S&P Affirms Bulgaria at BBB/A-2, Outlook Stable

S&P Affirms Bulgaria at BBB/A-2, Outlook Stable

Standard&Poor's Ratings Services said it has affirmed its long- and short-term foreign and local currency sovereign credit ratings on Bulgaria at BBB/A-2.

The outlook is stable and the transfer and convertibility (T&C) assessment is A, the ratings agency said in a statement.

"The ratings on Bulgaria reflect our view of the government's strong track record of fiscal prudence, low and declining deficit and debt stock, despite subdued economic growth, improving absorption of EU funds and the country's strong medium-term growth prospects, particularly if they are backed by increased private investment," S&P said.

The agency also said it expects Bulgaria's current account deficit to remain close to balance in 2012, before slipping back into a deficit as domestic demand gradually recovers and the trade deficit widens over the next three years.

S&P sees general government deficit as reaching 1.3% in 2012 and staying broadly the same next year.

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