Romania’s Baa3 government bond rating is supported by the government’s moderate debt levels as well as the anticipated improvements in productivity and incomes, says the annual credit report published by Moody’s Investors Service on Thursday, Agerpres reports. These improvements are expected to accrue as a result of Romania’s continued integration into the European Union via trade and investment, it adds. Policy vigilance and financial support from international institutions are additional sources of support for the rating. The rating also incorporates credit challenges, including a relatively high external debt burden and inefficiencies in some state-owned enterprises that pose contingent liabilities for the government, while also constraining overall economic competitiveness, said Moody’s.The stable outlook on Romania’s Baa3 rating reflects Moody’s expectation that these macroeconomic improvements are likely to be sustained. According to the report, a combination of an improved regional growth outlook, reduced domestic macro-economic imbalances and policy efforts to kick-start domestic investment and consumption will improve Romania’s average growth over the next five years to levels above those in the last five years, the report underscores.