LONDON (Standard&Poor's) July 8, 2005--Standard&Poor's Ratings Services said today that the prospect of early elections in Romania will not immediately affect the sovereign credit rating on the Republic of Romania (foreign currency BB+/Positive/B; local currency BBB-/Positive/A-3). The ratings were originally placed on positive outlook in February 2005, based on the commitment of the new centrist government to step up Romania's economic and institutional reforms (see "Research Update: Republic of Romania Outlook Revised To Positive On Reform Prospect; FC And LC Ratings Affirmed," published on RatingsDirect, Standard&Poor's Web-based credit analysis system, on Feb. 1, 2005). Following the Constitutional Court's decision to reject judicial reform legislation crucial for EU accession, Prime Minister Calin Popescu Tariceanu announced
