Balkans

Standard & Poor’s reaffirms Sofia’s BBB rating with stable outlook

Standard & Poor's Global Ratings has reaffirmed its long-term credit rating on the city of Sofia, Bulgaria, at BBB, keeping a stable outlook, Sofia Municipality informed. This happened only a day after the city's budget was adopted.

Sofia, 28 February 2021 (BTA/MIA) — Standard & Poor’s Global Ratings has reaffirmed its long-term credit rating on the city of Sofia, Bulgaria, at BBB, keeping a stable outlook, Sofia Municipality informed. This happened only a day after the city’s budget was adopted.

Sofia’s rating equals the one on Bulgaria which is a testament to the financial policy of Mayor Yordanka Fandakova’s team, based on financial discipline and a stable budget, the release says.

Sofia’s key role in Bulgaria’s economy is another major reason for S&P to reaffirm its expectation for the development of the city, after it joined the list of cities with credit ratings in 2017, according to the release.

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