Romania's long-term foreign currency Issuer Default Rating (IDR) was downgraded to 'BB+' from 'BBB', long-term local currency IDR to 'BBB-' from 'BBB+', and short-term foreign currency IDR to 'B' from 'F3'. The outlooks on the sovereign ratings remain negative, Fitch rating agency said earlier in the day, quoting increasing risk of a severe economic and financial crisis.
The Finance and Economy Ministry has already signalled the lack of coherence in the actions of decision-marking political factors - like parliament, the president, and the political parties, required for the enforcement of restrictive public policies to mitigate risks induced by the global financial and economic crisis, Vosganian said in a statement.
"On the other hand Fitch's decision has not taken into consideration the real economic growth [government forecast] of 9.1% in 2008 and the 6.0% [growth] estimated for 2009, as well as the maintaining of an extremely low government debt [10.6% of the gross domestic product in June] [...]," the official also said.
Varujan Vosganian said that his country has sufficient FX reserves - totalling 27.3 billion euro at the end of September, and an external debt lower that other European Union member states.
Prudent minimum requirement ratio on leu-denominated liabilities of 18% (starting with the November 24-December 23 maintenance period), and a ratio of 40% on foreign currency-denominated liabilities secure good liquidity for the lenders operating in the country, his statement said.