NEW YORK (Standard&Poor's) June 24, 2003--Standard&Poor's Rating Services said today that it 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. According to sovereign analyst Helena Hessel, the rating is supported by 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. "Although Standard&Poor's expects the republic's current account deficit and liquidity ratios to worsen in
