Constanța achieves outstanding financial ratings, surpassing major European capitals

The city of Constanța has received remarkable financial ratings, with Fitch Ratings assigning it a Standalone Credit Profile (SCP) of 'aaa' and a long-term credit rating of 'BBB-' with a negative outlook. This SCP rating indicates that Constanța's financial stability is on par with sovereign nations like Poland and Israel, both rated A-.

What stands out is that the SCP of Constanța exceeds Romania's sovereign rating by three levels. This significant distance reflects the city's ability to manage its finances with a standard considerably higher than that of the country it belongs to. Fitch's evaluation highlights that Constanța's operational surplus averages 15% of its operational revenues, and it has no short-term debt.

In terms of economic performance, Constanța boasts a diverse economy with a per capita GDP slightly above the national average. The city's unemployment rate is projected to be 2.4% in 2025, significantly lower than the national rate of 3.3%. This economic resilience has allowed the municipality to maintain a strong operational balance, covering its annual debt service comfortably.

Fitch also estimates that Constanța's investment program will reach approximately 3.6 billion lei, with funding sourced from European funds, state budget allocations, and new loans primarily aimed at energy efficiency, transport, and healthcare projects. Mayor Vergil Chițac expressed that this evaluation affirms Constanța's financial solidity and its capacity to support an investment program while keeping debt indicators at prudent levels.

Furthermore, the financial profile of Constanța, categorized as 'aaa,' surpasses that of several European capitals, including Budapest, which has dropped below investment grade. This achievement places Constanța alongside cities like Alba Iulia and Oradea, which share similar repayment capacity indicators and SCP ratings of 'a-'.

Overall, the strong ratings from Fitch validate the effective management of municipal resources, providing a solid foundation for future growth and development in Constanța.