LONDON -- Standard&Poor's CreditWire 3/25/97 -- Standard&Poor's today has affirmed its double-`B'-minus foreign currency and its triple- `B'-minus local currency long-term ratings of the Republic of Romania and the National Bank of Romania. The outlook on the ratings remains stable. Romania's ratings are constrained by: -- A fragile liquidity position with foreign exchange reserve coverage of the financing gap (defined as the current account deficit plus outstanding short-term debt and principal due on long-term debt) at a very low 11% at yearend 1996. -- Significant structural weaknesses in the Romanian economy, which has remained one of the least reformed economies in Eastern Europe due to slow progress until recently in economic reforms, particularly large-scale privatization and
