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Bulgaria Improves Credit Rating
International credit rating agency Fitch Ratings has improved its outlook on Bulgaria's currency ratings to positive from negative. This has made it less likely that they will fall into junk territory, reflecting the Bulgaria's declining debt levels and recovering economy, reported Tuesday Dow Jones Newswires as cited by The Wall Street Journal.
The credit ratings company said an upgrade is possible if Bulgaria's banking sector shows clearer evidence of stabilization, and the budget deficit and external debt are reduced further. Negative action could be taken for reasons including weak domestic demand or impacts from problems at Greek banks.
The WSJ points out that Bulgaria's GDP was up 2.5% in the first quarter of 2011 from a year earlier, driven by exports, though well below the 4.9% before its pre-crisis peak.
Fitch expects GDP growth of 3% this year and 3.8% next year, compared with 0.2% in 2010; the official estimate of the Bulgarian government for 2011 is a GDP growth of 3.6%, and for 2012 – 4.1%.
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