The Fiscal Council expects Bulgaria's credit rating to be upgraded in July

The experience of other countries shows that their ratings were upgraded days after receiving approval to join the euro

16:31 13.06.2025 ~ 2 min read

Bulgaria's credit rating may be upgraded in July, when the final decision on the country's accession to the eurozone is expected.

This is according to an analysis by the Fiscal Council, quoted by BTA.

It looks at what happened to the credit ratings of the last countries to join the eurozone. Statistics show that in the same week—and in some cases on the same day – credit agencies raised their ratings.

Getting approval to join the eurozone has always had a positive effect on a country's credit rating. Based on the stats, it's reasonable to expect Bulgaria's credit rating to go up next month, the economists say in their analysis.

Economic.bg recalls that at the end of May, the international rating agency S&P Global Ratings confirmed Bulgaria's long-term and short-term credit rating in foreign and local currency at ‘BBB/A-2’. At that time, the organization predicted that Bulgaria was on track to join the eurozone at the beginning of next year.

The other major international rating agency, Fitch Ratings, confirmed in April Bulgaria's long-term credit rating in foreign and local currency at ‘BBB’ with a positive outlook.

Breakdown by country

Croatia

The European Council approved Croatia's entry into the eurozone on July 12, 2022. Fitch Ratings upgraded Croatia's long-term foreign currency issuer default rating (IDR) from ‘BBB’ to ‘BBB+’ on July 13, 2022, citing the approval of the euro as a factor. S&P upgraded its rating to investment grade four days later.

Lithuania

The Council of the European Union adopted a decision authorizing Lithuania to adopt the euro on July 23, 2014, with effect from January 1, 2015. Fitch Ratings upgraded Lithuania's rating to “A-” two days later, on July 25, 2014. S&P upgraded Lithuania's rating by two notches to “A-” on April 11, 2014, in anticipation of its entry into the euro area.

Latvia

The European Commission approved Latvia's accession to the euro area in June 2013. Fitch Ratings upgraded Latvia's rating to “BBB+” on July 9, 2013, the same day the final decision was expected.

Estonia

ECOFIN officially approved Estonia's entry into the eurozone on July 13, 2010, with effect from January 1, 2011. Fitch Ratings upgraded Estonia's foreign and local currency ratings in a rating action commentary published on July 19, 2010.

Slovakia

Slovakia received final approval to adopt the euro on July 17, 2008, with the change taking effect on January 1, 2009.

Fitch Ratings upgraded Slovakia's rating to ‘A+’ ten days earlier, on July 8, 2008, citing the official decision that it would become a member of the eurozone in 2009.