FinMin Teodorovici: Fitch Ratings' announcement, yet another recognition of Romania's sustainable economy

Fitch Ratings' announcement on affirming Romania's sovereign rating is yet another recognition of Romania enjoying sustainable economic growth, which contributes to strengthening investor confidence in the country's economy, Minister of Public Finance Eugen Teodorovici said in a release on Saturday.

Fitch has affirmed on Friday Romania's long-term foreign-currency Issuer Default Rating (IDR) at 'BBB-' with a stable outlook, and the country's short-term IDR in both foreign and local currency at 'F3'.

"Romania's investment-grade ratings are supported by moderate levels of government debt, and GDP per capita and human development indicators that are above 'BBB' category peers. These are balanced against twin budget and current accounts deficits, net external indebtedness that is higher than rating peers and pro-cyclical fiscal policy that poses risks to macroeconomic stability," Fitch said.

The rating agency expects the government to meet its 2018 general government budget deficit target of 2.96 pct (ESA basis).