Fitch assigns BBB- rating to Romanias USD 1.5bn bond issue.

By bne IntelliNews February 2, 2012
International rating agency Fitch said it assigned a BBB- rating to Romanias USD 1.5bn ten-year notes sold earlier this week on the US market. The rating is in line with the countrys Issuer Default Rating (IDR), Fitch said in a statement. Romanias USD bond has a coupon of 6.75% and is due on 7 February 2022. It was sold at a slight discount, yielding 6.785%. Fitch upgraded Romania's Long-term foreign currency IDR to BBB- from BB+ and assigned a stable outlook on July 4, 2011. Upgrading the country back to an investment grade was justified by the recovery from the effects of the financial crisis, evident in the GDP growth return, stronger exports, narrowing C/A deficit and reducing budget deficit, Fitch said. It, however, warned the country is exposed to spill-over risks from the eurozone, which is Romanias main trade partner and hosts the main financial institutions acting on the Romanian market.
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