Fitch also affirmed the area’s long-term foreign and local currency ratings at ‘B+’ and the short-term forex currency rating at ‘B.’
The improved outlook “should contribute positively to the creditworthiness of the Romanian subnationals and the members of the metropolitan area of Oradea in particular,” the rating agency said in a statement.
“This was reflected in the upgrade of the City of Oradea’s long-term foreign currency rating to ‘BBB-‘ from ‘BB+’, and short-term foreign currency rating to ‘F3’ from ‘B’ on 7 July 2011,” it added.
The metropolitan area of Oradea was founded in 2005 as an association of nine (now 12) local authorities to implement common projects for the economic and infrastructural development of the metropolitan area. The area’s population is about 250,840, of which almost 205,000 are located in Oradea.