Fitch Ratings’ decision to reaffirm Romania’s sovereign credit rating at BBB-, the lowest investment-grade level, is an important signal for the country’s economy and financial markets, according to AmCham Romania.

The business organization said the decision was closely watched after last summer’s review, when Romania narrowly avoided a downgrade despite Fitch’s projection of a 7.4% budget deficit for 2025. In its latest assessment, the rating agency forecasts a 5.9% budget deficit in 2026, below the government’s official estimate of 6.2%, while acknowledging progress in several technical areas.

However, AmCham Romania noted that Fitch continues to express concerns about the sustainability of Romania’s fiscal consolidation, the still-high-budget deficit, and persistent macroeconomic imbalances.

The report also identifies political instability, policy uncertainty, and the risk of slowing reforms as key factors behind Romania’s macroeconomic vulnerabilities.

“The rating affirmation sends a positive signal to investors and financial markets, but it also underlines that Romania’s credibility depends on stable governance, predictable public policies, and the ability of public institutions to implement the reforms they have committed to,” AmCham Romania said.

The organization argued that the business community has already borne much of the burden of fiscal consolidation by continuing to invest, create jobs, and pay taxes, but warned that companies cannot compensate for the lack of policy predictability, an issue closely monitored by clients, shareholders, and institutional investors.

With Romania set to be reviewed next by S&P Global Ratings and Moody’s Ratings, AmCham Romania said every measure aimed at reducing the budget deficit, implementing reforms, and restoring political and administrative stability will be critical for maintaining the country’s credibility with international investors.

AmCham Romania called for greater institutional responsibility and less political confrontation, arguing that Fitch’s assessment requires immediate action rather than additional promises. It urged policymakers to build cross-party consensus around Romania’s strategic priorities, ensure stable governance, continue fiscal consolidation toward the 3% deficit target, and develop a credible roadmap for euro adoption.

According to AmCham Romania, priority reforms should include improving tax collection and combating tax evasion, restructuring public spending, professionalizing the public administration, accelerating reforms needed to maximize the absorption of NRRP funds and resources under the next EU Multiannual Financial Framework, and making full use of financing opportunities available through the SAFE instrument.

The organization also called on authorities to tackle corruption, improve administrative performance, and accelerate strategic projects in energy, digitalization, defense, healthcare, and education. It warned that recent energy and cybersecurity crises have exposed systemic vulnerabilities that could have been mitigated through timely reforms and investments.

Looking ahead, AmCham Romania said Romania should focus on supporting existing investors while attracting new large-scale investments with strong spillover effects across the economy. Preserving—and ultimately improving—the country’s sovereign credit rating, alongside progress toward OECD membership and euro area accession, would send a strong signal to international markets, the organization said.