Romania is making progress in reducing its external indebtedness. In addition, fiscal consolidation and financial sector stability continue to be on track. We are therefore raising our long- and short-term foreign and local currency sovereign credit ratings on Romania to 'BBB-/A-3' from 'BB+/B'. The stable outlook balances the likelihood of fiscal and reform programs exceeding our expectations, against the possibility of external imbalances re-emerging. On May 16, 2014, Standard&Poor's Ratings Services raised its long- and short-term foreign and local currency sovereign credit ratings on Romania to 'BBB-/A-3' from 'BB+/B'. The outlook is stable. The upgrade reflects Romania's rapid progress in improving its external balances. It also underlines our view that progress toward consolidating the fiscal accounts and bolstering
