Bulgaria’s eurobonds are improving their positions thanks to the completion of the BTC deal. The spread has narrowed from some 250 basis points last year to about 170 in 2003. It is very likely that Bulgaria's credit rating will be upgraded by Standard & Poor's and Moody's, Peter Harold, deputy chairman of the management board and executive director of Biochim, said. Similar expectations are shared by representatives of other banks and financial institutions in Bulgaria. Bulgaria hopes that the successful finalisation of the privatisation of BTC and Bulgartabac will help it receive an investment rating from the leading world agencies. This is not a firm commitment of any of them but the delay of landmark privatisations has been pointed out as the main obstacle to the successful completion of the structural reforms, which is closely, monitored by Standard & Poor's, Moody's and Fitch. As early as last year observers and international portfolio investors predicted that the clearing of these hurdles would give the green light to a revision of Bulgaria's credit rating. However, some of the obstacles are yet to be overcome.