S&P Affirms Sofia's Credit Rating at 'BBB-'

Sofia, March 4 (BTA) - The Sofia Municipality announced that S&P Global Ratings has affirmed its 'BBB-' long-term issuer credit rating on the city of Sofia. The outlook is stable.

The rating agency has taken into consideration the reduced risks from contingent liabilities thanks to the recent sale of the city's share in Municipal Bank A.D. (about 67 per cent).

The Sofia town hall recalls that in December S&P raised Sofia's rating to 'BBB-' with a stable outlook from 'BB+', which is considered an investment rating. This will help raise cheaper funds to implement Sofia's investment programme.

According to preliminary data about the budget implementation revenues for the first two months of the year were up by 5.3 million leva compared with the like period of 2017. The Sofia town hall said that both tax and non-tax revenues totalled 87.2 million leva.

Source: Sofia