Fitch: Oradea outlook positive

Fitch Ratings said it affirmed the Romanian Metropolitan Area of Oradea's long-term local- and foreign-currency ratings at B+ and the short-term foreign-currency rating at B. The outlook on the long-term ratings is positive.

The affirmation is based on the positive economic development of the metropolitan area and its adequate budgetary performance, the agency said.

The positive outlook reflects the strong backing from its main contributor, the City of Oradea (BBB-/stable/F3), whose ratings were affirmed on July 5. Fitch said the Oradea metropolitan area's ratings could be upgraded if the 2012 budget is realized as envisaged and cash levels and the City of Oradea's ratings remain unchanged or even improve, following an overall positive trend in Romania.

The Oradea metropolitan area's limited budget size remains a rating constraint, Fitch said.

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