Minister Goranov: Bulgaria Has the Highest Credit Rating in the Balkans

Business » FINANCE | December 2, 2019, Monday // 09:17
Bulgaria: Minister Goranov: Bulgaria Has the Highest Credit Rating in the Balkans

Bulgaria has reached the highest credit rating in the Balkans. This was stated by Finance Minister Vladislav Goranov.

Minister Goranov commented on the rating of the international agency Standard & Poor's, which raised Bulgaria's credit rating with a positive outlook.

He stressed that we were able to restore the trust of our partners after the crisis with the CCB. "Bulgaria has the highest credit rating in the Balkans, ahead of countries such as Turkey and Greece," Goranov said.

The rating increase is a result of the sustainable development of the Bulgarian economy without accumulation of macroeconomic imbalances. The country's fiscal and external balances are strong, and progress on accession to the Exchange Rate Mechanism II (ERM II) is steady. The positive outlook for the rating reflects the expectations of S&P Global Ratings analysts that Bulgaria's progressively strengthening fiscal and external position will continue, with the country developing steadily in a weaker external economic environment.

According to the rating agency, the country has fulfilled its commitments under the ERM II Accession Plan and the Banking Union, but S&P also notes that the final decision on this is not entirely under its control. Institutional convergence has advanced. Legislative changes have been made in the area of macroprudential regulation and the powers of the central bank. The insolvency framework, the management of state-owned enterprises, the supervision of the non-banking financial sector and the framework for combating money laundering have all been improved, BTA reported.

For his part, Prime Minister Boyko Borissov commented that Bulgaria's upgraded rating by S&P Global Ratings is yet another positive assessment of the on the policies the Bulgarian government carries out at out in the areas of economics and finance.

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Tags: Vladislav Goranov, Bulgaria, credit rating, Balkans, Boyko Borissov, ERM II, Standard & Poor's
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