10.08.2012

Based on its new calculation methodology Standard & Poor's raised its short-term foreign and local currency sovereign credit ratings on Bulgaria to 'A-2' from 'A-3' and affirmed its 'BBB' long-term foreign and local currency sovereign credit ratings with stable outlook.

The ratings on Bulgaria reflect the Agency's view that the government has strong track record of appropriate fiscal policy, maintaining low general government debt and favourable fiscal position on the back of ongoing budgetary consolidation and structural reforms.

Standard & Poor's take also account of the country's solid medium-term growth prospects. The latter is linked with the absorption EU funds and other benefits stemming from EU membership.

We would like to remind that a year ago Moody's raised its ratings on Bulgaria to Baa2 from Baa3 with stable outlook.