S&P affirms Bulgaria

Standard & Poor's said it affirmed the Republic of Bulgaria's long- and short-term foreign- and local-currency ratings at BBB/A-3.

The outlook is stable.

The ratings reflect a favorable view of Bulgaria's fiscal track record, its low gross debt and its medium-term growth prospects, S&P said.

The ratings also consider Bulgaria's large external imbalances, its weak credit demand and the expectation that during 2010-2011 weak domestic demand will lead to further decline in the current account deficit, the agency said.

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