The international rating agency Moody’s re-confirmed on Thursday its existing country risk for Romania with a positive Ba1rating, according to the agency’s annual report on the country.

Moody’s experts warn that while the country has made significant progress for the last several years, the rating is still low as Romania prepares to become a member of the EU.

The Ba1 country risk level is meanwhile rather high from a historical perspective, which Moody’s says it’s due to the important progress Romania has been reporting.