Bulgarian EconMin Blasts S&P over Downgrade

Politics » DOMESTIC | December 14, 2013, Saturday // 13:56| Views: | Comments: 0
Bulgaria: Bulgarian EconMin Blasts S&P over Downgrade Bulgarian Economy and Energy Minister Dragomir Stoynev. Photo by BGNES

Bulgaria’s Economy Minister has criticized Standard & Poor’s over the downgrade of the outlook on the country's credit ratings from “stable” to negative.”

Dragomir Stoynev has accused the credit agency of commenting the situation in the country “in a purely political manner,” news website Dnevnik.bg informs.

“If there was some critique towards the government’s economic or social policies, this would have been completely normal. But I cannot accept purely political (comments),” the Economy Minister said.

According to S&P, Bulgaria's growth prospects are being challenged by anemic domestic demand, resulting from low credit growth, constrained investment growth and still-high unemployment, as well as by the complex political climate, which could slow reforms.

S&P's report noted on Friday that the improvement of Bulgarian political climate would strengthen the institutions’ functions and would increase the economic growth prospects, which, in turn, would have a favorable impact on the country's credit rating.

Bulgaria’s Socialist-led government has survived despite over six months of relentless, amd sometimes massive, anti-corruption protests. Opposition parties have repeatedly called for early elections in the spring of 2014.

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Tags: Standard & Poor's, S&P, Dragomir Stoynev, Bulgaria, political, outlok, credit rating
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