Fitch Ratings has upgraded Romania's Long-term foreign currency and local currency sovereign ratings to BBB minus and 'BBB' respectively, from 'BB' and 'BB+'. At the same time, the Short-term rating and Country Ceiling have been upgraded to 'F3' from 'B' and to 'BBB-' from 'BB,' respectively. According to a Fitsch Ratings Report, the upgrade is supported by Romania's prudent fiscal policy, advances on key structural reforms and good prospects on European Union (EU) accession. Although Romania has earned the 'functioning market economy' status from the EU, there will be more focus on the implementation of the acquis chapters following the inclusion of 'safeguard clauses' to the accession process, and in some areas considerable efforts will be needed to conclude negotiations.
