Bulgaria Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa1 Stable | BBB+ Stable | BBB+ Stable | BBB (high) Stable | A- Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jul 11, 2025 | Scope Ratings | BBB+ | Positive | A- | Stable | |
| Jul 10, 2025 | S&P | BBB | Positive | BBB+ | Stable | |
| Jul 10, 2025 | Fitch | BBB | Positive | BBB+ | Stable | |
| May 02, 2025 | DBRS | NR | BBB (high) | Stable | ||
| Nov 24, 2023 | S&P | BBB | Stable | BBB | Positive | |
| Jul 21, 2023 | Scope Ratings | BBB+ | Stable | BBB+ | Positive | |
| Feb 19, 2021 | Fitch | BBB | Stable | BBB | Positive | |
| Oct 09, 2020 | Moody's | Baa2 | Positive | Baa1 | Stable | |
| May 29, 2020 | S&P | BBB | Positive | BBB | Stable | |
| Apr 24, 2020 | Fitch | BBB | Positive | BBB | Stable | |
| Nov 29, 2019 | S&P | BBB- | Positive | BBB | Positive | |
| Aug 30, 2019 | Moody's | Baa2 | Stable | Baa2 | Positive | |
| Mar 22, 2019 | Fitch | BBB | Stable | BBB | Positive | |
| Feb 22, 2019 | Scope Ratings | BBB | Positive | BBB+ | Stable | |
| Jun 01, 2018 | S&P | BBB- | Stable | BBB- | Positive | |
| Apr 27, 2018 | Scope Ratings | BBB | Stable | BBB | Positive | |
| Dec 01, 2017 | S&P | BB+ | Positive | BBB- | Stable | |
| Dec 01, 2017 | Fitch | BBB- | Positive | BBB | Stable | |
| Nov 03, 2017 | Scope Ratings | NR | BBB | Stable | ||
| Jun 02, 2017 | S&P | BB+ | Stable | BB+ | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Bulgaria’s current credit rating?
Bulgaria’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Bulgaria’s credit risk.
Has Bulgaria’s credit rating changed recently?
This page lists the latest rating and outlook actions for Bulgaria, showing when each agency last reviewed or changed its assessment.
Why does Bulgaria’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Bulgaria's bond yields, currency, and equity flows as investors reassess risk.
How does Bulgaria’s rating compare to other countries?
You can explore how Bulgaria ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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