Moody's upgrades ratings on Romania
02/03/2005
02/03/2005
Moody's Investors Services said Wednesday it had upgraded several of its ratings on Romania, citing the country's progress in implementing policies necessary for its admission to the European Union in 2007.
The move should reduce Bucharest's cost of
borrowing money.
The agency said it had raised its rating on foreign
currency bonds to Ba1 from Ba3 and upgraded its foreign-currency bank deposit
ratings to Ba2 from B1. The government's ratings for foreign- and local-currency
bonds have also been raised to Ba1, Moody's said, adding that the outlook on all
ratings was positive.
"Progress on the EU front is recognition of
Romania's achievements over the past few years to build and strengthen its
economic and political institutions," the agency said in a statement received
here.
But it cautioned that EU authorities reserved the
right to exercise safeguard clauses for Romania that could delay entry by one
year, a position it did not take with 10 countries admitted last
May.
The EU reservation with regard to Romania is
therefore "a reminder of how much more remains to be done."
The statement noted that EU membership "furnishes
support for sustaining the growth momentum now underway and for further
improving the government's debt and debt-service burden."
Moody's in addition recognized "the improvements
that have been made in Romania's external liquidity and government finances and
debt -- improvements that have occurred in the context of a recovery in growth
and declining inflation."
Copyright © 2005 AFP
Vali
EuroAtlantic Club: http://www.europe.org.ro/euroatlantic_club/
***
Birou de traduceri autorizate. Oana Gheorghiu - tel/fax: 252.8681 / [EMAIL PROTECTED]
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