Fitch: Bulgaria view negative

Fitch Ratings said it affirmed Bulgaria's long-term foreign-currency issuer default rating at BBB- and long-term local-currency issuer default rating at BBB and revised the outlook to negative from stable.

Bulgaria's short-term issuer default rating was affirmed at F3.

"The deterioration in the global economic outlook increases the cost of implementing the economic adjustment needed to reduce the high current account deficit, adding to the downside risk for Bulgaria's ratings," Andrew Colquhoun, a director at Fitch, said in a statement.

External support in the form of an International Monetary Fund-led package could ease the adjustment, he noted.

Bulgaria's ratings remain supported by strong public finances, the agency said.

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