Moody’s confirms Bulgaria's rating. Bulgaria to introduce the Euro in 2015

Bulgaria’s accession to the Eurozone is only plausible in the middle of 2012.

Moody's Investors Service credit rating agency confirmed the Baa3, with a positive outlook, rating of Bulgaria. Moody’s described the status of state finances as being at the average level for the European Union, announced officials from the Ministry of Finance. "After the positive reports of the European Commission, the World Bank, and the evaluation of Standart and Poor's, Bulgaria now receives a new confirmation of its positive prospects for development from another rating agency. At a time of severe economic crisis, this is the best evidence for the good prospects of the economic policy which the Government is implementing. Once again, I urge all people who wish Bulgaria to have positive economic prospects to support our policy,” said Prime Minister Boyko Borissov for Focus News agency.

In January 2010, the outlook was changed from “stable” to “positive”, reflecting the stability of the country during the global crisis. According to the rating agency, growth should resume thanks to EU funds. Moody's emphasised our strong points, including the country’s EU membership which ensured financial support and incentives for the ongoing reforms, as well as our prudent fiscal policy, low State debt and proven experience in the maintenance of substantial fiscal reserves. According to the evaluators, our goal - the Euro zone waiting room ERM2 - will be achieved no earlier than the middle of 2012 and possibly one year later. The Euro will be introduced two years after that date.