Fitch: Romanian GDP To Shrink 1% In 2010

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Fitch Regional Managing Director Richard Hunter said Tuesday that the 2010 economic forecast on Romania is highly conservative and that the agency is trying not to discuss a worse case scenario for the eastern European country.

However, the stable outlook Fitch assigned to Romania is a significant step forward, given that many countries are still under negative outlook, Hunter said.

„We’re not expecting massive improvements in your rating but again stable outlook is a fairly significant step in itself,” he said.

In February, Fitch upgraded Romania’s outlook to stable from negative and affirmed its long-term ratings on foreign and local currency debt to ‘BB plus’ and ‘BBB minus’ respectively.

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According to Hunter, Romania’s banking system has a good evolution, despite a high credit/deposit ratio and the increased volume of foreign currency loans. However, Fitch’s D rating on the local banking sector already factored in the existing weaknesses and the agency is „quite comfortable” with their level, Hunter added.