At the time the rating was withdrawn, the outlook was negative, S&P said in a release.
“The downgrade reflected what we consider to be unresolved uncertainty surrounding the city’s large refinancing and foreign currency exposure associated with the bullet repayment on its EUR500 million Eurobond that falls due in 2015, as well as regarding the city’s future debt and liquidity policies,” S&P said.
It said the ratings were also constrained by Bucharest’s “developing and unbalanced”
institutional framework, as well as its weak liquidity situation.
“We withdrew the ratings for contractual reasons, which in turn led to an insufficient flow of information to perform rating surveillance,” the statement noted.