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Bulgaria And Romania Sovereign Ratings: A Tale Of Two Policy Mixes May 06
Standard & Poors, May 2006
Abstract
Although the EU accession treaties for the Republics of Bulgaria (foreign currency BBB/Positive/A-3) and Romania (foreign currency BBB-/Stable/A-3) foresee membership on Jan. 1, 2007, there is in each case a clause allowing the European Council to delay accession by one year (unanimously for Bulgaria, by qualified majority for Romania), if recommended by the European Commission. On May 16, 2006, the European Commission published reports highlighting the areas still requiring progress. In addition, although the Commission stated that both countries should be able to join in 2007, it decided to delay its final recommendation until October 2006. The issues at stake include judicial reform and the fight against corruption and organized crime, as well as a number of more technical questions....
Companies mentioned in this report are: Romania,Bulgaria (Republic of)
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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