Moody's ups Bulgaria bond ceiling to Ba1

Moody's Investors Service said it raised Bulgaria's country ceiling for foreign-currency bonds to Ba1 from Ba2 as the country continues to benefit from policies that conform to prospective membership in the European Union.

The country ceiling for foreign-currency bank deposits was changed to Ba1 from Ba3 and the government's ratings for foreign- and domestic-currency bonds have also been raised to Ba1. The outlook is positive.

Moody's said Bulgaria's likely EU membership provides both the framework and incentives for the government to continue along the path of reform while reducing policy variability.

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