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Fitch: Romania, the 5th within the emerging countries most vulnerable to the funding pressures

Romania ranks the fifth, on equal footing with Estonia, within a classification of European emerging countries most vulnerable to pressures related to the external funding, based on a hierarchy designed by the financial evaluation agency Fitch Ratings. Thus, the first, within the Fitch top, is Latvia, followed by Croatia, second, and Lithuania and Turkey, third.

Economists believe that the slowdown in the current account deficit advance rate in Estonia and in Latvia is a positive signal, but they also warn regarding Romania and Bulgaria as to the need for the emergence of clear signals in relation to the adjustment of macro-economic imbalances. "Even if Bulgaria and Romania avoid a sudden slowdown in the economic growth, the deterioration of the external balance impacts on ratings, which justifies the negative perspective for them. Both states are supported by low levels of GDP governmental debts shares. Bulgaria has been registering budgetary surpluses since 2004, and the fluctuating exchange rate in Romania could held the state limit possible economic shocks", the report mentions.

Fitch maintains the estimation related to the time of Romania adopting the European currency, in 2015, one year later than the date set by the Romanian authorities. "The Romanian authorities acknowledge the need to secure a real and nominal convergence prior to joining ERM II, planned in 2012. based on these rationales, Fitch maintains its estimation regarding EUR adoption in January 2015, a deadline which, in our opinion, is a more realistic one, considering the deadline for joining ERM II', the report outlines.

On the other hand, after the Czech company having taken over two wind energy projects in Romania, Fitch confirmed CEZ rating for long term foreign currency debts, to "A minus" level, with a stabile prospect, as well as "F2" rating for short term loans in foreign currency, Mediafax informs.

The financial evaluation agency also confirmed the "A" rating for the non - guaranteed liabilities of CEZ and its subsidiary CEZ Finance.

"This transaction completes CEZ development strategy through acquisitions in Central and Eastern Europe. After completion, in 2009 and in 2010 respectively, the two projects will consolidate CEZ position in the Romanian market, where the company already conducts operations in energy distribution", according to Arkadiusz Wicik, director of Fitch department specializing in energy and utilities.

 

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Tags: within romania fitch

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