We believe that the Romanian government will solicit input from key domestic stakeholders and revisit key parts of the emergency ordinance 114. In our view, this will likely contain imminent negative effects on monetary policy effectiveness and help recover confidence in the economy's medium-term growth outlook. We are affirming our 'BBB-/A-3' sovereign credit ratings on Romania. The outlook remains stable. On March 15, 2019, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook remains stable. As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 [EU CRA Regulation]), the rating on Romania is subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation,
