Deputy Governor of the Bulgarian National Bank Predicts Another Credit Rating Upgrade

Fitch and Standard & Poor’s upgraded Bulgaria’s credit rating following the official approval for the country to join the eurozone on January 1st next year.

The country’s long-term credit rating has been upgraded to BBB+ with a stable outlook. Both rating agencies justify their assessment by pointing to Bulgaria’s future reliance on the European Central Bank’s sound monetary policy, a significant reduction in currency risk, and enhanced access to external financing.

Fitch and S&P Upgrade Bulgaria’s Credit Rating

Eurozone membership also opens the door for a further potential rating upgrade, commented Petar Chobanov, Deputy Governor of the Bulgarian National Bank (BNB), in an interview with BNT:

“As we move toward full integration and begin to demonstrate the first positive economic results of our eurozone membership, the rating could be raised again, potentially placing us in ‘Class A’. This would significantly expand our opportunities.

If we enter the so-called ‘Class A’ credit rating category, Bulgaria will begin to appear on the screens—and in the algorithms—of global investors as a viable new opportunity. It would help convince them that Bulgaria is a place worth investing in, where they can earn returns and, importantly, pay higher wages to our workforce,” Chobanov explained.