downgrade

Romanian football club FC Arges will be downgraded from the country’s First League to the second amid the corruption scandal involving club owner Cornel Penescu and several referrers, sources within the Romanian Professional Football League told MEDIAFAX Tuesday.

Ratings agency Fitch has lowered on Monday the sovereign ratings on Romania by two notches, citing vulnerabilities in the emerging markets, spurred by the global crisis and the countries’ high current account deficits.