(4.5)(2.1)15192.4
EcuadorB+252527(4.5)(2.9)40451.6
EgyptB-818189(12.8)(3.9)23368.9
El SalvadorBB-565658(3.8)(0.9)20242.9
EstoniaAA-(1)68(0.4)(0.3)38390.2
EthiopiaB232327(2.6)(2.2)15180.4
FijiB444750(2.1)1.728303.8
FinlandAA+225758(2.7)(1.7)58611.0
FranceAA879394(4.4)(2.2)52572.2
GabonBB-2222333.04.726231.7
GeorgiaBB-303032(3.6)(2.8)28320.8
GermanyAAA7172730.01.944441.9
GhanaB-565658(10.0)(4.6)23335.4
GreeceB170170177(2.0)1.844463.8
GuatemalaBB161622(2.3)(0.8)12141.6
GuernseyAA+(102)00(1.0)(1.0)30310.0
HondurasB353647(4.1)(1.5)18222.5
Hong KongAAA(35)(35)00.90.920190.0
HungaryBB777780(2.9)1.046493.9
IcelandBBB-6767880.65.144444.5
IndiaBBB-717172(7.2)(1.8)22295.4
IndonesiaBB+242426(2.2)(0.8)16181.4
IrelandA110117119(3.7)0.835384.5
IsraelA+666669(3.3)0.536403.7
ItalyBBB-124127130(3.1)1.748514.8
JamaicaB-1271271350.57.528287.1
JapanAA-148244249(8.0)(5.1)49572.9
JerseyAA+(118)46(2.0)(2.0)17190.0
JordanBB-657278(8.0)(4.4)32403.6
KazakhstanBBB+(25)11151.92.524220.6
KenyaB+495054(6.0)(3.0)25313.0
KoreaA+2424280.91.935341.0
KuwaitAA(276)(5)535.535.574380.0
LatviaA-323339(1.3)0.134351.4
LebanonB-123123144(10.0)(1.3)21318.7
LiechtensteinAAA(102)(4)0(2.1)(2.1)18200.0
LithuaniaA-363641(1.3)0.732332.0
LuxembourgAAA(17)15220.10.544440.4
MacedoniaBB-303040(3.9)(3.0)32360.9
MalaysiaA-494954(5.7)(3.5)18242.3
MaltaBBB+576067(2.4)0.641433.0
MexicoBBB+404041(3.2)(1.5)20231.7
MongoliaB+404051(10.0)(9.2)29390.8
MontenegroB+595961(0.9)1.443442.3
MontserratBBB-(25)440.00.175750.1
MoroccoBBB-484851(3.3)(0.5)36392.8
MozambiqueB323551(9.2)(8.2)33421.0
NetherlandsAA+656768(2.6)(1.1)45471.5
New ZealandAA223741(2.5)(0.7)33351.9
NigeriaBB-111418(2.5)(1.1)16191.4
NorwayAAA(141)262910.911.755440.9
OmanA(76)(12)42.83.048460.2
PakistanB-575962(5.1)(0.5)15204.5
PanamaBBB131731(3.1)(1.2)23261.9
Papua New GuineaB+303042(5.9)(4.3)25311.6
ParaguayBB6715(1.8)(1.4)17190.3
PeruBBB+55160.51.322210.8
PhilippinesBBB273844(0.7)1.621222.3
PolandA-464749(3.4)(0.9)38412.5
PortugalBB122122127(4.8)0.245505.0
QatarAA(92)8248.09.042340.9
Ras Al KhaimahA(18)17233.54.519161.0
RomaniaBBB-333338(2.2)(0.4)33351.8
RussiaBBB-01015(0.4)0.437370.8
RwandaB222229(3.5)(2.8)26300.7
Saudi ArabiaAA-(119)111.01.142410.1
SenegalB+424248(5.1)(3.3)23291.9
SerbiaBB-565663(7.5)(4.7)40472.7
SharjahA599(2.6)(2.2)580.4
SingaporeAAA(83)651093.03.022190.0
Slovak RepublicA484954(2.8)(0.8)34362.0
SloveniaA-717783(6.9)(2.7)46523.0
South AfricaBBB-424646(4.1)(1.1)29333.0
SpainBBB889196(5.5)(2.0)38443.5
Sri LankaB+747475(5.4)0.114205.5
SurinameBB-232830(2.4)(0.3)23252.1
SwedenAAA273541(2.3)(1.4)51530.9
SwitzerlandAAA253334(0.2)0.631320.7
TaiwanAA-424246(2.0)(1.1)17190.9
ThailandBBB+242434(0.8)0.621221.4
Trinidad and TobagoA185154(1.5)(0.1)31331.4
TurkeyBB+323236(1.6)0.840412.4
Turks and CaicosBBB+(10)15245.26.133280.9
UgandaB131431(5.0)(3.7)14191.3
UkraineCCC646464(12.0)(8.7)42543.3
United KingdomAAA828688(5.4)(3.2)39442.2
United StatesAA+798588(4.2)(2.0)36402.2
UruguayBBB-555761(2.0)0.839412.8
VenezuelaCCC+252930(3.1)(0.6)26292.6
VietnamBB-404043(3.4)(2.0)23261.4
ZambiaB+292936(7.5)(5.7)20281.8
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.

