The rating agency justified this decision because of the role the bank has as major local economy lender and the size of its state bond portfolio. The explanation regarding state bonds, which are the safest investment of a bank, took the market by surprise.
“BCR’s position in a robust banking sector should carry with it a better rating. And, as I said, the lowering of the country rating is likewise unwarranted. So, here I believe there is a contradiction. They persevere in making one mistake after another,” according to a declaration for Business Standard by Lucian Anghel, Chief Economist of BCR.
