Moody’s rates Bulgaria note program Baa2

Moody's Investors Service said it assigned a provisional senior unsecured Baa2 rating to the Government of Bulgaria's €8 billion global medium-term note program.

The provisional Baa2 rating mirrors the Government of Bulgaria's Baa2 (stable outlook) issuer rating, which reflects its weak economic growth outlook in an environment of moderate credit expansion and persistent unemployment, challenges related to its banking system and its high fiscal strength, with low government debt and a track record of maintaining fiscal reserves, Moody’s said.

All notes issued under the program will constitute direct, general, unconditional, unsecured and unsubordinated obligations. The terms of the notes contain a negative pledge provision.

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