The agency also revised the outlook of Brasov city’s long-term local currency issuer default rating to stable from positive and affirmed the rating of ‘BBB-‘.
The rating and outlook changes were triggered by the country rating changes, as local and regional governments usually cannot be rated higher than their sovereign, Fitch said in a statement.
On July 22, Fitch downgraded Romania’s long-term local currency IDR to ‘BBB-‘ from ‘BBB’ and affirmed the long-term foreign currency IDR at ‘BBB-‘, with stable outlook. The agency also affirmed the issue ratings on Romania’s senior unsecured foreign currency bonds at ‘BBB-‘ and downgraded Romania’s senior local currency bonds to ‘BBB-‘ from ‘BBB’.
Fitch Ratings also affirmed the country ceiling at ‘BBB+’ and short-term foreign currency IDR at ‘F3’, and also assigned a new short-term local currency IDR rating of ‘F3’.
The ratings were modified based on certain changes in Fitch ratings methodology.