Policy uncertainty in Romania is likely to remain elevated in the run-up to the November general elections, with scope for further deterioration in public finances. Despite the likely widening of Romania?s fiscal and external deficits, we expect that government and external debt will not rise significantly and that unpredictability will subside after the elections. We are therefore affirming our 'BBB-/A-3' ratings on Romania. The stable outlook reflects the balance between the likelihood of Romania's twin deficits widening on the one hand, and Romania's modest government and external debt on the other. On April 8, 2016, 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
