The Romanian economy continues to face large macro-financial risks due to the sharp fall in external demand and the narrowing of the external commercial credit channel, which has taken its toll on domestic demand. We have affirmed the sovereign credit ratings on the Republic of Romania, while the outlook on the Republic remains negative. On May, 14, 2009, Standard&Poor's Ratings Services affirmed its 'BB+/B' foreign currency and 'BBB-/A-3' local currency sovereign credit ratings on the Republic of Romania. The outlook remains negative. In our view, the Romanian economy continues to face large macro-financial risks due to the sharp fall in external demand and the narrowing of the external commercial credit channel, which has taken its toll on domestic
