Fitch ups Bucharest to BBB-

Fitch Ratings said it upgraded the Romanian city of Bucharest's long-term foreign currency ratings to BBB- from BB+ and the long-term local currency ratings to BBB from BBB-.

The outlooks are stable.

The agency also upgraded the short-term foreign currency rating to F3 from B.

Fitch said the ratings take into account the city's improvement in budgetary performance and its good track record of debt coverage ratios. The ratings take also into account Bucharest's increasing debt, which is prudently managed in Fitch's view.

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