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SOFIA, June 13 Standard and Poor's Ratings Services cut Bulgaria's sovereign credit ratings one notch to BBB- on Friday, saying the country's political environment poses risks to much-needed reforms.
S&P said the revision reflects the view that the absence of meaningful progress on reforms will constrain economic growth and keep unemployment high.
"Bulgaria's political environment continues to pose a challenge for the implementation of reforms needed to tackle deep-rooted institutional and economic problems," it said in a statement. It revised the country's outlook to stable from negative, however.
(Reporting by Tsvetelia Tsolova; Editing by Sonya Hepinstall)