On June 24, 2003, Standard&Poor's Rating Services assigned its 'BB-' rating to the Republic of Romania's euro 700 million bond due 2010. At the same time, Standard&Poor's affirmed its 'BB' long-term local, 'BB-' long-term foreign, and 'B' short-term local and foreign currency sovereign credit ratings on the sovereign. The outlook on the long-term ratings remains positive. The ratings reflect: Romania's continued successful stabilization of the economy, which has begun to display sturdy export and private-investment-driven growth accompanied by lasting reduction in inflation and interest rates. Strong export performance and a significant rise in workers' remittances from abroad cut the current account deficit to US$1.6 billion (3.6% of GDP) in 2002 from US$2.3 billion (5.8% of GDP)
