Fitch affirms Bulgaria

Fitch Ratings said it has affirmed the Republic of Bulgaria's long-term foreign and local currency issuer default ratings at BBB and BBB+, respectively.

The short-term rating is affirmed at F3 and the country ceiling at BBB.

The outlook remains stable.

Fitch said Bulgaria's sovereign credit ratings are supported by a macroeconomic policy framework orientated towards sustainable growth.

Nonetheless, Fitch warns that the sizable current account deficit - expected to exceed 12% of GDP this year - has rendered the economy more vulnerable to adverse shocks and underscores the need to maintain prudent fiscal policy as well as continue with reforms and measures to enhance the business environment and supply side response of the economy.

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