Fitch upgrades Bulgaria to BBB

Fitch Ratings said it upgraded Bulgaria's long-term foreign- and local-currency issuer default ratings to BBB from BBB-.

The outlooks are stable.

“A prolonged decline in external debt ratios has led Bulgaria's external finance metrics to outperform the majority of its BBB peers,” Fitch said in a news release.

“Including data revisions, Bulgaria's net external creditor position strengthened to 8.6% of GDP in 2016 from a net debtor position of 2.1% of GDP in 2015. Bulgaria's net creditor position is forecast to strengthen further, staying above the BBB median net creditor position of 0.8% of GDP.

“Current account surpluses averaging 3.4% of GDP are also forecast for 2017-2019, supported by gains in export competitiveness and a diversifying export base. This compares with the BBB median current account deficit of 1.2% of GDP.”

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