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S&P affirms Romania at BBB-/A-3 with stable outlook

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Standard & Poor's Global Ratings on April 7 affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania, with a stable outlook, the Ministry of Public Finance announced in a release. 

"The ratings are supported by Romania's moderate external and government debt, amid reasonably firm growth prospects of 3.1 pct on average through to 2020. The stable outlook reflects the agency's expectation that Romania's twin deficits will widen as a result of the government's loose fiscal stance, while general government and external debt will remain at modest levels, supported by strong economic growth," the Finance Ministry's release cites the rating agency as saying. According to the Finance Ministry, Standard & Poor's considers the ratings could be raised, if Romania's government made more sustained headway with budgetary consolidation and put net general government debt firmly on a downward trajectory, including by successful restructuring or privatization of public enterprises; and if Romania's governance framework improved, translating into more predictable and stable macroeconomic growth and government finances. 

At the end of this March, the Japan Credit Rating Agency (JCR) announced keeping the stable outlooks and affirming Romania's long- and short-term foreign and local currency sovereign credit ratings at (BBB/BBB+). 

Fitch Ratings made a similar decision early this year as it affirmed Romania's long-term foreign and local currency sovereign credit ratings at "BBB minus", with stabile outlooks for both. Moody's sovereign rating on Romania is Baa3 with positive outlooks. 

The "BBB-" rating is "investment grade."

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Monday, April 10, 2017