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Thursday, May 26, 2005
Business in Romania blog
Standard & Poor's Ratings Services said it raised its long-term issuer credit ratings on the Romanian capital City of Bucharest to 'BB+' from 'BB'. The outlook is stable.

"The rating action is based on the city's improving debt management, increased implementation of much-needed infrastructure investments, and its growing economy, which is supported by the commitment of the new central government to step up economic and institutional reforms in Romania. This should lead to further growth in city's budget revenues," said Standard & Poor's credit analyst Felix Ejgel.

The ratings on Bucharest continue to be supported by its strategic position as the Republic of Romania's (foreign currency BB+/Positive/B; local currency BBB-/Positive/A-3) capital city, its consistently sound operating balances, and a relatively supportive intergovernmental system. The ratings are constrained, however, by low financial flexibility, partly due to high infrastructure needs, expected fast foreign-currency denominated debt growth, and a need for better transparency.

Standard & Poor's expects that the steady development of the city's economy and infrastructure will continue to support the growth of city budget revenues. Accompanied by the expected inflow of EU funds and supportive nature of the Romanian system, this will help Bucharest to ease its debt burden and stabilize budgetary performance from 2007.

Posted by Mihai : 5/26/2005 10:47:00 am Bucharest's rating reviewed to BBplus
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