S&P: Bulgaria up to positive

Standard & Poor's said it revised its foreign and local currency outlooks on the Republic of Bulgaria to positive from stable.

At the same time, the BBB- long-term and A-3 short-term foreign currency and the BBB long-term and A-3 short-term local currency sovereign credit ratings on Bulgaria were affirmed.

S&P said the outlook change is based on Bulgaria's robust economic growth prospects, as well as debt reduction that is proceeding faster than previously expected.

The EU accession process, meanwhile, is well on track for completion in 2007, which will lock in structural reforms and provide for potentially significant transfer payments, contributing to the alleviation of weak external liquidity, according to S&P.

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