Ok here’s some good news. Yesterday Standard & Poor’s confirmed Bulgaria’s BBB foreign currency long term debt rating but upgraded its outlook to stable.
The measures taken by the government to cut expenses and increase revenues as well as next year’s budget were taken into account for the revision of the rating outlook. The government plans a budget deficit of 0,7% but many analysts seem to conclude that a deficit of 1,2-1,3% for 2010 is more realistic.
Parallel to the rating revisions, it’s interesting to follow the CDS on Buglaria’s sovereign debt. I just looked it up in my Bloomberg terminal at work and made a chart: 
For anyone interested, below are the FC/LT debt ratings that S&P has assigned to the Republic of Bulgaria since 1998 (source: Bloomberg):
| Rating | Watch | Date Effective | |
| BBB | 10/30/2008 | ||
| BBB+ | *- | 10/23/2008 | |
| BBB+ | 10/26/2006 | ||
| BBB | 10/27/2005 | ||
| BBB- | 6/24/2004 | ||
| BB+ | 5/22/2003 | ||
| BB | 10/ 7/2002 | ||
| BB- | 11/ 7/2001 | ||
| B+ | 5/10/2000 | ||
| B | 11/23/1998 |
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