World Economy

Bulgaria Rated BBB-

Bulgaria Rated BBB-Bulgaria Rated BBB-

Fitch Ratings on Friday affirmed Bulgaria’s long-term foreign and local currency Issuer Default Ratings at BBB- and BBB, respectively, reported. Outlook for both ratings are stable, Fitch said in a statement. GDP growth is projected at 1.2% for 2015 and 1.5% for 2016 respectively, “below potential growth, which is estimated to be between 1.5%-2.0%). Lower levels of domestic and external indebtedness relative to the sovereign’s “BBB” range peers is what partly supports the ratings, alongside a sufficient level of foreign reserves providing stability for the currency board regime. Both factors make up for “large structural weaknesses” constraining higher trend growth, the ratings agency believes.