Fitch Ratings has affirmed Romania-based S.N.G.N. Romgaz S.A.'s 'BBB-' Long-Term Issuer Default Rating (IDR), investment grade, the company reported in a press statement to the Bucharest Stock Exchange (BVB) on Friday.
The decision was reported on February 4, 2026, following the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on January 9, 2026.
In its most recent Rating Action Commentaries (RACs) dated October 24, 2025, Fitch said that the negative outlook reflects the outlook on Romania's sovereign rating, which is the same. A downgrade of Romania would be mirrored on Romgaz's IDR.
According to the agency, the SCP reflects Romgaz's dominant position in Romania's natural gas market, upstream production growth potential from Neptun Deep and Caragele developments, and a conservative financial policy. Key rating constraints include its modest production scale, lack of geographic diversification, aging legacy gas assets and large capex.
The said they view Neptun Deep as a transformational project. It will allow Romgaz to increase natural gas production to around 150 thousand barrels of oil equivalent per day (kboe/d) from 87 kboe/d in 1H25.
It will also secure Romania's energy independence and position the country as the EU's largest natural gas producer from domestic resources. We view execution risk as manageable, given the partner's experience in oil and gas project development.
Romgaz is the largest producer and main supplier of natural gas in Romania. The company is floated on the Bucharest Stock Exchange (BVB). The main shareholder is the Romanian government, with a 70% stake.
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