We expect the Romanian economy to grow by 2.6% on average from 2015-2018, with domestic demand contributing a greater role. While the changes in the fiscal code are likely to widen the fiscal deficit, we do not expect general government indebtedness to be significantly affected. 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 Oct. 9, 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
