The financial market monitoring company CMA has published a report on the third quarter of 2010, which names Bulgaria as the best performing European developing market in terms of movement of prices of insurance against default risks, the Finance Ministry said on Friday.

The country's credit default swaps (CDS) dropped by 82 basis points to 275 points, the report says. Compared with CMA's previous report, Bulgaria's cumulative probability of default dropped by 5 percentage points in three months, from 22.8 per cent to 17.8 per cent.

The positive trend in the country's CDS persisted into October. According to the latest data of CMA Datavision, Bulgaria's CDS have fallen to 248 basis points, hitting the lowest level since the end of May. The country's prices are lower than those in Romania (316), Greece (755), Hungary (279), Lithuania (254), Latvia (317), Portugal (408) and Ireland (444). Besides that, the price fall has brought Bulgarian CDS close to the level in Spain, which stood at 226 basis points on Thursday.

Source: BTA