Although we expect the economic and fiscal fallout induced by COVID-19 to push Romania's net government debt to 43% of GDP in 2020, and interest spending to increase to just below 5% of fiscal revenue, we assume significant fiscal consolidation after the 2020 general elections. We believe that Romania's access to external financing and still moderate external debt levels mitigate pressures from a reduction in foreign direct investment (FDI) and remittances in 2020. We are affirming our 'BBB-/A-3' sovereign credit ratings on Romania and maintaining the negative outlook. On June 5, 2020, S&P Global Ratings affirmed the 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook remains negative. The outlook is negative because we