Balance-Of-Payments Data

Table 3  |  Download Table  |  View Expanded Table

Sovereign Risk Indicators: Balance-Of-Payments Data
CARs / GDP (%)Real exports (% chg)Current account balance / GDP (%)Current account balance / CARs (%)Net ext. borrowing / CARs (%)Reserves / CAPs (months)Gross ext. fin. needs / CARs + use. res. (%)(Gross ext. fin. Needs - equity) / CARs + use. res. (%)Net FDI / GDP (%)
LT FC rating2014e2014e2014e2014e2014e2014e2014e2014e2014e
Abu DhabiAAN/AN/AN/AN/AN/AN/AN/AN/AN/A
AlbaniaB4912.0(10.5)(21.5)(0.5)4.11161029.8
AndorraBBB+N/AN/AN/AN/AN/AN/AN/AN/AN/A
AngolaBB-442.03.47.613.16.08195(9.0)
ArgentinaSD18(2.5)(0.6)(3.1)(2.2)3.591871.0
ArubaBBB+913.4(8.5)(9.3)4.00.51211164.5
AustraliaAAA256.3(3.0)(12.1)4.41.42442373.4
AustriaAA+640.82.03.20.41.0199202(2.0)
AzerbaijanBBB-500.012.424.6(23.6)6.16465(0.5)
BahamasBBB42(6.6)(17.1)(40.3)28.3(0.1)1571455.2
BahrainBBB825.06.17.5(20.0)2.54224120.0
BangladeshBB-3212.01.03.2(7.8)4.776741.0
BarbadosBB-530.5(8.9)(16.9)1.30.01591438.2
BelarusB-61(2.0)(8.7)(14.3)10.11.11391352.5
BelgiumAA973.1(1.7)(1.7)(1.8)0.61941903.0
BelizeB-70N/A(6.6)(9.4)(10.2)0.711810211.7
BermudaAA-572.512.421.6(27.0)0.13523472.2
BoliviaBB465.72.96.3(16.7)11.054505.4
Bosnia and HerzegovinaB50(0.5)(10.8)(21.5)13.50.41641612.0
BotswanaA-6910.54.97.1(10.2)9.059582.8
BrazilBBB-132.8(4.2)(31.6)3.511.872603.0
BulgariaBB+791.52.02.6(5.1)1.91191182.0
Burkina FasoB-3312.0(8.7)(26.1)13.4(0.3)1471431.0
CameroonB302.9(5.8)(19.0)12.2(1.4)1551501.4
CanadaAAA372.3(2.1)(5.7)(3.1)1.21631550.5
Cape VerdeB666.0(8.2)(12.5)6.40.01761723.0
ChileAA-412.4(1.6)(4.0)(4.3)4.6103972.6
ChinaAA-286.02.07.2(12.5)17.153511.1
ColombiaBBB215.0(3.9)(18.7)(5.4)5.498833.7
CongoB+7312.0(4.4)(6.0)(16.2)3.8826516.0
Congo, DRB-399.9(9.3)(24.0)(0.5)1.1116969.5
Cook IslandsB+104N/A23.822.9(22.9)0.0N/AN/A0.0
Costa RicaBB403.6(4.9)(12.2)0.33.6101924.8
CroatiaBB510.20.61.1(4.7)6.81021001.5
CuracaoA-80N/A(14.5)(18.1)(7.5)1.31461255.7
CyprusB+49(2.7)(0.1)(0.2)(8.6)1.05435360.8
Czech RepublicAA-845.0(1.4)(1.7)0.23.798970.9
