In our view, Romania is undergoing a process of economic rebalancing and has moderate general government debt levels. However, it also has relatively low prosperity, exposure to foreign parent bank financing risks, and high, if declining, external debt. We are therefore affirming our 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Romania. The stable outlook reflects our opinion that Romania's government will continue to consolidate its public finances largely in line with the targets it has specified and that external imbalances will remain more moderate than in the recent past. On May 25, 2012, Standard&Poor's Ratings Services affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook
