Fitch Ratings has affirmed Bulgaria's long-term foreign-currency Issuer Default Rating (IDR) at 'BBB' with a positive outlook.
Bulgaria intends to request a reassessment of its progress on convergence criteria in 2H24, which should allow for eurozone entry later in 2025. In Fitch's view, Bulgaria could comply with the price stability criterion in 4Q24 at the earliest, conditional on inflation developments across the EU.
Bulgaria is on course to meet all other euro-adoption nominal criteria (public finances, interest rate and exchange rate). Nonetheless, a lack of stable government and potentially lengthy coalition negotiations could delay the eurozone entry beyond 2025. Overall, we consider euro adoption as supportive to the rating, Fitch writes.
The Agency expects average HICP to be 3.3% in 2024 and 2.9% in 2025, down from 8.6% in 2023. Fitch expects real GDP growth to accelerate to 2.4% in 2024 and further to 3.1% in 2025.
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Bulgaria’s Minister of Finance Temenuzhka Petkova announced that Bulgaria is expected to meet the eurozone's price stability criterion again in June. According to Minister Petkova, monthly inflation for June was 0.4% compared to May, when inflation was..
With record interest, Bulgaria's Ministry of Finance has successfully placed debt on international capital markets, the institution announced. Two tranches of bonds in euros were sold. The 10-year bonds were for 2 billion euros with an annual interest..
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