NY -- Standard&Poor's CreditWire 5/20/98 -- Standard&Poor's today lowered the Republic of Romania's long-term foreign currency sovereign credit rating to single-'B'-plus from double-'B'-minus. Standard&Poor's also lowered the Republic's long-term local currency sovereign credit rating to double-'B' from triple-'B'-minus, and its short-term local currency rating to single-'B' from 'A-3'. The ratings are removed from CreditWatch, where they were placed Jan. 28, 1998 with negative implications. At the same time, Standard&Poor's affirmed the Republic's single-'B' short-term foreign currency rating. This rating was also removed from CreditWatch. The outlook on the long-term foreign and local currency ratings is stable. The downgrades reflect Romania's worsening political environment in which successive governments have lacked the political will
