The sovereign borrower is upgraded by risk experts as it continues along the path towards EU accession.

The country will remain closed politically, but the authorities seem more determined than ever to address the fiscal problem, and that can only further improve an investor outlook underpinned by market-based economic reforms.

Euromoney’s risk survey suggests it should have been lower in the first place.

Changing attitudes are tempting investors, but assured political reforms are likely to go unaddressed.