We expect the Romanian economy to grow by nearly 3% on average from 2015-2018, with domestic demand contributing a greater role. Stable economic growth is also likely to partially offset lower government revenues from planned tax cuts over the next four years. We are therefore affirming our 'BBB-/A-3' ratings on Romania. The stable outlook balances the likelihood of risks to fiscal consolidation against Romania's generally robust growth prospects. On April 10, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook is stable. The ratings are supported by Romania's moderate external and fiscal indebtedness amid relatively firm growth prospects. The ratings are constrained by the poor governance
