MOODY’S AGENCY UPGRADED BULGARIA'S CREDIT RATING

Business | December 19, 2001, Wednesday // 00:00

The Moody’s international credit rating agency upgraded Bulgaria’s credit rating from B2 to B1 with stable outlook, Finance Minister Milen Velchev announced during the parliamentary debates on the Cabinet’s policy in connection with Bulgaria’s preparation for EU entry. The upgrading has been based on the Cabinet’s decisive measures in relation to international restrictions - the adoption of budget 2002, the agreement with the International Monetary Fund and the Cabinet’s commitment to speed up the reforms which have been frozen in 2001. Moody’s points out as well the plans for swift privatisation and deregulation in the energy sector and the new measures to be undertaken in connection with the high state debt.
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