Bulgaria Suspends Contract with Fitch Ratings

Bulgaria’s Finance Minister, Simeon Djankov, said in March Fitch Ratings manipulate public opinion. Photo by BGNES

Bulgaria’s Council of Ministers gives Wednesday the go ahead to Deputy Prime Minister and Finance Minister, Simeon Djankov, to annul the contract with Fitch Ratings Ltd.

The agreement dates from 2004 and was renewed in 2007. It expired on December 31, 2009. The cabinet’s press center informs the decision to suspend the contract had been made “after a thorough analysis and assessment of the need to maintain contracts with multiple rating agencies offering the same service, especially in the light of cuts in public expenses.”

Bulgaria has contacts with Moodys, Standard and Poors and JCRA, which serve the needs of the country, the cabinet further point out.

Bulgaria’s Finance Ministry made the decision to suspend the State contract with Fitch Ratings agency at the beginning of March, accusing it of high prices and manipulation of the public opinion.

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