CoFace to maintain Romania's rating at -A4

CoFace maintained Romania’s rating at A4 minus, initially attributed in 2007. Agency representatives declared that the risks are not that high for our country and the A4 rating indicates an average bad reputation for payments which can get worse due to the economic and political environment.

Coface representatives warned that Romania’s budgetary deficit is very high and this year chances are that it would get even worse. Coface Romania country manager Cristian Ionescu declared that the increase of consumption deepened the current account deficit while a decrease in exports due to the EU recession pressure the current account deficit even more. Other factors that pressure it are the decrease of foreign direct investments and a decrease of money coming from Romanians abroad.

He added that the current vulnerability of the national currency is the dependence of the economy o the foreign capital.