The official explained that despite the optimism voiced at the beginning of the year, a downward change in ratings must be considered as negative changes in the macroeconomic situation could affect Romanian companies.
Ionescu noted that the Romanian economy suffered short-term shocks, following the widening of the current account deficit, the depreciation of the leu, a dip in economic growth and the political situation. The company previously granted a “B” country rating to Romania, which changed to “B+” in June 2005 and to “A4” in December 2005.
Coface Romania is the unit of one of the largest credit insurance companies in the world, Coface Group, and was established in October 1996. The company’s revenues totalled 1.6 million euros in 2006.
