Bloomberg News

Moody’s Says Bulgarian Growth, Fiscal Tightening Credit Positive

December 12, 2011

Dec. 12 (Bloomberg) -- Moody’s Investors Service said that resilient growth and further fiscal tightening are credit positive for Bulgaria.

“Despite a large slippage in the 2009 budget position during the global and domestic recession, the Bulgarian government has since reverted to a tight fiscal policy stance, implying a measurable improvement in creditworthiness that in July 2011 led to the only sovereign rating upgrade in the European Union since the global crisis began in 2007,” analysts Kristin Lindow and Renzo Merino wrote in Moody’s Weekly Credit Outlook today.

“Continued positive growth, as well as fiscal consolidation measures, will help Bulgaria remain one of the very few low debt countries in Europe,” the analysts said.

Moody’s in July raised Bugaria’s rating to Baa2, the second-lowest investment grade.

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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