Fitch Upgrades Romania's Outlook to Stable
International rating agency Fitch has revised Romania's outlook from negative to stable and affirmed the local currency issuer default ratings (IDR) at 'BBB-'.
The change in outlook is due to the stabilization of the country's public debt, a gradual fiscal consolidation, a reduction in downside risks, and greater political stability, Fitch said in a statement on Friday.
Romania's 'BBB-' rating is underpinned by EU membership and EU capital flows that support income convergence, and external and macro-stability.
These are balanced against larger twin budget and current account deficits than peers, a weak record of fiscal consolidation, high budget rigidities, and a fairly high net external debtor position, Fitch added.
Fitch's stable outlook reflects relatively resilient external finances - stable FDI, high EU fund flows, and ample market access, with international reserves rising EUR 10.1 billion over the past 12 months to EUR 57.7 bln in February 2 023, it said.
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