S&P raises Sofia

Standard & Poor's said it raised its long-term issuer credit rating on the City of Sofia to investment grade BBB- from BB+.

The outlook is stable.

"The upgrade reflects the resilience of Sofia's solid operating budgetary performance to ongoing economic difficulties and its expectation that significant confirmed funds from the E.U. will help the city complete its major infrastructure projects with slower debt accumulation," said credit analyst Felix Ejgel.

The rating reflects Sofia's strategic position as the administrative, financial and commercial center of the Republic of Bulgaria (BBB/stable/A-3); consistently high operating surplus; modest debt burden; strong liquidity position; and strong support from the central government, the agency added.

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