Discussions with credit rating agencies are highly demanding because they assess not only current fiscal figures, but also political stability and a country's ability to continue reforms and maintain its fiscal and budgetary course, interim Finance Minister Alexandru Nazare said after meeting with representatives of Moody's on Friday.

'Rating: non-stop talks with international rating agencies. We continued our dialogue with Moody's representatives today, while awaiting Fitch's report due later this evening. I had a comprehensive discussion today with representatives of Moody's as part of the agency's ongoing assessment of Romania. In this context, we presented, in a rigorous manner, the budget execution, the measures already adopted to reduce the deficit, revenue and expenditure trends, the reforms under implementation and the financing plan for the coming period. Discussions are highly demanding because the agencies assess not only current fiscal figures, but also political stability and a country's ability to continue reforms and maintain its fiscal and budgetary course,' Nazare wrote on Facebook.

According to Nazare, Romania has strong financial arguments: the budget deficit narrowed significantly in the first half of the year, revenues increased, expenditure was kept under control, while investment and European Union funds continue to support the economy. He also said that, in recent days, political parties had handled responsibly the legislative process of adopting the reform bills included in Romania's National Recovery and Resilience Plan (PNRR), on which substantial EU funding for the country depends.

'We continue to defend Romania's position with the utmost seriousness and to demonstrate, using all available arguments, that fiscal adjustment is delivering results. Romania must project stability, consistency and responsibility without ambiguity,' the interim finance minister stressed.

All three major credit rating agencies - S&P Global Ratings, Moody's and Fitch Ratings - currently assign Romania a negative outlook, leaving the country one notch above speculative, or 'junk', status. AGERPRES/(RO - writing by: Andreea Marinescu; EN - writing by: Simona Iacob)

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