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Moody's upgrades Bulgaria's rating

Date: 25.12.2005

Moody's Interfax Rating Agency informed that it will reassess Bulgaria's positions with a view to raising the country's Ba1/Not Prime rating for foreign currency; Ba1 for national and foreign currency bonds; Ba1 for national currency deposits, reported the AFP financial information service - AFX.

Moody's point out that the reassessment of ratings results from considerable improvement of Bulgaria's performance in the last two years. In all probability, this improvement has lowered credit risks to the point, which makes Bulgaria a strong candidate for investments. The rating agency adds that Bulgaria's prospects for EU accession and the fact that it will join the Exchange Rate Mechanism 2 in 2007-2008 will make this upgrading stable and give an impetus for carrying on the reforms.

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