Fitch affirms Oradea

Fitch Ratings said it affirmed the City of Oradea's long-term foreign-currency rating at BB+, long-term local-currency rating at BBB- and short-term foreign-currency rating at B.

The outlook is negative.

The ratings reflect its sound financial performance and good management practice, Fitch said.

They also reflect Romania's institutional framework, which provides state support and control for Romanian cities, the agency said, but limited budgetary flexibility.

The ratings also take into account an increase of debt, accompanied by a significant rise in debt service over the coming years, Fitch said, and a weakening economic environment in Romania.

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