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S&P affirms Bulgaria's BBB rating with a stable outlook

published on 11/28/20 10:54 AM

Photo: BGNES

The international rating agency Standard & Poor's Global Ratings has confirmed the long-term and short-term credit rating of Bulgaria in foreign and local currency 'BBB/A-2'. This was announced by the Bulgarian Ministry of Finance.

The outlook for Bulgaria's rating, according to S&P, remains stable. There is an improvement in expectations for the development of the Bulgarian economy, as domestic demand is more resilient to the impact of the pandemic than the agency's preliminary estimates. The decline in GDP in 2020 has been revised to -4.5%, compared to -6.5% set in the May S&P forecast.

The stable outlook reflects the agency's expectations for a rapid recovery of the Bulgarian economy after the pandemic, with no imbalances in the foreign and financial sectors over the next two years.

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