Fitch has affirmed Bulgaria’s long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BBB-‘and ‘BBB’, respectively, with stable outlook.
According to the global rating agency, the affirmation and stable outlook reflect Bulgaria’s government plans to target expenditure-driven fiscal consolidation, with the aim of reducing the headline fiscal deficit by 0.5 percentage points a year in 2015-2017.
“However, based on our expectation of weaker economic growth relative to the government’s forecasts, we expect an average reduction of 0.3pp annually,” Fitch said in a statement late on Friday.
Another factor behind the affirmation and the stable rating outlook is that Bulgaria’s public finances compare …read more
Source: Novinite
