Fitch rating - Fitch lowers outlook for four Romanian banks after downgrading credit outlookPublish date: 04-02-2008
Fitch Ratings announced today it changed the outlook for the Long-term Issuer Default ratings of Banca Comerciala Romana, BRD Groupe Societe Generale, Bancpost and UniCredit Tiriac from 'stable' to 'negative,' after lowering the country's credit outlook.
Fitch analysts confirmed on January 31 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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