Fitch/rating-Romania's galloping current account deficit triggers lower credit rating from Fitch

Publish date: 01-02-2008
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Fitch Ratings today lowered Romania's long and short term credit rating outlook, from "stable" to "negative", following the widening of the current account deficit, a release by the rating firm says.

Fitch analysts confirmed the 'BBB' and "BBB+' ratings for Romania's long term credits in hard currency and lei, yet the outlook for the two lowered from 'stable' to 'negative'.

The rating body also confirmed the 'F3' rating for the short term loans in hard currency and Romania's 'A-'rating. The current account deficit corresponding Romania, Bulgaria and the Baltic States widened to alarming levels, according to the head of the ratings department for European emerging countries, Edward Parker.

The official explained the external deficits which could have been easily financed within abundant liquidity periods could be hard to cover following the international financial turmoil.

Fitch Ratings believes Romania's current account deficit widened to 14 percent of the GDP, last year.


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