Bulgaria's monetary conditions continue to improve, credit conditions support growth, and the country is making steadfast progress on entering the Exchange Rate Mechanism II. We anticipate robust growth in 2018-2021 on the back of strong private consumption and accelerating investments. We also expect continued absorption of EU funding and tightening labor market conditions to support productivity over time. We are affirming our 'BBB-/A-3' long- and short-term sovereign credit ratings on Bulgaria. The outlook is positive. On Nov. 30, 2018, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Bulgaria. The outlook remains positive. The positive outlook reflects the considerable likelihood that Bulgaria will join the Exchange Rate Mechanism II (ERM II) over
