Fitch affirms Bucharest's long-term foreign ratings, revises outlook to stablePublish date: 22-04-2010
Fitch Ratings revised the City of Bucharest's outlook to stable from negative. Fitch simultaneously affirmed its Long-term foreign and local currency ratings at 'BB+' and 'BBB-' respectively, Fitch reports in a press release.
Bucharest's Short-term foreign currency rating is affirmed at 'B'. The Long-term foreign currency rating of its 500-million-euro bond due June 22, 2015 has also been affirmed at 'BB+'.
Fitch explains that the revision in outlook from Negative to Stable reflects a similar rating action on Romania's outlooks.
The ratings of the city are underpinned by Bucharest's role as the economic and political capital, its still satisfactory budgetary performance and manageable debt level. The ratings take into account the significant foreign currency debt exposure and, potentially, refinancing risks as well as economic contraction at the national and city levels, reads the release.
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