LONDON (Standard&Poor's) Oct. 5, 2009--Standard&Poor's Ratings Services today said it had assigned a recovery rating of '3' to foreign currency debt issued by the Republic of Romania (foreign currency BB+/Negative/B, local currency BBB-/Negative/A-3). The recovery rating of '3' indicates our expectation of an average recovery of 50%-70% in the event of a payment default. The recovery rating is based on a default scenario which assumes a disorderly adjustment in the country's exchange rate resulting from a protracted economic contraction and increased economic policy uncertainty. In our view, Romania's failure to comply with the conditionality of the existing EU/IMF agreement, amid a persistently weak external financing environment, would lead to continuous currency depreciation. This in turn would
