Bulgaria Credit Ratings

Bulgaria

Moody's		S&P		Fitch		DBRS		Scope Ratings
Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Baa1	Stable	BBB	Stable	BBB	Positive	NR	-	BBB+	Stable

Rating Agency	Date	Previous Rating	Previous Outlook	New Rating	New Outlook
Fitch	Feb 19, 2021	BBB	Stable	BBB	Positive
Moody's	Oct 9, 2020	Baa2	Positive	Baa1	Stable
S&P	May 29, 2020	BBB	Positive	BBB	Stable
Fitch	Apr 24, 2020	BBB	Positive	BBB	Stable
S&P	Nov 29, 2019	BBB-	Positive	BBB	Positive
Moody's	Aug 30, 2019	Baa2	Stable	Baa2	Positive
Fitch	Mar 22, 2019	BBB	Stable	BBB	Positive
Scope Ratings	Feb 22, 2019	BBB	Positive	BBB+	Stable
S&P	Jun 1, 2018	BBB-	Stable	BBB-	Positive
Scope Ratings	Apr 27, 2018	BBB	Stable	BBB	Positive
Fitch	Dec 1, 2017	BBB-	Positive	BBB	Stable
S&P	Dec 1, 2017	BB+	Positive	BBB-	Stable
Scope Ratings	Nov 3, 2017			BBB	Stable
S&P	Jun 2, 2017	BB+	Stable	BB+	Positive
Fitch	Jun 2, 2017	BBB-	Stable	BBB-	Positive
S&P	Dec 12, 2014	BBB-	Stable	BB+	Stable
S&P	Jun 13, 2014	BBB	Negative	BBB-	Stable
Fitch	Jan 10, 2014	BBB-	Stable	BBB-	Stable
S&P	Dec 13, 2013	BBB	Stable	BBB	Negative
Fitch	Dec 13, 2011	BBB-	Positive	BBB-	Stable

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	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risks	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative	Ca	CC	CC	CCC	CC
Extremely Speculative			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