...OVERVIEW We expect the Romanian economy to grow by 2.6% on average from 2015-2018, with + domestic demand contributing a greater role. While the changes in the fiscal code are likely to widen the fiscal deficit, we + do not expect general government indebtedness to be significantly affected. We are therefore affirming our '###-/A-3' ratings on Romania. + The stable outlook balances the likelihood of risks to fiscal consolidation + against Romania's generally robust growth prospects. RATING ACTION On Oct. 9, 2015, Standard & Poor's Ratings Services affirmed its '###-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook is stable. RATIONALE The ratings are supported by Romania's moderate external and fiscal indebtedness amid relatively firm growth prospects. The ratings are constrained by the poor governance framework, despite recent efforts to reduce corruption; low GDP per capita relative to peers (estimated at $9,000 in 2015); and still-high--though...
