S&P rates Karlovo

Standard & Poor's said it assigned its BB- long-term issuer credit rating to the City of Karlovo in Bulgaria.

The outlook is stable.

In addition to Karlovo, S&P said it rates four other municipalities in Bulgaria: the Bulgarian capital City of Sofia and the Cities of Plovdiv, Stara Zagora and Varna (all four are rated BB/positive).

The agency added that the rating on Karlovo reflects its weak operating performance, low revenue predictability due to ongoing intergovernmental reforms, limited financial flexibility in the face of operating expenditure pressures and infrastructure investment needs.

The rating is supported by the city's low debt level and limited contingent liabilities, S&P said.

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