LONDON (Standard&Poor's) Nov. 29, 2011--Standard&Poor's Ratings Services today affirmed the 'BB+/B' foreign-currency sovereign credit ratings on Romania. The local-currency long- and short-term ratings were lowered to 'BB+/B' from 'BBB-/A-3'. The outlook is stable. The transfer and convertibility (T&C) assessment is 'BBB+' and the recovery rating is '3'. The rating action follows the implementation of Standard&Poor's revised methodology and assumptions for sovereign ratings. Under our revised methodology, the gap between the local- and foreign-currency ratings on most of our rated sovereigns is narrowing. This is because we believe governments are likely to have fewer incentives to differentiate between their local- and foreign-currency debt in the event of a debt restructuring, given the increasing globalization of
