S&P raises Bulgaria's short-term credit rating

Standard&Poor’s has raised the credit rating of Bulgaria's domestic and foreign currency denominated short-term bonds from A-3 to A-2, while leaving domestic and foreign currency denominated long-term bonds at BBB with a stable outlook. Bulgaria's valuation reflects the rating agency's view that the Government is pursuing a stable fiscal policy, keeping a low public debt ratio and a favorable fiscal position thanks to the ongoing budget consolidation and structural reform. Standard&Poor’s also pointed to the country's positive economic growth outlook in the medium term, underpinned by the absorption of EU funds and other benefits from arising from the bloc membership. A year ago, Moody’s upgraded Bulgaria's credit rating from Baa3 to Baa2 with a stable outlook, officials from the Ministry of Finance reminded. On July 18 Fitch, the third major ratings agency, confirmed its valuation on Bulgaria's foreign and domestic currency denominated long-term bonds at BBB- and BBB respectively. Both ratings are with stable outlooks, Fitch said at the time.

Fitch confirmed Bulgaria's short-term bond valuation at F3, with the top rate still set at ВВВ+. The decision is a testimony to the country's successful fiscal consolidation, sound foreign exchange policy and economic rebalancing, the agency commented.

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