Group 1 - The macroeconomic confidence index in Romania showed a slight increase of 0.3 points in September 2025, indicating a potential slowdown or recession in economic activity [1] - The expectation index rose by 2.8% to 37.0%, suggesting some analysts are slightly more optimistic about the economic outlook for the next year [1] - The current situation index fell by 4.8% to 38.6%, reflecting a continued decline in confidence regarding the current economic environment [1] Group 2 - Analysts expect the inflation rate to rise to 7.18% over the next 12 months (until September 2026), with 63% of respondents believing inflation will be lower than current levels, indicating a stabilization in price expectations [1] - In terms of currency, 88% of respondents anticipate the Romanian Leu will continue to depreciate over the next year, with average expected exchange rates of 1 Euro to 5.1216 Leu in the next 6 months and 1 Euro to 5.1841 Leu in the next 12 months [2] - Regarding credit rating outlook, 83% of analysts believe Romania will maintain its investment-grade rating over the next 12 months, with only a few expecting a downgrade to "non-investment grade" [2]

Core Viewpoint - XPO's debt rating was affirmed by Moody's with an upward adjustment of its outlook to positive from stable, indicating a potential for future rating upgrades [1][2]. Group 1: Rating and Outlook - Moody's affirmed XPO's Corporate Family Rating (CFR) at Ba2 and Probability of Default rating at Ba2-PD [2]. - The positive outlook from Moody's contrasts with S&P Global's recent downgrade of XPO's debt from BB+ to BB, which maintains a stable outlook [3][4]. Group 2: Reasons for Outlook Change - Moody's positive outlook is based on expectations of a slow recovery in freight markets and operational changes implemented by XPO, which are anticipated to improve profitability and maintain credit metrics despite industry challenges [5][6]. - Moody's expects XPO's operating performance to improve by 2026, driven by cost reduction initiatives and growth from the acquisition of terminals from Yellow Corporation [6]. Group 3: Market Conditions - Moody's anticipates a slow recovery in key transport areas, including freight volumes and spot pricing, over the next year [7].