Romania: Sovereign credit ratings

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Sovereign credit ratings in Romania: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BBB- Stable 3/2024
Scope BBB- Stable 3/2024
Moody's Baa3 Stable 11/2023
Fitch BBB- Stable 9/2023
Fitch BBB- Stable 3/2023
Scope BBB- Stable 3/2023
Fitch BBB- Negative 10/2022
Moody's Baa3 Stable 10/2021
Fitch BBB- Negative 10/2021
Scope BBB- Stable 5/2021
Standard & Poor's BBB- Stable 4/2021
Fitch BBB- Negative 4/2021
Fitch BBB- Negative 10/2020
Scope BBB- Negative 6/2020
Moody's Baa3 Negative 4/2020
Fitch BBB- Negative 4/2020
Standard & Poor's BBB- Developing 1/2020
Standard & Poor's BBB- Developing 1/2020
Standard & Poor's BBB- Negative 12/2019
Standard & Poor's NR NR 11/2019
Fitch BBB- Stable 11/2019
Standard & Poor's BBB- Developing 7/2019
Fitch BBB- Stable 5/2019
Standard & Poor's BBB- NR 4/2019
Moody's Baa3 Stable 1/2019
Scope BBB- Negative 10/2018
Moody's Baa3 Stable 8/2018
Fitch BBB- Stable 7/2018
Fitch BBB- Stable 1/2018
Scope BBB Negative 11/2017
Fitch BBB- Stable 7/2017
Scope BBB Under Review 5/2017
Moody's Baa3 Stable 4/2017
Fitch BBB- Stable 1/2017
Fitch BBB- Stable 7/2016
Fitch BBB- Stable 1/2016
Moody's Baa3 Positive 12/2015
Fitch BBB- Stable 10/2014
Fitch BBB- Stable 9/2014
Fitch BBB- Stable 8/2014
Fitch BBB- Stable 7/2014
Fitch BBB- Stable 6/2014
Standard & Poor's BBB- Stable 5/2014
Fitch BBB- Stable 5/2014
Moody's Baa3 Stable 4/2014
Fitch BBB- Stable 4/2014
Fitch BBB- Stable 3/2014
Fitch BBB- Stable 2/2014
Fitch BBB- Stable 1/2014
Standard & Poor's BB+ Positive 11/2013
Fitch BBB- Stable 9/2013
Fitch BBB- Stable 7/2013
Fitch BBB- Stable 6/2013
Fitch BBB- Stable 5/2013
Fitch BBB- Stable 3/2013
Fitch BBB- Stable 2/2013
Fitch BBB- Stable 8/2012
Fitch BBB- Stable 7/2012
Moody's Baa3 Negative 6/2012
Fitch BBB- Stable 5/2012
Fitch BBB- Stable 4/2012
Fitch BBB- Stable 2/2012
Fitch BBB- Stable 1/2012
Fitch BBB- Stable 12/2011
Standard & Poor's BB+ Stable 11/2011
Fitch BBB- Stable 11/2011
Fitch BBB- Stable 7/2011
Standard & Poor's BB+ Stable 3/2010
Fitch BB+ Stable 2/2010
Fitch BB+ Negative 11/2008
Standard & Poor's BB+ Negative 10/2008
Fitch BBB Negative 1/2008
Standard & Poor's BBB- Negative 11/2007
Standard & Poor's BBB- Stable 4/2007
Moody's Baa3 Stable 10/2006
Standard & Poor's BBB- Positive 9/2006
Fitch BBB Stable 8/2006
Moody's Ba1 Positive watch 6/2006
Standard & Poor's BBB- Stable 11/2005
Standard & Poor's BBB- Stable 9/2005
Moody's Ba1 Positive 3/2005
Standard & Poor's BB+ Positive 2/2005
Fitch BBB- Stable 11/2004
Standard & Poor's BB+ Stable 9/2004
Fitch BB Positive 8/2004
Moody's Ba3 Stable 12/2003
Fitch BB Stable 12/2003
Standard & Poor's BB Positive 9/2003
Fitch BB- Positive 9/2003
Standard & Poor's BB- Positive 2/2003
Moody's B1 Stable 12/2002
Fitch BB- Stable 10/2002
Fitch B+ Stable 6/2002
Standard & Poor's B+ Positive 4/2002
Moody's B2 Stable 12/2001
Fitch B Positive 11/2001
Standard & Poor's B Positive 6/2001
Standard & Poor's B- Positive 3/2001
Fitch B Stable 11/2000
Fitch B- Stable 9/2000
Standard & Poor's B- Stable 8/2000
Standard & Poor's B- Negative 4/1999
Moody's B3 Stable 11/1998
Standard & Poor's B- Negative 10/1998
Moody's B1 Stable 9/1998
Fitch BB- Negative 9/1998
Moody's Ba3 Negative watch 8/1998
Standard & Poor's B+ Stable 5/1998
Standard & Poor's BB- Negative watch 1/1998
Standard & Poor's BB- Stable 4/1997
Standard & Poor's BB- Stable 3/1996
Moody's Ba3 Stable 3/1996

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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