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Fitch affirms Bulgaria's credit rating at ‘BBB’ with stable outlook

Bulgaria can adopt the Euro in 2024 at the earliest

published on 8/22/20 10:58 AM

Photo: EPA/BGNES

The international rating agency Fitch has confirmed Bulgaria's long-term credit rating in foreign and local currency "BBB" with a stable outlook, the press center of Bulgaria's Ministry of Finance announces.

The rating is supported by the strong external and fiscal balances, as well as by a credible policy framework supported by membership of the European Union and the long-standing functioning of the currency board. The limiting factors for the rating are both lower income levels compared to countries with the same rating and unfavourable demographic factors that could limit growth and put pressure on public finances in the long run.

According to Fitch, Bulgaria's accession to ERM II and the Banking Union in July 2020 is an important achievement. Bulgaria can adopt the euro at the earliest in January 2024, the agency predicts.

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Fitch affirms Bulgaria's credit rating at ‘BBB’ with stable outlook

Bulgaria can adopt the Euro in 2024 at the earliest

More from category

Is raising taxes inevitable if we want to fix the budget?

Rosen Zhelyazkov: Bulgaria is among the most dynamic and promising economies in Southeastern Europe

International Technical Fair 2025 kicks off in Plovdiv

Is raising taxes inevitable if we want to fix the budget?

Rosen Zhelyazkov: Bulgaria is among the most dynamic and promising economies in Southeastern Europe