with a positive outlook, just a lev3l below investment grade. Edward Parker, a Chief Analyst for Fitch said there were expectations for an investment class rating, but due to political risk in the country the agency did not take such decision. Bulgaria’s rating on debt in local currency was also raised to BBB-, which is an investment class. The upgrade is supported by the good macroeconomic policy of the Government, backed-up by the currency board, and the reform efforts of this country related to EU accession. A possible further increase in the rating will depend on the reduction of the debt-to-GDP ratio. Fitch forecasts that the government debt will fall to 46% of GDP by the end of 2003. Bulgaria’s rating this year has been upgraded by S&P in May, Moody’s in June, and Japan Credit Rating Agency in July. The latter assigned an investment rating to Bulgaria’s international debt.