Rating Actions on October 9
October 12, 2020
Moody's upgraded Bulgaria's rating to Baa1 and changed its outlook to stable.
Reasons: Bulgaria is making the last steps towards entering the euro area, which has improved its institutional capacity and policymaking. The upgrade is also connected to the decreased foreign currency debt risks and solid fiscal buffers as well as estimations that stable financial and debt positions after the Covid-19 outbreak will maintain the country's strong balance sheet.
Fitch Ratings affirmed Latvia's rating at A- and revised its outlook to stable.
Reasons: Latvia is recovering from the Covid-19 pandemic, demonstrating the effective support actions, strong governance of health crisis, and good starting levels for foreign and local balances. Therefore, Fitch's estimated for 2020 reduction in economic growth and worsened state finances meet the average risks of A rating.
Company — Latvia
Full nameRepublic of Latvia