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Standard & Poor's Lowers Bulgaria's Credit Ratings

Date: 31.10.2008

The financial research company Standard & Poor's lowered Bulgaria's long-term and short-term credit ratings to BBB and A-3 respectively, the Pari Daily reported Thursday.

Until now Bulgaria's ratings were BBB+ and A-2. Last week Standard & Poor's placed Bulgaria on its CreditWatch negative because of the country's increasing vulnerability during the ongoing global financial crisis.

According to Standard & Poor's, Bulgaria entered the global crunch with all symptoms of an overheated economy and with an increased risk of shrinking capital inflow.

The country's foreign direct investments are down because of the decreased activity in the construction and the real estate sectors.

Much of Bulgaria's financial system is dominated by Western European banks, which are affected by the financial crunch. This might lead to the shrinking of credit activity in Bulgaria.

Bulgaria's rating might be lowered further if the country's financial situation worsens but is not expected to go below the BBB category.

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