site.btaSofia Awarded Investment Grade Credit Rating by Standard&Poor's

Sofia, December 6 (BTA) - The Sofia Town Hall said on Wednesday that Sofia's longterm credit rating has been upgraded by Standard&Poor's from BB+ to BBB- with stable outlook, which is considered an investment grade.

This will make Sofia a more attractive place for investments and will help raise cheaper finances for the implementation of Sofia's capital investment programme.

Standard&Poor's said that Sofia is the administrative, financial and commercial centre of the country, which helps diversification and gives grounds for sustainable growth of the local economy. The agency notes the municipality's robust liquidity and relatively good budgetary flexibility, based on its significant autonomy in managing local revenues.

Standard&Poor's capped Sofia's rating at the level of the sovereign credit rating of BBB-/stable outlook/A-3.