Standard & Poor’s has raised Romania’s sovereign credit outlook from stable to positive. This is largely because the government’s reform programme is in line with the country’s ambition to join the European Union in 2007.
S & P confirmed the long-term foreign currency rating at BB+; the short-term foreign currency rating at B; the long-term local currency sovereign credit rating at BBB-; and the short-term local currency sovereign credit rating at A-3.
“Romania’s long-term foreign currency rating is currently just one notch below investment grade,” says Irina Savastre, head of custody at HVB Romania. “Analysts’ statements confirm the government is on the right track with its reform plans.”