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.
Voxxed Days Bucharest 2025, an event dedicated to IT professionals and software developers, will take place on March 26-27, 2025, at Crowne Plaza Hotel Bucharest. This year, the conference reaches the next level by emphasizing the development of intrapreneurial skills among software developers - an essential step in shifting from an outsourcing-based...
Exim Banca Romaneasca continues to expand its portfolio of digital services and now offers individual customers the possibility to update their personal data entirely electronically via internet/mobile banking. This convenient and accessible method allows for periodic data updates anytime and from anywhere, without the need to visit a branch. To update their data via internet/mobile […]
Iulia Boldor, better known as Yushia, is a women’s trailblazer in the traditionally male esports world. The rising industry has found room for female representation in recent years, and the 22-year-old Romanian is at the forefront of its most popular gaming competitions, the League of Legends professional tournaments, as part of the French esports organization […]
The renowned therapist will be in Romania for the first time as part of DiFine Your Essence, a series of events combining personal, professional, and spiritual development Lin Holmquist, one of Europe’s most respected Tantra and personal transformation facilitators, will be in Romania for the first time from June 27-29 as part of EnlightX, the […]
Holcim Romania has invested over EUR 700,000 in its Stăncești aggregate plant in Prahova county, with more than EUR 450,000 dedicated to a state-of-the-art water recycling and purification system. This investment significantly reduces the plant’s water consumption by approximately 80%, the company said. “This investment is a clear demonstration of our commitment to improving operations […]
Romanian far-right leaders George Simion (AUR) and Anamaria Gavrilă (POT) have announced their candidacies for Romania’s 2025 presidential election following the invalidation of Călin Georgescu’s bid. The two politicians stated that only one of them would remain in the race after their candidacies are officially validated. Simion, the leader...
