BULGARIAN ECONOMY

Fitch ratings affirms Bulgaria’s long-term foreign and local currency Issuer Default Rating at ‘BBB-/BBB’; outlook stable

Fitch Ratings has affirmed Bulgaria's Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB-' and its local currency IDR at ‘BBB‘, with stable outlook. The Short-term foreign currency IDR has been affirmed at ‘F3' and the Country Ceiling at ‘BBB+'. The affirmation of Bulgaria's sovereign ratings reflects Bulgaria's strong fiscal position and the Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. According to Fitch, strong public finances are the key underpinning for Bulgaria's investment-grade rating.

The report also states that the Bulgarian sovereign possesses significant buffers in the form of a Fiscal Reserve Account equivalent to 6.3% of GDP at end-November 2013, and foreign-exchange reserves (FXR) worth 3x base money (M0). Fitch forecasts that the GGD will be little changed in 2014 from an estimated 1.8% of GDP in 2013, before falling slightly in 2015.

You can find the full text of the agency's press release HERE.

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BULGARIAN ECONOMY

Fitch ratings affirms Bulgaria’s long-term foreign and local currency Issuer Default Rating at ‘BBB-/BBB’; outlook stable

The report states that the Bulgarian sovereign possesses significant buffers in the form of a Fiscal Reserve Account equivalent to 6.3% of GDP Още

Stabilization and diversification are the key priorities in the energy sector in 2014

The Strategic energy projects that the country is working now, will continue to develop in 2014 Още

Bulgaria’s average unemployment rate in 2013 is 11.3%

The National Employment Agency reports stabilization of the labor market Още

The monthly inflation in December 2013 was 0.3%

The annual inflation in December 2013 compared to December 2012 was -1.6% Още

INVESTMENT NEWS

BGN 1.2 bln projects in Bulgaria’s car manufacturing sector

They will open at least 8,500 new jobs Още

Nexans Autoelectric opens 600 new jobs in Pleven

The company will set up a modern assembly facility Още