Romania’s sovereign credit risk increased in the fourth quarter of the year, sending the country to 16th spot worldwide among the riskiest countries, according to an analysis by CMA.

The country’s five-year maturity bonds saw their Credit Default Swaps (CDS) up by 4.45 percentage points in the fourth quarter of 2011. Romania’s cumulative probability of default (CPD) was of 27.3 percent. Greece’s was of 93.8 percent.

Greece remained the most risky sovereign credit, a position it held throughout 2011. The CDS of its five-year bonds went up by 8.5 percentage points in the fourth quarter of 2011.

Neighbor Bulgaria was less risky – with a 25.2 percent cumulative probability of default and an increase of 4 percentage points in its sovereign credit cost. Norway was the least risky country. It had a mere 3.9 percent probability of default and its 0.44 percentage points increased the CDS.