The ratings on Romania are constrained by Romania's comparatively low per capita GDP, developing institutions, and vulnerability to external shocks owing to its still-high, albeit declining, external debt. The ratings are supported by the government's commitment to continued fiscal consolidation as well as by the economy's potential to strengthen further by attracting foreign direct investment (FDI). Since 2009, the fiscal deficit has been declining, the current account deficit has narrowed, and the economy has started to rebalance. We believe that economic growth will strengthen steadily in 2013-2015 primarily due to rising investment, facilitated by the increased use of EU funds and a recovery in FDI, which will support household spending and exports. However, in our opinion, economic performance will be
