Montenegro and Bulgaria receive credit rating upgrades and positive outlooks

Montenegro and Bulgaria have received positive credit rating updates from major agencies.

Moody’s has upgraded Montenegro’s credit rating from Ba3 to Ba2 with a positive outlook. Finance Minister Novica Vuković stated the upgrade reflects progress in structural reforms and the country’s European Union accession process, including the preliminary closing of 18 negotiation chapters. Standard & Poor’s also upgraded Montenegro from B to B+ with a positive outlook.

Fitch Ratings has affirmed Bulgaria’s credit rating at BBB+ while shifting its outlook from stable to positive. The agency cited reduced political uncertainty following the formation of a single-party majority government as a key factor. While Bulgaria benefits from EU and eurozone membership, Fitch warned of economic overheating risks, including high inflation, pro-cyclical fiscal policy, and rising current account deficits driven by rapid wage growth.