The Coface rating agency maintains its A4 grade for Romania, counting among the local weak spots the tensions within the governing alliance that may lead to a more difficult reform process.

Analysts also draw attention on the increasing budget deficit, a problem that may enforce Romania's dependence on foreign capital. Meanwhile, this would reflect in the quality of credit portfolios in the banking system.

According to Coface representatives, the sort term budget deficit is under control, as a result of the accession to the European Union and of direct foreign investments. Still, on a medium term, the problem may represent a currency exchange rate risk, after the income from privatizations would cease feeding the budget.

The interior growth engine for 2006 was found as the interior consumption, supported by both average income growth and the accessibility of consumption credits. Other positive factors are the solvency of Romanian companies, otherwise threatened by the employees' income growth.

Auto, IT and telecom are the most rewarding fields, while the textile industry, furniture and agriculture are on the opposite side.

Coface uses seven grades of risk: "A1", "A2", "A3", "A4", "B", "C", "D", indicating the way the political, financial and economic perspectives influence the companies' funds flow.