The Baltic state leapfrogged both sovereigns in the global ratings last year, making its credit ratings outdated.

Poland’s sovereign bond spreads are in turmoil, after a shock downgrade by Standard & Poor’s (S&P). The move follows a sharp drop in its political risk score in the latest Euromoney Country Risk (ECR) survey.

Political instability, falling commodity prices, central-bank policy uncertainties and conflict were the principal negative risk factors for investors to contemplate at the turn of the year, as China’s troubles were brought into focus by another round of financial volatility.

Why is Fitch so reticent to upgrade the sovereign when country risk experts and other credit rating agencies say it is overdue?