Standard&Poor's raised all its long-term ratings and affirmed all its short-term ratings on the Republic of Romania on April 19, 2002. The upgrade reflects Romania's reduced vulnerability to external pressures, the lasting robust performance of its export sector, and more sustainable private-sector-driven economic growth. The ratings on Romania are supported by: The country's further reduced vulnerability to external pressures, supported by the lasting, robust performance of the export sector. The latter has benefited from steady inflows of foreign direct investment and the nascent modernization of the economy in recent years. An increase in official exchange reserves during 2001 (up to almost $4.0 billion from $2.5 billion at year-end 2000, and compared with only $1.5 billion at year-end 1999).
