Romania Exits World Top 10 Riskiest States As Debt Risk Improves

Romania has improved its credit default risk over the third quarter of 2009 and is no longer among the world’s 10 riskiest issuers of sovereign bonds, being replaced by Lebanon, according to a report from London-based Credit Market Analysis.

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The eastern European country, whose economy stabilized thanks to the International Monetary Fund intervention, ranks 12 out of 63 governments, with a cumulative probability of default (CPD) of 14.2% over a reference period of five years.

Hungary and Croatia, with CPDs of 14.5% and 13.9%, respectively rank closely to Romania.

Norway is the world's safest issuer of sovereign bonds, with a CPD of 1.5%, followed by Finland (1.8%) and the US (1.9%), CMA said.

At the opposite side, Ukraine presents the highest probability of default (53.7%), followed by Argentina (52%) and Venezuela (51%).

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