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Romanian RON: most vulnerable currency

Coface cuts Romania rating from A4 to A4-

Luni, 22 octombrie 2007, 0:00

Coface has cut Romania's rating from "A4" to "A4-" a year after the rating agency confirmed the country's significant economic performance by introducing it in the risk-class A along EU member countries.

An increasing current account deficit, local currency RON depreciation, a slower economic growth and a slower pace of reform because of political instability are the main sources of concern signaled by Coface.

The evaluation expresses the fear of a possible deterioration of the payment behavior among Romanian companies which may be sparked by sharp fall of the national currency.

Coface says Romania was strongly influenced by the financial crisis affecting the US market starting this summer as the Romanian leu (RON) fell significantly and became the most vulnerable currency among those in developing countries.

The agency’s rating measures the way local companies change their payment behavior as the macroeconomic situation changes.

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