Moody's: Bulgaria strong and stable

In its annual report on Bulgaria, Moody's Investors Service said the country's Baa3 government bond rating and positive outlook are a reflection of the country's improved resiliency in the decade since the economic crisis and sovereign default in 1997. The foreign-currency country ceiling is A1.

The economy has stabilized, growth has been strong and output has diversified, Moody's said. The ratings are underpinned by a prudent fiscal policy and low and declining debt levels.

The ratings balance these positive developments against a number of concerns, particularly the existence of a currency board arrangement alongside a large current account deficit and rapid growth in private-sector external debt, the agency said.

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