Romania's economy minister has criticised ratings agency Fitch for downgrading the country.

Varujan Vosganian stated that the organisation's decision disregards a number of important developments in the Romanian economy.

For example, he said there has been an annual rise of more than nine per cent in real terms of its gross domestic product (GDP), reports Xinhua.

In addition, he stated that the country's GDP has been tipped to expand by six per cent next year, while government debt remains "relatively low".

Mr Vosganian commented: "Romania has enough foreign exchange reserves and an external debt burden that is lighter than that of other member states of the European Union."

Fitch lowered the credit rating for a number of emerging economies in eastern Europe in its most recent report, including Bulgaria, Hungary and Kazakhstan.

The organisation said this is because these countries are facing significant challenges as a result of the global economic crisis.