Coface: Country rating maintained at A4- for Romania in 2008

Coface, a provider of information services for business and debt recovery in Central and Eastern Europe, maintained the country rating in the case of Romania at A4- in September 2008, the same as in January, due to certain macroeconomic imbalances, Coface economist Yves Zlotowski said.
Estonia went down compared with January from the qualification of A2- to A3, while Latvia went down from A3- to A4. The country rating takes into account economic, financial and political perspective of a country, as well as the business environment.
Recently, Coface introduced a new rating evaluating the quality of the business environment in a certain country, with the business environment in Romania having reached a rating similar to those in Bulgaria and Turkey A4-.
Coface Romania announced that the main threat for the Romanian economy is represented by the construction sector, which represented in fact the growth engine for the Romanian GDP in the latest years.
According to the representatives of the company, the current account deficit represents a major problem of the Romanian economy, although it saw a record economic growth against the countries in the EU. Estimates for the end of the year point to a current account deficit standing at 13.6% of the GDP.
Early this year, the Coface Company maintained its rating for Romania at A4- with the probability to go down because of certain macroeconomic imbalances.
Among the weak points identified back then there were the increase in the current account deficit and inflation, as well as the increase in the interest rate and the volatility of the Romanian national currency leu.
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