Fitch rates Oradea BBB-

Fitch Ratings said it assigned BBB- long-term foreign- and local-currency ratings and an F3 short-term foreign-currency rating to the Romanian City of Oradea.

The outlook is stable.

The agency said the ratings reflect the city's satisfactory operating performance, helped by a dynamic and wealthy local economy; prudent liability management; limiting currency and refinancing risks and limited debt.

However, the ratings also consider Romania's still developing institutional framework, which translates, among other things, into limited budgetary flexibility for Romanian cities, Fitch said.

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