S&P affirms Bulgaria

Standard & Poor's said it affirmed the BBB+ long-term and A-2 short-term sovereign credit ratings on the Republic of Bulgaria as well as the A+ transfer and convertibility assessment.

The outlook is stable.

Ratings reflect the government's strong track record of appropriate fiscal policy and rapidly declining gross debt, solid growth prospects, strong external balance sheet and the country's European Union membership, the agency said.

Offsetting these strengths somewhat are large current account deficit and inflationary pressures, S&P noted.

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