Coface wants to improve Romania's rating

French rating agency Coface, could improve Romania’s country rating, from A4 to A3 by the end of next year, stated the company’s general manager, Jerome Cazes, in Bucharest. “After Romania becomes an EU member state, we will revise our rating, but its prospective improvement depends on the economic situation,” stated Cazes. He said Romania could achieve a 7% economic growth in 2006, but he warned of the dangers of economy becoming overheated. “There are some risks that may emerge as a result of an acceleration in the pace of growth. We might even witness bankruptcies in the next few years,” said Cazes. Regarding the banking sector, Coface’s general manager said 8 to 12 universal banks could be left in Romania in the next three years. In December 2005, Coface improved Romania’s country rating from B positive to A4.