Euler Hermes upgrades Romania credit risk outlook to B2

Euler Hermes, a global leader in trade credit insurance has upgraded Romania’s medium-term risk outlook from C3 to B2, on a scale of one to six, where AA represents the lowest risk and D the highest, according to a press release. Romania is one of five states for which Euler Hermes has improved the credit ratings alongside the Netherlands, Malta, Algeria and Kenya. ‘The macroeconomic foundations (-of Romania-) have continued improving (current account and low fiscal deficits, the moderate public debt), although the foreign debt is still high (68 percent of GDP in 2013, on a downward trend)’, Euler Hermes explained. Under such circumstances, Euler Hermes predicts the Romanian economy will grow some 3 percent in 2014 and 2015, accompanied by diminished insolvencies of the companies.

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