Romanian finance minister Florin Citu expects international rating agency S&P to upgrade to stable from negative its outlook on Romania's sovereign rating.

"I expect S&P to maintain the rating in December, and change the outlook to stable. They will see that we want fiscal consolidation," minister Citu said, quoted by Economica.net.

On a highly optimistic note, he said that the public deficit in January-August (5.2% of GDP) would have been nearly 2% of GDP without the health crisis, less than expected at the beginning of the year.

Minister Citu also grounded his expectations on another budget revision by the end of the year, most likely before the December 6 general elections and, more importantly, before December 4, when S&P will issue the next rating decision for Romania.

He added that the Government that will come after the December 6 general elections would publish the budget planning for the next year "at the appropriate time."

Previously, Citu said that the Finance Ministry was already working on the budget planning for 2021, which will be discussed by the next Parliament after the elections.

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iulian@romania-insider.com