Fitch affirms Romania

Fitch Ratings said it affirmed Romania's long-term foreign-currency issuer default rating at BB+, long-term local-currency issuer default rating at BBB-, country ceiling at BBB and short-term foreign-currency issuer default rating at B.

The outlook is negative.

The agency said Romania's International Monetary Fund-backed adjustment program supports its creditworthiness, but the authorities' ability to adhere to the tough policy strategy required under the program will be crucial. The outlook for the world economy has deteriorated significantly since the ratings were downgraded last November, Fitch said, adding to the risks facing Romania as its economy adjusts to weaker net private-sector capital inflows.

Romania's ratings remain supported by solid public finances and by strong social, business environment and governance indicators, all of which are buttressed by the country's European Union membership, Fitch said.

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