site.btaStandard & Poor's Revises Sofia's Outlook to Positive

109 ECONOMY - S&P RATINGS - SOFIA

Standard & Poor's
Revises Sofia's Outlook
to Positive


Sofia, June 6 (BTA) - The Standard and Poor's Global Ratings revised its outlook on the Bulgarian city of Sofia to positive from stable, Sofia Municipality reported Wednesday.

At the same time, S&P affirmed their 'BB+' long-term issuer credit rating on the city.
The positive outlook on Sofia reflects that on Bulgaria (BB+/Positive/B).

Sofia's positive assessment is an acknowledgement of its financial stability and high revenue. According to preliminary data about Sofia's budget, revenue in the first five months was close to 7 million leva more than the same period of last year. The city has collected a total of 305.6 million leva in tax and non-tax revenue between January and May, 2017. LI/MY