Fitch Rates Romania's $1.5B Bond At BBB-
Fitch Ratings Wednesday said it has assigned Romania's $1.5 billion notes, which carry a coupon of 6.75% and are due on 7 February 2022, a rating of'BBB-', in line with the country's sovereign rating.
In July 2011, Fitch upgraded Romania’s long-term foreign currency rating to ‘BBB-‘ from ‘BB+’ and assigned a stable outlook.
Fitch said the upgrade reflected Romania’s progress in recovering from the effects of the financial crisis, evident in a return to economic growth, a strong export performance, narrowing in the current account deficit and reduction in its budget deficit.
“Overall, there has been a material easing in Romania’s downside risks, commensurate with a return to an investment grade rating. Nevertheless, Romania is exposed to spill-over risks from the eurozone,” Fitch noted.
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