S&P: Five Romania companies unchanged

Standard & Poor's said that the outlook revision on the Republic of Romania (BBB-/negative/A-3) has no immediate impact on the ratings of Romanian government-controlled infrastructure companies, including: C.N. Transelectrica SA (BB+/positive), CFR Marfa SA (B-/Watch negative), CFR SA (BB/negative), S.C. Hidroelectrica SA (BB/positive) and S.N.T.G.N. Transgaz SA Medias (BB+/positive).

According to the agency, the ratings on Transelectrica, Hidroelectrica and Transgaz reflect their stand-alone credit quality, while positive outlooks reflect the potential improvement of their credit quality.

S&P said it believes that the government's limited policy response to Romania's rapidly growing external imbalances against the background of increasingly difficult global credit conditions, which underlie the sovereign outlook revision, does not directly affect the credit quality of these utilities.

Nevertheless, potential deterioration of the macroeconomic environment on the back of widening imbalances due to the absence of offsetting policies might impair the existing upside potential and put pressure on the ratings, the agency noted.

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