Fitch affirms Romania's fragile BBB-/negative sovereign rating

International rating agency Fitch affirmed Romania's BBB-/negative sovereign rating, noting, besides the twin current account and budget deficits, the political instability caused by repeated presidential elections and a more fragile majority in parliament for the ruling coalition.

"Fitch also lists the challenges for the next period and gives a clear signal that we must continue the fiscal consolidation and restore the budget balance in order to strengthen the country's fiscal credibility. The sovereign rating will depend largely on our ability to stick with our [fiscal consolidation] commitments," Romanian minister of finance Tanczos Barna wrote on Facebook.