Fitch Changes Romania Outlook To Negative From Stable -2-

"Current account deficits in the Baltic States, Bulgaria and Romania have risen to levels that look disconcertingly stretched by current global or historical standards," says Edward Parker, Head of Emerging Europe sovereigns at Fitch. "External deficits that were easy to fund in times of abundant liquidity and risk appetite may be harder to finance following the global credit shock. The Negative Outlooks reflect the heightened downside risk of an abrupt slowdown in capital inflows and a costly macroeconomic adjustment."

Fitch has also revised to negative the outlooks of Bulgaria, Estonia and Lithuania.