Rating agency Standard & Poor's reaffirmed Romania’s rating to BBB- / A-3 for its long- and short-term debt in foreign and local currency, with a stable outlook, according to a press release of the Ministry of Finance published on Friday.

The rating was reconfirmed because of the moderate level of government debt and external debt, combined with prospects of solid economic growth, amounting to an average of 3.1% until 2020. The agency, however, expects the fiscal and external deficits to increase.

According to the Ministry of Finance, Standard & Poor's considers that Romania’s rating could improve if the net government debt enters a downward path, the fiscal consolidation efforts continue, and the privatization or restructuring of state-owned firms is successful.

editor@romania-insider.com