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Bulgaria (Republic of) Jul 10
Standard & Poors, July 2010
Abstract
Strong political consensus favoring macroeconomic stability and supporting the country's currency board arrangement. Robust budgetary performance, low government debt, and moderate contingent liabilities. Low prosperity levels. The prolonged adjustment process the economy faces after overleveraging and overheating. Slow progress on structural reforms to health and education system. The ratings on the Republic of Bulgaria reflect Standard & Poor's Ratings Services' view of the government's strong track record of appropriate fiscal policy and low gross debt, despite the severe recession; the country's solid growth prospects in the medium term; and its EU membership. Offsetting these strengths somewhat are large external imbalances and related risks, given the adverse economic backdrop. We think these are bound to continue in 2010 and 2011. In...
Companies mentioned in this report are: Bulgaria (Republic of),Hungary,Romania,Latvia (Republic of),Croatia (Republic of),Lithuania (Republic of)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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