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Coface keeps Romania's credit rating, expects GDP to grow by 1 pct in 2010

Coface Romania credit rating agency confirmed Romania's B country risk rating and expects a likely 1 percent economic growth, in 2010, compared to the 7 percent decline in the GDP, forecast for 2009.

According to the rating agency, Romania's GDP is to go 7 percent down in 2009 on the background of the economic crisis, but the economy might recover in 2010, scoring 1 percent growth, based on the increase in its industrial production and exports, the main risk for Romania being to infringe its Accord with the International Monetary Fund.

Coface's analysis signals up that the foreign direct investments will continue to decrease, but the current account deficit will be kept at a comfortable level, in the short run. The steel industry and the construction sector will remain the industrial sectors with the biggest drops, and they will also be the main engines of the industrial decrease.

The bad loans balance will grow constantly, so that the banking profitability will continue to be put under pressure, amid the decrease in the loan granting.

A year ago, in January 2009, Coface decided to downgrade Romania's country risk rating from A4 to B. In the Coface classification, B country risk rating shows a possibly unstable economic environment, likely to keep on affecting the history of the already poor payments.

 

Sursa: http://www.agerpres.ro

Tags: rating romanias coface

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