Romania is making steady progress in adjusting external demand, fiscal consolidation, and financial sector stability. We are therefore affirming our 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Romania. The positive outlook incorporates the possibility that we could raise the ratings on Romania if the government sticks to its fiscal and reform programs. On Nov. 22, 2013, Standard&Poor's Ratings Services affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook is positive. The affirmation reflects Romania's steady progress in adjusting the economy toward external demand, consolidating the fiscal accounts, and bolstering financial sector stability. We believe Romania's GDP growth will gradually strengthen over 2013-2016, helped by the
