Bulgaria's Rating Update Hinges on Fiscal Consolidation, Reemerging GDP Growth

Bulgaria's Rating Update Hinges on Fiscal Consolidation, Reemerging GDP Growth

An upgrade of the Bulgarian government's rating hinges on fiscal consolidation, improved budgetary transparency and the reemergence of a sustainable economic growth, global rating agency Moody's said on Tuesday.

"A serious deterioration in external liquidity and/or a persistent weakening of fiscal policy that caused government debt to rise significantly would put downward pressure on the rating," Moody's said in a credit opinion.

In January Moody's changed the outlook on Bulgaria's Baa3 rating to positive from stable which was largely driven by the government's strong fiscal performance through the economic crisis.

 

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