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���������ֳ� has revised the Outlook on Romania’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at ‘BBB-’. The revision is based on the combination of stronger fiscal indicators, the reduction in risks and greater political stability. Public debt/GDP stabilised at near 49% of GDP in 2021-2022 and we project it will remain broadly flat in the medium term in our baseline scenario, below the current ‘BBB’ median of 56%. The strong nominal growth of the economy, partly due to the economic recovery and partly due to the high GDP deflator, and reforms from recent years that have eased fiscal rigidities and enhanced revenue-raising capacity will compensate relatively high budget deficits.