01.07.2011

Bulgaria terminates its relations with Japan Credit Rating Agency Ltd. (JCRA) as of 1 July. The Agreement for Sovereign Rating between our country and Japan Credit Rating Agency was signed in 2005 and has been extended on an annual basis since then. By its decision of 20 April this year the Government authorized the Deputy Prime Minister and Minister of Finance to take actions to terminate the then existing relations between Bulgaria and JCRA.

By terminating the Agreement we curb the expenditure on the awarding of sovereign ratings. In addition, Bulgaria does not issue any JPY-denominated bonds and is not present on the Japanese capital market.

At the time of contract termination Bulgaria has investment ВВВ/ВВВ+ ratings on the foreign and local currency long-term senior debts, respectively, stable outlook. The information about the termination of the Agreement between Bulgaria and JCRA is also published on the Agency's official website http://www.jcr.co.jp/english/.

Currently, Bulgaria has contract relations with the rating agencies Moody's and Standard&Poor's, which covers our country's needs of credit ratings awarded by internationally recognized credit rating agencies.