On Sept. 14, 2004, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Republic of Romania to 'BB+' from 'BB'. At the same time, the long- and short-term local currency sovereign credit ratings on Romania were raised to 'BBB-' and 'A-3', from 'BB+' and 'B', respectively. The outlook is stable. The upgrade reflects the country's significant progress in reforming its state-owned enterprise sector, together with EU membership prospects. Romania's recent progress in structural reforms should lead to lasting improvements in public sector finances. Moreover, prospects for deepening parastatal reform are encouraging. Improved macroeconomic stability and microeconomic reform have increased the probability that Romania will become a member of the EU by the official target
