Loading ...Financial rating agencies that cut Romania’s sovereign rating rushed to prove that they are now far more vigilant than before the crisis outbreak, spokesman of the National Bank of Romania (BNR) Mugur Stet told a seminar on economic developments and the financial crisis.
Making it clear that this is his personal standpoint and not the official position of BNR, Stet explained that the rating agencies underwent to fantastic pressure back home in the US, exactly because they had conferred the AAA rating – the risk-free warranty – to products that incorporated subprime (sub-standard) credits.
“My personal opinion is that those rating agencies acted in haste. The question is how could they confer an AAA rating to a substandard product? Investigations are underway in the US, some conducted by the FBI, because many out there consider that things were not done in fairness and probably the agencies just rushed to signal that they are now far more vigilant than before the crisis outbreak,” said Mugur Stet.
He mentioned that BNR explained that with the current macroeconomic parameters, “a fair and consistent analysis” proves that Romania’s downgrading is not justified.
“This can affect us, but fortunately investors – although they still look at these ratings – handle them with higher attention and keep their eyes open to what stands behind the analyses,” added Mugur Stet.
“This can affect us, but fortunately investors – although they still look at these ratings – handle them with higher attention and keep their eyes open to what stands behind the analyses,” added Mugur Stet.
According to the BNR representative, Romania is still attractive for foreign investors, but infrastructure is necessary for such investments to further develop, because this is how the effects of the crisis – that will not spare Romania either – will be best weathered.
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