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JCR agency reconfirms Romania's BBB/BBB+ rating

fitch ratings

The JCR Japan Credit Rating Agency reconfirmed Romania's foreign currency long-term issuer rating at BBB and local currency long-term issuer rating at BBB+ with a stable outlook, according to a release of the Public Finance Ministry (MFP).

According to the document, Romania's relatively stable economic situation and the low level of public debt are the main factors which contribute to the country rating confirmation. The Agency expects the growth rate to further slow down to the 3 percent level in 2019 and 2020 amid a weaker economic growth in the EU, Romania's main trading partner, although a rebound of investment is expected on an increased inflow of EU funds.

At the same time, the JCR underscores Romania's firm commitment and efforts to maintain the budget deficit below 3 percent.

Moreover, also underscored are the progresses registered by the banking system, both in terms of profitability and the decline of non-performing loans and foreign currency loans levels. Although there was an increase of the current account deficit at 4.5 percent of the GDP in 2018, the Agency underlines that its funding has been achieved through stable capital flows, mainly through foreign direct investment and European funds.

The Fitch Rating Agency reconfirmed on 11 May both Romania's government debt rating to BBB- / F-3 for long-term and short-term debt for foreign and local currency and the stable outlook.

The Agency's decision is supported by moderate levels of public debt and the GDP per capita, as well as positive developments in human development indices that are at upper levels than other countries in the same rating category recommended for "BBB" investments, the MFP release informed.

Standard & Poor's (S&P) Rating Agency reconfirmed in mid-March Romania's BBB-/A-3 rating for the short-term and long-term governmental debt in national and foreign currencies, as well as the stable outlook. Standard & Poor's (S&P) estimates that Romania's economy will slow down even more in 2019, to 3.5 percent, due to lower external demand and weaker private investments.

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