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.