`The experts of Fitch IBCA, the international rating agency, are waiting for the agreement with the IMF and a conservative prudent budget for 2002 before raising Bulgaria's rating,` Deputy Finance Minister Krassimir Katev said. On October 30, Fitch IBCA affirmed Bulgaria's long-term foreign and local currency ratings of 'B+' and 'BB' respectively. The short-term foreign currency rating was also affirmed at 'B', and the Long-term Rating Outlook remains Positive. Katev expects the credit rating to be upgraded early in 2002 when Sofia will have signed an agreement with the IMF. The affirmation of the rating is no cause for disappointment, according to Katev. "I would not be surprised if they upgraded the rating without visiting again," Katev said. Former Deputy Finance Minister Plamen Oresharski, now lecturer at the University of National and World Economy, also said the rating agency had taken a wait-and-see attitude. He expected the rating to be upgraded, but affirmation means that the experts see no dramatic change in outlook. `The higher the rating, the better the terms of external financing to Bulgaria,` he added.

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