DenmarkAAA683.95.98.8(3.9)5.0182185(2.3)
Dominican RepublicB+338.0(3.8)(11.4)9.01.91101082.4
EcuadorB+332.1(2.6)(8.0)4.91.11121090.9
EgyptB-244.0(2.1)(8.9)5.52.21021001.0
El SalvadorBB-432.2(5.1)(11.8)8.02.71071060.8
EstoniaAA-930.8(0.6)(0.6)(0.1)0.21571570.9
EthiopiaB226.5(7.9)(36.6)3.71.51251142.7
FijiB634.3(2.8)(4.5)(5.5)4.089827.1
FinlandAA+46(0.8)(1.7)(3.6)10.21.1392398(1.0)
FranceAA402.7(1.6)(3.9)2.91.5369368(0.7)
GabonBB-570.88.214.5(21.6)3.095894.0
GeorgiaBB-615.0(8.7)(14.1)5.12.51121064.3
GermanyAAA553.46.211.3(6.2)1.3177182(1.3)
GhanaB-3510.0(11.7)(33.2)17.52.91271155.0
GreeceB357.00.71.9(27.4)0.83363172.0
GuatemalaBB353.3(3.1)(8.9)1.94.095902.3
GuernseyAA+N/AN/AN/AN/AN/AN/AN/AN/A0.0
HondurasB653.1(7.8)(12.0)2.22.2100935.5
Hong KongAAA2863.92.00.72.92.2174177(5.0)
HungaryBB1016.04.04.0(7.8)4.31031020.2
IcelandBBB-614.74.06.5(17.2)5.294876.0
IndiaBBB-337.2(1.8)(5.6)1.05.693901.2
IndonesiaBB+24(0.8)(2.9)(12.1)1.45.2100931.6
IrelandA1515.45.03.3(16.2)0.14314175.0
IsraelA+391.51.64.2(5.8)8.679772.8
ItalyBBB-331.61.54.6(5.8)2.5218217(0.4)
JamaicaB-561.2(7.0)(12.5)5.62.21111053.6
JapanAA-241.60.52.22.514.1150152(2.0)
JerseyAA+N/AN/AN/AN/AN/AN/AN/AN/A0.0
JordanBB-663.0(8.5)(13.0)4.56.21081035.3
KazakhstanBBB+420.01.63.8(9.8)3.41081043.5
KenyaB+262.0(7.8)(30.0)26.94.01161150.9
KoreaA+606.06.110.1(7.3)6.17779(1.2)
KuwaitAA722.035.349.3(41.6)5.35362(3.0)
LatviaA-681.0(2.5)(3.6)(0.2)1.41891890.9
LebanonB-670.5(24.2)(35.9)24.010.61121076.0
LiechtensteinAAAN/AN/AN/AN/AN/AN/AN/AN/A0.0
LithuaniaA-902.51.41.6(3.4)0.41291300.2
LuxembourgAAA7102.34.70.7(32.4)0.061558325.9
MacedoniaBB-684.0(3.1)(4.5)3.01.91121111.9
MalaysiaA-885.06.47.3(6.1)6.09394(1.0)
MaltaBBB+1292.80.50.4(1.4)0.54144143.3
MexicoBBB+364.0(2.0)(5.4)2.64.589871.0
MongoliaB+4720.0(20.0)(42.1)27.42.91181096.0
MontenegroB+540.1(15.5)(28.7)9.02.314713111.0
MontserratBBB-70N/A(27.7)(39.8)(0.5)(1.0)1961856.2
MoroccoBBB-455.0(6.6)(14.7)7.03.997923.3
MozambiqueB469.0(40.0)(87.2)0.02.516010237.0
NetherlandsAA+933.49.610.40.00.8244253(1.0)
