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S&P maintains Romania’s rating at “BBB-A-3”, with a stable outlook: arguments

de Vladimir Ionescu , 9.9.2018

Rating agency Standard & Poor’s confirmed on Friday ratings for long- and short-term debt in foreign and local currency to “BBB-/A-3” with a stable outlook, Agerpres announced.

At the same time, the agency also motivates why it has not promoted the rating: the short-term planning of policies and the narrow governmental vision.

According to S&P, the rating reconfirmation is supported by Romania’s moderate foreign debt the solid economic growth perspectives.

However, GDP per capita was estimated at USD 10,000 in 2017, the second lowest within the European Union.

Low income and welfare levels limit Romania’s ratings and so do the budget deficit, the low efficiency of institutions and government, as well as the political uncertainty.

So far, we believe that policies of the current government are predominantly geared to short-term and focus on the available fiscal space to increase wages in the public sector and pensions. Structural reform initiatives are lacking at the expense of the old infrastructure network and the underperforming education system. In the medium term, the lack of progress in these areas could affect the economic growth and discourage foreign investors,” says S&P.

For 2018, the agency expects the real GDP growth to slow down to 4.3% as consumption returns to normal and the external demand moderates.

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