S&P lowers Romania credit outlook to negative
Photo by Ritu Manoj Jethani/Shutterstock.com
Photo by Ritu Manoj Jethani/Shutterstock.com
As noted by numerous local media outlets, including Romania Journal, Romania-insider, and Trading Economics, S&P said on December 10 that large spending deviations by the previous government have forced Romania’s current leadership to revise up its fiscal GDP targets for 2019 and 2020 to 4.3% and 3.5%, respectively, from 2.8% and 3%, against the backdrop of a slowing economy.
While assuming significant fiscal consolidation begins next year, S&P said that it considers that the rigid budget structure and volatile policy environment pose risks to that assumption.
Romania’s "BBB-" rating is the lowest in the “investment grade” category. Moody’s credit rating for Romania is "Baa3" with a stable outlook. Fitch’s credit rating for Romania is "BBB-", also with a stable outlook.
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