We expect the Romanian economy to grow at an average of 2.7% over 2014-2017, as incomes rise with gradual productivity gains. Growth recovery should aid moderate further consolidation of government finances. We are therefore affirming our long- and short-term foreign and local currency sovereign credit ratings on Romania at 'BBB-/A-3'. The stable outlook balances the likelihood of fiscal and reform programs exceeding our expectations, against the possibility of external imbalances re-emerging. On Oct. 17, 2014, Standard&Poor's Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on Romania at 'BBB-/A-3'. The outlook is stable. The ratings are supported by Romania's low and declining external debt stocks, its narrowing general government deficits, and moderate stocks
