(Bloomberg) -- Bulgaria was handed a credit upgrade by S&P Global Ratings, which cited the Balkan country’s strong fiscal performance and the likelihood of it cementing its path to adopt the euro.

The government’s long-term foreign currency rating was lifted one step to BBB from BBB-, putting it on par with Hungary and Indonesia. The move means Bulgaria is rated at the second-lowest investment grade by all of the three major credit assessors.

“We expect Bulgaria’s economy to grow resiliently and post strong fiscal results,” S&P, which assigned a positive outlook, said Friday in a statement. “At the same time, we think that the country has completed its own deliverables under its action plan toward ERM II and Banking Union membership.”

© Bloomberg Soviet era apartment blocks and residential property stand on the city skyline in Varna, Bulgaria, on Thursday Oct. 10 2019. The region that straddles the Danube in Romania and Bulgaria has made it a bread basket for centuries but after fits and starts toward the free market, chronic shortages, corruption and political upheaval, it’s plugged into the world economy thanks to the EU’s open borders and money.

Bulgaria’s government has kept the nation’s finances stable as it seeks to join the ERM-2 waiting room for the European Union‘s common currency, as well as the bloc’s banking union, by April 2020. The budget for the next 12 months will be balanced after a first deficit since 2015 this year.

Economic growth has exceeded 3% for four straight years and is forecast to do so again in 2019 and 2020.

S&P projects the Bulgarian economy will expand by 3.6% in 2019, slightly higher than its previous forecast, reflecting strong private consumption due to employment and wage increases.

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