Moody's: EU support critical to Romania

Moody's Investors Service said in a new report that Romania's Baa3 government bond ratings are supported by the country's moderate levels of economic and institutional strength and its membership in the European Union.

Also important to the ratings are Romania's proven access to financing from the International Monetary Fund and the EU, as well as the commitment of the foreign banks operating in the country to maintain funding for their subsidiaries and branches there.

The outlook is stable.

Romania is currently in a deep recession that is expected to last into 2010, Moody's said.

Having entered the global economic crisis in a somewhat precarious financial position, the government was forced to agree a stabilization plan with the IMF and the EU in March 2009, the agency said.

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