Fitch lowers Bucharest, Oradea

Fitch Ratings said it has downgraded the long-term foreign currency ratings of the Romanian cities of Bucharest and Oradea to BB+ from BBB- and revised both cities' outlooks to negative from stable.

The agency said it has also downgraded both cities' short-term foreign currency ratings to B from F3.

Fitch noted that it has simultaneously affirmed the two cities' long-term local currency ratings at BBB- and revised their outlooks to negative from stable.

The rating actions follow the downgrade of Romania's long-term foreign currency issuer default rating to BB+ from BBB, long-term local currency issuer default rating to BBB- from BBB+, and short-S

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