On May 15, 2026, S&P Global Ratings affirmed its BBB- sovereign credit ratings on Romania, as well as the negative outlook, citing expectations for quick political normalisation, full absorption of EU funds (3.5% of GDP), and the drafting of a 2027 budget plan in line with the fiscal consolidation trajectory agreed with the European Commission.  In its ad-hoc update report, S&P set quite high “baseline expectations” given the complicated political context in the country and the resistance posed by entrenched interests in mainstream ruling parties to genuine reforms. The baseline scenario came, however, with a consistent list of risks attached, including economic and political challenges that could undermine Romania's medium-term fiscal adjustment plan. In support of its high expectations, S&P specifically pointed to the broad fiscal consensus across key parties to support further sizable consolidation measures this year and next, including the approval of a credible 2027 budget.