Bulgaria is the only country in Europe and Middle Asia with a positive outlook of sovereign credit rating, Moody's rating agency has announced.

Moody's Investor Service published Friday the August edition of the European Sovereign Outlook, which explains the perspectives on sovereign ratings in Europe.

According to the report, Bulgaria's assessment reflects the view of the agency that the country has a potential to reach a higher level of creditworthiness on the scale of investment ratings.

In the evaluation process, Moody's takes into consideration factors such as economic status, institutional framework, level of government finances and exposure to risk.

As a main conclusion the report has highlighted the fact that global perspective for tightening of public finances on real economy carries the risk of further lowering of state credit ratings.

This is particularly true for Europe, whose economic growth is expected to be lower than the growth in the rest of the world because of the possibility for simultaneous tightening of fiscal policies in most countries on the continent.

However, the positive outlook of the current rating of Bulgaria has shown that the effects of a tight fiscal policy will not have a serious negative impact on the expected economic growth and the pressure on the assessment of the country.