Fitch upgrades Romania

Fitch Ratings said it upgraded Romania's long-term foreign-currency issuer default rating to BBB- from BB+, long-term local-currency issuer default rating to BBB from BBB-, country ceiling to BBB+ from BBB and the short-term foreign-currency issuer default rating to F3 from B.

The outlook is stable.

The upgrade reflects Romania's progress in recovering from the effects of the financial crisis, evident in a return of GDP growth, a strong export performance, narrowing in the current account deficit and reduction in its budget deficit, Fitch said.

Overall, there has been a material easing in Romania's downside risks, commensurate with a return to an investment-grade rating, the agency said.

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