Standard & Poor’s Affirms Romania At BBB-/A-3, With Stable Outlook

The ratings are supported by Romania’s moderate external and fiscal debt amid reasonably firm growth prospects.

“Romania’s fiscal and external deficits are increasing on the back of a procyclical fiscal stance, although strong nominal GDP growth is keeping government and external debt ratios contained for now,” S&P said in a statement.

The agency said it could raise the ratings if Romania’s government made more sustained headway with budgetary consolidation and put net general government debt firmly on a downward trajectory, including by successful restructuring or privatization of public enterprises; and if Romania’s governance framework improved, translating into more predictable and stable macroeconomic growth and government finances.