Standard&Poor's has revised its methodology and assumptions for rating sovereign governments. In accordance with our updated sovereign criteria, the local-currency sovereign credit ratings on Romania are equalized with the foreign-currency sovereign credit rating, compared with a one-notch uplift previously. We base this on our assessment of the high euroization of the Romanian economy, which in our opinion limits monetary flexibility. We are therefore lowering the local-currency sovereign credit ratings on Romania to 'BB+/B' from 'BBB-/A-3'. We are affirming the foreign-currency sovereign credit ratings at 'BB+/B'. The stable outlook reflects our opinion that Romania's government will continue to consolidate its public finances largely in line with the targets it has specified. On Nov. 29, 2011, Standard&Poor's Ratings
