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The report has been published on the agency‘s official website.
Reportedly, the decision has been based upon the stable budget position, resilient economy, ”systematic overhaul and reform of the financial supervisory framework” as well as a stable development in terms of the Currency Board Agreement.
Moody’s reports that the efforts of Bulgarian government in terms of risk minimization have been sufficient.
The debt-to-GDP ratio marking a rate of 27,6% is a good figure compared to the overall performance across the EU. Additionally, the debt affordability ratio of 2%, which determines the amount of government interest payments is much lower than the median across all other EU member states.
”Despite external headwinds, deflation, and a KTB failure, Bulgaria‘s real growth in 2014 proved resilient, with a slight acceleration compared to 2013 (1.7% in 2014 from 1.1% in 2013) which was driven by higher consumption and investment,” the report notes.
Last but not least, the government’s efforts in terms of the reform agenda have been commended in the report. They have been deemed ”critical to safeguarding financial stability”.
However, a note is being made to the fact that subsequent reforms should look into preventing further bank failures in the future.
The full Moody’s report on Bulgaria is available here.
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