Fitch revises Bulgaria view to positive

Fitch Ratings said it revised the outlook on Bulgaria’s long-term foreign-currency issuer default rating to positive from stable and affirmed the IDR at BBB.

“Fitch now estimates a 4% contraction in 2020, compared with our previous 5.7% forecast and a 6.9% contraction for BBB’peers. Private consumption proved much more resilient in 2020 thanks in part to fiscal support measures, while key sectors such as manufacturing were less affected due partly to lighter restrictions than in other E.U. countries,” the agency said in a press release.

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