S&P lifts Bulgaria

Standard & Poor's said it raised its short-term foreign and local currency sovereign credit ratings on Bulgaria to A-2 from A-3.

The agency said it also affirmed its BBB long-term foreign and local currency sovereign credit ratings. The outlook is stable. The transfer and convertibility assessment is A.

S&P said the raising of the short-term ratings reflects the revision of S&P's criteria regarding the link between long-term and short-term sovereign credit ratings. According to that revised criteria, the short-term rating on a sovereign government is derived directly and solely from the long-term rating.

As a result, the agency said the upgrade does not reflect an improvement of Bulgaria's short-term creditworthiness.

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