RTTNews - Wednesday, rating agency Moody's reaffirmed Romania's Baa3 government bond ratings and said the country's outlook remains stable.
The rating agency said the country's moderate levels of economic and institutional strength and its EU membership supported its rating stable.
Also important to the ratings are Romania's proven access to financing from the International Monetary Fund and the EU, as well as the commitment of the foreign banks operating in the country to maintain funding for their subsidiaries and branches there, it said.
Romania is currently in a deep recession that is expected to last into 2010, said Kenneth Orchard, a Vice President-Senior Analyst in Moody's Sovereign Risk Group. Having entered the global economic crisis in a somewhat precarious financial position, the government was forced to agree a stabilization plan with the IMF and the EU in March 2009.
Moody's believes that Romania's economy is unlikely to return to its recent lofty growth rates in the near term, but long-term prospects remain good.
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