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Monday, September 12, 2005

Japan Credit Rating upgrades Romania's rating

JCR agency has improved Romania's rating for long term foreign currency loans to "BBB minus", a low investment risk with stable perspective and to "BBB for local currency debts, according to a press release from the agency.

JCR representatives said the evolution of ratings was conditioned by the current account deficit, a Gross Domestic Product (GDP) representing 31.7% of the average GDP of EU members, the existence of corruption and human rights issues, the need to reform the legal system and to improve the competition environment.

Positive points underlined by JCR were reduced public debt-service payments brought by extended loan terms and falling interest rates, the generally improving macroeconomic trend and the maintenance of fiscal discipline.

Romania's GDP growth rate decelerated to 5.9% in the first quarter of 2005, from 8.3% in June 2004, but the economy still remains solid. First quarter growth was led by a 12.1% expansion of consumption.

Posted by Iulia Rasoiu : 9/12/2005 10:47:00 am