Standard and Poor's maintained Romania's rating at the junk level

The financial evaluation company, Standard and Poor’s maintained Romania’s country rating at the junk level, following the country’s economic environment into a deep recession, the agency informs on Thursday, quoted by Romanian news agency NewsIn. Moreover, the agency confirmed Romania’s foreign credit rating of BB+/B and BBB-/A-3 for credits in lei due to the financial risks the country is facing.

The agency maintained Romania’s rating at the junk level, as the country’s unemployment deepened and threatens to decrease past the 11% threshold in 2011. Standard and Poor’s analyst Marko Mrsnik declared that Romania’s economy continues to be threatened by serious financial risks due to the steep fall of exports and lack of commercial credits.

The agency informed that Romania’s economy is undergoing a deep recession and the current account deficit is adjusting and might continue to fall to less than 6% of GDP in 2009.