Money Money Money !

Moody’s raises outlook on Bulgaria’s ratings
Moody's Investors Service on Thursday said it has increased to positive from stable the outlook on Bulgaria's Baa3 ratings.
“The rating action restores the positive outlook that was in place prior to the financial crisis in September 2008. This is also the first positive rating action on an EU sovereign since July 2008”, the agency said.
In early December, Standard & Poor’s changed its outlook on Bulgaria’s rating to stable from negative to reflect the government’s fiscal policy.
Moody’s said the rating increase is contingent upon the government’s capacity to lead the economy back to the growth path.
The Bulgarian government's finances were relatively resilient through the 2008-09 financial crisis," said Kenneth Orchard, Vice-President/Senior Credit Officer in Moody's Sovereign Risk Group.
"Despite a deep recession, Bulgaria will have very low budget deficits by global standards in 2009 and 2010, keeping government debt ratios low and stable,” he added.
Brussels estimated in November that Bulgaria will run up a budget deficit of 1.2% of its GDP in 2010 and just 0.4% in 2011.