Rating agency Standard&Poor's has affirmed Bulgaria's long- and short-term sovereign credit ratings to BB+/Bm respectively.
In a statement, it has noted the country's financial sector continues to face important challenges, but has also pointed to the "efforts... to mitigate risks, including an asset quality review slated for 2016".
It has also predicted 3% growth for the Bulgarian economy this year.
"In the absence of the political uncertainty that has characterized recent years and in conjunction with lower energy prices, a reduction in unemployment, and acceleration in the absorption of EU funds, domestic demand has continued to strengthen. Demand for Bulgarian exports has also been strong, with export volumes increasing by nearly 8% in the first three quarters of 2015. These factors have contributed to real GDP growth of 3% year on year in the first nine months of the year. We have accordingly revised up our estimate of real GDP growth to 3% in 2015, against our previous estimate of 1.5%." S&P has explained.
Sofia News Agency