Standard & Poor’s (S&P) assigned to Romania a new rating, that of “recovery” which is placed on the fourth out of seven grades, and which reflects a recovery of 50-70 per cent of the receivables by the creditors, if the issuers go into default. In the case of Romania, the rating 3 – on a scale of 1 to 6 – was given to the debts in foreign currency of the state according to a scenario which supposes an “untidy adjustment” of the RON/EUR exchange rate. “Romania’s failure to comply with the provisions of the IMF/EU agreement, on the background of a persistently difficult climate regarding the foreign funding, would conduct to a steady depreciation of the currency. Consequently, the foreign currency reserves of the central bank would fall, determining the parent-banks of the local credit institutions to withdraw their support for the subsidiaries from the country. We consider hat these events would be followed by severe financial turbulences, for whose approach it would be necessary to have the support of the Government, resulting a major growth of the public debt,” reads an S&P press release. S&P attributes to Romania a credit rating of “BB+” with negative outlook for the debts in foreign currency, and of “BBB-“ with negative outlook for the loans in RON. Last year in autumn, S&P was the first major rating agency which demoted Romania from the “investment grade” category to the “junk” category.