Fitch affirms Moldova

Fitch Ratings said it affirmed the Republic of Moldova's long-term foreign currency rating at B- outlook stable and the long-term local currency rating at B outlook stable.

Fitch said the economic and political situation remains very difficult. The large improvements in the external and government debt ratios over the past five years reflect Moldova's near inability to access international borrowing, the impact of high domestic inflation and a strong exchange rate, as well as real GDP growth.

Debt ratios have also improved due to heavily discounted debt restructuring deals (most significantly the Gazprom deal of 2004), according to Fitch.

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