The agency also affirmed Bucharest’s local currency rating at ‘BBB’, with stable outlook, and the short-term rating at ‘F3’.
“The affirmation reflects Bucharest’s economic profile and wealth levels, which are well above the national average, its strong operating performance and its moderate debt level,” Fitch said in a statement.
“They also reflect the volatile cyclicality of its taxes, its high investment needs, high refinancing risks and uncertainties about the contingent liabilities.”
Fitch estimates Bucharest will not increase debt in 2013 and 2014 and that Romania’s gross domestic product will continue to improve in 2013 albeit at a moderate pace.