LONDON (Standard&Poor's) Sept. 17, 2003--Standard&Poor's Ratings Services said today it raised its long-term foreign currency ratings on the Republic of Romania to 'BB' from 'BB-', and its long-term local currency ratings to 'BB+' from 'BB'. At the same time, Standard&Poor's affirmed its 'B' foreign and local currency short-term ratings on Romania. The outlook remains positive. "The upgrade reflects the strong competitiveness of the Romanian economy," said Standard&Poor's credit analyst Helena Hessel. "Ongoing restructuring and modernization are underpinning continued robust growth driven by exports and investment." Despite low growth in the EU and a drought earlier this year, Romania is expected to post real GDP growth of at least 4.5% in 2003. The
