The Rus Invasion happened at the end of Petar`s long reign. During the Rus invasion, he suffered a stroke, was incapacitated and abdicated for his Son Boris II, who I guess took the negatives on himself. I do not think his popularity was diminished because of it. Also Moesia was still technically not lost under his Reign. As for the cavalry I doubt it disappeared, just was probably not as good because of loss of military tradition over the societal changes and long peace.and lost a huge war to the Rus losing the cavalry and moesia
The Bulgarian Historians until ca 20 Years ago were also overly critical of him, but their opinion did change after some old History biases were let go. Now they are of the opinion, that he cannot had been a bad ruler if he was so universally loved.
And he was remembered for centuries by the populace. The successful rebellion of the two Brothers: Asen and Petar in 1185 was actually rebellion of Ivan Asen and Theodor Asen. The older Brother Theodor was declared Tsar under the Name Petar IV for Legitimacy reasons (you guessed it: also honouring Petar I, just like Konstantin Bodin did).
Petar I was also, some time after his Death, declared a Saint by the orthodox church (like his grandfather Boris).
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