S & P rating services raised Romania’s foreign currency credit ratings, in response to the former Soviet country’s improvements on debt indicators.
Long-term ratings were increased to ‘BBB’ from a ‘BB+’ rating. Short-term ratings increased to ‘A-3’ from ‘B’
The local currency ratings also grew as the long-term rating increased to ‘BBB’ from a ‘BBB-‘. The short-term rating remained stable at ‘A-3’.
“With two ratings agencies now at investment grade, this confirms the country is clearly set on its EU convergence path,” said Simon Quijano-Evans, EEMEA markets research and analyst at Bank Austria Creditanstalt Vienna.
S & P analysts forecast that Romania’s GDP will increase by 6% by the end of the year as a result of increased domestic demand.