Moody's: IMF has been remarkably tolerant towards Romania

Moody’s rating agency said it didn’t expect any major impact from the Romanian government collapse in the near term, especially as the International Monetary Fund has been “remarkably tolerant” of the slow rate of progress on key reforms and expects the Fund to remain indulgent until after the elections.

In a research note on Romania released on Wednesday, Moody’s agency said “economy seems relatively detached from the political noise and IMF/EU could remain tolerant of the country’s slow rate of progress on key reforms until after the elections”.

“But as we move into 2010, IMF and EU may put pressure on the government to reaffirm its commitments to run the reforms under the agreement. A failure in reinvigorating the reform process could lead to frictions with the international partners”, said Moody’s.

Moody’s is the sole service that kept Romania’s country ratings in the investment grade camp. Moody’s has a ‘Baa3’ rating on Romania, outlook stable. S&P and Fitch S&P and Fitch cut Romania to “junk” status in fall last year.

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