Bulgaria's economy is growing without building macroeconomic imbalances, its fiscal and external balance sheets are strong, and progress on entering the Exchange Rate Mechanism II (ERM II) is steadfast. We are therefore raising our sovereign credit ratings on Bulgaria to 'BBB/A-2' from 'BBB-/A-3'. The outlook remains positive. On Nov. 29, 2019, S&P Global Ratings raised its long- and short-term foreign and local currency sovereign credit ratings on Bulgaria to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive. At the same time, we raised our transfer and convertibility assessment to 'A' from 'A-'. The positive outlook reflects Bulgaria's progressively strengthening fiscal and external position, which we project to continue as the country grows resiliently in a weaker external economy. We could raise
