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Japan's JCR lowers Bulgaria's credit ratings

Date: 17.12.2008

The Japan Credit Rating Agency (JCR) has lowered Bulgaria's rating for long-term debts in foreign currency from BBB+ to BBB, and its rating for long-term debts in local currency from A- to BBB+.

The perspective of both ratings is negative but they still remain in the investment class, Bulgaria's Finance Ministry announced.

The lowering of Bulgaria's credit ratings by JCR has been motivated by the increase of the country's short-term debts, while its current account deficit had retained its levels.

Despite that Bulgaria's fiscal position is seen as stable, and is enhanced by its sustainable budget surplus, considerable reduction of its foreign debt, the keeping of the currency peg, and the growing production capacity.

JCR points out that Bulgaria's currency reserves amounted to EUR 13,4 B at the end of October 2008. It is concerned about the increase of Bulgaria's short-term debts, and the reduced inflow of foreign direct investments.

The JCR believes Bulgaria's economic growth would from 6% in 2008 down to 4% in 2009.

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