Bulgarian Debt Rating Cut by S&P on ‘Volatile’ Politics

Bulgaria’s credit rating was cut by Standard & Poor’s, which said a “volatile” political backdrop is testing the country’s ability to overhaul its economy.

S&P lowered the long-term sovereign rating one level to BBB- from BBB, leaving the eastern European nation one step above junk and on par with Russia and South Africa. The ratings company assigned a stable outlook. Bulgaria’s debt is rated Baa2 by Moody’s Investors Service and BBB- by Fitch Ratings.