Moody’s assigns Baa2 preliminary rating of Bulgaria’s debt issuance programme

International rating agency Moody’s gave a preliminary estimate of Bulgaria’s programme for issuing debt on the international markets. The assigned rating on the global mid-term programme for issuing government bonds is Baa2, stable outlook. The rating is necessary for registering the mid-term programme on the international market at the Luxemburg Stock exchange. The ranking reflects the outlook for low GDP growth and the challenges in Bulgaria’s banking system. At the same time, Moody’s admits the stable fiscal position of Bulgaria, the low government debt and the stable level of the fiscal reserve. The above-mentioned mid-term programme includes government debt repayments of €6bn in 2015-2017, while new debt is estimated at 8bn. Bulgaria’s credit rating assigned by Moody’s is Baa2. At the end of 2014 Standard and Poor’s lowered the country rating to BB+, while Fitch confirmed the investment grade at BBB-.