Fitch Ratings has upgraded Bulgaria’s long-term foreign currency rating to BBB from BBB- and its local currency rating to BBB+ from BBB. The country ceiling has been upgraded to BBB from BBB- with a stable outlook.
“The country’s strong fiscal policy, falling government debt, large foreign direct investment inflows, as well as rapid and sustainable growth are the main factors behind this decision,” says Miroslav Velikov, Head of Custody at HVB Bank Biochim in Sofia. “The Fitch analysis furthermore shows that Bulgaria’s current account deficit, GDP per capita and inflation are the country’s fields with the most room for improvement.”