The sovereign borrower’s investment grade should be handed back, even allowing for the enforced restructuring of the food producer and retailer.

The economy is on the mend and it is high time the raters take notice.

Euromoney’s latest Country Risk Survey shows a gradual rebalancing of risk scores this year, as the aftershocks of the global banking and sovereign debt crises wear off, political risks tied to the European electoral cycle fade, and capital access improves for EMs.

The country’s longer-term credentials are unchanged.