If we had a better budget position for 2-3 years, we would have a different rating, – says the head of the treasury of the Ministry of Finance, Stefan Nanu. According to him, the factor that keeps Romania’s rating at a low level is fiscal consolidation, that is, not enough steps have been taken in this direction.

“These are matrices of rating agencies that give Romania a different rating. If you look at the Fitch report that was recent, from their scorecard, Romania should have been rated higher,” he said, noting that the rating decision is based on certain analyzes and they still keep us at the lowest investment grade . . .

In his opinion, a better fiscal position in the medium term will ensure a better rating.

“A better rating immediately means lower costs. The consistency should be visible. In Romania’s case, the lack of consistency over the years is being penalized a bit. Agencies are looking at a longer time horizon. If you constantly demonstrate an improvement in the fiscal situation, it will definitely materialize in a better rating,” Stefan Nanu explained at the conference organized by Ziarul Financiar.

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Why Romania will issue Samurai bonds

“This approach is actually diversification. We want to diversify in this market. We have seen extremely good dynamics for issuers like us, such as Poland. Poland has often issued Samurai bonds, and now they have holdings of Japanese investors in the domestic zloty market,” Nanu added.

According to him, the investor, as soon as he buys you, because the credit risk in his currency is more familiar with you.

“So it no longer has currency risk, but it has credit risk. He is following you, and it is easier for him to buy you in another currency that is not his local: euro, dollar or even lei,” the head of the Ministry of Finance also noted.

According to his statements, that’s how many global investors are now buying us on the domestic market.

“26% of what we produce within the country belongs to non-resident investors. There are big names there, including Americans, Europeans, even the Middle East, Asia, but to a lesser extent Japan,” Stefan Nanu said.