Moody's: Bulgaria view to positive

Moody's Investors Service said it changed the outlook on the Bulgarian government's Baa3 ratings to positive from stable. The action restores the positive outlook that was in place prior to the financial crisis in September 2008. This also is the first positive rating action on a European Union sovereign since July 2008.

The Bulgarian government's finances were relatively resilient through the 2008-2009 financial crisis, Moody's said.

Despite a deep recession, Bulgaria will have low budget deficits by global standards in 2009 and 2010, keeping government debt ratios low and stable, the agency said.

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