Fitch Revises Bulgaria’s Outlook to Stable; Affirms at ‘BBB’

Fitch Ratings has revised the Outlook on Bulgaria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Positive and affirmed the rating at ‘BBB’.

Under EU credit rating agency (CRA) regulation, the publication of sovereign reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to comply with their legal obligations. Fitch interprets this provision as allowing us to publish a rating review in situations where there is a material change in the creditworthiness of the issuer that we believe makes it inappropriate for us to wait until the next scheduled review date to update the rating or Outlook/Watch status. The next scheduled review date for Fitch’s sovereign rating on Bulgaria will be on 21 August 2020, but Fitch believes that developments in the country warrant such a deviation from the calendar and our rationale for this is laid out below.

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