Fitch Affirms Bulgaria's Long-Term Foreign Currency Issuer Default Rating at 'BBB-; Outlook Stable

Fitch Affirms Bulgaria's Long-Term Foreign Currency Issuer Default Rating at 'BBB-; Outlook Stable

Fitch Ratings announced on Friday that it had affirmed Bulgaria's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-'  and 'BBB', respectively.
The Outlooks are Stable. The issue ratings on Bulgaria's senior unsecured foreign and local currency bonds have been affirmed at 'BBB-' and 'BBB', respectively. The Country Ceiling has been affirmed at 'BBB+' and the Short-term foreign currency IDR at 'F3'.
Bulgaria's ratings are currently supported by the sovereign's lower level of domestic and external indebtedness relative to its 'BBB' range peers, as well as a sufficient level of foreign reserves, which provide stability to its existing currency board regime. These factors offset large structural weaknesses in the economy, which constrain higher trend growth. Bulgaria's ratings are constrained by structural bottlenecks, which continue to constrain stronger growth rates, and limits Bulgaria's convergence progress with western European standards of living, the rating agency said.
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