Fitch: Stable perspective for Romania's long-term debt

Credit rating agency Fitch Ratings has confirmed Romania's long-term hard and home currency ratings of "BB+" and "BBB-" respectively, with stable perspective, as it considers the state will succeed in finding a way to return to an export-based economy. The country ceiling and hard currency short-term ratings stand put at "BBB" and "B" respectively, according to Fitch release, Mediafax reports.

Douglas Renwick, director at Fitch Group, believes government has proved its commitment to consolidate the budget, and the agency forecasts Romania will be able to pursue an export-backed redressal track and to stabilize public finance. Romania's foreign stand has improved substantially over the past 18 months as a result of the balance of payments being kept steady and the considerable adjustment of the current account. Fitch predicts Romania's liquid foreign assets will cover 150 per cent of the country's foreign debts due to mature in 2010. The chief risk in terms of the sovereign rating has therefore been transferred from foreign to public finance.

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