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.
Nhood, an integrated real estate services and solutions company present in 10 European countries, including Romania, has appointed Mihaela Petruescu as the new Country Director for Property Services Romania & Poland as of October. With nearly 20 years of experience in the real estate sector, Mihaela brings robust expertise in property management and leasing, operational […]
“Catane,” a dark comedy inspired by real events and directed by Ioana Mischie, is set to have its first special screenings in Romania after a successful festival circuit. The film had its world premiere at the IFFI Goa festival in India and was nominated this year at the Hollywood Music in Media Awards for Best […]
Romania is among the European countries where water reserves are decreasing at an alarming rate, according to an analysis carried out by researchers from University College London in collaboration with The Guardian and Watershed Investigations. Scientists analyzed data from the period 2002–2024 provided by satellites that monitor changes in the Earth's...
George Smyth, 18, went missing on a hike near Romania’s famous Bran Castle more than a week ago. On November 23, the British citizen started to suffer from hypothermia and exhaustion and called the emergency services. Trying to locate him, mountain rescue services conducted searches over the next few days but were only able to […]
Over 107,000 people in Prahova and Dâmbovița counties, in southern Romania, have been without drinking water since Friday, November 28, due to problems at the Paltinu Dam. According to local authorities, the problems are set to persist until next week. The dam registered a drop in water levels, leading to problems in the water distribution system. […]
A special ‘Silent Day’ event will be held at the Bucharest Christmas Market in Constituției Square on Wednesday, December 3, aimed at creating a quieter and more accessible environment for children with sensory disabilities. The initiative is designed to make the festive market manageable for children who may struggle with loud noise, bright lights, and […]
