03.12.2009 Standard & Poor's: Bulgaria's Credit Rating Upgraded
S&P said in a statement that it had affirmed Bulgaria's long-term sovereign credit rating to "BBB." The short-term rating was also affirmed at "A-3."
At the same time, the rating agency revised upwards the outlook for Bulgaria's credit to to stable from negative as a result of the government's "strong record of prudent fiscal policy and low gross debt, solid growth prospects over the medium term and EU membership."
Nevertheless, Bulgaria continued to face economic risks due to the uncertain outlook for external demand and the sharp tightening of the external commercial credit availability, it cautioned.
Even in the current economic environment, Bulgaria still stood a fair chance of being able to curb its ballooning current account deficit to around 10 percent of gross domestic product in 2009 from 25.4 percent of output in 2008, the agency said.
"We expect the deficit to be fully funded by foreign direct investment flows," it said.
S&P's growth forecast saw the Bulgarian economy shrinking by 6.0 percent in 2009 and by a further 2.0 percent in 2010 before returning to growth in 2011. That is in line with the government's own forecasts and that of the International Monetary Fund.
S&P analyst Marko Mrsnik praised the the new right-wing government's commitment to fiscal discipline and deficit-reducing measures.
S&P sees the budget deficit amounting to 1.0 percent of GDP, the lowest in the EU, and estimates the government will be able to keep a tight budget in 2010 as well.
Given the severe recession, however, S&P cautioned that the financial sector "will continue to be under pressure."
Read more news
The island of Saint Anastasia will welcome guests with folk rituals for health and fertility in the first edition of the "Bile Fest", a heraldic festival, announced Burgas Municipality.
More than 50 participants will take part in the event with herbs and healthy foods, curative extracts and ointments, and will show the authentic ways of preparing them.
The accompanyin... read more
The Sun, Samantha Lock
IT'S a good time for Brits to book a cheap holiday as prices plunge in many popular and unexpected travel hot-spots, a nation-wide travel report has revealed.
The Bulgarian resort of Sunny Beach on the Black Sea Coast offers UK holidaymakers the best value for money, while mainland Spain continues to entice tourists with its beaches, culture and c... read more
In the period June 1 to 10th Plovdiv – European Capital of Culture 2019 has welcomed more than 200 artists and musicians who came to share their art with the guests and residents of the Bulgarian city. Their international meeting in the European Capital of Culture recalls the image of the theater of wandering artists.
Unknown or nearly forgotten, traveling theater remains above all ... read more
Mount Rila is breathtaking! In the winter it displays the snow caps of its peaks. In the spring it looks perfectly rejuvenated in its lush garments, in the summer it gleams with the scorching bright sun and in the autumn fascinates the eye with diverse colorful sights.
One of the lurin... read more
All photos, texts, video clips, charts and banners on our website are property of our company or of our partners and are protected by the Copyright Act of the Republic of Bulgaria. Any unauthorized use of photos, texts, videos and other materials from our website by third parties will be subject to immediate claim on the part of the copyright owners. The information on our website is with information and advertising purposes. Alhtough we have made all efforts to provide accurate information, there may be some mistakes. For full and correct information is considered only the information received at the offices of Bulgarian Properties Ltd.