S&P Global Ratings revises outlook on Romania to stable from negative

Ratings

Standard & Poor's Global Ratings affirmed on Friday Romania's long- and short-term foreign and local currency sovereign credit ratings at 'BBB-/A-3', and also revised its outlook from negative to stable.

The stable outlook indicates that the government's fiscal consolidation agenda is perceived as credible and that Romania's public and external finances is seen stabilizing over the next two years, S&P said in a press release on Friday.

In the agency's view, risks from Romania's still-elevated twin deficits are mitigated by the prospect of sizable EU funds deployment, the government's stated reform ambitions, and a return to economic growth.

After contracting by a modest 3.9% in 2020, the ratings agency expects Romania's economy to rebound by a solid 5% this year, based on EU-funded investment and the return of domestic demand.

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