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Fitch Lowers Its Outlook on Bulgaria
Bulgaria, the European Union member with the smallest budget deficit, may see its credit rating lowered to “junk” as an external debt burden bigger than total output threatens financial stability, Fitch Ratings said.“The jury is still very much out on the path of the macroeconomic adjustment,” said Edward Parker, head of emerging Europe ratings at Fitch in London, by telephone yesterday. “The fiscal position is a strong one. However, it faces risks from the private sector, which has high levels of external debt, which leaves it in a vulnerable financial position.”Fitch rates Bulgaria’s foreign-currency debt BBB-, the lowest investment grade, and has kept a negative outlook on the rating since April. The Balkan nation had gross external debt of 37.6 billion euros ($51 billion), or 111 ...Read
Bulgaria, the European Union member with the smallest budget deficit, may see its credit rating lowered to “junk” as an external debt burden bigger than total output threatens financial stability, Fitch Ratings said.“The jury is still very much out on the path of the macroeconomic adjustment,” said Edward Parker, head of emerging Europe ratings at Fitch in London, by telephone yesterday. “The fiscal position is a strong one. However, it faces risks from the private sector, which has high levels of external debt, which leaves it in a vulnerable financial position.”Fitch rates Bulgaria’s foreign-currency debt BBB-, the lowest investment grade, and has kept a negative outlook on the rating since April. The Balkan nation had gross external debt of 37.6 billion euros ($51 billion), or 111 ...Read
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