On Feb. 27, 2003, Standard&Poor's Ratings Services raised its long-term local currency sovereign credit and senior unsecured debt ratings on the Republic of Romania to 'BB' from 'BB-', and its long-term foreign currency sovereign credit and senior unsecured debt ratings to 'BB-' from 'B+'. At the same time, Standard&Poor's affirmed its 'B' short-term local and foreign currency ratings on the republic. The outlook is positive. The rating actions reflect Romania's continued successful stabilization of the economy, which has begun to display sturdy export and private investment-driven growth, accompanied by a lasting reduction in inflation and interest rates. A strong exports performance and a significant rise in workers' remittances from abroad cut the republic's current account deficit