New ZealandAA340.8(2.5)(7.5)8.13.11941950.9
NigeriaBB-219.02.913.4(21.8)5.287812.0
NorwayAAA491.211.322.8(10.6)3.9198208(1.0)
OmanA743.35.47.2(9.2)3.295940.8
PakistanB-21(1.4)(1.2)(5.8)(2.1)1.71131100.6
PanamaBBB715.6(9.9)(14.0)(0.4)0.913912510.2
Papua New GuineaB+4114.0(11.4)(27.6)(23.3)4.0917111.3
ParaguayBB498.00.20.5(5.2)3.683801.2
PeruBBB+26(0.4)(5.3)(20.8)(2.7)11.071605.0
PhilippinesBBB397.44.411.1(14.0)10.062600.6
PolandA-514.6(2.8)(5.4)0.74.299970.6
PortugalBB493.50.40.7(6.8)1.92212191.5
QatarAA73N/A26.136.0(29.1)4.28387(1.0)
Ras Al KhaimahAN/AN/AN/AN/AN/AN/AN/AN/AN/A
RomaniaBBB-454.5(1.1)(2.4)(8.6)6.586811.9
RussiaBBB-330.93.19.4(5.2)7.17779(0.7)
RwandaB297.0(10.3)(35.6)15.85.592862.8
Saudi ArabiaAA-521.713.626.0(28.9)3.365621.5
SenegalB+464.6(9.4)(20.6)9.50.11311252.3
SerbiaBB-552.4(5.5)(10.0)4.95.1100972.6
SharjahAN/AN/AN/AN/AN/AN/AN/AN/AN/A
SingaporeAAA2183.218.58.5(8.9)5.41481477.0
Slovak RepublicA1034.02.02.0(3.7)0.31261260.8
SloveniaA-854.05.56.4(6.7)0.31281270.3
South AfricaBBB-331.6(5.5)(16.5)8.44.51081021.0
SpainBBB373.51.33.6(2.6)1.12442460.0
Sri LankaB+305.2(3.2)(10.8)4.33.51131081.6
SurinameBB-46N/A(4.2)(9.1)7.33.293915.3
SwedenAAA562.56.211.1(0.4)2.7216225(2.8)
SwitzerlandAAA973.712.312.8(10.1)10.8144145(4.0)
TaiwanAA-764.711.314.9(9.7)15.16365(3.0)
ThailandBBB+825.00.60.8(1.2)7.377770.2
Trinidad and TobagoA451.02.75.8(8.4)10.158572.7
TurkeyBB+297.0(5.4)(18.5)13.75.41351321.1
Turks and CaicosBBB+24.0(54.3)(2,407.6)2,407.60.02,5402,5400.0
UgandaB294.0(10.1)(35.2)13.74.0111975.2
UkraineCCC63(5.0)(4.1)(6.6)9.72.5156159(1.0)
United KingdomAAA383.0(5.0)(13.1)9.91.08208171.0
United StatesAA+193.6(1.6)(8.1)13.11.5340344(1.2)
UruguayBBB-253.0(5.7)(22.7)(1.1)7.098855.2
VenezuelaCCC+235.02.912.6(12.3)3.09696(0.1)
VietnamBB-886.53.33.7(9.4)1.990864.0
ZambiaB+486.00.30.7(22.6)2.794787.0
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--Not available. N.M.--Not meaningful. CARs--Current account receipts. CAP--Current account payments. e--Estimate. f--Forecast.

External Balance Sheet

Table 4  |  Download Table  |  View Expanded Table

Sovereign Risk Indicators: External Balance Sheet
Net ext. liabilities / CARs (%)Gross ext. debt / CARs (%)Gross public sector ext. debt / CARs (%)Net ext. debt / CAR (%)Narrow net ext. debt / CARs (%)Net invest paymts / CARs (%)Net interest paymts / CARs (%)
LT FC rating2014e2014e2014e2014e2014e2014e2014e
Abu DhabiAAN/AN/AN/AN/AN/AN/AN/A
AlbaniaB73985311140.01.7
AndorraBBB+N/AN/AN/AN/AN/AN/AN/A
AngolaBB-(69)5423(31)19.30.8
ArgentinaSD(37)10674(64)769.42.3
ArubaBBB+145744014317.02.6
AustraliaAAA2303916519026710.06.0
AustriaAA+(8)27096261070.31.9
AzerbaijanBBB-(98)3516(113)(105)11.6(0.9)
BahamasBBB2407355474710.11.6
BahrainBBB(40)44225(85)(81)18.5(0.8)
BangladeshBB-106254(7)125.01.1
BarbadosBB-629578343413.73.1
BelarusB-102903762764.02.0
BelgiumAA(47)17658(33)61(0.6)(1.1)
BelizeB-20610792535310.73.2
BermudaAA-(584)40253(764)(190)(44.0)6.8
BoliviaBB(37)4134(104)(75)12.80.4
Bosnia and HerzegovinaB150142736274(3.1)(4.0)
BotswanaA-(69)3518(65)(59)4.3(0.9)
BrazilBBB-28719491192614.25.6
BulgariaBB+987019(19)(14)4.40.6
Burkina FasoB-4899814857(0.4)0.1
CameroonB596121134012.50.0
CanadaAAA21917575872.13.8
Cape VerdeB2221971211111226.62.8
ChileAA-517912(5)(3)11.12.6
ChinaAA-(87)301(157)(130)0.51.5
ColombiaBBB1391136314519.24.0
CongoB+1354435(63)(44)24.00.2
Congo, DRB-385334193029.40.3
Cook IslandsB+16222216160.00.0
Costa RicaBB1037137(9)246.00.8
CroatiaBB17418551921014.85.2
CuracaoA-(24)9142(60)(60)(2.7)0.0
CyprusB+175648142773125.5(0.4)
Czech RepublicAA-516017(12)38.30.3
DenmarkAAA(56)233281367(2.6)2.5
Dominican RepublicB+1549162276012.82.1
EcuadorB+69674628344.32.6
EgyptB-11369605228.80.8
El SalvadorBB-1481297771947.26.3
EstoniaAA-48819(1)343.2(0.3)
EthiopiaB9311310376791.51.3
FijiB1315836(4)94.30.0
FinlandAA+(15)48211283205(1.2)3.4
FranceAA2357114674220(4.2)(1.0)
GabonBB-657444123324.13.6
GeorgiaBB-1651044059692.61.6
GermanyAAA(95)22276(63)53(3.8)(1.7)
GhanaB-22312786829315.21.0
GreeceB3556574363454628.07.4
GuatemalaBB5678365288.50.5
GuernseyAA+N/AN/AN/AN/AN/AN/AN/A
HondurasB83554482010.50.0
Hong KongAAA(102)1250(86)(50)(0.8)(1.7)
HungaryBB93945135483.22.1
IcelandBBB-211385843552.73.7
IndiaBBB-53761511124.43.1
IndonesiaBB+22813562597914.24.1
IrelandA6449248(254)25214.7(1.1)
IsraelA+(59)7123(84)(20)5.60.3
ItalyBBB-453341331252490.63.2
JamaicaB-2901801371311313.57.2
JapanAA-(285)26686(260)(38)(15.8)(7.3)
JerseyAA+N/AN/AN/AN/AN/AN/AN/A
JordanBB-141108536161.42.8
KazakhstanBBB+31959(79)(40)26.83.8
KenyaB+3714010333703.40.4
KoreaA+(3)4915(28)(18)(1.2)(1.2)
KuwaitAA(432)324(374)(326)(8.5)(6.6)
LatviaA-971744537590.51.2
LebanonB-8415731(87)(63)1.91.9
LiechtensteinAAAN/AN/AN/AN/AN/AN/AN/A
LithuaniaA-51633724343.12.1
LuxembourgAAA(31)8332(323)5624.80.0
MacedoniaBB-100964925413.21.5
MalaysiaA-(2)7025(19)53.2N/A
MaltaBBB+(12)3526(99)(70)3.6N/A
MexicoBBB+106886113336.8(6.1)
MongoliaB+38816410210912722.910.7
MontenegroB+47023892178178(2.1)5.8
MontserratBBB-83605(222)(222)6.6(0.8)
MoroccoBBB-136856433374.7N/A
MozambiqueB37516993541031.42.3
NetherlandsAA+(80)313421172(2.3)0.4
New ZealandAA2002816714518613.0(1.7)
NigeriaBB-224729(58)(19)5.2(1.5)
NorwayAAA(498)39571(293)(28)(5.0)(2.5)
OmanA(74)463(93)(62)7.4(0.1)
PakistanB-14112111180877.72.1
PanamaBBB7611346(21)9310.21.3
Papua New GuineaB+4523549028328316.27.1
ParaguayBB563023(41)(19)8.8(0.6)
PeruBBB+11512050(58)(17)20.73.0
PhilippinesBBB317540(28)(16)(7.3)1.8
PolandA-1551085854639.42.8
PortugalBB2334011671833108.27.0
QatarAA(159)10461(117)(94)6.05.8
Ras Al KhaimahAN/AN/AN/AN/AN/AN/AN/A
RomaniaBBB-1361135131517.23.4
