The S & P analyst warn of possible periods of instability in the coalition government after the results of the Sunday's election, as well as a potential conflict between the elected president and the government.
"Romania's ratings could be reviewed if, amid potential political uncertainty, the economic outlook will worsen or we will notice a visible deviation from expectations for fiscal stability," the S & P note reads.
Neither the Moody's analysts anticipate a change in Romania’s country rating, despite increased volatility on the short-term markets in the context of Iohannis's surprising victory.
"Although the political events that were not anticipated by the market, could lead in the short term to an increased volatility of the capital market and exchange rate estimates, we do not consider that the evolution of Romania's ratings might be changed due to the elections results, " Moody's analyst ATSI Sheth said for Mediafax.