On Sept. 6, 2005, Standard&Poor's Ratings Services raised its long- and short-term foreign currency sovereign credit ratings on the Republic of Romania to 'BBB-' and 'A-3' from 'BB+' and 'B', respectively, on improving government indebtedness indicators. At the same time, the long-term local currency rating on Romania was raised to 'BBB' from 'BBB-', and the 'A-3' short-term local currency rating was affirmed. The outlook is stable. The full analysis on the Republic of Romania will be published later today on RatingsDirect, Standard&Poor's Web-based credit analysis system. The upgrade stems from the improvement in general government fiscal indicators that has occurred on the back of buoyant domestic demand. GDP looks set to grow at almost 6% in