RussiaBBB-(28)8413(67)(17)10.51.7
RwandaB801059330354.6(0.1)
Saudi ArabiaAA-(191)150(212)(210)(2.8)(5.3)
SenegalB+841208942741.31.9
SerbiaBB-1781488556789.15.1
SharjahAN/AN/AN/AN/AN/AN/AN/A
SingaporeAAA(122)1490(129)(112)2.10.0
Slovak RepublicA64633513303.63.9
SloveniaA-431185630682.21.3
South AfricaBBB-28986516276.81.7
SpainBBB2383901202092795.49.4
Sri LankaB+1801771211281299.32.9
SurinameBB-486661(8)(6)4.80.6
SwedenAAA213033784132(5.0)0.8
SwitzerlandAAA(136)20711(134)36(3.2)(2.3)
TaiwanAA-(225)721(197)(84)(3.0)(4.2)
ThailandBBB+30468(34)(10)4.55.4
Trinidad and TobagoA(62)3413(136)(114)23.60.3
TurkeyBB+184190461071214.82.6
Turks and CaicosBBB+(67)3,7852,029(67)8430.00.0
UgandaB18311176415612.10.9
UkraineCCC10917450191512.37.0
United KingdomAAA401,15763694434.24.2
United StatesAA+179548231231305(10.2)2.8
UruguayBBB-70169117(93)(22)13.94.0
VenezuelaCCC+(128)120116(162)8212.15.1
VietnamBB-634027884.50.8
ZambiaB+97452(116)365.90.6
LT FC--Long-term foreign currency. DC--Depository corporation. N/A--Not available. N.M.--Not meaningful. e--Estimate. f--Forecast.

Glossary Of Terms

Economic data
Nominal GDP (bil. US$).  Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production.
GDP per capita (US$).  Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production, divided by population.
Savings/GDP (%).  Investment plus the current account surplus (deficit), as a percent of GDP.
Investment/GDP (%).  Expenditure on capital goods including plant, equipment, and housing, plus the change in inventories, as a percent of GDP.
Real GDP (% change).  Percent change in constant-price GDP.
Real investment (% change).   Percent change in constant-price investment.
Unemployment (% of workforce).   Average percent of the labor force not employed and actively searching for work (definitions and coverage vary by country).
Consumer Price Index (% change).   Average percent change in index of prices of a representative set of consumer goods bought by a typical household on a regular basis.
Depository corporation claims on resident nongovernment sectors (% change).   Claims by depository corporations, other than the central bank, on all residents except the general government. The data do not include claims on nonresidents. Depository corporations are usually financial institutions, other than the central bank, whose liabilities are included in the national definition of broad money.
General government data
General government.   Aggregate of the national, regional, and local government sectors, including social security, and excluding intergovernmental transactions.
Net debt/GDP (%).   Gross debt minus general government financial assets (cash, deposits, arms-length loans, and minority holdings of traded equities), as a percent of GDP.
Debt net of government deposits/GDP (%).   Gross debt minus the most liquid general government financial assets (cash and deposits), as a percent of GDP.
Gross debt/GDP (%).   Debt incurred by national, regional, and local governments, either for governmental purposes or for on-lending to a government-owned or private sector entity, as a percent of GDP. Internal holdings, including social security and pension fund investments in government debt, are netted out.
Surplus (deficit)/GDP (%).   General government operating and capital revenue, excluding proceeds from privatization, minus operating and capital and extraordinary expenditures (though generally excluding aid to the financial sector), as a percent of GDP.
Primary balance/GDP (%).   Surplus (deficit) plus interest payments on general government debt, as a percent of GDP.
