The international credit rating agency Fitch Ratings Ltd. has affirmed Bulgaria's Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' and its Long-term local currency IDR at 'BBB'; outlook stable. The Country Ceiling has been affirmed at 'BBB+' and the Short-term foreign currency IDR at 'F3'.
This is the second for this year affirmation of the country's ratings by Fitch after the assessment in January. The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are well balanced. According to the agency the main risk factors that, individually or collectively, could trigger a positive rating action include implementation of key structural reforms leading to stronger trend GDP growth and a further, substantial reduction in external indebtedness.
The main risk factors that could trigger a negative rating action are linked with a macroeconomic or geopolitical shock that damages the small and open Bulgarian economy or a significant slippage relative to official fiscal targets, or the emergence of instability in the banking sector, eroding Bulgaria's key rating strengths.
Source : minfin
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