Coface has positively reclassified seven countries and downgraded one in its country risk rankings.

Algeria is now A4 from B due to oil windfall strengthening growth and company solvency.

Romania moves from B under positive watch to A4 based on improved company solvency and prospects of EU membership.

The Philippines “B rating has been placed on positive watch stemming from the stabilisation of the country’s financial situation and good company payment experience.

Cameroon’s negative watch on its B rating has been lifted as the country moves towards an economic revival more favourable for businesses.

Mongolia has been upgraded from D to C as a result of the positive implications of higher raw material prices. While Zambia has been similarly upgraded from D to C as tourism, agriculture and mining boost the economy.

The only negative change concerns Sri Lanka, whose B rating has been downgraded to negative watch, due to the country’s deteriorating financial and political situation.

The upgrades for Algeria, Mongolia, Romania and Zambia and the improved outlook for the Philippines have seen the emerging countries risk index show glimmers of improvement.