The financial evaluation company, Fitch confirmed Romania's ratings for its long term debts in foreign currency to BB+ and the long term debts in local currency to BBB- and says Romania confronts significant challenges regarding the budgetary deficit, Bloomberg informs.
Even so, the government proved its commitment to fiscal consolidation and we expect to see it recovered, sustained by exports, Fitch analyst Douglas Renwick declared. He said that Romania's external position was considerably improved in the last 18 months due to the balance of payments and the adjustment of the current account deficit.
Fitch revised the economic estimate at a 2% of GDP contraction in 2010. Moreover, foreign liquidities will cover 150% of the external debt of 2010. The main risk to the rating trasferred from the foreign finances to the public finances, Fitch concluded.
