S&P raises Bucharest to BB+

Standard & Poor's said it raised its long-term issuer credit ratings on the city of Bucharest to BB+ from BB.

The outlook is stable.

The ratings on Bucharest continue to be supported by its strategic position as Romania's capital, its consistently sound operating balances and a relatively supportive intergovernmental system, S&P said.

The agency said ratings are constrained, however, by low financial flexibility, partly due to high infrastructure needs.

S&P expects that the steady development of the city's economy and infrastructure will continue to support the growth of city budget revenues.

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