S&P Withdraws BNR’s Ratings In Procedural Action

05.20.2011 ZF English

Standard & Poor's has withdrawn its ratings on the National Bank of Romania (BNR, the central bank of Romania), as the purpose for which the rating was initially issued ceased to exist.

"BNR has no rated debt outstanding and, consequently, the purpose for which the rating was initially issued ceased to exist. Under these circumstances, the withdrawal action is a procedural one," S&P said in a statement late Thursday.

It said the ratings on Romania are unaffected by this action.

"Notwithstanding the withdrawal, we continue to view the creditworthiness of BNR as being the same as that of Romania," S&P added.

S&P rates Romania's foreign currency debts at BB+, with a stable outlook, while the local currency rating is BBB-, with a stable outlook as well.