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Fitch improves ratings of Brasov and Oradea

Fitch Ratings improved the rating for long term debts of the towns of Brasov and Oradea to BBB- from BB+, with a stable perspective, according to a press release of the evaluation agency.

At the same time Fitch positively reviewed the rating for short term debts in foreign exchange of the two towns, from B to F3 and confirmed the rating for long term debts in the local currency to BBB-, with a stable perspective.

At the same time the agency placed under review with positive implications ratings granted to Bucharest, BB+ for long term foreign exchange debts, BBB- for long term debts in the local currency and B for short term foreign exchange debts.

The agency shows that ratings attributed to Bucharest, Brasov and Oradea reflect financial ties between local authorities and the state. The strongly centralized budget system ensures state support in local communities and control on the towns' financial positions, but acts as a constriction factor for the budget flexibility of towns. The state controls the towns' tax basis, the tax level and collection of the main incomes as well as important expenses.

The action came up when Fitch improved Romania's rating for long term foreign exchange credits from BB+ to BBB-, the financial evaluation agency announcing that the improvement reflected Romania's progress in recovering financial crisis effects. The rating for long term credits in lei was positively reviewed from BBB- to BBB, while the rating for short term credits changed from B to F3.

The associate long term rating perspective is stable.Following this action, Romania's rating returned to the 'investment grade' category, recommended for investments.

Sursa: http://www.actmedia.eu

Tags: rating debts oradea brasov ratings fitch

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