International rating agency Moody's has downgraded the International Investment Bank's (IIB) long-term issuer and senior unsecured debt ratings by four notches to Ba1 from A3, placing it just under the upper bound of the junk area. At the same time, Moody's has placed IIB's ratings on review for further downgrade. The rating action was triggered by the unexpected joint announcement of four European Union shareholders to plan to withdraw from the bank, published on March 2. In their announcement, the Ministries of Finance of the Czech Republic, Romania, Slovakia and Bulgaria stated their intention to discontinue their shareholder participation in IIB, aiming for an orderly withdrawal. Consequently, Moody's no longer assumes that these shareholders will provide additional non-contractual support to the bank in a situation of financial stress. The four EU member states' likely withdrawal will leave Russia (Ca negative) and Hungary (Baa2 stable) as the major shareholders in IIB and increases ownership concentration, implying that even if Russia and the remaining shareholders remained committed to the institutions, the ability to provide support is significantly lower going forward. Moody's considers ownership concentration a Governance consideration under its ESG framework.
Two castles in Romania's Cluj county, namely the Rákóczi-Bánffy Castle in Gilău and Bánffy Castle in Răscruci, will reopen in the coming weeks and host events dedicated to visitors. Rákóczi-Bánffy Castle in Gilău, one of Transylvania's historical monuments, will reopen its doors after a seven-year renovation process aimed at transforming it into a multifunctional cultural […]
The second edition of the Chicago Romanian Community Summit will take place on May 25, aiming to unite the Romanian community in Chicago. Leaders from various sectors - business, education, culture, and religion - will come together during the event to celebrate their shared heritage and establish a forum for addressing challenges. The summit also […]
In a recent promotional spot, Nicola Coughlan, Claudia Jessie, and Hannah Dodd, all part of the cast for Netflix’s hit show Bridgerton, played a game of True or False, Romanian Romance Edition. The game consisted of saying whether or not a particular superstition was actually true in Romanian folklore or if it was made up. The first […]
The organizers of the Untold and Neversea festivals in Romania announced the start of the 10th edition of their blood donation campaign - Blood Network. Under this initiative, blood donors can get free one-day tickets for the two summer events. This year's Blood Network runs between May 18 and June 30. Music fans can donate […]
Romanian mountaineer Adrian Ahriţculesei reached the summit of Mount Everest, Earth's highest mountain above sea level, after a 12-hour climb. The expedition, which started on April 11, is scheduled to end on May 30. "Ahriţculesei Adrian conquered the Roof of the World. He is on Everest (8,848 m). Next comes the hardest part of this […]
Hesburger, the largest chain of fast food restaurants in Finland and the Baltic countries, has entered the Romanian market with a first restaurant in Râmnicu Vâlcea. A family business with a history of over 50 years, Hesburger currently operates in nine countries and has over 470 restaurants. The company aims to open 10 new locations […]
