Fitch affirms Bucharest

Fitch Ratings said it has affirmed the City of Bucharest's long-term foreign and local currency ratings at BBB- and short-term foreign currency rating at F3.

The outlooks for both long-term ratings are stable.

Bucharest's ratings reflect its sound operating performance, helped by a so far growing local economy that is wealthy by national standards, the agency said, noting that they also reflect financial support and control from the central government, given the city's national economic importance.

The ratings also consider the city's growing debt level and its exposure to refinancing and foreign-currency risks, Fitch said, adding that the ratings could benefit if the city's budgetary performance continues to meet its projections.

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