Fitch foresees 1% economic drop in Romania, no rating improvement in sight

Rating agency Fitch expects Romania's economy to drop 1 percent this year and doesn't foresee a significant improvement in the country''s rating, according to Richard Hunter, head of Europe, Middle East, Africa and Asia Pacific for Fitch. The one percent economic drop expectancy is a conservative take, said Hunter. Fitch improved Romania's rating from negative to stable, which is more important than the rating itself, according to Hunter. Romania also got the BB plus rating for its long term foreign currency debt and BBB minus for its local currency debt. International rating agencies have recently been under the spotlight after the US Senate released a document detailing the rating agencies' handling of and alleged complicity in the financial crisis. Read more about the accusations against rating agencies here.