Romania Needs Higher Ratings To Access Financing - Econ Min

Romania needs higher ratings to gain access to financing sources and the first step is the state budget which should be “solid,” the country’s Economy Minister Adriean Videanu said Friday.

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“If Romania’s ratings do not get higher, we would not have access to funds,” Videanu said.

The budget draft is the first step in order to convince the rating agencies that Romania’s ratings should be improved, he said.

“If the budget is not solid, it will affect everybody (…) as we will not even be able to finance 20% of the projects at the current financing costs,” Videanu added.

Fitch and Standard & Poor’s rating agencies both downgraded last year Romania’s sovereign ratings to below “investment grade.”

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