OREANDA-NEWS. Fitch Ratings has today changed the Republic of Moldova's Outlook to Positive from Stable.

Its Long-term foreign and local currency Issuer Default Ratings ("IDR") are affirmed at "B-" (B minus) and "B" respectively. The agency also affirmed the Short-term foreign currency IDR at "B" and the Country Ceiling at "B-" (B minus).

Fitch has also assigned a Recovery Rating of "RR4" to Moldova's Eurobond.

The Positive Outlook is supported by Moldova's robust recent GDP growth rates - bolstered by high workers' remittances - and disciplined fiscal policy against a backdrop of a moderate public debt ratio.

The workers' remittances come from the one quarter of the working-age population who have responded to widespread Moldovan poverty by working abroad, mainly in Russia or the EU, including Romania The official figures put these remittances in 2006 at about 18% of GDP but taking account of funds that are transmitted outside the official banking sector, estimates rise to as high as 25% - 30% of GDP.