Bulgaria said on Wednesday it will cancel its contract with Japan Credit Rating Agency (JCRA) in a move to cut spending.The decision was made following a thorough analysis of the need of the country to maintain contracts for awarding sovereign ratings with several ratings agencies and is also based on the need to cut public spending, the government said in a statement. Bulgaria has ratings contracts with Standard and Poor's and Moody's. The country canceled its contract with Fitch Ratings in order to cut public expenditures last year.