Credit rating agency Fitch has been criticised for its downgrading of Romania in its most recent report.

The Romanian Commercial Bank said the reduced rating was undeserved and groundless, as various factors were overlooked by those who compiled the report.

Speaking to Financiarul, chief economist Lucian Anghel said any decisions regarding its credit rating should have waited until after the government unveiled its multi-annual budget.

He commented: "It would have been a correct evaluation and a signal for the next Government, if the adopted policies had not been sustainable."

Mr Anghel added that other countries in the geographic area are not yet included in the "investment grade" bracket, unlike Romania.

This comes after the country's economy minister criticised the Fitch report on the basis that it disregarded a number of important developments in the Romanian economy.

Varujan Vosganian said gross domestic product has risen this year, reports Xinhua, while government debt is relatively low.