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Fitch, Standard&Poor's might upgrade Romania back to investment grade in 2011

Fitch and Standard&Poor's credit rating agencies might upgrade Romania to investment grade in early 2011 or later in the year, as Romania's Government deficit is expected to narrow, reads a report released by ING.

ING analysts are saying it is quite unlikely for the 2010 and 2011 deficit targets not to be overshot, but the agreement with the International Monetary Fund (IMF) and the European Union will be observed as far as the progress with implementing fiscal policies are concerned, which in turn increases the odds for the Government deficit to narrow.

The report quotes Romania's President Traian Basescu as having recently mentioned an extension of the agreement with the IMF after the ongoing one expires in 2011, which means that fiscal consolidation will continue under the IMF supervision.

On February 2, Fitch upgraded from negative to stable Romania's rating outlook, having affirmed at 'BB+' the country's foreign-currency long-term issuer default rating and at 'BB-' the country's local-currency long-term issuer default rating. Fitch also affirmed at 'BBB' the country's country ceiling and at 'B' the country's foreign currency short-term loan rating.

On March 10, Standard&Poor's upgraded from negative to stable the rating outlook on Romania, affirming at 'BB+' the country's long- and short-term foreign currency sovereign credit ratings, on the back of sustained budgetary reform effort, Agerpres informs.

Sursa: http://www.actmedia.eu

Tags: rating countrys fitch romania poors standard ing

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