MOSCOW (Standard&Poor's) April 12, 2007--Standard&Poor's Ratings Services said today that its outlook revision to stable from positive on the Republic of Romania (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3) does not affect its ratings or outlooks on the following Romanian government-controlled infrastructure companies: -- C.N. Transelectrica S.A.(BB+/Positive/--), -- CFR Marfa S.A. (B/Negative/--), -- CFR S.A. (BB/Negative/--), -- S.C. Hidroelectrica S.A. (BB-/Positive/--), and -- S.N.T.G.N. Transgaz S.A. Medias (BB+/Positive/--). The ratings on these companies (except CFR S.A.) are based on a bottom-up approach and are not linked to those on the sovereign. Although the rating on CFR S.A. is based on a top-down approach, the outlook does not reflect the outlook on the sovereign, due to our concern
