At the same time, Fitch affirmed the city’s short-term foreign currency rating at ‘B.’
The positive outlooks on the long-term ratings also reflect the strong backing from its main contributor, the City of Oradea, whose ratings were affirmed at ‘BBB-‘ earlier July, Fitch said in a statement.
The Metropolitan Area of Oradea was founded in 2005. The area is formed of 12 localities, including the city of Oradea.
Fitch said the Area’s ratings could be upgraded if the 2012 budget is realized as envisaged, cash at current levels and Oradea’s ratings remain unchanged or even improve, following an overall positive trend in Romania.
The Area’s development strategy until 2020 contains a number of projects with a total estimated investment amount of EUR143.5 million in various economic sectors, the rating agency noted.
Oradea Metropolitan Area of was debt free at end-2011 and has no intention to contract any borrowing, it said.