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Fitch downgrades ratings for Bulgaria, Romania

01/02/2008

MUMBAI, India -- The credit rating agency Fitch lowered the outlook on the sovereign ratings of Bulgaria, Romania, Estonia and Latvia from "stable" to "negative" on Thursday (January 31st). The agency based its decision on the size of the countries' current account deficits. Bulgaria's deficit increased to 19.5% of GDP last year, the level in Romania was 14%, and in Latvia and Estonia, levels rose to 25% and 16%, respectively. Also on Thursday, the World Bank warned that countries with high current account deficits are most likely to experience the negative effects of global economic fluctuations. (Financial Times, Ziarul - 01/02/08; Hotnews.ro, BGNES, Thomson Financial - 31/01/08)

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