Revenue/GDP (%).   General government recurrent revenue, from sources such as taxes, fees and charges, interest, and dividends, plus capital revenue (largely grants), as a percent of GDP.
Expenditure/GDP (%).   General government recurrent expenditure, for purposes such as salaries, goods for immediate consumption, interest, subsidies, and other transfers, plus capital spending that increases the value of general government physical assets, plus net lending (where a subsidy is involved), as a percent of GDP.
Interest/GDP (%).   Interest payments on general government debt, as a percent of GDP.
Balance-of-payments data
Current account receipts (CAR)/GDP (%).   CAR, which include proceeds from exports of goods and services, factor income (compensation of employees plus investment income) earned by residents from nonresidents, and official and private transfers to residents from nonresidents, as a percent of GDP.
Real exports (% change).   Percent change in the volume of exports of goods and services, as defined in the national income accounts.
Current account balance/GDP (%).   Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of GDP.
Current account balance/CAR (%).   Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of current account receipts.
Net external borrowing/CAR (%).   The current account deficit (surplus) minus net inflows from foreign direct investment (both equity and loans) and portfolio equity investments, as a percent of CAR. A negative number indicates net external debt repayment.
Usable reserves/current account payments (months).   Official foreign exchange reserves (including gold at market price) minus items not readily available for foreign exchange operations and repayment of external debt (such as: (1) reserves pledged as security; (2) mark-to market losses on reserves sold forward; (3) reserves deposited with offshore branches of domestic financial institutions; and (4) the monetary base for sovereigns with a currency board or longstanding fixed peg), divided by monthly imports of goods and services, plus factor income earned by nonresidents from residents, plus transfers to nonresidents.
Gross external financing needs (% of CAR plus usable reserves).   Current account payments, plus scheduled principal repayments on external debt, plus the stock of short-term debt (original maturity of less than a year), as a percent of CAR plus usable foreign exchange reserves.
Net foreign direct investment (FDI)/GDP (%).   Direct investment (both equity and loans) by nonresidents net of residents' direct investment (both equity and loans) abroad, as a percent of GDP.
External balance sheet
Net external liabilities/CAR (%).   Total external debt plus the stock of direct investment (both equity and debt) and portfolio equity investment from abroad minus total external assets, which include official reserves, other public sector foreign assets, financial institutions' deposits with and lending to nonresidents, other private sector deposits with and lending to nonresidents, and the stock of direct and portfolio equity investment placed abroad, as a percent of CAR. A negative number indicates a net asset position.
Gross external debt/CAR (%).   Stock of borrowings in foreign or local currency from nonresidents (including nonresident deposits in resident banks) by the public and private sectors, as a percent of CAR. Excludes borrowings recorded under direct investment.
Net external debt/CAR (%).   Total external debt minus non-equity external assets, which include official foreign exchange reserves, other public sector foreign assets, financial institutions' deposits with and lending to nonresidents, and other private sector deposits with and lending to nonresidents, as a percent of CAR. A negative number indicates net external lending. Excludes debt recorded under direct investment.
Narrow net external debt/CAR (%).   The stock of foreign and local currency public and private sector borrowings from nonresidents (including nonresident deposits in resident banks) minus liquid non-equity external assets, which include official foreign exchange reserves, other liquid public sector foreign assets, and financial institutions' deposits with and lending to nonresidents, as a percent of CAR. A negative number indicates net external lending.
Net investment payments/CAR (%).   Factor income (largely dividends and interest, but also some employee compensation such as for embassy staffs) paid to nonresidents less factor income received from nonresidents, as a percent of CAR. A negative number indicates net investment receipts.
Net interest payments/CAR (%).   Interest paid to nonresidents less interest received from nonresidents, as a percent of CAR. A negative number indicates net interest receipts.
Under Standard & Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change, affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject matter have not been the subject of Rating Committee action and should not be interpreted as a change to, or affirmation of, a Credit Rating or Rating Outlook.
Primary Credit Analyst:Alexander Petrov, London +44(207)1767115;
alexander.petrov@standardandpoors.com
Secondary Contacts:Julia L Smith, Buenos Aires;
julia.smith@standardandpoors.com
Santiago Cajal, Mexico City;
santiago.cajal@standardandpoors.com
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